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3 Tips for Eliminating Credit Card Debt

3 Tips for Eliminating Credit Card Debt

Healthy financial habits will have you sleeping like a baby

If you’ve ever woken up in the middle of the night panic-stricken about the amount of debt you have racked up, you’re not alone. Credit card debt is the second-most-common type of debt after mortgage debt (and I’m going to assume we all know that your house is not an asset and therefore your mortgage is not considered good debt, right?). In fact, the average American family owes $8,377 in credit card debt, according to personal finance site WalletHub, which analyzed credit card debt trends in 2016. That’s certainly enough to keep someone up at night.

As a reminder, there is good debt and bad debt. Good debt is debt you use to acquire assets. Bad debt keeps you trapped, pulling you back instead of moving you ahead. In most cases, credit card debt is bad debt. And that’s why you must get rid of it, because it’s serving no positive purpose in your life. Here are some suggestions for obliterating your credit card debt once and for all:

1. Pay off new credit card charges every month

Credit cards have their advantages so don’t cut them into pieces or put them in the freezer. Instead, use them as a convenience, as a record-keeping tool, and as a way to verify to other creditors your ability to be financially responsible.

From this day forward, if you so agree, do not accumulate additional credit card debt. If you charge an item to your credit card, then pay that amount off when the statement arrives. If you have credit card debt that is more than 30 days old, then pay off all newly acquired debt and put a plan in place to pay off the old credit card debt. Why?

Credit card interest is always compounding, and over time it quickly adds up. Let’s say you have $100 in debt and it accrues 20% interest every month. In your first month, you will be charged $20, which gets added to your original debt. The next month, you are again charged 20%, which now comes out to $24. So after only two months your debt has gone from $100 to $144. Yikes. That’s literally throwing money away and nobody can afford to do that.

2. Don’t charge the small stuff

It’s astounding how quickly all of our minor daily purchases add up—from your daily coffee fix to a magazine at a convenience store. And it’s becomes very easy to justify all those small purchase at the moment. Only $3 for a lip balm because I accidentally left mine at home? No problem! But at the end of the month, those purchases really do add up.

Using physical paper money creates tangible awareness of how much you’re dolling out each day. It might even cause you to reconsider some of those small purchases when you find yourself running out of cash too quickly. Starting today, try using cash for any purchases under $20 and see how your spending habits adapt.

3. Pay off existing credit card debt

Robert and I were in a great amount of bad debt years ago—around $400,000. It was incredibly stressful. Talk about sleepless nights! But we paid off all of our debt in less than 10 years, including credit cards, car loans and home mortgages.

For our credit cards, we came up with an extra $100 in income per month. How? By getting creative. We then applied that additional $100 to our monthly payment on only one of the credit cards and paid the minimum payment plus the extra money on that one credit card. While we were focused on that, we paid only the minimum amount due on all other credit cards.

Once the first card was paid off, we applied the total amount we were paying each month on that card to our next credit card. This mean we were paying the minimum amount due on the second card plus the total monthly payment we were paying on our first credit card.

Continue this process with all your credit cards—with each debt you pay off, apply the full amount you were paying on that debt to the minimum payment of your next debt. As you pay off each debt, the monthly amount you are paying on the next debt will escalate.

It is possibly to become debt-free—often within five-to- seven years—but you must make the decision to do so and start today.

Source:http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/April-2018/3-Tips-for-Eliminating-Credit-Card-Debt.aspx 

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Sales As An Introvert

If you met me at a party I wouldn’t have much to say. If you sat next to me on a long flight I may not say a word to you the entire trip.I’m an introvert.

If you saw me on YouTube, Twitter, Google Hangouts, in a TV interview or at one of my sales seminars you would never know it has never been easy for me to start a conversation with people I don’t know. After college I was terrified to go on a job interview, until I realized employers weren’t going to come to my house and hire me. I had been selling cars for seven years and still never got comfortable saying hello to a customer. Yet I still reached the top 1% of all the salespeople in the auto industry.

You can adapt, and be an introvert or an extrovert, depending on the situation.

If you are hosting a party you appear to become an extrovert to keep things going and keep the guests happy, but when you’re a guest at a party you appear to become an introvert. As a professional speaker and educator I become an extrovert in order to deliver information. But when I attend seminars as a guest I am much more introverted. So how do you become an extrovert in sales situations when you are naturally comfortable being an introvert?

I USE THESE 7 TIPS TO STEP OUT OF MY COMFORT ZONE:

1. Get passionate. I get so excited about what I’m selling that I’m compelled to share it with the world! When you are passionate about your product, idea or service you pay less attention to how you are perceived. Instead youpay more attention to showing that excitement for what you have to offer and how it will benefit the customer!

2. Get out of your comfort zone once per day. It is very important for me to do things that make me uncomfortable. You need to be courageous and make it a point to face your fears, no matter how big or small. The single scariest thing for me was visiting my customers or prospects in person. So that is the first thing I did every day to get over my fear, which instilled me with courage, belief in myself andchanged my focus from limitations to possibilities.

