Get out of Debt. All debt!

The Good book, the Bible, is right when it says that "the borrower is a slave to the lender" (Proverbs 22:7).
People in dire financial need usually resort to borrowing. If not checked, they become addicted to it. The only solution they see is to borrow from the lender. A piece of advice: shun borrowing like a plague!

For those who are in debt: get out of debt, all kinds of debt!
Here are five (5) strategies to free yourself from the lender:

1. Perform what David Ramsey calls "Plasictomy". Cutting your credit card and using cash only.

    There is no positive side to credit card use. I suggest you use Debit Card instead. It keeps you

    constantly aware of your financial condition and prevents you from buying impulsively and unnecessarily.

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2. Don't pay the "Minimum Amount" suggested by your credit card company
    Credit Card company are loan sharks! When you pay minimum amount you end up paying your
    debt in 32  years.

3. Pay credit card balance beginning with the one with the lowest balance. If you do, it feels like you're
    doing something to eliminate your debt. I did and I got rid of one credit card and it feels so good.

4. Negotiate. The credit card company is eager, so eager to have your business. In this regard, they are

    open to negotiating anything you put on the table like interest rates, annual membership fee, etc.

    I still have one credit card debt, which I am trying to manage and eliminate. Every year, I request my credit card company to reverse the annual membership fee they charge me

    and they gladly oblige. This year, I did the same and to my surprise, they told me that from this year on they will no longer bill me the annual membership fee. Just one of those fees you can deduct from your debt. It feels so good!

5. Talk to somebody, please. There's help. Share your burden with someone you can trust. Don't suffer alone about your debt situation.

To your debt-free life,
Jimmy

2 Things You Can Do With Debt

On my way to the office, I have breakfast at Burger King near the Rotunda in Quezon City. Why not? You see, almost daily, I bring my breakfast, which is prepared for me by my cousin. Do you want to know what my favorite breakfast is? 

My Morning Power Drink
Well, before we go there, I also want you to know that we follow a daily regimen of drinking a dose of Vitamin C, the natural way. Everyday I squeeze Twenty Eight (28) pieces of the local lemon called "Calamansi"in a glass and drink it. That's it! I learned this from Bo Sanchez in his 52 Healing Habits. My wife and I take 28 pieces of Calamansi (local lemon) each almost daily. This is our morning power drink! Uhmm, why did I tell you that? Why do we drink Calamansi? Well, Click this, and let Bo explain it to you better.

Breakfast
Back to my favorite breakfast, One (1) hour after drinking our morning power drink. My favorite breakfast is Fried DILIS (anchovies) with cut tomatoes and a cup of rice! Almost daily!!!!! 


Frugality
You see, I save a lot by bringing my favorite breakfast with me and eat it in my office. Savings is the issue here. If I eat at McDonalds or in this case at Burger King, it will cost me P125.00! Compared to my favorite Dilis (anchovies) breakfast which will cost me only less than P25.00! That's a lot of savings! Every centavo counts if we are serious in getting rid of our debts.


Treat for me
But that day, I can afford to treat myself for breakfast at BK. You see, in our budget, my wife and I allocated an amount for "Entertainment". The money put in this item can be used for treating ourselves or our friends. We can do this because there is a budget for it.


Two (2) Things you can do
Now back to my main issue about debt. Do you know that debt is a reality of life. If you are in debt, there are two things you can do: 
1. You can accept it
2. You can do something about it


If you accept it, you wallow in it and it becomes your lifestyle. You will have every reason why you are in debt and will be in debt. But the truth is, nobody wants to be a slave to debt and to a creditor. 


Another way is to do something about your debt. I recently had an exchange of ideas with Bradd Chaffee. I posed a question on how one can get rid of his debt if his income is not even enough to cover his expenses. He gave me a simple but practical answer: increase your income! Whoaaa! So simple yet we often miss it. 


The best way to get rid of debt, after doing all you can to reduce it, is to increase your potential to earn more money. How do we do that? SELL ANYTHING!

• Sell items that are stored in your house and have not been used for a long time
• Buy and sell item on Sulit.com.ph. I know people who makes money doing this on the internet. LAWAY lang and puhunan. Their capital is just their "Saliva".
• Recently, I attended a real estate seminar because I want to explore selling REAL ESTATE PROPERTIES. If you sell MILLIONS worth you get MILLIONS too.
• So SELL, SELL, SELL ANYTHING THAT WILL GET YOU INCREASE IN INCOME.

