7 Steps to Get Out of Debt and Build Wealth: How I Paid Off Over $390,000 of Debt and Built a 7-Figure Net Worth by Implementing the Supercharged Financial Strategy

7 Steps to Get Out of Debt and Build Wealth: How I Paid Off Over $390,000 of Debt and Built a 7-Figure Net Worth by Implementing the Supercharged Financial Strategy

by Adeola Omole

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Product Details

ISBN-13: 9781775234401
Publisher: Millenium Asset Management Corp
Publication date: 09/25/2018
Pages: 134
Sales rank: 1,138,635
Product dimensions: 5.50(w) x 8.50(h) x 0.29(d)

Table of Contents

Table of Contents

INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . .11

False Beliefs About Debt . . . . . . . . . . . . . . . . . . 13

The Truth About Debt . . . . . . . . . . . . . . . . . . . . 13

Types of Debt . . . . . . . . . . . . . . . . . . . . . . . . . . 14

CHAPTER 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . ..17

STEP 1 Debt Motivation Statement. . . . . . . . . . . 17

CHAPTER 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . ..23

STEP 2: Get to Know Your Debt. . . . . . . . . . . . . .23

Secured and Unsecured Debt . . . . . . . . . . . .26

Prioritizing Monthly Debt Payments . . . . . . 27

List Your Debts . . . . . . . . . . . . . . . . . . . . . 28

Debt Repayment Methods . . . . . . . . . . . . . .29

A Word About Credit Cards . . . . . . . . . . . . 31

Two Important Points . . . . . . . . . . . . . .34

CHAPTER 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

STEP 3: SDRP Debt Repayment Schedule. . . . . 35

CHAPTER 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

STEP 4: Develop a Money Management System 43

Set Your Goals and Priorities . . . . . . . . . . . 44

Make a Vision Board . . . . . . . . . . . . . . . . . 48

Track Your Spending and Cut

Your Expenses . . . . . . . . . . . . . . . . . . . . . .49

Net Monthly Income . . . . . . . . . . . . . . . . . 55

Sample Monthly Budget . . . . . . . . . . . 58

Create Your Monthly Budget . . . . . . . . . . . 59

Monthly Bill Payment Schedule . . . . . 60

Needs and Wants . . . . . . . . . . . . . . . . . . . .62

Needs . . . . . . . . . . . . . . . . . . . . . . . . .66

Wants . . . . . . . . . . . . . . . . . . . . . . . . .66

Maximizing Your Debt Repayment

Program . . . . . . . . . . . . . . . . . . . . . . . . . . 67

CHAPTER 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

STEP 5: Add Extra Money to the Debt With the

Smallest Balance. . . . . . . . . . . . . . . . . . . . . . . . . .71

How to Free Up Cash . . . . . . . . . . . . . . . . .73

CHAPTER 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

STEP 6: Build an Emergency Fund. . . . . . . . . . . .77

Events That Do Not Warrant Dipping

Into Your Emergency Fund . . . . . . . . . . . . .81

Steps To Building An Emergency Fund . . . . 82

CHAPTER 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87

STEP 7: Maintain Your Newfound Debt Free Status

and Implement SWAP Strategy. . . . . . . . . . . . . . .87

Maintaining a Debt Free Life . . . . . . . . . . . .88

SWAP Program . . . . . . . . . . . . . . . . . . . . . 90

Set a Goal . . . . . . . . . . . . . . . . . . . . . . . . . 91

CHAPTER 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95

Other Debt Management Options. . . . . . . . . . . . . 95

OPTION 1. Debt Settlement . . . . . . . . . . . . 95

OPTION 2. Debt Management Program

and Consumer Proposals . . . . . . . . . . . . . . .97

Debt Management Program . . . . . . . . . 98

Consumer Proposal . . . . . . . . . . . . . . . 100

OPTION 3. Bankruptcy . . . . . . . . . . . . . . . .100

CHAPTER 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103

Wishing You Success .103

Parting Thoughts . . . . . . . . . . . . . . . . . . . . .103

AFTERWORD. . . . . . . . . . . . . . . . . . . . . . . . . . . . .107

Snapshot of Debt . . . . . . . . . . . . . . . . . . . . .107

ACKNOWLEDGMENTS. . . . . . . . . . . . . . . . . . . . .127

ABOUT THE AUTHOR. . . . . . . . . . . . . . . . . . . . . . . . . 129

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