Network Marketing may just be your answer to get out of debt. It is defined as “a distribution channel – nothing more.” Unlike traditional distribution methods network marketing allows people like you and me to share in the profits.
I came across this article by Seth Godin on ways to get out of debt, and I know of no better way to help people get out of debt than through the distribution model of Network Marketing that generates about $110 billion in sales a year.
Here's Seth's article:
Personal Finance Advice
By Seth Godin
http://sethgodin.typepad.com
“If I could only share one piece of personal finance advice to grads or to just about anyone, it would be this:
Only borrow money to pay for things that increase in value.
It's a short list: your business, your house and your education, mostly. Stocks if you're smarter than me. That's pretty much it.
If you have credit card debt, you're in big trouble. Your bank account has a huge leak in it, and it's getting worse. Hence the urgency.
If you have credit card debt, that means that every time you spend money (even cash), you're borrowing money to do so. And so, if you're going out to dinner or buying a new pair of shoes, you've just broken the single most important rule of personal finance. You're spending borrowed money on stuff that is decreasing in value.
This is an emergency. It's an emergency because every single day you wait, the problem gets worse. A lot worse.
My suggestion: Go to defcon 1, and do it immediately. Shift gears to live well below your means. That means:
No restaurants
No clothes shopping
No cable TV bill
No Starbucks
It means:
Take in a tenant in your spare bedroom
Carpool to work
Skip vacation this year
Eat brown rice and beans every night for dinner. Act like you have virtually no income.
The result? You'll save $5,000 to $20,000 a year. Send all of it to the credit card company. Do this until you're debt free, the faster the better.
There. Now you're rich. Now you get interest on your savings instead of paying the bank. Twenty years from now, this emergency action will translate into perhaps a million dollars in the bank, depending on how much you earn and how serious you are.
You can thank me then.”
End of Seth Godin’s article…
Imagine getting a check in your mail box without having to get an additional part-time job…would this help you pay off your debts and own your life? We will show you step by step how you can have this. Our training is FREE!
If you would like some help in creating a plan to get out of debt then my team and I can help you. First you need to know where you are and where you want to go…then we start working with you on a plan using the network marketing business model as your vehicle to financial freedom.
To get started read this FREE ebook Success in 10 Steps:
Be the Leader You Were Created to Be!
Lidie Gray
A Mentor With a Servant’s Heart
270-205-4168 CST (call anytime)
1 comment:
Lidie,
Thanks for sharing the article many great thoughts to ponder. One item I have been thinking about was listed in your article "rent out a spare room in your house."
I would like to start conversation on that idea since we are going to see many families homeless with the economic crises we are in. What do you and your viewers think about zoning regulations? Do you think we should address this in our communities and get the zoning changed in advance so neighbors can help neighbors?
Post a Comment