Included in every session will be one or more Skill Set exercises to help you engage with the Big Ideas presented. While this is optional, don’t cheat yourself and move through the Roadmap without applying the concepts you’re learning! Challenge yourself to complete every Skill Set activity and see what changes in your business as a result. We promise good things will happen.
Your personal finances are your business finances may not be as distinctly separate as you might think. Your personal debt will affect your business, in the same way your business’s success or failure will impact your personal life.
Start getting a grasp of your personal debt.
- Make a list of all the debt you have and all the payments you make. Exclude your mortgage.
- Order the list of payments you make from least expensive at the top, to most expensive at the bottom.
- Continue to make minimum payments on all your debt
- With the money you have left over in your budget, attack the smallest debt
- Once you pay off a debt, continue to take your extra monthly funds and roll that along with what you’re saving from the eliminated debt payment.
- This compounding payment method will exponentially pay off more debt with each debt elimination
Getting out of debt doesn’t ensure you will stay out of debt. Some people readily jump right back into it because they feel free to spend. Stay smart. When you eliminate credit card debt, cut up credit cards and don’t immediately incur new debt until you can strategically plan on what kind of debt will make you more money than you spend, and will be paid back sooner. Always spend less than you make. Also consider saving an emergency fund of $1,000-$5,000 so you don’t build more debt when you encounter problems.
If you want more information about Dave Ramsey’s financial management programs that can help you get out debt and build financial security, read Financial Peace, visit Financial Peace University, or listen to The Dave Ramsey Show.