This is the step that gets everyone talking. Most people in an average amount of debt including a mortgage can be completely debt free in as little as 36 months and usually no longer than 84 months. That is you can be debt free including your mortgage in as little as 7 years.
Imagine what that can do for your peace of mind and wealth strategy.
Acceleration of Debt, snowballing whatever you want to call it today is not a new idea. It just takes a little patience and the information you have gathered and analyzed over the last few steps. The final ingredient here is discipline. Once you pay off that balance with the $25.00 payment you have to apply that $25 to the next debt in your priority list. If you do not you will not make. Many of you think that extra $25 doesn't make a difference but think of a snowball rolling down a hill.
The snowball starts off small and begins to roll down hill. It picks up a little bit of snow and then a little bit more and then a little bit more until finally you have an avalanche coming at you. The hill is your pile of debt and the snowball is the money you have to pay off that debt. The further down that hill you go the bigger the snowball until you are sending a ton of money every month at the last few debts to pay them off.
It works. It works fast and it is cheap. Prioritizing which debts needs to be paid off can be a headache if you have numerous accounts. Soaring Eagle software is available which will help you with this. This is not a link and I do not get paid for referrals to this company. The software is just that good and it is inexpensive. Type www.soaringeaglesoftware.com into your browser and check it out.
See you tomorrow.
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