WHAT TO DO IF YOU GET THE PINK SLIP? IT ALL DEPENDS!!!!!!

As part of my day to day business, I meet lots of people who are in not so good financial shape. They literally seem to owe money on everything: cars, boats, credit cards, loans, T.V.’s, you name it, their paying on it.

The sad thing is that some of them will go totally bust if they should lose their jobs. For some people getting a pink slip is really not too stressful, as they have no debt and a reserve of cash for at least 6 months. Does that sound like you? If not then getting the pink slip will be a BIG deal and very stressful.

So what do you do if you have debt and no reserves? Start now! Don’t wait! Don’t procrastinate!

It might seem impossible to you at this time but don’t lose heart. Believe me, if I can do it, you can do it! You cannot Create Wealth That Lasts with ongoing debt as part of your lifestyle.

I have previously talked about how most financial people talk about good debt and how this is something you need. Nobody needs debt. If you believe this lie, then it will be very difficult for you in the long run.

I do believe that buying a home is something you need to do and you might need some debt to start this process. However, you don’t need a Mc Mansion! In today’s housing market, you can find good buys that will suit your needs.

Did you ever consider that you can get a 15 year mortgage instead of a 30 year mortgage for not much more monthly payments, if you can cut done on other areas-like cable T.Y. for instance? Yes, I did say cable T.V.

Seriously, start to picture yourself debt free, see yourself as relaxed and content. The day will surely come when you will find that the albatross around your neck is gone and your are FREE indeed.

Being debt free is a noble goal for you, your family, and your posterity!

Jacques
CreatingWealthThatLasts

ASPECTS OF DEBT FREE LIVING !

A huge part of living debt free is having large cash reserves. As you progress on your path to debt free living you will go through the following guideposts:

1. Getting rid of all credit card debt. This usually has the highest interest rates and you tackle the card with the highest interest rate first. When I started my last journey to debt free living I had 11 credit cards to get rid of. Once this is accomplished you can still use credit cards ( we use them to accumulate air miles ) but you must pay them off at the end of every month.
2. Next to go are the car payments. Again go with the car that has the highest interest rate. Once your car payments are finished, keep putting the monthly amount you where paying into a separate savings account and you will be able to pay your next car with cash. Don’t buy a new car, get one with low miles and 2-3 years old.
3. Next on the list is your home mortgage. Just add an extra 10% to your monthly payment and this is equivalent to paying an extra payment per year. Add on the other payments you where making ( credit card payments, one car payment, and add this to your monthly mortgage payment. You will be surprised at how fast this accelerates.

If it took you 10 years to get in debt, don’t expect to get out of debt in 2 years. Be patient. The reward of debt free living is worth it.

Once you are debt free the name of the game is to put money away. Let me give you an example. Just in the last month, I had to put on a new roof on one of my properties, put in a new furnace, and put extensive repairs in one of my vehicles. I had the cash on hand to pay for all of it.

We had made plans to visit our daughter in Florida after Christmas. We spent 11 days in Florida, went to see Mickey the mouse and we had the cash to pay for the trip!

Remember it’s a process. You can do it!

Jacques
CreatingWealthThatLasts

CREATING WEALTH THAT LASTS ! WHAT IS YOUR GAME PLAN ?

As we start a brand New Year we are all hoping for a better year in all areas of our lives. We have all had victories and setbacks in 2008 but this is past.

Have you put together your game plan? Sounds better than goal setting. I always disliked goal setting as I felt I was setting myself up for failure. It is a proven fact that people who set goals accomplish far more than those who do not.

Success in life is multi-faceted. Family-Social-Physical-Spiritual- Financial. We need a balanced life and that is where the real challenge is. I am a workaholic and I have to force myself to live a more balanced life.

If we look at the five areas that I have indicated above, the one that holds everything together and actually should be in the middle ( if you picture a wheel ) is SPIRITUAL !

If your Spiritual life is not in order the rest really does not matter because no matter how successful you are in the other areas you will always feel unfulfilled.

For me the major change in my life occurred when I accepted Jesus Christ as my Lord and Savior. I am convinced that had I not found the Lord my marriage would have failed and I would not have achieved what I have achieved to date and certainly I would not have the relationship that I presently have with my children.

Creating Wealth That Lasts requires a Strong Faith! Life is a puzzle and if you have all the pieces but miss out on the Spiritual piece, you will finish the race but without the ultimate prize- a personal relationship with your Lord and Savior.

HE walks with you and HE talks with you all the time. Is there anything better then this?

Jacques
CreatingWealthThatLasts