Should I pay off my credit cards with a personal loan?

Should I pay off my credit cards with a personal loan?

Should I pay off my credit cards with a personal loan? Absolutely not! More often than not when people use consolidation loans to eliminate their credit card debt they fall deeper into debt. The issue with these loans is that people keep their credit cards after the credit card has been paid off. This leaves them vulnerable to maxing it out all over again. Now they end up with a new term loan and once again a maxed out credit card. This creates a black hole of debt that I don’t want you to go down. Why does this happen

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How I bought my first stock!

I bought my very first stock at the age of 18 in the fall of 2005.  Ford stock was my investment of choice with 10 shares bought, which at the time was trading around $10 per share. I was super excited to be an INVESTOR! Next I was running to the school library everyday to check my stock price, this was before smart phones. An obsession over Ford occurred while I owned the shares. The purpose in buying the shares was to become super rich through the stock price all of sudden sky rocketing in price. It was a little ridiculous.

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Your car payment will make you wealthy!

Lets build wealth through Elimination. Eliminating your car payment WILL make you wealthy. Looking to build wealth, but don’t know where to find extra money? It’s time to look at the thing your drive every single day. I discovered a harsh reality when I sold cars one summer at a Nissan dealership. Cars are nothing more than a status symbol, and almost no one could afford the one they buy. Out of the 40 cars I sold that summer I remember very distinctly one couple who paid cash. It was a little old couple. Everyone else on our highways are driving around

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How to become a millionaire!

I’m fascinated about becoming a millionaire and I want to share with you a simple strategy on how to become a millionaire. Below is a list of what you’ll need to save each month at each age milestone. The illustration really drives home the point of compound interest. If you want to become a millionaire it’s time to start saving today! The assumption is a simple 10% rate of return, which is roughly the historical average of the S&P 500. So lets assume you start saving money every single month at the age below you’ll be a millionaire at the age

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Three tips on how to live on one income! 

Ok, if you’re looking for real financial flexibility it’s time to start living on one income. Living on one income allows you to to put money towards whatever you want! Emily and I have been lucky to have a vision from the very beginning of our marriage on how we want our life to be over the next 30 years. This focus has helped us really pinpoint our finances on the items that need to be accomplished in order to make our vision a reality. Our major financial goal is to have ZERO debt, no debt by the time we

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What I learned about the 0% Credit Card!

Watch out for the gimmick 0% Credit Card offers! Yes, everyone loves the 0% credit card. I do as well but I do my best to avoid them all together. I’m on a quest to be 100% debt free and these gimmicks can be tempting. Listed below are three highlights that I learned the hard way when I got my first 0% credit card. You must pay off the balance before the zero percent offer ends. This was something I didn’t understand when I bought my wife’s wedding ring. I made every payment on time including a little extra for 12 months.

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How to create your first Budget!

Lets Create Your First Budget! If you want to take charge over your finances a budget is key. Don’t think of a budget as a restricting measure, because its not. A budget is just a blue print of where you want your money to go. It’s a list of your priorities, thats it. This is a living document you can change it as the month progresses. It took me three months before I was able to successfully project my monthly spending. I’m going to walk you through my favorite budgeting app, Everydollar.com. If you want to find a different one please click

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Tracking your Net Worth will make you rich!

Want a tip on growing your Net Worth? I’m obsessed with monitoring my net worth. That is I’ve been tracking it monthly for the last three years. I believe the constant attention has helped in it increasing over the years. Its just like anything else in life, if you give it attention you’ll see improvement. Because as I made purchases throughout the month I always had a voice in the back of my head saying, how will this affect my net worth when I punch it in at the beginning of the month. If you have ever tracked your calories it

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How to check your Credit Report for FREE!

Have you ever wondered what is on your credit report? I know I did, but I didn’t want to pay to look at it. I discovered that there is a website where you can request a FREE report once a year from each of the credit bureaus. Annualcreditreport.com will NEVER ask for credit card information, it truly is a FREE report. This sight won’t give you your credit score, unless you want to pay for it. But in the report you’ll be able to see every account you’ve ever opened, along with current balances and minimum payments. There are three

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Donnie and Emily’s Debt Free Journey

Donnie and Emily’s Debt Free Journey First Married Mine and Emily’s debt free journey began when we got married in June of 2009. We went to Hawaii for our honeymoon maxing out our credit card at $5,000. When we came back from our honeymoon we knew we had to pay it off quickly. At this time in our life Emily was the only one working full time making $42,000 a year as a nurse. I was still going to school for my bachelors in political science. My income came from student loans, the Army National Guard, and part time painting.

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Dave Ramsey’s 7 Baby Steps

I’ve been following Dave Ramsey for the last 5 years. My wife and I have been able to payoff all our student loans and our mortgage using his steps. I believe in what teaches for several reasons. His steps are actionable and focused. Following his steps you know exactly what to do next. Every step you complete is creating a better life for you and your family. Always remember there are many ways to financial independence on the income side, but there is only one way to be financially “independent” and that is having independence from having no debt. Here

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Christmas Money Melt Down! 5 Tips on Saving Money this Christmas!

Yay, Christmas time is finally here! I don’t know about you guys but I start listening to Christmas music around the end of September. It is one of my favorite seasons! But I know others, and myself included get a little stressed this time of year do to the money that will inevitably be spent on presents. There are a few thing we do to help alleviate that stress of money during this holiday season. Set your Max spending before you begin Determine your max budget! Before Emily and I start buying presents for one another and others we discuss

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My favorite Budgeting App!

Ok, I didn’t realize how important a budget was until I started tracking every penny I spent a year and a half ago. I want to share my favorite budgeting app as well as compile a list so you can find the right budgeting tool for you. I don’t care what type of tool you use, I just want you to pick one you will commit to! There are a lot of budgeting apps and websites to choose from. I have only used three Mint.com, Quicken, and EveryDollar. My favorite by far is EveryDollar by Dave Ramsey. I found this

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I paid my mortgage off in 19 months and you can to with these tips!

If you’re in the market to buy a house and you want to pay it off early follow these simple steps. Do not buy a house until all your other debts are paid off! This one step is tricky to do because we want to have everything now. But if you wait to move into a home when you’re 100% debt free the house is more enjoyable. If any issue arises and you need to fix something in the home you’re in a financial position to take care of it. Also, if you get into a house and you still

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