The single most dangerous obstacle to building wealth: Debt.

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2 The single most dangerous obstacle to building wealth: Debt. Hey, it s ya girl Candice Marie the Founder of. Before we begin I want to tell you don t be embarrassed about your debt. The last time I checked blaming yourself was not a form of payment accepted anywhere. All we can do is focus on getting rid of it, and not making the same mistakes next this year. We are on a mission! Yes I said we because I am right there with you. Slaying my student loan debt! Be sure to print out this guide, so that you can write out your goals. 2

3 Step 1 DON T BE BASIC, POR FAVOR. Do you suffer from the I deserve syndrome? I deserve these shoes, I deserve this purse, I deserve this car. I deserve to not live a basic life. Let me tell you what s basic, spending more than you make, that s basic. Having thousands of dollars in credit card debt yet still going out to eat, and on vacations as if you re not swimming in debt is basic. Swiping your credit card to buy expensive clothing that you can t afford is basic. Look at the reality. If you are drowning in debt you have to face it and make some changes. Which is why I m glad that you re here taking the first step In the right direction. You deserve to live a life where your not worried and stressed about your money. 3

4 You ve got to be careful if you don t know where you re going, cause you might not get there. -Yogi Berra 4

5 Step 2 LET S LOOK AT WHERE YOUR MONEY IS REALLY GOING. Where is your money really going? Thinking you know where all your money is going and actually seeing where all your money is going are two very different things. We need to look at how you ve previously been spending your money and see if there are any areas that can be fixed. My recommendation is for you to look at your past 3 months of expenses. You can do this by looking at the last 3 months of your checking account and your credit card account statements. What are you bad money habits so that you can address them and break them? I REALLY WANT YOU TO PRINT OUT YOUR BANK & CREDIT CARD STATEMENTS FOR THE LAST 3 MONTHS. BELOW WRITE DOWN ANY AREAS WHERE YOU CAN CUT BACK. 5

6 Step 3 CHOOSE YOUR DEBT METHOD Snowball vs avalanche method *Snowball: With the debt snowball method, you pay off your debts from smallest balance to largest balance, regardless of interest rates. *Avalanche: In the debt avalanche method, you pay your debts from highest interest rate to lowest interest rate, regardless of balance. Some people recommend paying off the credit card with the highest interest first while others recommend paying off the credit card or store card that has the lowest balance first. This way you can knock out one bill at a time and can create small wins for yourself. Once the smallest debt is paid off then you move on to the next card. Which ever plan is best for you. * 6

7 Step 3 WANT VS. NEED Let s talk about your money mindset for a minute because in order to slay your debt you re going to have to get rid of non- essential spending. Yes you are going to have a make some sacrifices. No it doesn t mean you have to sacrifice forever, but your money goals must become more important than your instant gratifications. You have to be able to train your brain on what the real definition of luxury is. Luxury is having money in your bank account. Luxury is being able to pass on wealth to the next generation. Luxury is being able to not worry about money. Luxury is being able to sleep at night because all your bills are paid on time. Luxury is knowing you can afford those designer brands, but being happier with building your net worth and reaching your goals. 7

8 Step 5 FIGURE OUT EXACTLY HOW MUCH DEBT YOU OWE. So you don t get overwhelmed I want you to know how much total debt you have along with the interest rate. Write it down below. Errythang! Your credit cards, student loans, car loan ect. I want you to know exactly where you stand. DEBT TYPE Credit card etc. AMOUNT INTEREST TOTAL DEBT 8

9 Step 6 NOW I WANT YOU TO CHOOSE ONE OF THE DEBTS ABOVE, JUST ONE! This one debt is going to be the main debt that you re going to get rid of first while paying the minimum balance on the others. When would you want this one debt to be paid off by? How much will you have to pay each month in order to reach your goal? ONE DEBT I WANT THIS DEBT PAID OFF BY IN ORDER FOR ME TO REACH MY DEBT GOAL, I WILL HAVE TO PAY EACH MONTH. Amount Date *Once you have this one debt paid off then move to the next debt that you want to get rid of and put the extra money that you use to put towards the debt you just paid off towards this new debt. 9