Money Fitness Journey

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    Debt 101 Blueprint

    June 22, 2020

    Words To The Wise

    I’m not a financial advisor everyone must do their own research. This is a very simple step-by-step guide on how to pay off debt. In this Blueprint, we will use the debt snowball method. If you are looking for investing advice check out my Investing 101 Blueprint. Did you know personal finance is 80% behavior and only 20% head knowledge? This is true and why this step-by-step Debt Blueprint is so important for your future. My number one free budget tool I use to track all my spending is Personal Capital.

    Debts

    Car, Credit Card, Student Loans and all Consumer Debt.

    Step One

    List your debts from smallest to largest regardless of interest rate.

    Step Two

    Make minimum payments on all your debts except the smallest.

    Step Three

    Pay as much as possible on your smallest debt.

    Step Four

    Repeat until each debt is paid in full.

    Thoughts

    This Debt 101 Blueprint will get you on the right wealth-building path to reach Financial Independence. I personally used these exact steps to pay down all my consumer debt and start my FIRE journey.

    By paying down debt you will become more financially secure. This allows you to save and invest more money. This is how I am able to build over a quarter-million dollars in liquid assets. Just imagine where you could be in just a few short years once that debt is paid off. How good will you feel having all that stress off of your shoulders? I bet you will feel amazing.
    ______________________________________________________________________________

    FIRE HACKS

    Thanks for stopping by. I use affiliate links to support this site at no cost to you if you believe you get value, please consider supporting me by clicking. 

    My favorite free financial tool to manage my net worth is Personal Capital. You get a $20 Amazon gift card for signing up. 

    My favorite free investing platform is M1 Finance. You get $10 for signing up. No trading or management fees plus you can buy fractional shares. 

    My favorite Credit Card Hack is American Express Platinum, Hilton Honors Aspire, and Bonvoy Brilliant AMEX. So far they paid me over $2,200 this year to use these cards. 

    My favorite phone service is Mint Mobile. You get a $15 renewal credit for signing up. I get a year of phone service for a rock bottom price of $240. As a guy who travels and lives in an RV full-time, this service has been amazing.  

    Filed Under: Financial Independence

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