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Thursday, October 2, 2008

Are You Debt-Free Yet?

We have been telling our readers for some time now that the best thing you can do for your finances is to get completely out of debt. The mess on Wall Street really brings that strategy to light.

While big companies are falling to the way side, the firms with no debt and cash reserves are doing just fine. That is Exactly the position you need to be in as an individual. If you are not paying the typical amounts to interest and taxes, you are going to be in a MUCH better situation than most people are these days.

No doubt inflation has effected the family budget.

The Bush oil men started their plan of bringing on HUGE oil and gas prices several years ago. They apparently never stopped to think that if the common folks are paying 3 times what they are used to for gas, they might not be able to pay their mortgage bills, car notes, or credit card usury fees (which many families have been forced to run up to pay for their gas).

Now the financial backbone of the country is in crisis, and Wall Street is scratching their heads trying to figure out what went wrong.

Of course, now that Lehman, Merrill Lynch, Fannie & Freddie and many others in the financial sector have waved bye bye, folks are wondering where it all will end?

My guess is that this HUGE economic mess is no where near finished. Who knows, it might even lead into the Great Tribulation mentioned in the bible. No matter what happens, we better all take steps to protect ourselves now, and not wait on Washington to fix it.

Statistics show that most folks who declare bankruptcy could have saved themselves with just a few hundred extra dollars per month. That is a very realistic goal for most home biz entrepreneurs. There are many ways to do that much and More online.

If you are in the business of helping folks created income streams at home and/or online, then you could likely be part of the solution. Our feeling is that it will be the entrepreneurs of the world that pull us out of this.

We favor the strategy of increasing income, and decreasing debt at the same time. Many people will wait until they are completely debt-free before they look toward increasing income. Why not do both at the same time? With just a little planning, you can be well on your way to the lifestyle you want. (In many cases you can cut out the fat and find additional money for debt reduction without increasing income at all.)

One thing is for sure, with their record, we can't wait for Washington!


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