Debt-Free Millionaire

Debt-Free Millionaire

With two books about to be published and a new video game for youth, and adults, this podcast should take off quickly. We will be bringing on CPAs and real estate investors to talk through the process of becoming a Debt-Free Millionaire, or to go the other way and be okay with debt and become a millionaire. We let you make the ultimate decision but we will give you what you need to get there. Talk to you soon. Thanks to Xogos Gaming for sponsoring this podcast and for creating our game. We are excited to share this with you.

Episodes

June 27, 2024 39 mins

So why can’t we hold on to our money? Our culture recently is to spend what we want and not worry about the future. This is the mindset that gets us deep into debt and not able to pay the necessities. When you find yourself in this mindset, you again become a slave unto your debtor. 

 

The Best Ways to Save Money or Increase Your Savings: A Comprehensive Guide

Saving money is essential for achieving financial stability and reaching...

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HOW DO I PAY OFF MY TRANSPORTATION?

Strategies for Paying Off Your Car Efficiently

Owning a car is often essential for daily life, but it also comes with significant financial responsibilities. Paying off your car loan quickly can save you money on interest and provide financial freedom. Here are some of the best strategies to achieve this goal, starting from before you even purchase your car to considering major decisions if thing...

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Paying off student loans can be a significant financial burden, but with strategic planning and disciplined budgeting, you can reduce your debt faster and save money on interest. Here are some of the best strategies to achieve this goal, along with important considerations about the nature of student loans.

  1. Understand Your Loan Terms

Before you can effectively pay off your student loans, it’s essential to understand the t...

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Strategies for Paying Off Your House Efficiently

Owning a home is a significant financial milestone, and while it brings a sense of accomplishment and stability, it also comes with substantial financial responsibility. Paying off your mortgage early can save you thousands in interest and provide financial freedom. Here are some of the best strategies to achieve this goal, starting from before you even purchase your home to consider...

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Understanding Credit Scores: Essential Knowledge for Students and Adults

Credit scores are a crucial part of personal finance, impacting everything from loan approvals to interest rates and even job applications. Understanding how credit scores work and the role of debt repayment in maintaining a healthy score is vital for both students and adults. This article delves into what everyone needs to know about credit scores and how man...

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    Best Strategies to Pay Off Your Debt: A Comprehensive Guide

    Debt can be a significant burden on both your financial and mental well-being. However, with the right strategies, you can take control of your finances and reduce or eliminate your debt. This article outlines some of the most effective ways to pay off debt, supported by relevant statistics and expert advice.

    1. Create a Budget and Stick to It

    Strategy: The first step in a...

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    (W5:D2) WHAT IS INTEREST? WHY DO WE PAY SO MUCH?

    Interest is the amount of money you pay based on a percentage of what you borrowed. This is typically expressed by Annual Percentage Rate (APR) or the annual amount of the loan you pay as an added fee to what you borrowed.

    Let me explain this differently. You borrow $1,000, you have to pay back a $1,000 (principle) plus an added fee, a percentage of the $1,000 (interest). Say you rac...

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    (W5:D1) WHAT IS DEBT AND WHY IS IT SO BAD?

    Do you like spending money? ___________________ Do you like paying bills after you already received the gain? __________________ Now, do you like paying for something years after you enjoyed it, meaning you no longer are enjoying it but you are still paying it off. That is debt. When you are paying back an amount of money that was lent to you years before. While somethings you are still en...

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    Is your money running out faster than you get paid or at least faster than you want? Where is all that money going? Have you checked your credit card statement? How many of these reoccurring expenses are you paying each month.

    Monthly or annually expenses are the greatest way for any company to get a lot of money from you. Because they are only drawing a small amount every month, you feel that they are inexpensive. When a piece of ...

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    (W4:D1) WHO AM I AND WHAT DO I WANT?

    The only way to lower your expenses is to become intentional and do it with intention and purpose. You must first start with your why and follow it up with how you will keep the momentum. Reducing you spending won’t happen on its own. Let me ask you a few questions first, so you can build your foundation.

    What is your why? Why do you want to lower your expenses? _______________________________...

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    ACTIVITY: JOB SEARCH SIMULATION

    Objective: Students will gain hands-on experience with the job search process, including finding job postings, creating a resume, preparing for interviews, and evaluating job offers.

    Materials Needed:

    • Computers with internet access
    • Sample job descriptions
    • Resume templates
    • Mock interview questions
    • Evaluation criteria for job offers
    • Access to word processing software (e.g., Google Docs, Microsoft W...
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    HOW DO I INCREASE MY PAY?

    Do you want to be paid more, faster? You have two ways of doing so: 1) ask for a raise, 2) get a second job, 3) start a business 4) invest and take the risk, or 5) stop spending money (not increasing your pay but keeping more money. But wait, you probably were just asking about #1. How do I get a raise from work? This is simple as well. Ask for a raise.

    When you are asking for an increase in pay, you need ...

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    Minimum wage was never created to live off. This too is another diving board to propel you forward. You start at this earning level as a youth and then work your way up to making a very decent living. If you work fast food for minimum wage, see how fast you can work to become a manager. Talk to your manager and see how you can progress. If there is no path in your current company, do not quit your day job right away, but find anoth...

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    The best way to become intentional with your money is to budget. This is basically a roadmap of how you want to spend your money, a spreadsheet of all your expenses and how you want to You have a certain amount of money that comes into your hands or account every month. You have a certain number of necessities due every month. Where do you spend this money? Every dollar you have should have a chore or purpose. You do this so you ca...

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    Simplified Explanation: Every year, you are granted the ability to transfer money to a single person, without it being taxed. The federal government, in 2021, allows its citizens to transfer $15,000 to anyone, without the possibility of being taxed for it - on either side.

    Real Life: Generosity produces many great benefits to our life, and when you have the ability to be generous, we hope that you will see the benefit in it. Theref...

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    Simplified Explanation: Working remote means to work from home, or some other location, instead of at your office. Remote workers have always had a place to go, such as the library, Starbucks, and remote offices, but during the COVID pandemic, they all had to return home and work from there. Remote workers are also known for working as they travel the world. Imagine trying to find internet connections in third world countries so yo...

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    Simplified Explanation: Frugal shopping is where you go out and buy only things that are essential; frivolous shopping is where you go out and buy things that you really want, that are not important; and intentional shopping is where you make a list of items you want to buy and only buy those specific items.

    Real Life: When trying to get out of debt, it is always a good idea not to put yourself back into debt. When you are in major...

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    Simplified Explanation: Identity theft is where someone takes on your identity, by stealing your personal information and social security number, and starts making financial or security related actions, as if they were you. They take on your identity. 

    Real Life: Think of this, you are opening your mail and it’s a stack of bills. The first one you open is for $40,000 in credit card bills, the next one is $30,000 for a new car, and ...

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    Simplified Explanation: Recessions are a large downturn in the market, for two consecutive quarters. The year is broken up into 4 quarters (3 month increments - January to March, April to June, July to September, and October to December). If this downturn occurs, you can expect it to have a negative impact on your finances, whether it is losing your job, an increase in expenses, or losing some of your income. This could also affect...

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    Simplified Explanation: Marriage is a culturally recognized union between two people, called spouses, that establishes rights and obligations between them, their children, and even extended family. This brings on the financial, emotional, and physical support of the other person. Some people do this differently but most times, finances stop becoming hers and mine, ownership becomes ours, and families are to work together to succeed...

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