
4a55d22868a5fbe653dc0ffe5a496d6f.ppt
- Количество слайдов: 14
Debt Freedom Session 3 – Execute Debt Freedom Plan
Freedom Oil Now a certain woman of the wives of the sons of the prophets cried out to Elisha, “Your servant my husband is dead and you know that your servant feared the Lord; and the creditor has come to take my two children to be his slaves. ” And Elisha said to her, “What shall I do for you? Tell me, what do you have in the house? ” And she said, “Your maidservant has nothing in the house except a jar of oil. ” Then he said, “Go borrow vessels at large for yourself from all your neighbors, even empty vessels; do not get a few. And you shall go in and shut the door behind you and your sons, and pour out into all these vessels; and you shall set aside what is full. ” So she went from him and shut the door behind her and her sons; they were bringing the vessels to her and she poured. And it came about when the vessels were full, that she said to her son, “Bring me another vessel. ” And he said to her, “There is not one vessel more. ” And the oil stopped. Then she came and told the man of God. And he said, “Go, sell the oil and pay your debt, and your sons can live on the rest. 2 Kings 4: 1 -7
Freedom Oil Money that we will use to enable and accelerate the debt freedom strategies Develop a supply and replenish it often Reduce operating costs through lower cost substitutes Get a raise Work some overtime Develop a temporary income source (ie: part time job) Sell an antique or some other possession (e. Bay, yard sale, Craigs List) Harvest gifts of cash … And he said, “Go, sell the oil and pay your debt, and your sons can live on the rest. ”
Freedom Oil Harvest from discretionary spending But those sacrifices are an annual reminder of sins. Hebrews 10: 3 If you need more, harvest from “on-the-bubble” spending You won’t need it forever; just until debt freedom is achieved!
It’s time to execute Do not withhold good from those to whom it is due, when it is in your power to do it. Do not say to your neighbor, “Go, and come back, and tomorrow I will give it, when you have it with you Proverbs 3: 27 -28
Identify ALL of Your Debt
Prioritize the Payoff Choose one of the various prioritization methods Highest interest rate debts Fastest payoff debts Smallest payoff amounts
Debt Snowballing Get it started with Freedom Oil! Credit Card 1 $220 + $220 Credit Card 2 $353 $573 + $573 Car Loan $551 $5 $1, 124 Credit Card 3 $303 $1, 293 Mortgage $1, 293 Total $2, 720 + $1, 124 $1, 293 $1, 427 $2, 720 + $1, 427 $2, 720
DF Strategies: Credit Card Debt Begin by negotiating a reduction in the total amount owed Indentify the interest rate Research the best current rates available Contact Customer Service Lower the rate Forgive outstanding fees Reduce balance due Forbearance and debt management programs to lower rates, payment amounts DANGER: reported to credit bureaus Execute debt snowballing process to retire each card Destroy the cards
DF Strategies: Installment Debt Include in the debt snowball Apply extra Freedom Oil to make principal reductions payments
DF Strategies: Home Mortgage Debt Refinance to lower rate and/or shorter term Debt-to-income ratio (DTI) <38% Loan-to-Value (LTV) = 80% or less FICO score = 680 -750 Shift payment cycle to biweekly Make ½ your monthly payment every 2 weeks Result: 13 months of payments in 12 months Apply extra Freedom Oil to make principal reductions payments
DF Strategies: Car Loan Debt Include in the debt snowball Shift payment cycle to biweekly Apply extra Freedom Oil to make principal reductions payments
DF Strategies: Student Loan Debt Government loan Qualify forgiveness www. finaid. org/loans/forgiveness. phtml 3 repayment options 10 year repayment 20 year repayment IBR (income-based repayment) Private loan Not many options; just keep paying
Execute Debt Freedom Plan Summary Freedom Oil is an essential resource Debt snowball: a key tool Balances and rates are negotiable There is a strategy for every debt type – JUST DO IT!!! Next Session Review Debt Freedom principles Impacting and transforming Get the overall financial house in order
4a55d22868a5fbe653dc0ffe5a496d6f.ppt