But many people are afraid to go into selling. Here's my recommendation: Be willing to be trained. Invest in yourself by training yourself how to get those deals that will give you increase in INCOME. I tell you, you will never be the same again.

To your debt-free life,

Jimmy

P.S. Recently, I enrolled in Jomar Hilario's Online Mentoring Club so I could learn how to blog. It's been almost six (6) months and I am getting better. This blog that you are reading is a product of what he is teaching me. I have not yet submitted this blog and monetize it through Google Adsense. Once I do that, I start earning passive income.


P.S.S. I plan to invest again in myself and plan to attend Jomar's Online Wealth Breakthrough Seminar to be held on June 28, 2011. You see I want to move to the next level and I need to be equipped to know how to SELL products through the internet. I want to bridge the gap between my skills in blogging and my GOALS, to earn extra income!!!!

3 Practical Steps to Getting Out of Credit Card Debt

I like what I saw the other day on Channel 5's  SAPUL SA SINGKO morning show. They have a segment dedicated to FINANCIAL FREEDOM AND MONEY. The hosts were Amy Perez and Chinky Tan, author of "Till Debt Do Us Part".  
Money, to most of us, is a vital commodity. Without money, you'll have a hard time making things happen. Without money, you can't pay your basic bills like electricity, water, telephone and other equally important bills. With money, you can do a lot of things including helping people in their time of need.


So there I was, a bit sleepy coming out of a restful night, when I switched the TV on to SAPUL and saw Chinky Tan reading the letter of a sender who was asking help on how to be financially free and how to eliminate her mounting credit card debt. I really appreciate Sapul sa Singko for including this segment because I believe it will help a lot of people get out of credit card debt.

Here are 3 practical steps they advised the letter sender:
1. Don't pay the MINIMUM AMOUNT  DUE only. TRIVIA: it will take you 36 years to fully pay your credit card debt if you pay the minimum amount due ONLY. Doesn't look good isn't it? Pay more than the minimum amount due!


2. Don't use your credit card to purchase new items, specially BIG Ticket items like appliances (TV, ref, washing Machine, etc.). USE CASH to buy anything you need. (if I may add, if you want to buy big ticket items, save money for it and buy it only when you have saved for it)

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3. Look for additional INCOME to increase your earnings. Your income should always be greater than your expenses. Chinky Tan says: don't over-spend (cause of debt). It's time to get out of debt by under-spending.


To your debt-free life,
Jimmy


P.S. Be wise! Commit to a budget and stick with it.

HOW TO GET OUT OF CREDIT CARD DEBT

Did you know there is such a thing as the Credit Card Association of the Philippines (CCAP)? I found out about it last May 26 when Maritess and I were having our breakfast at a fastfood chain, they gave us a free newspaper. As I scanned the paper, I saw CCAP’s report on its annual conference that day at Sofitel Philippines Plaza Manila.

The amazing thing that CCAP said was “with a budget, some dedication, and a lot of discipline, your credit card debts can be wiped out.” It looks like they want you out of debt. Uhmmm.

Here are some recommendations they have proposed to wipe out your credit card debts:

1.       First thing, find out exactly how much credit card debt you can afford to pay off.

2.       Make a budget so you can know how much to pay whom.

3.       It is considered wise to put aside thirty (30%) percent of your monthly income as savings. What is left, after paying off your monthly fixed expenses, is how much you can dedicate to eradicating your debt.

4.       There are two preferred methods for paying off your cards: highest interest rate first, or lowest balance first.

5.       Paying off your credit card with highest interest rate will save you money in the long run, especially if the highest rate card happens to be the one with the highest balance.

6.       Paying the lowest balance first is much easier, and the debt is taken care of much quicker. Personally, I prefer this method as it helps you see the evidence that you are actually zeroing out your debt and gives you motivation to move to the next card and the next, until everything has been settled.

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At the end of the article, CCAP admits that it will take some time to get completely debt-free- but once you are, there is nothing stopping you from investing and making your money work for you instead of the other way around.

This week, I am happy to eradicate one of my credit card debts. As I paid the balance, it became clear to me how much money I lost paying off the finance charges and late payment charges this credit card was charging me month after month.

