Getting to debt free

You may be in a position where your personal debt is getting in the way of achieving financial freedom.   My wife and I have been there done that.   Once we learned how money works, we implemented a plan (with coaching) that would lead us to becoming debt free much faster than we had originally anticipated.   Remember getting “debt-free” is merely getting to zero. You must have goals for your life and money after the zero point is reached.  The bigger your goals the better.

Here’s what we did – and what you CAN do – in six simple steps;

  1. Keep your debt in check. If you have credit cards with outstanding balances,   discipline yourself to use only 1 or 2. Any new charges must be paid off every month.
  1. Increase your cash. Find a way to come up with an extra $100 per month. By increasing your income by starting a business, with a side job and by cutting back on Latte’s or other non essentials.
  1. Focus on just one. With the extra $100 each month, apply that to your monthly payment on only one of your credit cards – the one with the smallest balance. For that one card you’ll be paying the minimum payment plus the extra $100.
  1. Continue the pattern. Once your first card is paid off, continue that method on your next card – the one with the next smallest balance.   With each debt you pay off, apply the full amount you were paying on that debt (minimum payment + $100) to the payment of your next debt.  As you pay off each debt, the monthly amount you are paying on the next debt will escalate….and the payoff will come quicker.  Using this strategy -the more debt you have – the faster you will pay it off.
  1. Tackle ALL debt.  Once all your credit card debt is paid off, continue the same methods with your car, school loan and mortgage debt. If you follow this procedure, you’ll be amazed at the shortened amount of time it takes to be completely debt-free. We were amazed!…and very pleased with this strategy.
  1. Now it’s time to build your wealth. Once you are completely debt-free, (which is really zero) take the monthly amount you were paying on your last debt and put that money toward investments. Get your money working for you now.

Remember; You don’t know what you don’t know and you won’t know until you DO

Have a Blessed Day;

Dr Bill


About Dr Bill Toth

Bill’s Background I’m just an average guy who’s learned a few things about Life, Success and Personal Development – thanks to some incredibly good and bad experiences during the past 25+ years. I’ve made many mistakes and have learned to combine down to earth values with a unique ability to distill complex concepts into simple powerful strategies which can be immediately applied to produce measurable results. In short; “I’ve traveled the territory, drawn a few maps and I’m happy to share them” I do not consider myself to be an “expert” and my work is never presented as the definitive doctrine on how you should live your life or what it takes to be successful in your business. I am a work in progress and if you were to you join me on life’s journey by hiring me as your coach or partnering with us in business – our learning will very likely be a two way street. In fact, I expect it to be. “What you know dies with you – what you DO leaves a legacy” I was raised in upstate New York and eastern Pennsylvania. This rural upbringing is strongly reflected in my personal value hierarchy: Faith > Family > Friends > Fitness and Finance. Education and a commitment to continuous improvement are next on the list. All these and more are strongly reflected in my coaching, teaching, writing and speaking. While growing my private practice I also taught Orthopedics and Neurology at both the undergraduate and graduate level, produced a TV show on fitness, appeared on numerous radio and TV programs, authored numerous journal articles, chapters for medical texts, served as vice-president of my state medical association, and started a family. I have had the honor and privilege of consulting with and coaching a diverse population of people from royalty to prisoners, from children to CEO’s, from amateur to professional athletes from 41 countries and people of almost every race, creed, religious belief and nationality. I am passionately committed to contribution and Living With Intention. Part of my philosophy is to think globally while acting locally. I am a very active member of my church, as well as several community organizations. After church, my favorite philanthropy is the Nourish the Children. I have also performed extensive volunteer work for both the Anthony Robbins Foundation, and the Make a Wish Foundation. Why become an Entrepreneur? I became an entrepreneur because after 5 years of Health Care Reform I found I was merely an employee of the various insurance company’s I was interacting with. I became painfully aware I was working more hours for less money and that what I was doing wasn’t working! At the same time my beautiful daughter, Casey, was born. This was the first time in my life I started to think about my future, and of course hers. When children come into your life, your perspective changes from Firebirds and Ferrari’s to Gymnastics, music lessons, horseback riding and so forth. Suddenly, I had to think longterm – was what I was doing going to provide all the things that a father wants for his children? In October of 1998 I started my entrepreneurial endeavors on a very part time basis. Less than 3 months later my New Year’s Resolution was to put my practices up for sale. In May of 1999 I sold them and began to work on my dreams and my fortune on a full time basis. From there, it took me a full five years to get to the point where I could do whatever I wanted to do. Along the way I wrote my first book: “Morning Moments”…as well as learning a few things about money, transitioning careers and happiness. I am happy to share what I know, in short again; “I’ve traveled the territory, drawn a few maps and I’m happy to share them” In summary; Transitioning careers was the hardest challenge I’ve ever taken up and it’s been the most rewarding! In so many ways, this is the very best personal development seminar I’ve ever taken because I met mySelf and my wife in the process…and every perceived adversity was worth it. Today, with my wife Julie, we “get to” pay the gift forward by coaching, mentoring others through the same process. There is no greater pleasure than showing others how to earn their freedom and then observing what good they do with it. Life Will Never Be The Same
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