Reduce Debt Increase Wealth

Send us Fan Mail Is the question everyone should ask themselves. This is important to know so the problem can be fixed. Then steps to get rid of debt can be taken. This episode is first in a series to become debt free. Article Link: https://www.debt.com/news/how-do-people-get-into-debt/ By John Boitnott https://finred.usalearning.gov/Money/DebtTraps   Support the show Please support the show by su...

Send us Fan Mail Those trying to reduce debt this is how to maximize the process. Reducing debt is a hard and timely process, but it can be speeded up by doing some extra things. Making the tough choices, doing without for a couple of years will pay off in the long term. Article Link: https://www.wellsfargo.com/goals-credit/smarter-credit/credit-101/debt-to-income-ratio/dti-faqs/ https://www.capit...

Send us Fan Mail Once a budget or control center has been established staying on the budget is important. As time passes some of the fixed expense may change so the control center need to be updated. I do this every month but that not necessary, update every quarter is enough.   Article Link: https://www.trustage.com/learn/managing-money/how-to-personal-budget https://ourhappyhive.com/do-a-financi...

Send us Fan Mail  Keeping track of income and spending is the first step in keeping personal finance under control. The second step is having a budget of some type or a Control Center. These two steps are the key to financial success and reducing debt. Article Links: https://www.thebalancemoney.com/how-to-track-your-expenses-2385695 by Miriam Caldwell https://whybudgeting.com/personal-budget-categ...

Send us Fan Mail  The first step in reducing debt is identity the problems too much spending or too little income. Everyone makes mistakes but those who correct mistakes are much better off. What are the mistakes most people make in personal finance. Article Link: https://www.investopedia.com/personal-finance/most-common-financial-mistakes/ By Emily Norris  https://www.equifax.com/personal/educati...

Send us Fan Mail Money is important in everyone’s life let us ask the tough questions about personal finance. Knowing the answers will help in the long run to manage finances and make life better.  That is what life about staying focus and ahead of finances. Article Link https://www.createcultivate.com/blog/money-questions-to-ask-yourself/ https://www.careercontessa.com/advice/scary-money-question...

Send us Fan Mail  What is the difference between debt reduction plan and debt management plan both are the same in most cases. Debt management plan for most is a  professional counseling person working to help reduce debt. It not always the best way to go as fees are paid. Instead I think a debt management plan is for those whose do not have a debt problem but looking forward before taking out loa...

Send us Fan Mail Doing a budget requires some type of written document. Using a computer spreadsheet to do the math makes this a straightforward process. How to set up a budget on a spreadsheet and how to categorize expenses. Article Link: https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget     https://www.gobankingrates.com/saving-money/budgeting/recommended-budget-p...

Send us Fan Mail How to set up tracking categories to be in same order of the budget. The tracking program has categories list different than the budget categories. I found a way to make these match to make budgeting easier. What is the number one thing keeping most people from building wealth.    Support the show Please support the show by subscribing, can cancel at any time. Thanks for the suppo...

Send us Fan Mail It may seem like no progress is being made on reducing debt, but at this stage it is a slow process. Once quit using credit, identify items to cancel made those tough choices it’s a waiting game for cash to increase. It starts out very slow so do not give up stay focus on what the objective reducing debt. Understanding how the debt got out of control is important to getting out of...

Send us Fan Mail Reducing debt requires making some tough choices, what to get rid of or quit paying for which services. This is key if money is not available then it will be difficult to reduce debt.  Article Link: https://www.foolproofme.org/articles/332-strategies-for-saving-more?gclid=Cj0KCQiAzeSdBhC4ARIsACj36uEZ0AZ6qjSziBuzEe-cjhau9PygoL6KtkfaOp3CRKA2xasNb6AhwDYaArh9EALw_wcB   By Remar Sutton...

Send us Fan Mail Getting started reducing debt is the hardest part of this program. Why is that, because first must recognize the problem and how to fix the problem. Second is just finding ways to start and quit using debt.  Article Link https://money.usnews.com/money/personal-finance/debt/articles/easy-ways-to-pay-off-debt By Emma Kerr Support the show Please support the show by subscribing, can...

