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Finding the Right Path: Three Plans to Get Out of Debt and Build Wealth

Getting out of debt is one of the most impactful steps you can take toward financial freedom and building generational wealth. But how do you decide which plan works best for you? In this post, we’ll explore three methods for managing debt—the Debt Snowball, the Debt Avalanche, and a unique focus on monthly interest payments. We’ll also discuss how to monitor your progress and when to balance debt reduction with wealth-building strategies like savings. Comparing Plans to Get Out of Debt Each debt reduction method has its advantages, and choosing the right one depends on your financial goals and psychology. Let’s break them down using an example with three debts: Credit Card: $18,000 balance, 21% interest, $313 monthly interest, $432 minimum payment HELOC: $49,000 balance, 8.25% interest, $343 monthly interest, $343 minimum payment Student Loan: $7,500 balance, 5.5% interest, $34 monthly interest, $81 minimum payment Debt Snowball Method The Debt Snowball method focuses on paying of
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Mastering Your Finances with a Simple Notebook Budget

Achieving financial freedom starts with understanding where your money goes. Many people avoid budgeting because it seems complicated or requires high-tech tools, but it doesn’t have to be that way. All you need is a simple notebook and a commitment to track your finances. In this post, we’ll cover how to develop a practical monthly budget, decide if you need extra income, and identify ways to free up money to tackle debt or build wealth. Tracking Your Expenses and Developing a Budget Start with a blank page in your notebook. At the top, write "Expenses" along with the month and year. For the first few months, your goal isn’t to budget yet—it’s to track your expenses and understand your financial habits. Step 1: Record Expenses Write the previous month at the top of your page. Gather your bank statements, credit card bills, and any receipts you’ve collected. List every expense: the date, a short description (e.g., "rent," "groceries"), and the amount. Step
Location: Georgetown, IN 47122, USA
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The First Step to Building Generational Wealth: Break Free from Debt

Most of us live with a relatively fixed income each month. While there might be seasonal shifts or overtime opportunities, our monthly earnings tend to fall within a predictable range. Yet, despite this consistency, many of us feel stuck financially. Why? Because a chunk of that income is siphoned off as interest payments on loans and credit cards. What if you could redirect those payments toward your future instead? That’s where this journey starts: reducing debt to pave the way for financial growth and generational wealth. Get Out of Debt to Build Generational Wealth Building wealth isn’t just about earning more; it’s about keeping more of what you earn. One of the biggest obstacles to saving or investing is the interest you pay on debts every month. These interest payments chip away at your hard-earned money, preventing it from growing through savings or investments. Imagine reclaiming those dollars. Without debt, you’d have a powerful tool to start saving or investing toward genera
Location: Georgetown, IN 47122, USA
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