Financial Freedom Classroom

We accelerate your results!

Debt Destroyer

by

Debt destroyerLine them up and knock them out.  Destroy your debt and don’t add any more.  Just think of all the money that could be added to your net worth instead of the debtor’s pocket.  Keep as much of your money as you can.

The first step in phase three of our financial freedom strategy is to list your debts with their balances and applicable interest rates.  Then sort the list by the interest rate, highest to lowest.  Typically any credit card debt will be at the top.

Next, pay the monthly minimum payment on all your debts, but pay more towards the debt with the highest interest rate. Pay as much as you can possibly scrape up every month until that one debt is paid off.  Consider selling some unused items in your home to add to your payments to destroy that debt.

Once the first debt is paid, take all the money you were paying towards that debt and attack the next debt with the highest interest rate.  Of course continue to pay the minimums on all the other debts.  And so on until all the debts have been destroyed!

Please comment on your experience of paying down your debt.  Share because you care!

As a reminder, until Friday, June 19th, we are offering a FREE analysis of your financial situation.  Just complete the worksheets by clicking the link.  There is no cost or obligation and of course your information is kept confidential and secure.  Simply submit your worksheets, we will carefully review them, then schedule a follow up call to discuss how to accelerate your financial freedom journey.

 

Starters

by

Start Key Showing Car Or Vehicle Ignition
Start Key Showing Car Or Vehicle Ignition

Sometimes you just need a running start in the right direction.  The second phase in our financial freedom plan is to get you started in the right direction by being prepared.  In order to stay on track you will need to have the structure in place to succeed.

To get through the “Starters” phase you will need to:

1.  Establish a “starter” emergency fund

2.  Take full advantage of an employee retirement matching program, if one is available to you

3.  Ensuring there is term life insurance in place, if there are others who are relying on your income.

Being prepared for the future is an important step towards financial freedom and we would like to help!  Until Friday, June 19th, we are offering a FREE analysis of your financial situation.  Just complete the worksheets by clicking the link.  There is no cost or obligation and of course your information is kept confidential and secure.  Simply submit your worksheets, we will carefully review them, then schedule a follow up call to discuss how to accelerate your financial freedom journey.

Financial Freedom Case Study Webinar

by

Check out a replay of a financial freedom case study of the Spendalot family.  We hope their story will inspire others to begin the journey to financial freedom.  To help we are offering a  FREE analysis of your your financial situation.  There is no cost or obligation and of course your information is kept confidential and secure.  Simply submit your worksheets, we will carefully review them, then schedule a FREE follow up call to discuss how to accelerate your financial freedom journey.

Please click this link to get copies of the case study spread sheet for a closer look.

Are you ready to be financially free?  What phase are you on?  Please comment below.

Do you chose to accept your mission?

by

Mission Definition Button Shows Task Goal Or Assignment To Be Done

Your business exists for a reason.  What is it?  How can anyone in your company meet expectations if they are not written down and shared?

Create a mission statement.  It is really needed so everyone understands the reason why your business exists.  The statement needs to be well thought out, concise, and specific.  Take your time with it and get every word just right.

A well constructed sentence or two is all that is needed to create your vision.  Some questions to consider during construction are:  Why do you do what you do?  What problems does your company solve?  Who works for your company?  How can your business make customer’s lives better?

There are many other questions to help narrow down this very important statement.  Please share more questions in the comment section below.

Growth does not happen overnight

by

Image courtesy of Feelart at freedigitalphotos.net
Image courtesy of Feelart at freedigitalphotos.net

Many clients ask, “When should I start investing?”  The answer is “Immediately”!  Investing in the stock market is a marathon not a sprint.  The earlier you invest the more you will have when you need it.

It is difficult for teens to consider investing in the stock market but investing early can produce HUGE dividends.  If an 18 year old were to invest $5,000 in a mutual fund that earns an average of 8% annually and invests $100 monthly they will accumulate $1,255,081 on their 70th birthday.  Pretty great birthday present, wouldn’t you say?

If you decide to take your birthday present just 10 years earlier, you will be giving up a lot!  If you stop investing when you are 60 years old and you end up with a mere $557,146.  So when should you start investing?

Grab an investment calculator and run the numbers.  We challenge you to speak with your children about investing and how they can incorporate it into their life.  Please comment below about your experience.

