3 Ways

To Tell

Debt

To

"Bleep" Off

This work is © 2006 Found Secrets and is covered
by the Found Secrets Usage Policies located at:

http://www.foundsecrets.com/usagepolicies.html

    We said it in “Open Your Daily Newspaper &
MAKE MONEY!”

    We have said it when we were working on Assets Generating System.

    We are telling you now:

    The single most important key to wealth is ridding yourself
of debt.

    Not good debt.

    Bad debt.

    But, before you go looking for “good debt,” you must tell
your bad debt to “bleep” off.



    Let's review what bad debt is.

    Bad debt is any debt that does not put income monthly in
your pocket.

    In other words:

• Car Payments

• Boat Payments

• House Payments

• Credit Card Debt

• Jewelry Payments

• Revolving Lines Of Credit

• Payday Loans
  
  The list goes on and on and on and on and on and on and on.                                                     (Stop me before this turns into a Randy Travis song.)

    So, let's get straight to the first method of ridding
yourself of debt.

    All three methods are going to require you to get the
following information:

1. Outstanding balances of all your debts

2. Minimum Payments of each individual debt

   
   Method number 1:

   
   You have been told in the past the best way to get rid of
   debt is to take out a mortgage on your house and pay off all
   your debts and only make one payment.

    Here's why that's wrong.

    It's actually two words.

    HUMAN NATURE.

    It is human nature to have your income match your out-go.
(And actually exceed it.)

    So, when you have all of your bills except your mortgage
paid off, you end up thinking:

    “Oooh, but a new car would be so much nicer, and we now have
an extra $500 we could use to buy one.”

    Or

    “We can afford to eat out every night now.”

    Or

    “Well, it's only an extra $20 a month to buy (put in here
whatever little trinket, bauble, or unnecessary item that
you think you just “GOTTA HAVE.”)

    And, so you end up getting more debt.

    And, you end up losing your house.

    (Foreclosures in August 2006 made a sharp rise, just as we
predicted in Assets Generating System, and it was worsened
recently in the Detroit area, when automakers laid off
thousands of workers.)

    So, method number one has absolutely nothing to do with
getting a second mortgage on your house.

    What it does involve is the worst way of the three, but it's
still better than any other “put yourself in deeper debt”
method.

    Method #1: You have an extra piece of information to collect
for this method: the actual interest rate of each debt.

    Now, you fill in the worksheet that we have provided you in
a separate file.

    Once you have completed the worksheet, we want you to “sort”
the data.

    First you will highlight everything from section 5A to 5D to
the end of your debts.

    Then, you will go to your “Sort” Data method. (In
OpenOffice, it's under “Data”, and then “Sort”, but will be
different depending upon which spreadsheet program that you
use. This particular spreadsheet was saved in .XLS format
for Office XP, but we prefer the OpenOffice program as it
opens in many different formats. You can download a copy at:

http://openoffice.org

at no charge. But, be prepared for a long download time if
you are using dial up as the program is over 100 megabytes,
but believe me, will save you hundreds of dollars over the
Microsoft version. Just another Found Secret For You At No
Extra Cost.)

    Now, when you hit sort, it will let you select by column and
either “ascending” or “descending.” In this method, we are
going to sort by Column D and “descending.”

    Now, what you have is a list of all your debts outstanding
balances, minimum amounts, and interest rates.

    In this method, you will begin by paying the minimums
on all but the first debt. As this debt has the highest interest
rate, you will pay 20% above the minimum on that debt, each
and every month, until that debt is paid off.

    Once that amount is paid off, you will now pay the
amount that is now gone from the first debt, and apply
it towards the second debt, until it is paid off.

    Once that debt is paid off, you will now apply the
money you were applying to both the first and second debts
to the third debt until it is gone.

    You continue this method of adding the paid off
amounts from the higher debts to the debt next in line.

    Although this is not what we consider to be the “best”
method, it is far better than using the consolidation method
so highly touted by mortgage companies.

    So, let's look at method number two.
Method 2: Since you already have your spreadsheet
filled out, we will repeat the procedure of completing the
worksheet.

    You really don't have to “sort” the spreadsheet with this
method, which was provided to us by Tony Mase, who is the
master of the “hidden” books of Wallace Wattles, who was the
genius behind “The Science of Getting Rich,” “The Science Of
Becoming A Genius,” and “The Science Of Being Well.”
If you would like to check out the works of one of the
greatest writers of how to be a better person, then please
feel free to check out the works at:

http://tinyurl.com/ro6gv

    Now, you see the minimum amount that you are now
paying. What happens is every time that you pay the
minimum, the minimum drops lower, so it could
theoretically take you 40 plus years just to pay off by
paying the minimums, which is what the credit card
companies want you to do.

    (What? You thought they were there so you could just use
their money and they wouldn't profit?  If you thought that,
you were being silly, weren't you?)

    But, instead, you are going to pay off the minimum
that IT IS AT RIGHT NOW, but you are going to pay that
amount each and every month.

    A credit card debt that before might have taken you
eighteen plus years to pay off might now only take 2 ½
to 3 years.

    So, what you will do is pay the minimum THAT IT IS
AT RIGHT NOW each and every month, until they are all
paid off.

    Now, a slight variation off this method is that when
you pay off one debt, whichever one is completed first, then
add that minimum amount to the next debt, which will
accelerate your payoff.

    We consider this method better than method number
one, but we still don't consider it the best method.

    The one that is best is--

    Method #3: Credit Dr. Tim Robinson of the Credit
Mastery Course, for this method. (To learn more about
Dr. Tim Robinson, go here:

http://drtim.info

and find out why he is the one man that we here at “We Are
Cheap” claim is the undisputed master of debt reduction, (as
well as a few other things.)

    In this method, you sort as follows:

    First you will highlight everything from section 5A to 5D
to the end of your debts.

    Then, you will go to your “Sort” Data method.

    Now, when you hit sort, it will let you select by
column and either “ascending” or “descending.” In this
method, we are going to sort by Column A and “ascending.”

    What you now have is a list of all of your debts, with the
lowest one first.

    You will pay the minimums on all of your debts, except the
lowest one. The lowest debt, you will ad an extra $10-$50,
(or more if you can) to it, along with the current minimum.
(We are not worried in this method of maintaining the
original minimum as we did in Method #2, but if you can,
this will make the debt “go bye-bye” a whole lot quicker.)

    We've also created a spreadsheet for you that allows
you to keep track of your first 40 debts. (Hopefully you
have fewer than that. Remember, recurring monthly bills,
such as electric, heat, cable, water, rent, etc. are not to be
included in this program, unless, they are “back” bills that
you owe an outstanding debt on, over and above your regular
bill.)

    As you complete one bill, you can then add the amount
you were paying, in total, to the next bill, under the
“additional amount paid” section of the next bill.

    (If you really want to make your old debt “disappear”
symbolically, you can always right click on the tab in the
lower left corner of the bill you paid off, and delete that
sheet. It will not only make you feel better, but it will
give you fewer sheets to maintain. However, if you need to
keep it for purposes of “records,” you can always right
click on this tab, and then “move” it to the end.)

    As you watch your debts go away, you will start to feel
better about your life. You will know that you now have “a
plan” that makes it so that you can say “bleep off” to your
debt.

    (We ain't filling in the “bleep” as this is a family
friendly site. But, you can, only if it makes you feel
better.) ;-}

Copyright © 2006 Found SecretsTM - All Rights Reserved.