How to Get Debt Free : Loan Interest Byter

How to Get Debt Free

Follow the stepping stones to personal and financial freedom

#1. Partner Bank

Partner with a strong credit union or bank. You’re going to need a banking partner for life’s major events.

#2. Living expenses

Life will happen. You need to be ready for it. Six months of living expenses will let you weather the storm as you work to get back on your feet again.

#3. "steamroller"

A steamroller crushes thing to oblivion. In this case, you’re going to learn how to create a “payment steamroller” to completely eliminate your debt.

#4. Credit Cards

Now it’s time to work on your lines of credit. More specifically, your credit cards. Used wisely, your lines of credit will make it much easier to finance large items.

#5. retirement savings

You’ve made it this far. So start funneling 15% of your before-tax income towards retirement. And that means a combination of 401(k) and Roth IRAs.

#6. college funds

Like it or not, for many of you, those college bills for the kids are right around the corner. Get ready for it. So do research on 529 college savings plans and/or ESA (Education Savings Accounts).

#7. Pay off mortgage

The “Steamroller” did a great job of paying off your other loans. Now you need to turn it loose on your mortgage. Use the payment boost option of the bi-weekly payment plan to pay off your mortgage ASAP.

#8. be a role model

Congratulations! You made it! Now it’s time be a leader and a role model. Teach anyone and everyone you know how to follow these stepping stones to personal and financial freedom.