Always watch your nets

by

FInancial dataSpend less than you earn, is the golden rule for phase one in our financial freedom plan.  In the financial case study webinar last week we were able to show how the Spendalot family went from a negative monthly net  to a positive net that can accelerate them right out of debt.  With determination, focus, discipline and hard work it can happen relatively quickly.

Two of the tools we used in the case study were a Net Worth Worksheet and a Monthly Spending Plan Worksheet.  We have uploaded those worksheets under our Resources; Money Management page on our website.  Click here to get a copy for your use.  If you have any questions regarding these worksheets please submit your questions to questions@financialfreedomclassroom.com.

SPECIAL OFFER!  For the next 30 days we are offering a FREE analysis of your completed worksheets.  There is no cost or obligation and of course your information is kept confidential and secure.  Simply submit your worksheets, we will carefully review them, then schedule a follow up call to discuss how to accelerate your financial freedom journey.

Three qualities of great employees

by

Man guesturing to call
Image courtesy of stockimages at freedigitalphotos.net

Looking to up your game?  Want to make your boss love you?  If you possess or can incorporate these qualities into your job you can become the “go to” person in your office.

1.  Take copious notes and keep track of them – When you have been given a task be sure to take notes as to what is expected.  Then be sure to diligently track the progress and report on it.

2.  Over communicate – Be sure to explain fully and keep everyone in the loop.  Articulate a plan with specific steps and instructions so that anyone reading it could understand it.  Follow up regularly to anyone that has a piece of that process to keep things moving along.

3.  Double check – Before you submit an email, report or entry double check it.  Carefully check for understandability and yes, spelling.  If people see lots of spelling mistakes they will believe you are not detail oriented.  Details matter!

These three qualities can propel an average employee into a great employee.  Give it a try.  It might even lessen the stress of the job by being better organized and prepared.

What other essential qualities of a great employees can you share in the comments?

Does it really need to be replaced?

by

Yummy bread baking in an oven
Image courtesy of stockimages at freedigitalphotos.ne

If you own rental property, you’ll want to make smart financial decisions regarding your properties.  One decision that you have some control over is whether to repair or replace items that are no longer working.  Just because an item is broken doesn’t necessarily mean it should be replaced.

Do a little bit of investigation, first.  A search on the internet can usually tell you if others are having the same problem and provide potential solutions.  Sometimes a recall has been issued and you can get the item repaired for free.  Either way you will probably find useful information on an internet search.  There may even be a quick fix for it.

Is the appliance still under warranty?  I know that you are a diligent property owner and have retained your receipts to make that determination.  If so, look to have the repair covered under warranty.

If none of these yield results,  having someone on your team who can quickly determine the best course of action is essential.  Of course if that appliance is really old and decrepit lay it to rest and buy a new one.  You certainly don’t want to keep investing money in something that is near the end of its life.

We personally have learned that residents can get attached to their current appliances and many times would rather fix what they have than have it replaced.  How about just replacing the burnt out heating element for $15 in the dish washer instead of buying a new one?  Or checking why the freezer isn’t making ice, it could simply be a filter that needs replacing.

Be sure to carefully check out what is really causing the trouble and make smart decisions!

Please write in the comments section about an interesting repair or replace story.

Where do your customers hang out?

by

Facebook button
Image courtesy of Stuart Miles at freedigitalphotos.net

Instead of walking over to go visit your neighbor to chat over a cup of coffee, lots of people, about 154 million are chatting on social media according to The Demographics Of Social Media Users 2015.  Which means chances are your customers are out there right now and if you are not paying attention to them another company in your industry is.  Get out there and find your customers.  Are you wondering where they are?  Here is some of social media sites and who is hanging out:

Facebook is still the big dog on the block, having the most users by far.  The user age distribution is pretty even so posting to this site will usually yield good results.

Twitter has a fairly young crowd and to stay on top of the feed businesses should post 15 to 20 times a day.  This could be very time consuming but posts are VERY short.

LinkedIn is business oriented and great place to research businesses or individuals to see what their background is.  This is more for the middle aged crowd, but a great place to get your business known.

We have highlighted only a few social media sites.  There are many, many more sites to investigate like Google plus, Instagram, Tumblr, Pinterst, YouTube, Snapchat, etc.  Find out where your customers hang out and make sure you are there to connect with them.

Where do your customers hang out?  Please post in the comments.