Fixing the Money Thing by Gary Keesee

Author:Gary Keesee [Gary, Keesee]
Language: eng
Format: epub
ISBN: 978-0-7684-9025-1
Publisher: Destiny Image Publishers
Published: 2011-04-22T04:00:00+00:00

chapter 10

your plan to

the fix

I want you to take a few minutes to carefully study the details of the plan in the Appendix at the end of this book. Pay particular attention to where money was located and identified by our financial restructuring and how, once it was discovered, it was used to eliminate debts one by one.

You will also notice that as each debt was paid off, we did not release its normal payment back into the budget as free cash. Instead, we redirected it to the next outstanding debt and then repeated this process until all the debt was paid off. This accelerated debt elimination system works to eliminate debt as quickly as possible.

Most of my clients are shocked to see just how fast they can be debt free. In fact, most of the families I’ve worked with through the years have been able to eliminate all of their debts, including their home mortgage, in five to seven years without changing their income.

As the plan illustrates, I usually recommend paying off very small debts as soon as possible so they can free up some cash quickly. Once those debts are paid off, I encourage my families to pay off their debts in order of their interest rates—those bills with the highest rate first andthen the next highest and so on. You will also see that the plan develops a cash reserve as its first priority with the freed-up cash before it moves on to eliminating debt. As was discussed in the last chapter, we aim at $2,000 as the minimum cash reserve we want to first establish.

The power of the plan is really very simple. By locating the financial fragments in your budget—money you didn’t realize you were losing unnecessarily or money that was already yours that you didn’t realize you had—we find an initial cash flow increase on a monthly basis. This freed-up monthly cash flow then starts the debt elimination process. I think you’ll find it exciting to discover that you really do have options about how your money is spent and money that is available to you with just a little bit of effort. When I sit down with a client and show him or her the end result of our financial restructuring, they almost always stare in disbelief, first at the amount of freed-up cash that is available and second at how fast they can really get out of debt.

Don’t be concerned if, at this point, you don’t know where to begin in locating the missing financial fragments. I will walk you through these steps in the remainder of the book. You will be able to locate some of these fragments yourself as we proceed. In other more complicated matters, you will need help from professionals, auditors, analysts, and companies to help you locate the missing money. Before you start to think that using professionals to help you sounds expensive, let me assure that I have found companies and professionals that do this type of work on a contingency basis only.

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