3. Say hello to everyone you pass. I refuse to walk past any person without acknowledging them. I force myself to look everyone in the eyes and say hello. This is like exercising, it builds a muscle that enables me to decide at will when I want to be extroverted, whether I’m on a sales call or any other situation.

4. Go outside. Literally step out of your comfort zone by leaving your home or office often so you can socialize with people. When I move to a new city I will go to the same place over and over until I am comfortable and know everyone there. I have done this same thing with my children, bringing them to the same grocery store every morning until they are so familiar they can talk with the people working there as if they were family.

5. Help others make sales. If I go a few days without making a sale for myself I immediately offer my help to other salespeople. It’s a great way to get outside your own head, because with several failed closes it’s easy to become introverted and anxious. But by working with someone else’s prospects and having nothing to lose yourself you open up,feel more relaxed and regain your confidence. Once you score a sale for someone else, dive headfirst back into your own prospects again.

6. Be so persistent it bothers people. In life and business you won’t become successful if you never get criticized, especially in sales. You need to follow up on customers so much that they actually complain about it, and once they do you need to keep following up untilthey admire you for your persistence. When you believe in your product, company and yourself you will be willing to insist—and risk being criticized for it.

7. Keep busy. When you are constantly on the go you don’t have time to be uncomfortable or doubt yourself. If you’re busy you are always asking people for help, getting help, and talking to people because you are running from one sales meeting or event to the next—So get out and get moving!

Hope this helps.

Be great,

Grant Cardone

Source: https://grantcardone.com/blogs/grantcardone/sales-as-an-introvert-1

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The Master Key System - Upgrade Your Money Consciousness - Charles Haanel

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Think You're Not a Salesperson? Think Again

PART 2: EVERY SALE IS A COMMISSION!

In this article you'll learn: Commissions are the only real way to create financial security for yourself.

To Read Part 1, go HERE

INTRODUCTION

The word commission represents insecurity for a lot of people. But insecurity and commission have nothing to do with one another. You should never be insecure about your ability to produce.

The only way to keep a job is to produce. And look, you want to get paid on what you produce, right?

COMMISSION TRUTHS

Every time you get your way in life that’s a commission. The payment for getting your way made you feel good. See you had to sell someone on, "let’s go eat Chinese rather than Indian", and they say, "okay", that made you feel good, you got your way.

While most people think of money when they hear the word commission, that’s not the issue. Not all payments in life are monetary. In fact, the things that reward me the most have nothing to do with money.

Recognition for a job well done, that’s a commission.

See I find it comical when people tell me, "I could never be a salesperson, I could never work on commission", and I’m like, "your entire life is a commission."

Every moment of every day you spend happy or not happy. Those are commissions. They’re rewards for something you’re doing in your life.

NO GUARANTEED SALARY IN LIFE

I don’t care what your company tells you, we’re going to give you this much money every week, or we’re going to give you this much money every month, or this much a year. There’s no guarantee. If the company collapses, your salary goes away. The whole world is on commission, they just don’t know it.

The whole world is required to sell, to produce, to drive revenue in order to keep the company working.

FREE?

It’s been said that the best things in life are free. Look, I don’t agree. I know that it’s a nice little saying, but the truth is the best things in life are those things that come as a result of something extra that I did, some well-done effort, some obstacle I overcame.

I overcame the obstacle, and I get rewarded with something:

• happiness
• security
• safety
• a great home
• a great family
• love
• confidence
• friends 

All of these things are commissions for something I did or for something I participated in. And the more I produce, the more I’m able to enjoy the true commissions of life.

LET'S TALK ABOUT LOVE

True love is purely a commission for finding the right partner, taking care of that right partner, continuing to create with that right partner so the relationship gets better, and then keeping that thing growing.  

There's no guarantee in life that you’ll be loved. That marriage day, the ring you put on your hand, that’s not the guarantee, okay? The guarantee is the work you do afterward. First, you’ve got to persuade the person, first to take interest in you, then you have to find out what they want, and what makes them happy, then you have to produce it, and then you’ve got to keep producing it.

But somewhere along the line, you’ve got to sell that other person on the ideal that you’re the right person. All the benefits of that relationship are then commissions.

Is your relationship insecure? To the degree you don’t produce in it, it will be insecure. If you aren’t getting commissions from your relationship, look, take a look at it, you’re not giving her the right attention, or him the right attention, you’re not giving them what they want.

COMMISSIONS ARE EVERYTHING

Health isn’t a guarantee. The government might guarantee you health insurance, but they’re not promising you good health because health is a commission for taking care of yourself, taking care of your mind, what you eat, and what you smoke or don’t smoke. When a person successfully sells himself on eating right, working out, taking care of his attitude, he gets a commission. For what? Good health.

SUMMARY

All of life is a commission. Every reward you will get is a commission. Your production, your ability to produce, your ability to perform in the marketplace is where you get your security from, and commissions are the way to create financial success for yourself and your household, so don’t be scared of the idea!

Be great

GC

P.S. Want to become a master in sales and commissions? Check out my Certification Programs.

Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the "25 Marketing Influencers to Watch in 2017". Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.

Source: https://grantcardone.com/blogs/grantcardone/think-youre-not-a-salesperson-think-again

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