Follow Me Out Of Debt | Get Out Of Debt And Get Into Prosperity!

Wrapping up our series on starting a business for extra income, I'm going to go over some miscellaneous, yet very important, items and details that you'll want to keep in mind while you are starting your own business. I'll be talking about getting organized and how it relates to not only the business itself but also your own sanity. I'll also tell you how to analyze your competition. Regardless of the business that you are starting, you will more than likely have competitors. You want to stand out from them by any means necessary in order to succeed.   On the same topic of standing out from your competition, I'll also be discussing the importance of staying focused as well as being creative. Every single day, think about how you can better serve your customers. Be creative. Your business cannot run in idle mode; you need to stay focused and move the needle a little more each and every day in ways that your competition is not. Creativity will help to differentiate your business from your competition.   All bus

Continuing with our small series on starting a business for extra income, today I'll be talking about choosing a name for your business as well as touching on some points having to do with forming an LLC and securing a proper domain name for your website. It may seem to be overwhelming at times, but trust me, if you take things one step at a time, you'll do just fine throughout this entire process.   As mentioned during this episode, I'll be happy to help answer any questions that you may have about this episode or any previous episodes. Simply go to http://followmeoutofdebt.com/contact and send me an e-mail. I will personally respond to each and every one.   If you liked this show so far, please take a minute to subscribe to the show, rate it, and leave a review. Your positive and kind words are always appreciated.   Visit the http://followmeoutofdebt.com website to read my blog and get my latest status updates on my personal journey out of debt and into prosperity!

What do you do during downtime that occurs when owning a business? That's simple! You work on your business!   When you're first starting out, you have to maximize your time to grow your business. This is especially true during times when you aren't making sales or working with your customers. Fostering growth happens when we strategically plan for what we're doing next with our business during any downtime that we may have with the business itself.   Whether you decided on a service business or a product-based business, your focus should be on continued customer acquisition and retention. During downtime, you'll want to come up with a plan to figure out how to gain more customers as well as how to continue to grow your business. Getting testimonials and working with those folks who are giving you testimonials to help them spread the word about your business is a terrific way to utilize your downtime. Remember: the best advertising is word-of-mouth advertising. You want to stoke the flames of this process by

On this next installment of our small series about starting a business for extra income, I'm going to be talking about taking action now to get this business of yours off of the ground. It's too easy to get stuck in the planning stages and never quite get going. Don't make this mistake.   By the end of this episode, you'll be ready to officially offer what it is that you're selling (whether that's products or services) to your potential client base. Yes, it will happen that quickly. There's no need for obnoxious marketing or spending tons of cash. You can get your name out there by simply contacting the people who you know already who can benefit from what it is that you're offering with your new business. Whether it's a business that you're starting from the ground up or an MLM (multi-level marketing) offering, it's time to show your potential customers that you're serious about your business and that you're ready to truly take care of them.   Once you've turned potential clients into paying customers, now i

Continuing the small series of starting your own business for extra income, I'm going to discuss what we'll be doing with the list that you came up with in episode 20. If you haven't listened to episode 20 yet, I highly advise that you listen to that episode first.   We're going to work on filtering our list to come up with the best of the best that is also marketable as a business. I'm also going to be talking about other options when considering what type of business you'd like to get into. If you're someone who is risk-averse and not interested in starting your own business from the ground up, there are other avenues that you could also consider. I'll be talking in more detail about this as well in this episode.   If you liked this show so far, please take a minute to subscribe to the show, rate it, and leave a review. Your positive and kind words are always appreciated.   Visit the http://followmeoutofdebt.com website to read my blog and get my latest status updates on my personal journey out of debt and

I'm starting a series on the topic of starting your own business to earn more income to apply towards your debt (or anything else that helps you out financially). Starting a business is great; I've got a successful company that I started several years ago that I absolutely enjoy owning.   First things first, though. Before you start a business, you will want to make sure that you aren't in panic mode because you need cash right now. It takes a while before you start to see revenue with almost every type of business. If you're desperate for cash, you'll want to get a part-time job or a different full-time job where you're earning more income instead. Wait on starting a business for now until things are stable and you're back on your feet again.   I'm not saying that you have to be out of debt completely before you start your business; I'm saying that you want to be current on your bills and not desperate for extra money. You'll need to have clarity when you're going through these steps that I'm outlining in th

