Debt Snowball wisdom

Debt Snowball wisdom

February 24, 2017

When I was growing up I would talk to my Nana (my grandma) in the early mornings on her frequent visits to our home.  We enjoyed a tasty breakfast together and we would talk about what life was like for her growing up.  I loved those early mornings with her before anyone was up in our house!  Such a wise woman.  My grandmother survived the Great Depression and was very resourceful (sometimes she would save rubber bands from the daily newspaper...your never know when you need a rubber band).

In her era you didn't charge items on saved for it.  She knew the value of saving for a rainy day.  I learned from her that a person could live simple and content and have a zest for life.  She didn't have the newest of all of the gadgets that could be bought at the time.  However, she did have peace.  Peace of mind that she was not in debt.  When she passed away, there was even money for her daughter and grandkids.  Wow!

However, this is 2017.  People are used to living on debt.  We don't believe you should get used to living in debt.  If you would like to have some general principles to getting rid of debt here are some points to consider on what is known as the "Debt Snowball":

1.  List your debts from smallest to largest balances.

2.  Pay the smallest one off first and take that payment and add it to the next debt until that too is paid off.

3.  Repeat this process until all of your debts are paid.

You may want to have some emergency savings in place as you start this journey of ridding yourself from debt.

Who knows you may find yourself, like my Nana, able to leave an inheritance to your kids and grandkids!

If you are looking to know how to create a legacy to pass to your loved ones, come join us for our Estate Matters workshop this coming Tuesday evening at 6 pm.  Space is limited so sign up today at this link  Estate Matters Wealth Preservation