I’m the Cheapskate-guy, and I’m here to help you to a position where you are “loving life” and laughing about it!
In this blog, I’ll be leading you through some steps to assure your success.
Step #1: You MUST get out of debt. That means totally debt free. When you owe somebody money, you are in prison. Debt free living is where you want to be. Only then will you be able to spend your hard earned money on things that are important. Things like…building wealth and securing your financial future and retirement from the work force at an early age!
You may be saying to yourself, “Wait a minute Cheapskate-guy! I thought it was permissible to have a home mortgage, a car loan, and a college loan, no?” Yes, at certain times of your life, they are, and I’ll discuss that in future posts. However, if you have those loans, you need to take the position of Buffy, and SLAY THOSE VAMPIRES! Stick a wooden stake through their hearts and drag them out in the scorching sunlight as soon as possible. Once you get that demon’s teeth out of your neck, you’ll be able to invest those monies in a much more beneficial way.
Now you’re probably thinking that I’m going to tell you to “cut up your credit cards.” No! No! No! You’ve worked hard to establish those credit lines. Don’t lose them, simply don’t USE THEM. Lock the cards in your safe and never use them again. If you have cards that carry and annual fee, call the company and convert it to one that does not. Eventually, when you are wealthy, you will not need those cards at all. For now, it’s nice to have the financial insurance they provide, but locked in the safe. DON’T USE THEM!
I use ONE card on a regular basis…the AMERICAN EXPRESS CARD. I use it because it must be paid off in full every thirty days, and it builds “sky miles and credits” when I use it. It also helps me track my spending for tax purposes. We’ll talk about AMEX in a future post.
Once you’ve stashed your credit cards in your safe, now you should work a system to pay them off in full…one at a time. I DO NOT recommend hiring one of those companies that will negotiate a lower balance write-off for you. All Cheapskates are honorable. They do not run from their debts. They pay them in full. Bankruptcy is not an option. I highly recommend using an automated system that allows you to eliminate your consumer debt without effort. Below is one of the very best. Click on the link and get ready for the exhilaration of debt free living!