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7.5 Key Aspects for Destroying Your Debts
Destroying Your Debts with Financial Peace University
I finished Financial Peace University in March. A class designed by Dave Ramsey to help you get control of your money, pay off all your debts, and build wealth. In nine short weeks, I was able to save $11,000 and pay off $8000 in debts. I closed all of my credit card accounts and paid off my business loans.
The principles he taught are simple and make common sense. Here are 7.5 Key Aspects for Destroying Your Debts. When I say destroying, I mean killing off all debt from your life. Credit cards, student loans, car notes, business loans, and your mortgage. Now this is not a discussion about good debt vs. bad debt. This is about you getting control of your money and becoming debt-free.
Destroying Your Debts Will Increase Your Business
Debt will destroy your business. It will wreck your professional and personal life. Businesses crumble under the debts they create. Every day bankruptcies are filed because of debt. People fund their start-ups with credit cards, personal loans, and other debt instruments, and are left with the bill if their business fails.
Just think about how much money you can invest into your business without paying those credit card bills. How many more customers you can reach without having to pay a car note? Can you see how becoming debt-free can explode your business?
Disclaimer About Destroying Your Debts, Dave Ramsey, and the Credit Coaches
I am not against using credit cards, debt to grow your cash flow, or getting business loans. I am against using debt for personal pleasure. There are a lot of anti-Dave Ramsey Mentors out there. People are selling systems on how to build credit, get loans, and 0% interest credit cards for “Business”.
YOU DO NOT USE YOUR CREDIT CARDS, BUSINESS LOANS, OR LINES OF CREDIT…UNLESS YOU KNOW YOU CAN MAKE A PROFIT AND GENERATE CASH FLOW. This is why I preached personal debt freedom. Debt is a double-edged sword unless you have the skill set to turn debt into cash flow. DO NOT USE IT!