Personally, I don't believe in New Year's resolutions. With that said, I also don't think that there's anything wrong with making resolutions; it's just not for me. I like to think that I can set any goal at any time of the year without having to wait until January 1st to start towards my goal.   The primary danger with resolutions that I do caution folks on is the trap of feeling defeated or deflated when a setback or other failure point comes into play. It's best to anticipate failure points; it's best to realize right out of the gate that something will come up as a roadblock, and you have to be able to roll with the punches.   Again, you have to anticipate setbacks, and you have to realize that your goals have to have some flexibility built in. I don't want you to set a rigid goal for yourself financially and give up just because you get bumped back to square one. You have to have perseverance. You have to realize that even if you experience resistance or a setback, you have to get back up, brush yourself

Today I'd like to focus on the annual budget. Most of us do a month-to-month budget, and this is still important, however it is recommended to get a high-level overview of the year ahead. When we do this, we focus on things that we may not have considered otherwise or we may forget about.   It's best to analyze the year ahead and plan for what will be coming up: birthdays, anniversaries, traveling for work, vacations, property taxes, and many more things that will affect your budget for the year. You'll feel empowered, and that's a great way to kick off the year when it comes to your budget.   It doesn't have to be perfect. This is meant to be a foundation for the upcoming year. You will likely need to tweak your budget month-to-month, but having that initial high-level overview of your annual budget is simply a smart way to plan. You'll be more prepared doing this exercise than you would be if you didn't complete your annual budget, and that's the bottom line.   If you liked this show so far, please take a m

Getting things down to the lowest common denominator and making life better in general sounds intriguing, doesn't it? Look no further. Have you heard about the movement known as minimalism? If you haven't yet, then you'll want to listen in on this episode. You may just feel the urge to make some significant life changes that can help you to find more peace, have more time, spend less money, and yes - it may even help you on your journey to get out of debt and stay out of debt.   Are you currently living the minimalistic lifestyle? If so, I'd love to interview you on this show to hear about your personal experience and how it changed your life. Reach out to me by going to the website, http://followmeoutofdebt.com, and click on the Contact button to send me an e-mail to get the process started.   Mentioned on this episode:    Minimalism: A Documentary About the Important Things (Joshua Fields Millburn and Ryan Nicodemus)   If you liked this show so far, please take a minute to subscribe to the show, rate it, an

Do you sometimes feel as though you are swimming against the current? You're trying to make it to the shore, but the current is too strong and keeps pushing you back or is otherwise preventing you from reaching your goal.   What I'm talking about today is when we get excited about getting out of debt, but our spouse does not see eye-to-eye. Not every married couple goes through this, but for those of you who are struggling with this right now, you'll want to listen to the tips that I discuss to hopefully bring your spouse on board so that you go into this as a united front - together.   There is always the potential for reconciliation if you are having money fights or other fights with your spouse. Do you know other married couples who are also on their journey to get out of debt? If so, there is strength in numbers, and you may want to invite them over for snacks, drinks, and to discuss getting out of debt. Your spouse may see that you aren't the only one who wants to get out of debt, and he or she may be mo

There is what sometimes can be a spirited debate with regards to whether one should get out of debt and swear it off completely or get out of debt and manage it well in the future. Which option is right for you?   The simple answer is that it really is up to you. Everyone is different, and everyone's situation is different. The folks on the side of getting out of debt and staying out of debt think that it's ridiculous to go back into debt once debt has been eliminated. Meanwhile, the folks who think that it's fine to manage debt don't understand what the problem is if you can get into debt, manage it well, and pay off the debt as required with minimal effort and a good plan.   Both sides share something in common: it's necessary to start out by reducing debt either completely or to an amount that is manageable - which means that paying off debt is the starting point. That's a good thing. What you decide to do after that is up to you, and there are pros and cons to either side of the debate. I'll be taking a l

