Hi, Mark Kohler here, and I want to talk about debt Getting out of debt and staying out of debt And this is such an important topic for Americans Americans that want to live a little more comfortably without as much financial stress and [for] those that are budding entrepreneurs or business owners and Even seasoned business owners that have the uPs and downs of business that rely on credit cards a little too much I’ve been in all Three places folks, so let’s knock this out, and I think I’ve got some tips here They’re going to help you amend now as I go through these six the important thing here [is] to have a plan and stay committed To it this doesn’t happen overnight, but [it] will change your life And you’ll start to feel breathing room almost immediately now number one on this [list] is to make minimum payments on your credit cards Right now just make minimum payments. Don’t get Visions of grandeur or get you know bold and aggressive and courageous and start paying off one of these cards just make minimum payments on all of your credit cards and Start creating an emergency fund now I give Dave Ramsey credit for this he’s amazing and he talks about building that emergency fund because life happens And that’s a lot of times what ends up on cars So you’ve got to have an [emergency] fund start with $1,000 $5,000 something that makes sense for you based on your economic situation could be as low as five hundred bucks [but] [have] something in an emergency fund so when life hits you you can go to your emergency fund rather than back under your credit cards so make minimum payments and build an emergency fund that’s a buffer between you and using those cards again number two [we’re] going to start a debt snowball and this is after you’ve created your emergency fund Now this isn’t a program or a cost or whatever. It’s something you can easily maintain on an excel spreadsheet And if you email me [mark] at Mark J. Cole [comm] I’ll send you an excel spreadsheet You can use as a template little videos from an expert I love that helps me with clients having debt problems, and so you’re going to love this Debt snowball is a list of all your debts and amounts and balances and minimum payments, and you’re going to start with the leak The least balanced the smallest [balanced] first and then work your [way] up You’ll see it in the [desk] sort of snowball video. I send you you can study up on this It’s very common, but you want to get your snowball going As soon as you get your emergency fund done number three you’ve got to start creating new Revenue now this is important because It’s hard to dig out of a hole if you just have fixed income and [some] you have a great day job You love it. You’ve gone to school. You’ve been trained for years, and you’ve got this w-2 and that’s it That’s a glass ceiling [though] folks. You’ve got to break through that I want you to build a small business on the side and we’re going to use this revenue to get out of debt faster And then build more wealth in the future and to stay out of debt This could be selling jeans on ebay it could be something an Amazon reselling account It could be a service based business doing landscaping or cleaning buildings at night. I don’t care I Love small business. You’ve got to build this into your life And it’s going to bless you for many [years] to come I’ve got my little eight steps to build a small business You’re going to love it [I] checked out some time, but it’s not as hard as you think [and] there’s ways to build that extra revenue so get on Number four now that you’re out [of] the bad debt all those credit cards are gone I want us to build up a four month reserve before it was that emergency fund Maybe it’s one month of just living expenses, and it’s a buffer between you and those credit cards now I want a four month reserve that four month reserve has a lot of purposes for example staying out of credit card debt those bigger Expenses that can shock and surprise you and those quick opportunities in business where you need money quickly After some good due diligence and making smart [decisions], but having a four month Emergency fund is another cushion that’ll allow you to take your life and business to the next level So you build it and you’re going to be grateful You did number five don’t cut up those credit cards keep them and build your credit building credit is about keeping open lines of credit and showing the willpower that you don’t run to them every time you’re at the Counter in some department store says you want a credit card you say no, I’ve got my credit cards you keep very low balances I’ve got radio show Links down below of how to Build corporate credit or build personal credit there two different topics there, it’s so powerful So I want you building credit and keeping those credit cards don’t cut them up Just use self-restraint put them in the drawer and keep them open and your credit will start to climb and number six [I] want you to get into debt that’s right, but good debt. [I] want you to use good debt to buy real estate Rental properties and start building additional cash flow maybe even buying your own home if you haven’t done it already Having an auto loan or home [loan] or even rental property loan that’s okay, debt. It’s good debt now I’d love you to pay off your car, but it’s not the end of the world It’s the credit card debt [that] kills us so start using good debt to build your business building corporate credit personal credit and buying rental properties and creating an additional cash flow and With all those monthly payments gone and that additional revenue you are building back in Step 3 This is what’s going to take your life to the next level and help you better live your American dream Thanks so much for watching and if you found that helpful Please look in the [description] below I’ve got links to my tax and legal library my quickbooks training videos how to start a small business 50 60 70 videos some as long as 30 minutes explaining more information on Tax and Legal Strategies that will change your life also [if] you’d like to subscribe to my newsletter or check out my social media links please click here [there] weekly free tips and strategies and articles that have you’ll find extremely helpful And I would appreciate it if you subscribe to my channel. I’ve got so many videos here I produce every week on my Youtube channel, and I’d love to give you a pink every time I shoot a video Thanks so much and keep living the American dream