My friend released an interesting article highlighting people who used blogging as an accountability technique to help themselves dump a massive amount of debt.
I reached back into the Midday Money Show archives to pull out conversations from some of them who've joined me as guests in the past.
Accountability just may be your secret ingredient.
Side hustles are a great way to increase your income and pay off debt faster.
Paying off debt is a long-term goal and can definitely be "boring" here and there. To achieve success, I'm sharing how to break the big goal into manageable chunks and knock out a few quick wins.
You can trick yourself into staying focused over the long-term by taking action on interim steps for the win.
Sticking with goals that can't materialize quickly can be a challenge. However, we're covering tips this week to stay focused.
Before we get started on the action, there's a little preparation necessary to start your debt-free journey off right.
We have an anonymous question this week. The short answer is NO! But, I want to give you my rationale behind this answer. When we know better, we can do better.
Today is the final summary of the Miracle Morning Challenge. However, the challenge continues. Join me at DebtFreeDivas.org/miracle to take the 7-day challenge. Your productivity with improve and this can only do good things for your journey out of debt.
Happy July 4th. As we celebrate the country's independence, stay focused on your eventual freedom from debt. We cover two more powerful exercises to incorporate into your morning routine.
Join the Challenge at DebtFreeDivas.org/miracle.
Day #2 of the Miracle Morning Challenge should have you sitting in silence and thinking about positive affirmations. The science is in. When you can see it, you can be it. That's all that visualizations are. First, the thoughts are planted and then you actually move in the direction of bringing these desires to pass.
Let's do this. But, Stuart Smalley is not our reference point. Remember him? LOL! Let's go. Day #2. Dig in.
Join the challenge at DebtFreeDivas.org/miracle.
First, we learned that making your bed every day is a good step toward productivity.
Now, there's a whole new look at the morning routine that can help us reach our goals more effectively. Hal Elrod studied the morning routines of highly successful people and boiled it down to a Miracle Morning.
I'm challenging you over the next 7-days to reset your morning routines and let's see if this has any impact on your ability to dump debt faster.
Join me at DebtFreeDivas.org/miracle to join the challenge.
Friday is a time to spend a little QT with #teamdebtfree.
The question comes for Ebony M. She wants to know what to do first - save or pay off debt.
I have a few thoughts on that topic.
The fourth and final lesson I'm gleaning from Phyllis this week is the need for persistence.
I'm only on Day 22 of my Tangle with a Trespasser and already I've made a few mistakes, potentially cost myself an unnecessary $260, and wasted time that could be used in furthering my goal.
Just like your journey out of debt, everything won't go a smoothly as promised. But we have to resolve to press through. It's not easy. Dumping debt can be frustrated and filled with do-overs. Don't quit. In the meantime, here's the latest on this saga of my house being held hostage by a squatter.
On your journey out of debt, you will receive so much advice. Much of it will be well-intentioned, but just not helpful. Surround yourself with people who have either been where you are and accomplished their goals or are where you want to be. Like Uncle Dave says, don't take advice on money from broke people - unless that's your goal.
It's funny, this tangle with the trespasser illustrates that advice perfectly. Even though that's not her intention and she still needs to go! While I'm here, let's see what we can learn from ol' Phyllis.
Lesson #2 learned from this squatter applies directly to getting out of debt. I have work to do because Phyllis isn't going away on her own. You have work to do because debt will not magically disappear.
Working through debt is not easy, but it sure it worth the effort. I'm assuming once I get the squatter out, I'll be just as elated.
I purchased a house through a foreclosure auction. It came with a squatter who is refusing to leave. This house is part of my plan to achieve financial freedom.
I am learning, from this squatter, that financial plans aren't always easy. They aren't obstacle free. That doesn't mean they are not worth it.
All week, I'm sharing this saga and what it can teach us about accomplishing financial goals. Trust me! There
Budgeting in the fun is an essential part of staying focused on your journey out of debt. If you view dumping debt as a lifestyle full of joy, you'll likely stay with it and reach your goal. Having fun for the summer doesn't have to be expensive or difficult. I have 4 simple tips to budget in the fun over the summer.
Your accountability team will be more effective when you all are learning and growing. Staying focused on a journey out of debt can take time. To keep the meetings fresh and ensure members find the accountability group useful, locate the right resources that are constantly available. Constantly helpful. And budget-friendly.
I talk through some simple ideas to add resources to the agenda.
To ensure your accountability group is effective and long-lasting, you want to approach it with a plan. Today, I'm sharing tips for running an efficient meeting and elements you should have.
The more details you can nail down out front, the smoother your team meeting will run. We looking for successful groups to stay focused on debt elimination for the long-term.
When inviting potential accountability partners to participate in a money group, you want to nail down a few specifics. This helps people determine if the group is a good fit. I give you three questions to answer.
Remember, the research shows that you are more likely to reach your goals if you:
1. Write them down.
2. Share them with a friend.
3. Review them weekly.
But not every friend makes the best accountability partner. We'll look at three characteristics today to help you choose wisely.
We like to talk about the purchases that make great Facebook photos, but not the strings that come attached. The debt for cars, trips, new clothes, etc.
Not focusing on debt and only on the glitz and glamour of stuff will keep us in a loop of needed new stuff and adding new debt. I'm talking about how a debt-focused approach will break this money taboo and debt's hold on your life.
A financial plan could be as simple as your monthly budget or as complex as retirement planning. Not talking about your plan because you're not happy with it or you don't have one can work against you.
Develop that plan, bounce it off others, and let everyone around you know what that plan is. Whatever you do, don't keep silent.
Money is a sensitive subject. Keeping silent about our questions, struggles, or even successes hurts your, your family, and your community.
I'm advocating starting your money groups, find a money mentor, or join me at DebtFreeDivas.org/transform.
Keep the information flowing.
"My people are destroyed for a lack of knowledge." Hoesea 4:6
I invite you into a private conversation that's been happening for years. I have a number of girlfriends who are open to talking about a tough topic - money.
You'll hear from one of my money mentors and a contemporary in this adventure toward financial freedom.
We also share practical tips to add a money mentor or accountability team to your life. If you were born with a financial planning spoon in your mouth, then surrounding yourself with money mentors is the next best thing.
Why it's so important to open up about what you don't know.
Buying a timeshare is right up there with the dumb things we did to accumulate debt. Of course, we didn't pay cash. We finance the initial cost - $7500. The escalating maintenance fees and poorly managed property made this a miserable decision to make in 20 minutes on a vacation.
Yes, timeshares are a waste of time and resources.