Reduce Debt Increase Wealth

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Feeling overwhelmed with bills, it seems there never enough money to pay all. How to get out of this cycle and have money to save. The first thing to do in this process is to review…

 Article Links:
https://www.gobankingrates.com/money/jobs/10-reasons-living-paycheck/ By Christina Lavingia

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What is a debt management plan, is it the same as a debt reduction plan what is the difference between these plans.  Should a debt management plan be something in place before borrowing money.

 Article Links:

https://www.bankrate.com/personal-finance/debt/what-is-debt-management/ By Raychelle Heath
https://www.moneymanagement.org/debt-management/what-is-a-debt-management-plan

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Before getting a debt consolidation loan the first thing to do is to have a debt reduction plan. This way getting that loan will be easier and perhaps not even required. There are many apps that help with getting finances under control. They may not help until the user has a better understanding of getting spending under control.

Article Links:

https://www.nerdwallet.com/article/loans/personal-loans/consolidate-credit-card-debt-personal-loan By Steve Nicastro, Jackie Veling 

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This is a quick and easy way to get started with a budget. Knowing categories and the percentages of each is key in keeping a successful budget.

 Article Links:

 https://www.quicken.com/blog/budget-categories By John Worley

https://familybudgetexpert.com/budget-categories/ By Rob Bertman CFA, CFP

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How to use your tax refund to reduce your debt. Many people think by using tax refunds to pay down debt is the best thing to do. This may not be the best way to use a tax refund.

 Article Links:

https://www.cnbc.com/2021/04/13/here-are-some-smart-and-also-fun-things-to-do-with-that-tax-refund.html

https://www.thebalance.com/ways-not-to-spend-tax-refunds-4126876

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Bye now the Christmas spending is showing up on credit card statements. Now the time to start planning to avoid the same debt problems next year. How to quit using credit cards to pay for Christmas.

 Article Links:

 https://www.cnbc.com/2021/11/29/holiday-shopping-2021-more-than-half-of-americans-are-going-into-debt.html By Jessica Dickler

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Many Americans are living paycheck to paycheck don’t feel alone. This is a common problem among middle income and high earners making over $ 100,000 per year. So, it not the income that the problem perhaps spending too much with too much debt. 

Article Links:
https://www.investopedia.com/articles/personal-finance/091015/why-high-earners-still-live-paychecktopaycheck.asp    By Rebecca Lake

 https://www.investopedia.com/articles/pf/10/budgeting-when-broke.asp By Reyna Gobel

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Retirement is not an age but should be when finances allow retirement to happen. Retire early is only limited to income, debt owed, and the ability to pay all the bills. Having wealth in abundance at an early age solves this long-time problem. 

Article Links:

https://www.ramseysolutions.com/retirement/what-is-the-fire-movement 

https://www.cnbc.com/select/lessons-from-people-who-retired-in-their-30s/

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What is personal finance, it more than paying off debt or creating a budget. It is planning, managing money as well as savings and investing. Also, the protection of assets plus protection of income. This podcast focuses on reducing debt, but personal finance is much more. 

Article Links: 

https://www.credit.com/personal-finance/ 

https://corporatefinanceinstitute.com/resources/knowledge/finance/personal-finance/ 

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Getting debt under control is the first step in building wealth. It takes more than getting out of personal debt. Building wealth takes investing to the max and maybe even starting a business to help create the wealth wanted.

 Article Links: 

https://youngandtheinvested.com/how-to-build-wealth/ By Riley Adams, CPA

https://www.tonyrobbins.com/business/building-wealth/

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