By the end of that article, you should have been able to identify the size of your personal debt mother lode as well as the potential income and wealth concealed within each of the individual loans on your debt claim.
But in order to calculate how much of these riches you can actually recover, you need to decide which debt reduction method you’ll put your money on and ride to the debt-free finish line.
Today we’re taking a definitive look at the top two thoroughbreds in the debt-free derby to determine which is the better mount for your financial racetrack – Debt Snowball or Debt Avalanche. Continue Reading
Strike It Rich By Mining Your Debt: There’s Gold In Them Thar Loans!
The topic of debt usually gets pretty rough treatment in the personal finance blogging community. And for good reason – if not handled with care, it can be as dangerous as a short-fused stick o’ dynamite.
But if you’re already in debt and your money situation feels as cramped as a claustrophobic miner trapped deep underground, you’re already acutely aware of how dangerous debt can be. So let’s pivot and instead explore a far more encouraging aspect of debt – it’s hidden wealth potential.
Yep, you read that right. If you’re in debt you are sitting on a potential mother lode of riches. So without further ado, let’s stake out your debt claim and discover how you can strike it rich by mining your debt. Continue Reading
A Financial Freedom Shopping List: Your Savings Goal Price Tags
The almighty price tag is everywhere – fast food drive-throughs, restaurant fold-out menus, catalogs, grocery aisles, clothes racks, and online product listings.
Price tags come in all shapes, sizes, and colors and influence our shopping behavior in many ways. Similarly, the price tag of your financial freedom should influence the saving and spending decisions in your monthly budget.
With this in mind, today we’re exploring how to check the price tags of the individual items on your financial freedom shopping list.
Murphy’s Law – Anything that can go wrong, will go wrong. We all know this old adage. And I’d wager that most of us have lived it and can lustily vouch for its accuracy.
The insurance industry is predicated almost entirely on this concept. There are at least 95 policy types that exist – life, health, home, auto, motorcycle, boat, accidental death and dismemberment(!?!), travel, liability, flood, kidnapping, alien abduction… the list goes on.
And while hopefully your chances of being dismembered or abducted by aliens are excruciatingly low, just remember that Murphy is still out there.
So the question becomes, how do you Murphy-proof your finances? I submit that you can do so by copying a design element dating back to the early days of “the motorcar”. Continue Reading
Gimme Hands: The Power Of Being Selfish… With Yourself
Selfishness is typically not a trait to be pursued, developed, or cultivated. But when it comes to your financial freedom, all of that conventional moral wisdom goes right out the window.
Now don’t throw the baby out with the bath water – I’m not talking about being selfish when it comes to the way you treat OTHERS. I’m referring only to the importance of cultivating selfishness in your futureselfwhen it comes to its dealings with your currentself.
If you are still aghast that I would suggest such a thing, it may help for you to think of this concept in the much more palatable light of delayed gratification. Continue Reading
Become Your Own CFO: Calculating Your Monthly Net Profit
Have you ever daydreamed of what it would be like to run a large business? Of being an executive high roller in a high-rise? If so, you’re in luck, because your household has an immediate opening for a Chief Financial Officer. And you just happen to be the most qualified candidate to fill it.
The job requirements of a CFO are varied. They can include ultimate responsibility for everything from crafting budgets to managing cash flow and optimizing tax liability.
These facets all have an impact on the bottom line of every business. But there’s one metric that trumps all others when it comes to determining business success or failure – net profit. Continue Reading