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One lesson I learned and I want to pass on to you: always pay your card on time, and you must always pay your full balance in order to escape the interest that will be levied on you!

To your debt-free life,

Jimmy

I MET JOMAR HILARIO

It has been my desire to meet my mentor personally since I became a student of the Online Mentoring Club. Finally, last week, April 30, at the Think Rich Quick (TRQ) Seminar of Trace Trajano, I met my mentor, Jomar Hilario! In just the span of five minutes of talking with him, I learned a lot. The funny thing was when he asked me who I was. He had a hard time recalling my name. But when I mentioned to him about my BLOG, Debt Free Life! Philippines, he immediately remembered. To me, it means only one thing! He reads and studies my blogs!

Thank you, Jomar. In my amazement, I forgot one thing though... to have a photo op with him. Well, maybe next time. I’ll have that privilege when I join the Breakthrough Seminar.

Every successful person has a MENTOR. Manny Pacquiao has Freddie Roach. He is a billionaire. I have Jomar Hilario, and I am a millionaire!

To your debt-free life,

Jimmy

P.S. Internet Marketing and blogging will earn you passive income. One sure way you can erase your debt. That’s one reason why I enrolled in Jomar Hilario’s Online Mentoring Club. More than the technical information and techniques that I have learned, my mentor opened my eyes to new opportunities and possibilities of MAKING MONEY ONLINE!

You too can.! Be mentored and be the next Online Internet Marketing guru. 

A COMING CHANGE IN YOUR INCOME

Lately, I have been discussing with my “friends” about the possibilities of adding new streams of income. The reason behind this is obviously the need for more money to pay off a lot of things, including mounting DEBTS.

Lately, I met someone who earns P60,000 a month just working at home! She works as a virtual assistant or VA to those of us that are techies. Her income is a lot better than many of those working in Makati offices. She will be moving to her own apartment. She is misunderstood by her family because she works in the evening. She does book reviews. Compared to those working as employees, her income is a lot higher and better! No traffic, no office politics, and no uniforms.

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My friends, some of whom are full time moms and employees, became interested when I told them about Jomar Hilario’s Manila VA Seminar. They are inspired by stories of people earning even if they stay home as Virtual Assistants. Jomar says, when you're at home, you'll rediscover your real joys, your family and your own time.

You can change and improve your finances by adding a new stream of income as a virtual assistant working on your free time or at home. Today you can make that choice! Join Jomar’s Manila VA Seminar this coming May 28, 2011.

To your debt-free life,

Jimmy

P.S. If you want a change in your income, one sure way is to sign up right away for the Manila VA Seminar. Limited seats, I understand. 

Discounted Fee: P 2,375/$ 53 pay on or before May 18,2011 

Normal Fee: P 2,675, pay on or before May 27,2011
Walk In Fee: Pay on Tue, May 28,2011 is P 2,975

Get Ready for Abundance!

Do you want to be free from debt and financial stagnation? Here's one seminar that will change your life. They say that if you want to be successful, learn from a successful person. I believe that we do not need to go through the mistakes we will commit if we do things our own way. We can avoid a lot of mistakes and hard aches if we follow and learn from those who have gone before us. 


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One successful person who have been there, done that is no other than Bo Sanchez. He's been in debt and even lost a lot of money on bad business deals. But that didn't stop him from being one of the successful entrepreneurs of our time. Today, he conducts the famous HOW TO BE TRULY RICH SEMINAR. This seminar will free you from financial stagnation and rescue you from years of financial misery.Do you know that 90% of your money problems are mind problems? Through Bo Sanchez’ transformational How To Be Truly Rich Seminar, you’ll learn how to solve your money problems by first solving your mind problems. Bo will take you through the journey towards what you deeply desire: True financial and spiritual freedom. Yes, it’s possible to get out of debt and earn passive income. It’s possible to become wealthy so you could start sharing your wealth to others.

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So here it is, you can be one of those who wants to be financially free. I’m inviting you to join Bo Sanchez in his How To Be Truly Rich Seminar. It will change your financial thinking—which will change your financial habits—thereby changing your financial life. Yes, the Seminar will bless you. 


To your debt free life,
Jimmy


P.S. Join now by signing up. The seminar fee has been marked down from P8,000 to ONLY P497 per person (first come first serve). The date is May  14,  (Sat) at 8:30 am - 12 noon.