Debt Recovery
Debt got you down?
Can’t seem to figure out how others are getting ahead while you remain stuck in a financial rut?
Here is a five-step program to help get creditors off your back and take control of your financial future. Before we start, I want to congratulate you on your good faith efforts to pay off debt and create wealth. Just like an alcoholic must recognize he has a problem before he will seek help, wealthbuilders must recognize that money matters are sometimes more than one person can handle.
Here are five steps to set you in the right direction.
First Step: Make sure you are employed or have a small business with a positive cash flow.
Second Step: Contact your creditors and discuss the situation with them. Agree to pay a maximum of 10% of your monthly take home pay in monthly installments. Schedule the payments to be due at least one week after your payday so you won't be hit with late fees. Do not make additional charges against your credit line, or add new cards to pay other cards off. Put a freeze on charging until you get your finances in control.
Third Step: Take another 10% of your take home pay and place it in a savings account. Do not touch this money for at least one year--preferably never as this can become a nestegg for building wealth. Essentially, I'm asking you to learn how to survive and be happy on 80% of your current pay. If this is too hard, find a way to make more money.
Fourth Step: Find a way to turn your life experience, interests, and school knowledge into a business. For example, my neighbor loves dune buggies and is a welder. He turned his love of buggies and his welding skills into a profitable business he runs out of his garage.
Fifth Step: Educate yourself on income and business opportunities. Read Rich Dad, Poor Dad by Robert Kiyosaki to discover how owning your business is the only way to create wealth.
Read over 70 pages of free info on making money at home at my Personal Finance website.
Debt Recovery
