Comments on: Outstanding Debt as of November 2007 http://www.debtreductionformula.com/blog/outstanding-debt-as-of-november-2007/ Reduce Expenses + Increase Income + Discipline = Get Out of Debt Fri, 05 Mar 2010 09:37:31 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Link Round-Up: October 17, 2008 | Debt Reduction Formula http://www.debtreductionformula.com/blog/outstanding-debt-as-of-november-2007/comment-page-1/#comment-47110 Link Round-Up: October 17, 2008 | Debt Reduction Formula Fri, 17 Oct 2008 16:05:24 +0000 http://debtreductionformula.com/blog/?p=55#comment-47110 [...] Is It Possible to Pay Off $34,121 in 11 Months? - Flashback: Nearly a year ago on Debt Reduction Formula, I had a total of $75,286.38 in debt. Now, 11 months later, it’s down to $41,165.13. That is a reduction of 45%. I never guessed I would make this much progress in less than a year. But that’s the power of intense focus and perseverance. [...] [...] Is It Possible to Pay Off $34,121 in 11 Months? – Flashback: Nearly a year ago on Debt Reduction Formula, I had a total of $75,286.38 in debt. Now, 11 months later, it’s down to $41,165.13. That is a reduction of 45%. I never guessed I would make this much progress in less than a year. But that’s the power of intense focus and perseverance. [...]

]]> By: My 5-Step System for Paying Off Debt | Debt Reduction Formula http://www.debtreductionformula.com/blog/outstanding-debt-as-of-november-2007/comment-page-1/#comment-30049 My 5-Step System for Paying Off Debt | Debt Reduction Formula Mon, 30 Jun 2008 18:20:30 +0000 http://debtreductionformula.com/blog/?p=55#comment-30049 [...] that’s allowed me to reduce my debt by 33% in a period of 7 months — from $75,286 (in November 2007) to $50,343 (in June [...] [...] that’s allowed me to reduce my debt by 33% in a period of 7 months — from $75,286 (in November 2007) to $50,343 (in June [...]

]]> By: Ryan Healy http://www.debtreductionformula.com/blog/outstanding-debt-as-of-november-2007/comment-page-1/#comment-66 Ryan Healy Tue, 06 Nov 2007 21:00:31 +0000 http://debtreductionformula.com/blog/?p=55#comment-66 I know where you're coming from, John. I, too, have questioned the value of focusing exclusively on debt elimination. As some people say, it causes you to focus on lack, which can work against a person's ability to earn wealth. If we were only to examine the numbers, clearly it is better to eliminate debt before saving. That is because you will always pay more in interest than the interest you will earn on money saved. And the reason for the low interest earned on savings is because it's being lent back out at higher interest rates. The bank collects 12% interest and pays you 0.75%. What a great deal! Thanks for the good wishes. We just got back from a doctor visit, and it looks like we're going back tonight. The doctor wants to induce since Steph is late... I know where you’re coming from, John. I, too, have questioned the value of focusing exclusively on debt elimination. As some people say, it causes you to focus on lack, which can work against a person’s ability to earn wealth.

If we were only to examine the numbers, clearly it is better to eliminate debt before saving. That is because you will always pay more in interest than the interest you will earn on money saved.

And the reason for the low interest earned on savings is because it’s being lent back out at higher interest rates. The bank collects 12% interest and pays you 0.75%. What a great deal!

Thanks for the good wishes. We just got back from a doctor visit, and it looks like we’re going back tonight. The doctor wants to induce since Steph is late…

]]> By: John & Nicole Manley http://www.debtreductionformula.com/blog/outstanding-debt-as-of-november-2007/comment-page-1/#comment-64 John & Nicole Manley Mon, 05 Nov 2007 19:14:32 +0000 http://debtreductionformula.com/blog/?p=55#comment-64 You may be right about focusing on debt reduction versus savings. I always kept on saving 10% and paying off 10%. But maybe it would be better to just put 20% into debt reduction. I was doing the savings thing to help build a more a prosperity mindset -- versus merely a debt-reduction mindset. But when you're in debt your net worth is often in the negative, so getting it out of the negative is the first step. All the best regarding the approaching birthday! John http://www.realitycopywriting.com http://www.metaphysicalstories.com You may be right about focusing on debt reduction versus savings.

I always kept on saving 10% and paying off 10%. But maybe it would be better to just put 20% into debt reduction.

I was doing the savings thing to help build a more a prosperity mindset — versus merely a debt-reduction mindset.

But when you’re in debt your net worth is often in the negative, so getting it out of the negative is the first step.

All the best regarding the approaching birthday!

John
http://www.realitycopywriting.com
http://www.metaphysicalstories.com

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