Archives For Motivation

The Dynamic Debt Destroyer – 230 DSR

June 10, 2017

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You can’t borrower your way out of debt. There’s only one way to get rid of it. Pay it off.

1) What where do I start?
Stop borrowing money. Send your Visa & Master Card divorce papers.

2) Which debt should I pay off first?
Smallest balance first, regardless of interest rate. Pre-paying neutralizes compounding interest on revolving debts.

Take min mo pmt, add 10% of your net pay. Divide that number into the balance of the debt. Divide that by 12. That’s how many months until you pay the debt off.

Example: $1,000 balance. $20 min pmt = 50 mo or 4 yrs to payoff. That doesn’t account for revolving interest, which takes longer.

$20 min mo pmt plus $60 extra. $1,000 balance divided by $80 = 12.5 mos to payoff or 1.5 yrs.

3) What about interest rates?
They’re nothing but rent payments. Interest paid is rent for the use of someone else’s money. They borrower it at, say .50% and they’re lending it to you at 4.5% for house, up to 29% on credit cards. Who’s getting the best deal in that equation?

Closing:
Borrowing money is fast and convenient. Ask why are you doing it your entire life? When does it stop?

Resource:
Piece of paper, something to write with, and calculator.

Get in touch. Podcast page. email or voicemail button.
Coaching is available.

I’m Greg Whitaker reminding you:
Get Your Mind Straight. Get Your Money Straight

Debt Shepherd 2017, All Rights Reserved

In Money, Motivation, Personal Finance Education , ,
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All About The Contrast – 227 DSR

April 26, 2017

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As the late Jim Rohn once said, “How can you know good paycheck if you’ve never known bad paycheck?”

1) Take a trip to the poor side of town.

Jim John gave the advice of taking your kids to the poor side of town. Show them how people who’ve made different financial decisions live. Trash in the street, cars up on blocks, yards uncut, houses in disrepair.

2) Why can’t you afford it?

Where does the money go? It goes one dollar at a time on beer, cigarettes, entertainment, fast food, etc.

The cost of our habits add up slowly over time. Financially and physically.

3) Contrast can motivate us to move up, move out or move on.

Nothing wrong with your first teenage years job being fast food, for example. Low pay, hard work. Teaches you responsibility, promptness, team work, dealing with customers (good/bad), etc.
And hopefully motivates you to want to get out of there after a short season. There’s the contrast.

By the time you start your first part time job, you should have most of these skills/experiences already instilled in you by your parents.

If they did a good job of providing you with contrast, and not protecting you from the world, your first part time job should be a much better experience.

Contrast. If everyone was the same, life would be boring. But only if we’ve first experienced everyone being different in the first place.

Resource:
Jim Rohn

Get Your Mind Straight. Get Your Money Straight.

Debt Shepherd 2017, All Rights Reserved

In Education, Motivation , ,
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What’s Left After Taxes – 225 DSR

March 26, 2017

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Taking a look at our pay stub and seeing just how much Uncle Sam “steals.”

1) Federal, state, medicare, & social security are all taxes. In my case, it’s federal, Medicare & Social Security. 23%.

Look at these deductions, add them up, divide by your gross income. 1 out of 4 days I work, I receive zero immediate benefit.

2) Property taxes. Do you ever truly own your home, land?

Taxation is the use of indirect force by government (IRS). It is an extraction of your wealth used to expand the size and power of gov’t.

Stop paying your property taxes. Eventually the gov’t will take your home/land.

3) Government doesn’t produce anything in the open market. It is always a liability.

As gov’t grows, so does your tax bill.

My industry, banking, doesn’t produce anything either. It charges interest (rent) for the use of money and charges fees.

Not complaining. Reminding you to reduce your liabilities (debt) so you’ve got more money left to do what you please.

Resource:
Ayn Rand

Debt Shepherd 2017, All Rights Reserved
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In Education, Government, Money, Motivation, Personal Finance Education , ,
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Financial Transparency At Work – 224 DSR

March 17, 2017

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We owe this topic idea to Jonar Nader’s book:
“How to Lose Friends and Infuriate People”

1) What would your workplace be like if you knew everyone’s rate of pay?

From your co-workers salary to your boss.
To the owner’s annual profit.
To bonus’ of everyone including upper management.

2) What if you didn’t get paid unless the company made a profit each month?

Would your attendance improve?
Would you be less apt to take a sick day, even though you weren’t sick?

3) What if before you got hired, your would be co-workers got to help decide on your hire, rate of pay, and saw your credit scores?

Why would these ideas scare you?
Why is our income taboo in America?
Knowing someone’s income seems like seeing them naked for the first time. Why?

Income is social status, zip code, education.
It’s a measuring device we use to make decisions about people, including ourselves.

Resources:
bookfinder.com To find “How To Lose Friends & Infuriate People”
Jonar Nader

Debt Shepherd 2017, All Rights Reserved

In Get Personal, Money, Motivation , ,
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Not Willing To Give Up – 223 DSR

March 8, 2017

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We discuss what you are not willing to give up to change your current financial situation.

Debt Shepherd 2017, All Rights Reserved

In Motivation, Personal Finance Education, Psychology , ,
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Change – 220 DSR

March 7, 2017

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Change is constant. Here’s three tips to keep you moving your finances in a positive direction.

Debt Shepherd 2016, All Rights Reserved

In Education, Motivation , ,
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Listener Emails – 216 DSR

June 19, 2016

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I answer listener email questions about finance with my good friend Ahyh.

Twitter trends Nashville @ 11:30 a.m. Sunday Of 10 listed, 5 are sports.

Last 3 emails I got:

1) Dear Debt Shepherd,

I am writing you to express my thankfulness to your work.

There are loads, loads of podcasts about money, credit, etc but they are not about changing the spiritual side of being wealthy. That makes your radio special from many others.

I am looking forward to listening to “Get your mind straight” series. I have already reduced the amount of junk food in my meal, and I feel way much better after the food part of it. 

Keep going on! You are doing great work!
Warm greetings from Siberia – Anna Svinoboeva

2) Hi Greg:
 
Thanks for the encouraging feedback.
 
We agree with you on the 401(k) — since Wall Street is also taking two-thirds of the employer-match in fees over the long haul. Much better to set up your own IRA at a local, FDIC-insured community bank that makes sound loans to local businesses and local home mortgages.
 
Best regards,
Pam Martens
Wall Street On Parade

2/3 of your 401k and employer match are being eaten up by just 2% annual fees!

3) Should I buy another car if my current one is paid for and running just fine? Honda, high miles. Wife says “I deserve it” listener said Honda might not be safe since lacks safety features of newer cars.

Close:

Advice from Catherine Austin Fitts of Solari
1) Bank Local
2) Turn off TV
3) Eat Fresh (& local).

Get your mind straight. Get your money straight.
Debt Shepherd 2016, All rights reserved.

In Interviews, Money, Motivation, Personal Finance Education , ,
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Gratitude – 214 DSR

May 8, 2016

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We learn that gratitude is an inside job.

1) What is it?

2) How do you get or experience it?

3) What if you lose it and want it back?

4) What are you grateful for?

Resources:
Contrast: Surround yourself with the poor, sick, dying, hungry, mentally ill, etc.
Pronoia – Book

Gratitude is a matter of survival. Not a luxury.

Close: Change your perspective. Change where you’re standing. You’ll see something different. The biggest teacher can be the smallest nuance of change.

Get Your Mind Straight. Get Your Money Straight.
Debt Shepherd 2016, All Rights Reserved

In Interviews, Motivation, Personal Finance Education, Self Reliance, Spiritually Speaking , ,
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