Send us Fan Mail Why is emergency fund important? How to get started funding and is there the need to increase the balance for inflation. This is only one thing needed to build wealth or reduce debt. What other things are needed  to be done to achieve financial wealth.   Article Link: https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/   https://www.nerdwallet.com/art...

Send us Fan Mail Building credit can be difficult if don’t know how and what to do. Those having bad credit can rebuild credit in the process of paying off credit card debt.   Article Link: https://www.bankrate.com/personal-finance/credit/how-to-build-credit/ By Nicole Dieker https://www.nerdwallet.com/article/finance/raise-credit-score-fast By Bev O’Shea Support the show Please support the show b...

Send us Fan Mail Keeping a budget and knowing when and where your money is going is key in keeping debt under control. It also important to know when and where money is going to help with the timely payments.   Article Link: https://www.personalfinancelab.com/finance-knowledge/personal-finance/budgeting/ By Kevin Smith Support the show Please support the show by subscribing, can cancel at any time...

Send us Fan Mail What is a debt reduction and management plan and how it works. This is one plan that works for both and is something that should be memorize or place in a place to be view regularly.  Article Link: https://www.sofi.com/learn/content/creating-debt-reduction-plan/ Support the show Please support the show by subscribing, can cancel at any time. Thanks for the support. Subscription pa...

Send us Fan Mail What are the benefits of tracking, and why everyone should be doing this activity. Will go into details of this activity and how to use this information so it not a waste of time.  Article Links: https://www.nerdwallet.com/article/finance/tracking-monthly-expenses     https://bethebudget.com/reasons-to-track-your-expenses/ Support the show Please support the show by subscribing, c...

Send us Fan Mail Increase wealth can be difficult for most, the younger getting started and staying focus can make this happen much earlier in life. Put yourself first in life and start taking the steps needed to be better financially sooner.  Article Link: https://www.investopedia.com/terms/w/wealth.asp#:~:text=Wealth%20measures%20the%20value%20of,the%20accumulation%20of%20scarce%20resources . By...

Send us Fan Mail How to plan for tough times and be ready when troubled times happen. Getting personal finances in order and keeping positive in life. Review goals and changing goals based on what the economy is doing.  Article Link: https://www.principal.com/individuals/build-your-knowledge/step-step-guide-build-personal-financial-plan   Support the show Please support the show by subscribing, ca...

Send us Fan Mail Recession or no recession what to do, but first what is a recession. Then recession proof personal finances to get by until good times are back. Article Link: https://www.investopedia.com/terms/r/recession.asp By the Investopedia Team Support the show Please support the show by subscribing, can cancel at any time. Thanks for the support. Subscription page:  https://www.buzzsprout....

Send us Fan Mail What is loan consolidation should it be done and how it is done. Will give another way to reduce debt if unable to get loan consolidation1.  Article Link:  https://www.consumerfinance.gov/ask-cfpb/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861  Support the show Please support the show by subscribing, can cancel at any time. Thanks for the sup...

Send us Fan Mail The first step in saving money is reducing the spending. Then keeping spending under control will increase the saving rate. Getting debt reduce, reduce spending and increasing income all help and work together to increase savings.   Article Links: https://americasaves.org/resource-center/insights/54-ways-to-save-money/ https://bettermoneyhabits.bankofamerica.com/en/saving-budgetin...

Send us Fan Mail How to create a budget using a spreadsheet made simple. This is the easiest way to create a budget using a spreadsheet, going to explain how this is done, giving easy to follow instructions. Will include setting up subtotals within each category and the reasons to do so.   Article Link: https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget Support the s...

Send us Fan Mail At some point everyone should start tracking expenses and income then finally create and maintain a budget. Why is this important to complete goals, have money for the troubled times, just to have piece of mind overall in life. Article Link: https://www.nerdwallet.com/article/finance/expense-tracker-apps By Hal M Bundrick, CFP Support the show Please support the show by subscribin...

Send us Fan Mail Those that are having problems with debt and need to quit using credit this will help in getting that problem solved. A debt reduction plan should be quit using credit, but this may be a problem for most people.   Article Links https://www.citizensbank.com/learning/when-to-use-cash-credit-debit.aspx   https://www.realsimple.com/work-life/money/debit-vs-credit-card  By Hiranmayi Sr...