When was the last time that you took a good look at your auto insurance? How about your home and property insurance? If you've been with the same insurance company for the last several years (or perhaps even as far back as when you first got your driver's license), then it's time to see if you can save some money.   Many insurance companies won't reduce the premiums that you pay if they feel that you aren't likely to switch to another provider. This gets us into a trap where we just get used to paying premiums to the same company without considering if there are better options and better savings available to us. That's a big mistake. We need to look at as many options as possible to see if we're not only with a company with a great rating, but we also need to make sure that we're paying what's fair for the coverage that we have.   Get your current policy out, and start comparing apples to apples to see if you can save some money! Nowadays, you can do this through a combination of visiting a few websites and m

Are you in debt denial? It happens when we are in so much trouble with debt that we put our blinders on and ignore how much trouble we're really in. We ignore consequences and pay the minimum payments every month and continue getting deeper into debt. You know deep down inside that this isn't a good plan, but when we don't want to deal with it, that's when debt denial happens.   This is a very real thing that can put us in a situation that will delay us in getting out of debt completely. We need to acknowledge what has happened and how it happened, and we need to turn things around to get into debt reality. We need to see the big picture and make up our minds that we're going to do something about our debt situation... today.   It may be overwhelming, but acknowledging and bringing the problem to the forefront is the first critical step to fixing the problem. Taking a stance is the best way to start feeling empowered and in control of your current debt situation.   If you liked this show so far, please take a

With the already challenging goal of getting out of debt, we need support from our spouses. Getting out of debt won't happen unless you do get that much-needed support from your spouse. It's as simple as that.   Some might say that this is easier said than done, and while this may be true, we have to try to work towards this goal regardless of the resistance that we may face. The first thing that we need to do is to see things from the other person's perspective. Trying to forcefully change others never works; instead, we need to take some quiet time, have a focused conversation, and minimize distractions during this conversation. Set the cell phones down and out of the way. Ask the neighbor to watch the kids for a little while. It's critical to have this conversation, and you need to show your spouse right off of the bat how important this conversation really is by preparing ahead of time for it.   The goal in this conversation with your spouse is to have an agreement between the two of you, and the keys to

Have you found yourself on more than one occasion using credit cards to pay for things that you used to pay for with cash? There's a harsh reality for a lot of folks out there who are making ends meet by relying on credit cards. This includes making purchases usually paid for with cash by using credit, such as groceries, clothing, and gas for vehicles. Sometimes we may even find ourselves paying some utility bills using credit!   It's obvious that credit cards are designed to feel like a convenience for us. The reason for this is so we get into the habit of using credit instead of cash, especially when credit is so readily accessible. We get into the mindset that we can simply use our credit cards now, and we'll pay them back later. (Right?)   The problem with this is that later gets pushed further and further away. We end up forming a dangerous habit of relying more on credit cards than we do with cash. The simple truth is, if we form a habit of consistently using credit cards, we'll always be in debt. That'

No, I'm not talking about the current colder temperatures. What I am talking about is the freeze that happens when we take a look at the big picture and finally realize just how much debt we're really in. It causes this strange phenomenon called the freeze factor. You freeze in your tracks. You get deflated. You immediately want to just give up and just stay in debt because the road ahead looks way too difficult.

Have you ever hit a wall where you feel like being a little selfish with income? You don't want to just hand over your hard-earned money to the credit card company or the bank. You want to keep it and use at least some of it for yourself!

When you're focused, it's amazing what you can accomplish. For many of us, saving that initial $1,000.00 as a starter emergency fund will show you that you can save $1,000.00 if it's necessary to do so. We can take this one step further. If you've already saved up $1,000.00 for your starter emergency fund, what's stopping you from repeating the same process to get a huge jump on debt payoff?

Being intentional is incredibly important, especially when you are working on smaller goals that are related to your much larger goal of getting out of debt. Whether you are just starting out by saving up for your starter emergency fund, or you're already ready to start paying off your considerably large auto loan, you have to be intentional about where your money is going and focus on these goals appropriately. That is the only way that you will come out on top and win.

We need to get angry. We can't be passive. We have to get emotional about paying off debt. While looking at spreadsheets and crunching numbers is great from a logical perspective, we do need to get emotionally charged up and fired up first!