November 16, 2018
In our series: Debt and the Business Owner, we have come to the “HOW”—how to get out of debt. But where do you start? We’ll explain a few different methods to help you determine YOUR answer, especially if you are a business owner. You will need to pick one based on your specific situation. By the end of this article, you should have a pretty good idea of which debt reduction strategy is right for you.
November 14, 2018
For most business owners, their first priority is typically their business, which you can most likely relate to. However, if you truly want to run your business at full capacity you MUST get your personal and professional debt under control! To accomplish that feat efficiently, you need to understand how personal and business debts affect you and your business.
July 26, 2017
Debt is one of my biggest pet peeves. I HATE DEBT! Just to give you an idea of how much debt Americans are in here’s a few statistics from NerdWallet, $764 billion in credit card debt, $8.63 trillion in mortgages, $1.17 trillion in auto loans, $1.34 trillion in student loans, and $12.73 trillion in other kinds of debt. The average credit card debt balance is $6,184.16. Households with new auto loans pay an average of $503 a month for 68 months. So you can see, we’re are a long way from debt-free living!
April 5, 2017
Hey, guys! This is Justin Goodbread with Financially Simple. So if there is one question I get quite frequently, it is, “What debt should I pay off first?” In fact this last week I had an entrepreneurial doctor in our office and he recently freed up about $1000 a month. Many people will say, “Use the debt snowball.” It’s a good idea. Some will say, “Knock out the highest interest first.” That’s a great idea and may work for you. Which of these two popular options, if any, will work best for him?