Intelligent Retirement Planning and Investing Strategies for Discerning Women and Couples Nationwide Age 50+

SIX STEPS TO START THE SEASON OF GIVING DEBT FREE

‘Tis the season of giving and what do we fear? Our wallets are empty ‘cause we’re still paying off our gifts from last year!

A recent survey by Consumer’s Union revealed 13.5 million consumers were still saddled with debt from last year’s holiday spending and the Federal Reserve’s latest monthly consumer credit report showed that revolving credit, which is largely card debt, is a staggering $897.6 billion.

As the instability of the economy continues to effect the wallets and minds of shoppers as the 2009 holiday season gets under way, America’s retirement strategist Bill Losey can help people learn the 6 simple steps to pay off their debt so their pockets can “jingle all the way” to the bank.

With over 20 years counseling men, women and couples on their money needs, Losey’s 6 steps include:

  • Make a budget. “Where does all the money go?” If you are asking that question, here is where you learn the answer. You might find that you’re spending $80 a month on energy drinks, or $100 a week on lousy movies. Cable, eating out, buying retail – costs like these can really eat at your finances. Set a budget, and you can stop frivolous expenses and redirect the money you save to pay down debt.
  • Get another job. I know, this doesn’t sound like fun. But having more money will aid you to reduce debt more quickly. A family member who isn’t working can work to help reduce a shared family problem.
  • Sell stuff. The Internet has proven that everything is worth something. Go to eBay, craigslist or Kijiji – you’ll be amazed at the market (and the asking prices) for this and that. What people collect, want and buy may surprise you. Don’t be surprised if you have a few hundred dollars – or more – sitting around your house or in your garage. You might be able to pay off a couple of credit cards – or even a loan – with what you sell.
  • Ditch the big car payment and drive a cheaper car that gets good MPG. Say goodbye to the monster SUV (or the overpriced sports coupe). Get a car that makes sense instead of a statement. Your wallet will thank you.
  • Pay off all debts smallest to largest. The benefits are psychological as well as financial. Knock off even a small debt, and you have an accomplishment to build on – encouragement to erase bigger debts. Also, every debt you have incurs its own interest charge. One less debt means one less interest charge you have to pay.
  • Or, pay off your highest-interest debts first. Take a minute to figure out which of your debts hits you with the highest interest rate. Pay the minimum amounts toward each of your other debts, and apply all the extra money you can toward paying off the debt with the highest interest. This will have a cumulative effect. Your highest-interest debt will become smaller, meaning you will be saving some dollars on interest charges on the balance because the balance is lower. If the balance is lower, you should be able to pay off the debt faster. When you say goodbye to that debt, you can start paying down the debt with the next highest interest, and so on.
  • Keep the real goal in mind. Building wealth, not reducing debt, should be your ultimate objective. Some debt reduction and debt consolidation planners obsess on getting you out of debt, but that is only half the story. Minimizing debt is great, but maximizing wealth is even better.

    Losey can also help people get on the road to financial literacy by discussing:

    • Why building wealth, not reducing debt should be your ultimate goal
    • How to plan a realistic budget and stick to it
    • Why some debt is good debt
    • How to retire in a bad economy – what every pre-retiree needs to know
    • The top money mistakes people make and how to overcome them

    About Bill Losey:

    Bill Losey, CFP®, CSA, America’s Retirement Strategist®, is a highly sought-after advisor, retirement authority, thought-leader, author and TV personality because he makes the complicated and mundane topics of investing and retirement fun! Bill has over 20 years experience in the financial services industry and is a Certified Financial Planner practitioner, a Certified Senior Advisor and Certified Retirement Coach. He is the author of Retire in a Weekend! The Baby Boomer’s Guide to Making Work Optional (a 2008 Finalist at The Indie Excellence Book Awards), Founder of National Retirement Planning Month, and he publishes Retirement Intelligence®, an award-winning weekly newsletter that reaches thousands of subscribers worldwide. For a complete bio, please visit, www.myretirementsuccess.com.

    Retire in a Weekend! can be purchased from www.retireinaweekend.com and www.amazon.com

    Website: www.BillLosey.com

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