Debt is one of the most important factors in growing and sustaining wealth. However, the last thing most want to do is to think about our debt. By paying off our debt systematically we can convert hundreds of thousands of dollars to cash over our lifetime. We can show you how to turn your debt payments into retirement savings. Find out the potential your debt possesses and how to develop the proper financial habits. We have the experience and the tools to help you achieve your goals. Debt is a monster of unequaled force and power, but we can slay this beast with discipline. Let our Debt Counselors help you to design and build the right Debt Elimination Plan!
"It is the nature of the wise to resist pleasures, but the foolish to be a slave to them."
The Moneywise Debt Elimination Program gives you the tools and resources to systematically eliminate your debt and to turn these oft ignored dollars into sustainable wealth!
What happened to waiting and saving for something we wanted? Easy access to cash with credit cards and short-term loans changed the game!
What is Necessary Debt
Some say there is no such thing as "good debt," but student loans and mortgages are necessary. Make the most of these opportunities!
Don’t Squander the Opportunity
If you borrow money to go to school, make the most of it! There are few replacements for a good job in a field of work you enjoy!
Debt Can Be an Anchor
Allowing our debt to multiply and grow like rabbits can cause us unforeseen pain! Use a debt snowball like Moneywise to pay-off your debt early!
Establish an Emergency Savings
Having an emergency savings can and will pay dividends! An emergency savings provides us with choices and opportunities only liquid cash can provide!
The Company Store
What was the Company Store?
The mining company or railroad bought up all of the core business in the towns where they worked and then extended credit to their employees.
16 Tons & What Do You Get?
In 1955 Tennessee Ernie Ford recorded "16 Tons." The chorus warns: You load 16 tons, what do you get? Another day older and deeper in debt, St. Peter don't you call me cause I can't go, I sold my soul to the Company Store."
The Bondage of Debt
These employees spent more than they made ever month, and soon the mining companies or railroad owned them. They literally became slaves because of their debt!
Debt is a Monster!
Today we have high interest credit cards and easy to acquire high interest loans... and the result is the same. Many are in bondage to debt!
Breaking the Cycle
Eliminating our debt has several benefits: it will save tens of thousands of dollars in interest, it will give us the ability to save hundreds of thousands of dollars over the same period, and it will allow us to capitalize on opportunities!
How are we doing?
The average American household has over $13,645 of credit card debt.
Most of us spend less than 5 years at the same job.
When we change jobs, we spend our retirement to help us transition.
46% of Americans have less than $10,000 in savings for retirement.
21% of 75-year-olds still have a mortgage in America.
…And the list goes on!
Many of the people we see at M3 Wealth start their planning in their 50’s or early 60’s. As you can see from the chart to the right, the cost of waiting is steep.
The difference between starting in your 20’s vs. waiting until you are in your 50’s or 60’s is significant! As the famous saying goes; "Time waits for no man" and sooner or later it catches us all.
Debt Consolidation Center
Consolidating your debt can help to create a small margin you can systematically apply towards retiring your debt. Try some of the tools below;
Consolidate your Credit Cards
Find a 0% interest credit card or a lower rate credit card and do a balance transfer to reduce your payments.
Consolidate your Debt
Combining debts may lower your overall debt payments. Try to reduce your payments with one of the companies below;
Contact a Financial Guide to build your Debt Elimination Plan!
Important: The information contained on this website is provided for informational purposes only. All articles, charts, brands, logos, names, or other information used is the sole property of the parties cited or referenced. The information on this website should not be construed as investment, legal, or tax advice. M3 Wealth is in no way attempting to provide investment advice. Any use of this information is the direct responsibility of the reading party and should be reviewed and discussed with their financial advisor, attorney, or CPA prior to implementation and/or use. The information contained on this website cannot be used, altered, or distributed, without the express written consent of M3 Wealth.