Paying Your Mortgage off Early & Reducing Credit Card Debt: 4 Tips for Successful Economic, Financial Recovery
By Bill Westrom- November 9, 2012www.truthinequity.com
The recession underscores the need for coping with the economic uncertainties we now face. And because, for most Americans the real problem is debt, the daunting task of controlling and eliminating it has become paramount to the success of our individual economic recovery.
The benefits of paying your mortgage off early and reducing your debt through equity optimization principles lead to the exciting possibility of becoming debt free much sooner than you ever imagined.
Here are four mainstays to becoming debt free in uncertain times.
You have to find new ways of doing old things.
Continuing to practice decades old financial advice is like driving a model T Ford; you?ll eventually reach your destination, but the journey was arduous and painlessly slow. As with transportation, advancements in financial strategies and techniques allow us to adopt and implement more efficient means of controlling and managing debts. The journey to a debt free life can be accomplished in as little as 5-7 years through equity optimization.
Your success in a debt reduction program is dependent on your income working for you 24/7.
What is your income doing while you?re not using it? Did you know, on average, only 5-10% of your take home pay is working for you against your outstanding debt? Only 5-10%! So what is the remaining 90-95% doing?? For most of us it?s sitting in a checking or savings account providing no benefit what so ever. Equity optimization strategies gets 100% of your take home pay working against your debt 24/7/365.
A successful debt reduction plan does not require sacrifice to your lifestyle.
Don?t listen to anyone telling you that you have to sell your car and eat rice and beans for the next 5 years to become debt free. You can maintain your current lifestyle and still pay off all your debt by simply deploying a more efficient means of personal finance. The inherent benefits of equity optimization allow you to enjoy the life you?ve spent a life time building. Living a life of scarcity is not the life we want to live, but of course fiscal responsibility is required to reach our goals and dreams.
Paying your mortgage off early and becoming debt free requires application of simple accounting principles.
There is a simple accounting principle that is not taught in schools. It is more than likely that your trusted financial advisors aren?t even aware of it or practice it themselves. This little known financial strategy is called offset account and it is the secret formula behind living a debt free life. Offset accounting principles are the key to your income continually attacking your debt. The benefits of offset accounting can save you thousands of dollars in unwarranted interest costs. The compounding affects of offset accounting techniques make a debt free life a reality.
All it takes to take control and quickly eliminate debt is a better understanding of more efficient methods of managing your finances. Developing the knowledge and expertise is simply a matter of your desire to discover and deploy better financial practices. To learn more about how you can become debt free using equity optimization and offset account principles visit www.Truthinequity.com
Bill Westrom
Bill Westrom is the CEO and co-founder of TruthInEquity.com. Bill is a consumer advocate and veteran mortgage professional who has become a critic of the traditional banking system. Established in 2006, TruthInEquity.com has helped thousands of families eliminate millions in debt thru an innovative financial strategy called equity optimization. Introduced to this unique method of personal finance in 2002 Bill rededicated his career to educating and empowering consumers to make smarter choices when it comes to managing their debts. The staff at TruthInEquity.com is the foremost experts at the implementation and execution of this unique strategy. You can learn more and discover if equity optimization is right for you by visiting TruthInEquity.com.
info@truthinequity.com
http://www.truthinequity.com
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