Spending energy and time on unproductive relationships can sap your debt free progress. We wrap up our look into obstacles to the debt-free lifestyle by exploring why and how connections come into play.
Connections matter. Be intentional about who you permit into your social circle.
Accomplishing something as life-altering as digging out of debt will not happen without change. We have to change our priorities, our environment, and our habits to make the progress needed to be successful in this endeavor.
Change is hard and can be an obstacle if we let it.
Work on developing the courage necessary to become debt free. Be bold about your mission. Be bold about dealing with temptations to give up. You have to stand up to outside forces and yourself.
If you want to be a debt-free success story, consistency must become a part of your routine. Have you struggled in this area? We'll look at obstacles and tips for developing a consistent habit to pay off debt.
Effrem Jackson has 12 years of experience in the financial services industry. However, we focus on the three years it took him and his wife to pay off $40,000 of consumer debt. Toward the end of their journey, they experience a potentially life-changing course of action that was confirmation that debt freedom is a wise lifestyle of choice.
It’s time to wrap up this week exploration of how to keep and stick with a budget.
This week, we’ve looked at using digital envelopes and how to do a quick tracking exercise. The icing on this budget cake is most definitely your Financial Committee Meeting.
What’s that? A Financial Committee Meeting is the intentional time that you schedule to TCB. Take care of your personal business. I know you’ve worked hard all week. Don’ t forget about the Financial Committee Meeting.
If you're like 60% of Americans, you agree that operating from a budget is a good idea. It's easier said than done. Today, we'll cover 3 easy tips for staying on budget. You want to prioritize TCB, taking care of your business.
A quick tracking exercise that works using GoodBudget.
60% of Americans say they want to budget but don't. Since budgeting is a learned skill, we're going to focus this week on developing the skill in a way that fits your lifestyle.
Jose was making plenty of money but had nothing to show for it. His family came together and learned to budget, live within their means, and pay off debt as a team.
I'm going to dive deeper into tech tools that have basic financial management features and are designed to help you build wealth. First up, Personal Capital.
I started with this first because:
1. It's free. All analysis tools are 100% free.
2. Signing up comes with a free financial consult.
3. It's free!
Financial independence will look different in every household. A basic definition includes having more passive income than you have bills. I'll walk you through my practical steps to achieve financial freedom in an effort to spur ideas for your own plan to FIRE up your goals.
After clearly articulating my financial goals, I must connect my faith to this project. I'm a believer, and faith and finances are clearly intertwined - in my mind. Faith without works is dead - so I have work to do. This is not as easy to share, because I can't see the future.
Well, you're welcome to come along for the ride. I have no idea what the Lord has in store. I just believe that in 3 years, we will be paying cash for a new construction home. In the meantime, there's a lot to do. Creating the financial plan for FIRE (financial independence/retiring early) is a concrete step that I can definitely get behind.
I'll do what I can, and leave the rest to God. That's the beauty of faith.
If that FIRE isn't just shut up in your bones, but a financial freedom goal on your to-do list; this series is for you.
As I walk through my own plan for financial freedom, we'll explore what big picture items should be included. Step #1: Clearly identify what financial freedom means to you and what it will look like when you accomplish it.
I lay my plans out in plain English. Next, I want you to be able to clearly articulate yours.
Aja McClanahan became "Hood Rich" when she moved to a blighted neighborhood and paid off $120,000. That was 10 years ago. Now, she's embarking on the next phase of her plan to take over the world...or at least take control of her family's financial future.
I wouldn't have said this was intentional, but I am attracted to people who are doing interesting things around me. Whether you're an outgoing extrovert like myself or an introvert who needs to limit the interaction stimulation, these tips will work for tapping into a productive network of people who cross your paths.
Sometimes it's as simple as being the first one to say hello. Whether I'm meeting people at a swim class for my kids, reaching out to perfect strangers on FB, or going deeper with people that I see on a regular basis; there is a method to my madness. I share that simple method with you.
If attitude impacts altitude, I want to surround myself with people who will have a positive impact on my attitude.
Should you be intentional about upgrading your group of friends?
Can you do it without being weird?
Exploring the qualities to seek out in new friends to upgrade your social circle.
We say yes. So much so that this week, we're continuing to explore ways to improve your social circle without being weird. If Jim Rohn is correct and association impacts progress, then it's we should be intentional about the people we invite into optional places in our lives. I'll give you tips on how to develop a social circle that is mutually beneficial.
If we are like the 5 people we spend the most time with, those associations are very important. For those who quality of social connections could use an improvement, we're tackling how to upgrade your circle without being weird.
Sounds like a noble gesture. Right? Well, Alan Corey turned that goal into a reality. The suburban Atlanta native was not known for any special skills. He did not invent the latest Internet craze. However, this author, part-time entrepreneur, and reality TV show regular was a bona fide millionaire by his 29th birthday. He joins the Debt Free Divas to discuss his unconventional journey to millionaire status and the hilarious book, A Million Bucks by 30. This isn't your granddad's personal finance book.
A look at what financial independence is and how you and I can take steps to make that happen while we are young enough to enjoy it.
I speak with Todd Tressider, the Financial Mentor, and Mindy Jenson of Bigger Pockets to get their experience achieving financial independence.
Today’s guest also highlighted his brand of accountability that helped him kick butt and dump debt. Phil Risher graduated with $30,000 in student loans. But he got focused and didn’t let those student loans become a permanent fixture. This story is for students, parents of students, or just those who think I’ll never get out of debt – it can’t be done. I’m here to say, after repaying 107K in debt – debt freedom is possible. You just might need a little accountability.
I spoke with two women who made incredible strides paying off credit card debt. They took different paths, but ultimately landed at a place of debt freedom.
Lynnette Khalfani-Cox is a nationally recognize speaker and financial educator. She is The Money Coach and she's a speaker for our summit.
LaTisha Styles started YoungFinances.com to chronicle her journey out of debt and ended up becoming a highly successful digital entrepreneur.