Winning with Money
To win in any competition, you have to create a plan. Winning at the game of money isn’t any different. You have to strategize how you want it to look and what your end goals should be. Always start with the end in mind and work your way backward. Not creating a financial plan can drain you of your most powerful wealth-building tool, your income.
Have a heart-to-heart meeting with yourself. Discuss where you want to be and the steps you need to take to get you there. At Everest Financial Solutions, our goal is to help you design a plan that fits your needs. We provide you with educational tools so that you know how to execute them properly.
Debt is the culprit to most people not establishing generational wealth. Here are some tips to help relieve some debt. 1). Gather your bills and write down everything that is due on a calendar or notebook. 2) Create the debt management strategy that works best for you. There are few strategies listed below. Take any additional money and attack your debt. 3). Repeat. 4). Educate yourself on how to win with money. If you need more customized support, reach out to us. We will design a plan to help you reach your goals. Schedule your consultation today!
Listed below are some strategies that could help. Remember that the best method is the one you can stick to.
Snowflake
Day-to-Day Savings
This method is all about finding additional ways to save and use that money to pay on one debt every day. It is money to earn from a side hustle, receive as a gift, yard sale, rebate, and etc. This money is made outside your normal budget. You would be jugging two strategies: the monthly budget and your side hustle budget.
Snowball
Psychological Wins
With this method, you will be able to get wins very easily. You start by listing your debts from smallest to greatest. You take any additional money left over from your budget and attack the smallest debt first. You would pay the minimum balance on all other debts. Once this debt is paid off, use those funds to attack the next smallest debt.
Avalanche
Decreases Total Interest Paid
This method requires you to look at the interest rates on each debt. Gather your bills and create a list of your highest interest rate to the lowest. With any additional income from your budget, you would pay off the highest interest rate first. When you have paid off this debt, take that payment and attack the next one on your list.
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