Paying Off Credit Card Debt

In my book, Your Easiest Million, I mentioned a simple, but effective, way to eliminate credit card debt. It is a method which bucks conventional wisdom while addressing the mental aspect of this form of debt. The burden of credit card balances overwhelm people. For many, it is a situation where they see no way out. Each month is another mountain of bills coming in.

Here is a simple 2 step solution for getting this monster under control.

1. Pay all the minimums on each card except the one with the lowest balance. For this particular card, you will pay the minimum plus whatever extra that you can. Continue this until that balance is eliminated.

2. Take the money that was applied to the first card and couple it with the minimum that was paid on the next card with the lowest balance. This will increase the monthly contribution considerably. Continue on this course until that balance is eliminated.

Apply this technique until all balances are paid off. The conventional belief is to focus upon the cards with the highest rates first. While this makes some financial sense, it fails to consider the mental state that goes with debt. This method allows the debtor to feel that some progress is being made. As one who was in the credit card abyss at one point in my life, I know the elation that comes with paying something off. It is a wonderful sense of accomplish while giving one the feeling that there is a way out. Utilize this method to get yourself on the path to financial freedom.
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The Power of "No"

"No is one of the most effective terms in our language. The word is clear and concise. It also is a vital tool for successful time management.

There is an old saying "you can have anything you want in life, you just cant have everything". The reason is that there are trade-offs we need to make in terms of time. Each minute that you focus upon one thing is a minute that is taken away from something else.

We want to do everything. This is a condition that is natural. Many of us fail to realize where our limitations are. The desire to say "yes" when asked is too much to resist. However, it is this behavior which often puts us in a state of overwhelm. It is crucial that we gain control of our time if we are ever to attain success.

Saying "no" is a powerful tool in preventing this situation. There are always people who are looking for assistance from us. Nevertheless, we need to prioritize our time so that we are spending it most effectively. This starts with turning down those low priority activities. Unfortunately, there are many things that we do which have little impact on our lives. These are the tasks which we need to eliminate. Remember this the next time someone asks you to do something that is not consequential.

People have a tendency to dump on others. This is something that many of us conditioned them to do. Whenever they are in a bind, they come to us. Over the years, we always say "yes" to whatever they need help with. This trains them to turn to us before trying to work things out themselves. We need to reverse the behavior by telling these people "no". It is the only way for you to gain control over your time. You success depends upon acquiring this essential skill.
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The Blame Game

Recently I wrote about taking personal responsibility for our lives. This is something that is not being done by our leaders. Instead, they want to place the blame for the current financial crisis on other people. It is sad to see those who are in positions of oversight claim that others are at fault. The political environment dictates that if you are a Democrat it is the Republicans fault. Of course, the reverse is true if you are a Republican. Nobody is accepting responsibility.

The fact that our leaders fail to take responsibility shows an epidemic that is present in our society. Someone else is always at fault. Racism is the reason. The education system is failing. My parents did not raise me right. Wall Street and the greedy CEOs are the cause. The litany of excuses can go on forever. People are programmed to automatically place the responsibility on another.

Take a look at your own life. How often do you look to blame someone else for your lack of success? Most people live the "if only" life. This is the idea that one would be a success if only ______________. Fill in with any excuse and you will feel better about your situation. We are not responsible since someone else is to blame.

Our present financial crisis contains many lessons. Personal responsibility is one of the biggest ones. You are faced with two choices. One, you can continue blaming everyone else while looking to others to fix your life. Or you can elect to take responsibility for the things that occur. These are the only two options that we are confronted with; both individually and collectively.

What is going to get us out of this mess? It will take millions of people starting to take responsibility for their actions. If our elected officials will not do it, we can vote them out. However, before this can occur, you must implement this idea in your life. Blaming others puts us in a position of powerlessness. It is time to regain our power and place the emphasis on our personal responsibility.
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Opportunities In Chaos

The world is coming to an end. This is the impression that we are given by the media. Each day, the market drops another astronomical number. At the same time, the government commits another $100 Billion to alleviate the recession. It seems that there is bad news on every front.

Recently, I was discussing the business climate with a friend of mine. He was telling me that his company is in position to grow next year. This was an astounding statement to me considering that the company is over 40 years old in an industry that most consider to be mature. For anyone to have growth in this environment, let alone double digit which my friend claims, astounded me. Of course, I asked him to explain how.

To begin with, this company is debt free. It owes money to nobody. The banking crisis is entirely a situation that revolves around debt. Nobody was upset with Lehman Brothers sales or revenues. It was their debt that caused the panic. Being debt free is a ticket to success in this environment.

The debt issue is affecting a number of his competitors. Many of them are starting to fold. This is a situation that is also starting to play out in the automobile industry. The largest Chevrolet dealership in the United States closed their doors. My friend mentioned how his industry became too saturated the last 5 years. Now, there is a thinning of the competition.

Finally, there is consolidation occurring within his industry. A number of the national companies were bought out by manufacturers. This is reducing the number of companies in each market. Recently, the largest dealer was purchased by a manufacturer, a move that will eliminate one in each area. This is the second time this year, and the third in the last two, that this occurred. My friend mentioned how three big competitors were eliminated through this process.

