"The wicked borrow and do not repay, but the righteous give generously;" -- Psalm 37:21
Create more acceleration in your race to beat debt by using
BDO's Race Training Excercises
Step 1: Commit to beating debt
To race well you must first decide what you want to accomplish. Once you decide to BEAT DEBT in this financial race, then you need to write it down, post it everywhere, talk about it with friends and family, and let the goal soak in. This will help your mind believe in the goal, allow your heart to see the great good of the goal, and enable your friends and family to encourage you along the race.
Step 2: Hire the best coach
To race well you, must have good council. There is no better coach for a tough race than Jesus Christ. BEATING DEBT will reduce your stress and increase freedom only temporarily if you don't have the good coach guiding you. Make sure Jesus Christ is your coach for this race. Hire him today by going to this valuable website.
Step 3: Get the right racing equipment
To race well, you must have the right racing equipment. It does not have to be much, but it must be comfortable and be able to go the long distances. You can use a variety of tried methods from envelopes to a simple spreadsheet program to an elaborate financial management software. All are available for purchase and recommended by the greats. Like a good pair of running shoes, you must find what works for you. With that equipment, you must be able to use it well to sustain you through the many calculations that must be made along the race to make sure you are on pace with your goal.
Step 4: Make a Plan
To race well, you must have a plan. You can not get where you want to go unless you have a map. Create your map or spending plan that allows you to balance your budget, save for the future, and beat debt. This balanced plan of your finances will allow you to chart a course to your destination that will explain where you want your money to go and how much time it will realistically take to accomplish your plan. Share this plan with your friends and family, so they can be creative as well in your solution to beat debt.
Step 5: Train for short distances
To race well, you must start out on the short distances. Find areas were you can increase money received or decrease money spent. This way, money can be applied to the first debt you are trying to beat. Many of the experts recommend the bill with lowest amount owed or with the lowest interest rate. However, you pick your shortest goal, work hard to achieve the first short race. The first race will be very difficult, but it will prepare you for longer distances and tougher routes.
Step 6: Train for long distances
To race well, you must also train up to long distances. With your first race complete, your acceleration will start to increase by applying the winnings from that last race onto the next longer run. Continue to look for ways to increase money received or decrease money spent. The compounded winnings of previous races will be the sustainment you need to go the long distances in beating debt.
Step 7: Be a teacher
Once you have BEATEN DEBT, be a teacher and help others along the race. The ultimate sportsman is the one that turns around and cheers others on. The ultimate sportsman is the one that seeks out the younger generation and teaches them the wisdom gained along the routes of the race. Once you are complete with your race, help others attain their goals.
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The basis for beating debt at BeatingDebt.org is:
Money Received (MR) - Money Spent (MS) = Money for Beating Debt (MBD)
MR- MS = MBD
MR = All the money you receive during the month.
MS = All the money you spend during the month
MBD = The money you can spend towards paying off your smallest bill.
If you do this calculation and your MBD is a negative number, you need to increase MR or decrease MS.
This website will be dedicated to finding ways we can increase MR or decrease MS, so that we can have the most amount of MBD to beat debt down.
BeatingDebt.org is a community of people dedicated to the understanding that beating debt is a way of life and not a temporary fad. One bill at a time, we will beat debt till we can experience the joy and freedom that comes from being without debt.
Join us, commit, and help others beat their debt.
The following resources are a great introduction to financial planning.
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BDO Mission Verse:
Hebrews 12:1
Therefore, since we are surrounded by such a great cloud of witnesses, let us throw off everything that hinders and the sin that so easily entangles, and let us run with perseverance the race marked out for us.