Archives For how to get out of debt fast

Collections & Credit Scores – 231 DSR

June 17, 2017

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How collections affect your credit score.

1) My collection.
Medical, $2 or $3k. No credit score issue. Couldn’t get checking account.

2) Client’s collection/derogatory credit.
10 days PTC, Soft pull. Re-pull. 620 min for home loan.
642 to 500. Mortgage loan denied. FHA loan, $2,000 or less total don’t have to be paid off. Over $2k, use 5% of balance as mo pmt, or show payment history.

3) Pay something each month.
Negotiate lower balance if you can pay in full. Get it in writing before paying in full. Get paid in full letter in writing. Send paid in full letter to credit bureaus (resource).

Closing:
Collections are like an anchor keeping you stuck in one place. Baggage. Eventually roll off after 7 yrs? Imagine being 1 collection away from getting a home loan. One 90 day late student loan away from getting a home loan.

Resource:
Equifax.com, Transunion.com, Experian.com.
To send paid in full letter. Don’t assume who you paid will report to credit bureau.

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

Debt Shepherd 2017, All Rights Reserved

In Education, Mortgage, Personal Finance Education , ,
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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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The 2 Biggest Distractions – 229 DSR

June 3, 2017

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What do you spend most of your time thinking about? Money & Sex?

In this discussion I’ll venture to say you spend most of your time thinking about Sex (early age) and then Money (as you mature) and then both.

1) What is sex? Six = Earthly matters. 666 The number of the beast. Animal, of the earth. Division. A seed fertilizes an egg. That one cell divides into two, etc. Two become one then one becomes two. Look at the number 6. Freudian representation of male genitalia. A lower case letter A is the same. Just a 6 turned to the left. It’s about how much can I get or how much can I give. Sound like money?

2) What is Money? The exchange of human energy. Pieces of paper or numbers in a computer that represent your physical/mental work. You exchange the paper/numbers in a computer for food, clothing, shelter, etc. It’s all about how much can I get or how much can I give. Sound like sex?

3) Sex and Money one in the same? Physical sex is exchange of energy. Money is exchange of energy.

Closing: Both Sex and Money are of the earth. Physical. 3D.
The point is, slow down. Take time to reflect on what you reflect on most often. Awareness is key. Be the observer as if you’re observing yourself having the thoughts. Practicing this pulls you, temporarily, out of being trapped in your body and worldly thoughts.

Resource: You. Practice meditation. Simple, quiet time with no distractions. Teaching the mind to be still.

Get in touch. Podcast page. email or voicemail button.

I’m Greg Whitaker reminding you:

Get Your Mind Straight. Get Your Money Straight
Debt Shepherd 2017, All Rights Reserved

In Energy, Get Personal , ,
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What is Banking? – 228 DSR

May 21, 2017

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The creation, sale, and distribution of human energy. Monopoly – created by law and is enforced by law.

For purposes of this discussion, the words money and human energy are one in the same.

1) The Creation of Human Energy – Congress borrowers money from The Federal Reserve. They make principle/interest payments. The paper money you hold is the IOU or Congress’ promise to The Fed to pay back the debt. How does The Fed ‘make” the money? An entry into a computer.

2) The Sale of Human Energy – The Federal Reserve decides the price (or interest rate) of money. They lend it to banks at an interest rate. The bank lends it to you at a higher rate and makes profit. Why don’t you have access to money closer to the point of creation and therefore a cheaper rate of interest? Because of the law.

3) The Distribution of Human Energy – The Fed makes it, the bank borrowers it. The bank lends it to you after they decide if you’re worthy of being lent to. Loan application, SSN, credit scores, collateral, assets, etc. They either say yes or no.

Look at back of your Closing Disclosure. $100k loan, total paid over life of loan if min pmts made. Expressed as a dollar amount and percentage. This is only in the last 12 months. The old TIL only showed the total dollar amount.

Closing: If you’re the only one who creates, sells, and distributes human energy is it possible you’d develop a God complex somewhere along the way? Why? You control the population. This control is global.

Resource:
Why It’s Called a Bank – podcast
The Creature From Jekyll Island – book

Get in touch. Podcast page. email or voicemail button.

I’m Greg Whitaker reminding you:

Get Your Mind Straight. Get Your Money Straight
Debt Shepherd 2017, All Rights Reserved

In Education, Government, Money, Personal Finance Education, The Basics, The Economy , ,
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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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Tyranny Thru Complexity – 226 DSR

April 8, 2017

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The more complicated you make your finances, the more the tyranny of their complexity can rule your life.

1) What you see vs what you think.

If it’s a mess on the outside, it’s a mess on the inside. House, car, clothes, garage, body, finances. No different.

2) The un-manifest and the manifest.

What hasn’t shown up vs what has shown up vs what you think and do they match? If not, this can cause anxiety.

3) Write down your income vs your expenses.

POP your finances. Put it on paper. Take what you’ve been thinking about and force yourself to see it in writing. Feedback from students on this one.

Less bills to pay. Less moving parts. Less to worry/think about. Fewer checks to write. More money in the bank?

Resource:
Charles Hugh Smith

Get Your Mind Straight. Get Your Money Straight.

Debt Shepherd 2017, All Rights Reserved

In Money, Personal Finance Education, Psychology, Spiritually Speaking , ,
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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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