How does this apply to you? I write this to show you there are opportunities regardless of what is occurring. In fact, the more upheaval, the greater the potential for one who is looking. Warren Buffet bought into GE for a song because they were desperate. The financial chaos presented him with a buying opportunity. Therefore, stop fretting about how bad things are and getting creative. There is a silver lining in all that is going on if you are willing to seek it out. Those who do stand to profit substantially.
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Finish What You Start

The world pays for things that are completed. Our entire global economy is based upon this premise. Anything that is incomplete has less (or no) value when compared to something that is finished. A prime example is the savings found when buying "unfinished" furniture. People opt to do the varnishing and painting themselves to save substantial money. A finished product commands more money because the work is done by someone else.

In business, people are promoted based upon their ability to get things done. It is the finishers who move up in the organization. It is the only basis which we are judged. Projects that are not completed are held against us. Almost everyone worked with someone who was a terrific starter. These are the people who are always beginning projects. Unfortunately, they rarely complete anything.

Where do you fit into this model? Are you one who starts but fails to finish? Consider for a moment all the projects that you started yet are still awaiting completion. This gives an indication of how bad an issue this is for you. Procrastination is an enemy that many cannot overcome. Improving your completion rate is something which you need to make a goal of yours. Remember, it is the sole criteria by which you are judged.

Here are a few things that you can do:

1. Look around to determine how many things you left after starting.

Are there unfinished projects awaiting your attention? Perhaps there are things that you meant to throw out yet never got around to doing. For me, I know there are at least a dozen writing projects sitting patiently until I decide to get back to them. Make a list of these projects and write "In the works" next to each item.

2. Think of all that you wanted to do

Consider all the wonderful ideas that you wanted to start but never got around to it. Perhaps you wanted to get involved with a particular hobby. Was there something that is on your goal list that you keep putting off? Write these items down and put "Pending" next to them.

3. Choose one of each and get moving on it.

Within the next 48 hours, do something on each activity. It is a good idea to write some steps that you need to take to bring them to completion. A plan often makes the taking of action easier. Breaking larger projects down into smaller, more manageable tasks is what allows us to forge ahead. It is a simple way to eliminate overwhelm.

Follow these three steps to finish what you started. This takes a bit of persistence but can become a habit in a short period of time. It will help you gain the reputation as a finisher.
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Obstacles Are Opportunities

Sales trainers teach that overcoming objections is one of the most crucial abilities that a salesperson has. Most salespeople detest getting objections from their prospect. However, top experts know that objections are a good thing-they are the path to sales. People will offer an objection only if they are interested. Those who lack interest will allow a salesperson to go on without interruption. This provides the opportunity to make the sale.

Most people look at obstacles in the wrong light also. They look at them as the barrier to success. Instead, contained within every obstacle is an opportunity. Whenever we run into the proverbial "brick wall", we are forced to get our creativity going to solve the problem. This allows us to come up with different ways of doing things.

Too many people allow the obstacles in life to derail their path to success. The top people succeed in spite of the challenges they confront. Failure (temporary) is often a part of the equation. Nevertheless, the desire to persevere is what makes the person a success in the end. Consider the struggling actor. That person could spend years honing his or her craft before getting the big breakthrough. However, each step makes this person a better actor.


Each time you encounter an obstacle, there is an opportunity for growth. As we progress through life, our skills and abilities grow. We can handle things at 40 that were impossible at 20. The experience gained over those years allows us to forge ahead. Setbacks end up providing us with the necessary tools to succeed in the future. Therefore, the next time you are in a situation that is viewed as an obstacle, ask yourself, "what can I learn from this". Here is where you will find the pearls of wisdom so necessary for success.
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9 Ways To Improve Your Life

1. Give more than anyone asks or expects. Become a person who goes the extra mile in all that you do. Look at each situation and determine what extra you will provide. Give without expecting anything in return, including acknowledgment from others.

2. Ease up. The old saying “someday we will laugh about this” epitomizes how unimportant many things are in the grand scheme of things. Reduce the stress by remembering that everything will work out alright. Look at each situation as an opportunity to learn and grow while remembering to laugh.

3. Master you habits. Your habits are either empowering or disempowering. Determine the habits that adversely affect you then begin the process of eliminating them.

4. Examine your closest influences. We are all products of our environment. Everyone around us has input into our personalities, beliefs, and ideals. Make sure that those who are closest to you are assisting in moving you forward rather than prohibiting your progress.

5. Entertain the child within. Remember to take time to do that which you love. Too often we get focused on the drive to move ahead that we forget to engage the child within. Recharge you batteries by spending regular time doing what you are passionate about.

6. Resolve your unfinished business. Activities left unresolved have the ability to drain a great deal of energy out of us. Reclaim this energy by cleaning up all the old business and putting it to rest. Pay the old debts, discard old things, and tie up all other loose ends.

7. Focus. Focus. Focus. Get rid of the sloppiness in life by placing extra focus upon all that you do. Develop the habit of doing one thing at a time until it is completed. Pay attention to the details that make a difference.

8. Spend time creating your life. Most people allow circumstances to dictate the type of life they lead. Set aside each day to ponder what type of life that you want to live. Consider your dreams, traits that you want, and what you would like to contribute. Become proactive in the creation of your own life.

9. Invest in the most valuable computer in the world-your mind. Read books and listen to cds that expand your knowledge base. Learn new skills that will enhance you financially, mentally, and physically. Garner and utilize the knowledge available to better your life.
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