Your FICO score is an indicator to banks and financial institutions of how dependable you are with money. We know the higher your score, the better. But just how high should you aim? We'll talk about that and why this three-digit number matters.
This series will cover the basics of understanding credit and what you can do to improve it.
A lot! 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.
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.
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.
Should you be intentional about upgrading your group of friends? Absolutely! Can you do it without being weird? Absolutely! 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 Jim Rohm is right and we are most like the five people we spend the most time with, the quality of your social circle is vital. If that quality is poor, we're going to look at specific actions this week you can use to upgrade.
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 $30K 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.
Joe Mihalic graduated from Harvard Business School with $101,000 in student loan debt. After 2 years of paying the minimum, $1100/month, he challenged himself and paid off the balance, $90,000, in 7 months. Yes, 7 MONTHS!!! Find out how he did it and be inspired.