Golf Tip
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Becoming Free of Debt
   
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Great Exuma Bahamas has earned its remarkable reputation by
being one of the most desirable vacation destinations in the
world. Discriminating travelers choose Great Exuma for it .....
What keeps the most people from developing wealth? What is the
greatest obstacle to retirement? If you could eliminate one
thing to position yourself for financial peace and security,
what would be? The answer to each question above is debt!
Imagine the freedom and peace you would feel with no debt!
Imagine the small portion of your paycheck you would need to
meet your needs and obligations if the all of your earnings were
available to you! Think about the savings, investments, and
charitable giving you could enjoy! The safety of your family may
depend upon your attention to your debt. It has been estimated
that 89% of all divorces can be traced to quarrels and
accusations over money. What will it take to convince you to
finally resolve to become debt free? Will you need to be
cornered by a creditor? Will you have to be publicly
embarrassed? Or will you respond to a milder stimulus, like the
frank advice of a friend, or an article like this one? It's not
the amount of money we earn that brings peace of mind as much as
it is having control of our money. Money can be an obedient,
productive servant, or a brutal taskmaster. Success has a way of
passing by those who have not the discipline to handle it.
Through our healthy respect for money, we can attract wealth.
Compounding interest is your enemy. It robs you of your working
funds. Tony Robbins taught about the power of compounding by
comparing it to a small , friendly wager on a golf course. Say
that your golf partner suggested a small 10 cent bet per hole.
You think, "Well, that means that only $1.80 is at stake." So,
you agree. Then, he suggest that you double the bet on each
subsequent hole. Here's how it would go, if your partner wins
each of 18 holes: One the first hole you lose a dime. On the
second, you lose twenty cents. When you add the dime from the
first hole, you're down only 30 cents. Big deal! The third hole
is worth forty cents, the fourth only 80 cents. Not too bad. But
now watch what happens: Hole five is worth $1.60, sixth $3.20,
seventh $6.40, eighth $12.80, and the ninth $25.60. When you add
up your losses on the first nine, you realize you are down
$51.11. Once you have finished your game, you will have lost
what, maybe $150? Actually, because of compounding you will owe
Are You Thinking About What Youre Thinking About
Do you realize that your belief system is ultimately what will
determine whether you live a successful life or not?
Since your thoughts are .....
$19,660.80.Do you realize that your belief system is ultimately what will
determine whether you live a successful life or not?
Since your thoughts are .....
Now, your debts probably haven't interest rates that high, but
the principle is the same--if you pay only the minimum payments
on your debts, you will pay them for years and years. You will
pay many times the actual principle you spent in the first
place. So, what will it take to eliminate your debt? First, you
will need to determine why you are in debt in the first place.
Don't spend time on the external reasons--they are excuses. What
inside of you built your debt? Generally, the internal reasons
center on the need for immediate gratification. Rather than
saving your money for furniture, cars, or vacations, did you
borrow for them? Distinguish between need and want. Maybe you
wanted to keep up with the living standard of your friends or
family. Or you frequently make purchases on impulse. Search your
heart deeply. Discuss your debt situation with your spouse. You
can't make the needed changes without his or her help. Maybe he
or she sees more clearly than you the internal cause. Make a
Plan After you have identified the internal cause, make a plan
to conquer it. Make a budget, make a goal. Decide how you will
reduce your spending enough to attack your debt. Some people
think a budget robs them of their freedom. On the contrary,
successful people have learned that a budget makes real economic
freedom possible. Think of your debt as a cancer. You must first
eliminate it's spreading, and then you must eradicate it. Use
invasive treatments to kill it. Use the snowball technique. 1.
Identify your smallest debt (debt one). 2. Pour every available
cent each payday into paying down that debt. Pay the minimum
payment on the other debts. 3. Once you have paid off that first
debt, identify the next smallest one (debt two). 4. Add the
amount you had been paying on debt one to the minimum of debt
two, and pay that amount. 5. Let the snowball grow with each
debt you eliminate. As you continue, your snowball will get
huge, and your progress will seem to multiply. Keep a chart of
your progress. Plan ahead how you will celebrate the successful
elimination of each debt along the way. But don't celebrate in
ways that would slow your progress. Be tenacious. Don't let
anything get in your way. Once you have achieved your desired
end-financial freedom, resolve to never have debt again--keep
10 Ways To Survive Building Or Remodeling Your Home
1. Think of the project as a new diet.
Who doesn't want to lose at least five pounds' This is one way to do it. Between running to stores all day and evening long .....
budgeting. You can then begin the delightful opportunity to use1. Think of the project as a new diet.
Who doesn't want to lose at least five pounds' This is one way to do it. Between running to stores all day and evening long .....
your excess earnings toward building wealth, enjoying the fruits
of your labors, and preparing for your retirement. You can do
it-start today!
About the author:
David DeFord is the owner of Ordinary People Can Win, a personal
development company dedicated to helping ordinary people achieve
extraordinary success in all areas of their lives. He promotes
success through personal development. He is developing a website
at www.OrdinaryPeopleCanWin.com and offers a free weekly e-zine.
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