Copyright 2003 by Henri Schauffler
All families and home biz owners have to think about debt,
finances, bills and income almost every day. There is no reason
to be overwhelmed by something that can actually be CHANGED.
How?
This article will show you how to:
* Eliminate all of your debt (including your mortgage) in 5 - 7
years * Take control of your finances * Become financially
independent (the dream of most Americans) by retirement.
The First Step is to get a copy of your CREDIT REPORT. In it you
will find your entire credit history. It may be shocking to you,
but it will be revealing. I suggest that you do it today. At the
bottom of this report is a link to help you get started.
The Second Step is to make a list of all the debts you have
using the "ROLL DOWN SYSTEM." This is a powerful but little
known system that will allow you to pay off all your debts,
including your mortgage, in half the time or less than you may
have thought possible.
Start by calculating the entire amount you are spending on all
debt payments each month, including your mortgage. Then list the
credit cards, credit lines, car loans and other short term debt,
from the smallest to the largest. From this time forward, simply
spend the same amount each month to service your debt you have
always spent. Here’s the secret to accelerated payoff...
Once you have completely paid off your first debt, DO NOT begin
spending the amount of the payment – add it to the payment of
the next debt on the list! As each debt pays off, continue this
process. In a year or two, you will get to...
Your MORTGAGE! But now you have considerable extra money to pay
each month. Using this strategy, you should be able to pay off
all your debts, including your mortgage, in 5 – 7 years! So,
after you pay off everything, you can begin living the life of
Riley, right? NO!
Now it’s time for Step Three. You simply take the ENTIRE AMOUNT
you were using to pay off your debts and begin INVESTING it in
sensible mutual funds. This will be a considerable sum, and will
allow you to reach that enviable state of FINANCIAL INDEPENDENCE
that most Americans truly want to reach.
Here are two bonus strategies to create wealth even faster...
1.Add as much as you can to your monthly debt payment from the
beginning. The more you can add, the sooner all will be paid off
and the sooner you can begin investing. 2.Start a sensible home
business to add extra income to your budget, but use its profits
in this plan, not for high priced “fun.” Added attraction –
having a home business offers numerous tax benefits for even
more savings.
For many people, doing all of this seems a little complicated
and difficult. That’s why most have not implemented such
strategies in the past. Many of these things can be done
automatically with the right service. WealthLink is one such
service which I highly recommend. It helps you get your credit
report, analyze it, creates your debt payoff plan, helps you
make a sensible investment plan and even offers an excellent
business opportunity by giving you your own website to promote
the service. Here’s the link: http://www.wealthlink.com/familybiz
Good luck on the road to financial independence!
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