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Sunday, May 26, 2024   

Get motivated to get out of debt
by Barry W. Wainwright
Barry Wainwright is the author of The Treasure Hunterís Information Source Guide; is a regular reader of Scott Bilkerís DebtSmart Email Newsletter and is a successful Power Seller on eBay with the User ID name of ďdaysgonebyeĒ; Email: bwainwright6@comcast.net
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Barry W. Wainwright

So, there you sit, most likely all stressed out and worried because you have a lot of debt. Well, you donít have to be if you would only get busy and get motivated to rid yourself of some debt. Believe me, it's easier than you think and not all that hard. And, I can now speak from experience, and I would like to share some of my financial trade secrets and ideas with you. But donít just read this article thinking, ďYeah, maybe it worked for him, but it wonít for me!Ē Do not think that way! In fact, it is also very paramount, imperative and very important that you stop being so pessimistic and negative, as that way of thinking will get you nowhere fast.

Now, this is what you should be doing, as it works for me, and it will definitely work for you too. Believe me, as I would not steer you wrong. Like Scott Bilker, I too want to see you get out of debt and get onto the road to financial success and freedom as quickly as possible. Do know and realize that despite what our country leaders are saying: how the stock market is performing; how the housing market is doing; what wars are being fought; who is killing who; property tax increases; the rising cost of living; gasoline price hikes and so on and so forth, do not worry or fret over things like. Most likely they are beyond our control. Instead, think about all the things you could and should be doing, as this will greatly guide you to improve your situation. So what Iím trying to say is, for starters, you have to change your way of thinking for the better.

Okay, having said that, starting today, before you go to bed, I want you to take one dollar out of your pocket, wallet or purse and set it aside in a box, jar or can. Then do this consecutively every single day until the end of the year (Dec 31st). The purpose of this is tri-fold Ė it is exercising you to have discipline; you are paying yourself first and it is money that will be well-invested, but Iíll tell you more about that later. And, if you think it is easy to save one dollar a day, then start faithfully doing it and give it a try. Youíll soon realize itís a little harder than you originally thought. But just do it!

Next, open up a savings (Money Market) account. Itís very easy to do. At least open one with a starting balance of $25.00 or whatever you can afford. OK, now back to that $1.00 a day savings plan you now have going on. At the end of each month, deposit $30.00 into your personal checking account. Wait a day or two then go to your Orange Savings Bank account and do a money transfer from your checking account into your money market account. Do this every month. Or better yet, sign up for the automatic savings plan where $30.00 will automatically be deposited into the account. Remember, the more automatic you set things up, the simpler your life will be. So now you have a good savings and investment plan in action working for you and with only $1.00 a day. Also, you should eventually open up a 12-month Certificate of Deposit (CD) as many are paying as high as 5.25%.

Then, every single payday Ė whether you get paid weekly, bi-weekly or monthly, go to your local bank or any financial institution and ask for some I-Series Savings Bonds applications. Start filling them out and have them on hand because every payday you will buy a $50.00 bond. Remember, you again are paying yourself first. Remember, itís not what you make, but what you keep. Donít you work hard and deserve to put away some money for yourself? If not, then how else are you ever going to get rich and out of debt? Go to the U.S. Savings bonds website and download the Savings Bond Wizard, as you will need it to log in all those bonds youíre going to buy. Soon you will have a nice inventory of them which will always be earning interest and growing bigger with the amazing science of compounding. Bonds are very safe and are terrific if you are in it for the long run. But read all the terms and aspects relating to them so youíll have a better understanding of them. So now you have another investment plan going on for you. But itís just the beginning.

Next, register with eBay and take the tutorial. Learn all you can about buying and selling. Soon you will be well on your way to having a lucrative side business. Iíve been selling on eBay for 8 years now and have made literally thousands and business has never been better. EBay has provided me a free education and taught me all the rudiments of developing and running my own business. By the way, donít even worry about any fees, as the profit margin you will be making will more than take care of any fees. Remember, it takes money to make money.

What? You donít know what to sell or donít have anything to sell? Hogwash to that I say. Start going through all your closets, rooms, garage, shed, attic and basement and you will be surprised at all the various things you no longer want. But someone, somewhere out there does want it and that spells money. Once you gain confidence in selling and the money begins to roll in, it is very important to open up a PayPal account. This will increase sales, as it will allow people to purchase your items with their credit cards. Soon your PayPal money will build up. You should sign up with the PayPal Money Market account too as it will allow you to earn some additional capital. You can also transfer money from PayPal into your checking account so you can put more money into your Orange Savings account, buy more I-Bonds, put some money towards debt to help pay it down, etc. For your information, there are a lot of good books about eBay, so I suggest you buy one or two and be like a sponge and absorb. Remember, knowledge is power!

Next, find out where the nearest Flea Market is and take a load of some of that stuff to the market to sell. Selling at flea markets is a lot of fun and it is not uncommon to walk away with $200.00-$300.00 in 5 hours time. Even if you only make $50.00 to $100.00, it is still some extra money you are making which can be petty cash (pocket spending money) or extra dough that could be saved and invested in your new account. Or, just simply apply it toward some debts you have. Also, do not rule out having a couple yard sales. They are fun and you can make some quick cash that way.

Here are a few other things you can do to help free up some money. If you have a cell phone, but still have a home phone, then cancel your home phone service. If you are paying for cable TV and youíre tired of flipping through all the channels, then cancel your cable TV service. If you are paying rent at a storage facility just to store your stuff, then empty it out and sell it on eBay, at flea market and yards sales. If you have high insurance, call GEICO for a quote and I can almost guarantee you will save a lot of money by switching over to them. I, for one, saved $421.00 per year by doing so. Iíve freed up nearly $40.00 a month by doing away with my home phone service and am saving another $50.00 by canceling cable TV. Join a DVD club and build your own library of things to watch. TV is bubble gum for the mind and just a waste anyway. Instead, get motivated and learn to use both your body and mind to get motivated to get out of debt and to build your financial empire as soon as possible.

The above is just a brief outline of some of the things you can and should be doing now. Of course, there is more to know, but Iím limited to so many words in this article. Iíll be glad to provide you with more in depth information and details if you like. I just wanted to help give you some advice and guidelines to help you get started. So if you adhere to my advice, you will have greatly improved your financial situation, as you will have the following going on for you:

1) A $1.00 a day savings plan
2) A money market account & CD
3) I-Series Savings Bond inventory
4) A lucrative eBay side business
5) An established PayPal account
6) Extra income coming in from flea market and yard sales
7) Eliminating some bills to free up more extra money

So donít worry about all the lazy people you know who donít care and do nothing to improve themselves. Instead, take a good hard look at yourself and think of all the creative and ingenious ways to save, invest and to build your own empire onto the road to financial success. Remember, a penny saved is a penny earned. Good luck always!



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