Family #1 manages to pay off $40,000 in debt in two years on a $35,000 annual income. Family #2 makes $100,000 a year but can’t seem to make the slightest dent in the same amount of debt. Obviously, the second family has a spending problem. They make plenty of money—more than enough to pay off that debt in two years. But they have so much money going out, they can’t keep their head above... FULL ARTICLE @ http://www.daveramsey.com/blog/7-characteristics-of-debt-free-people
How a Simple Family Budget helped pay off $5000 of debt in just 6 weeks. If you're looking to pay off debt quickly these budgeting tips will help you start a budget and learn the power of a budget. Pay off credit card debt or pay off student loans fast! Plus a BONUS - download the FREE budget planner template spreadsheet that helped me achieve my awesome goal to get your started.
This is a really good idea. Id have to change a couple things though. 1. 1000 emergency 2. Pay off debts 3. 3-6 months in savings. 4. Invest 15% into retirement 5. Buy a house/investment property and pay it off 6. Build wealth and give. -Chris