How To Pay Off Credit Card

Do you have credit cards that need to be paid off? Would you love to learn the absolute fastest way to get those paid off? My friend, it's time for your mentoring appointment Come on in

Welcome to today's mentoring appointment, my friend So you want to find out the fastest way to pay off your credit cards I remember not too long ago, my wife and I were thousands and thousands of dollars in debt We have used our credit cards to make certain purchases and we had no idea how we were going to pay them off If you've seen some of my other videos, you probably know that my wife and I love to follow our intuition, even if it doesn't make sense and there was one point while we were still on welfare when intuition told us to actually make a $5,000 purchase

Max out every single one of our credit cards and make this purchase which of course was investing in a $5,000 course which would teach us certain skills Well I'm never going home and just freaking out going, okay, I'm really excited about signing up for this program and learning these skills but how in the world am I going to pay this off? Now we had a couple of choices, we could do what most stereotypical gurus would tell you to do and that's of course to begin to snowball it meaning you start by paying off your most expensive credit card and once that's paid off then you take all that money that you would be making the payments towards that credit card toward you next one and begin to snowball it until you've paid it all off and that's fine but is that the fastest way to do it? Let me see if I can illustrate what I mean Let's say that you currently make $2,000 per month and that what you owe in your credit cards is $10,000 Let's say that your expenses are $1,500 per month leaving you with a $500 per month cash flow What would most gurus tell you to do? With this entire $500, if you own a $10,000

A lot of people would say well even like rice and beans and just scrimp and put as much as you possibly can towards that $10,000 so you can pay it off as quickly as possible, which you can Not factoring in any interest it would take you at least 20 months to pay this whole thing off, that's fine, you're welcome to do that but there's still just one problem Following this example, you're still only making $2,000 per month and what happens? In most cases, those that are focused on simply paying off credit cards even if they do eliminate this entire amount, their brain has been so conditioned to pay off credit cards and so some other expense will come along which will force them to use their credit cards so that they have something to pay off because the brain is very very loyal and very obedient and so if you keep treating your brain to pay off credit cards, pay off credit cards, it means a credit card to pay off and so likely you will attract a situation or circumstance so that you can continue to pay off your credit cards Again, there's nothing wrong with this situation, there's nothing wrong with this method but it isn't the method that my wife and I decided to take Let's say now that instead of taking this route, you take the route that a lot of wealthy or soon-to-be wealthy people take

Let's say that for a certain period of time, instead of taking your entire cash flow and putting it towards the ten thousand for a certain period of time, you make only the minimum payments Let's say that it's a hundred dollars per month so you're still keeping your financial obligations, you're still making payments toward this debt It's extremely important to do so but let's say that you take that extra cash flow which in this case would be four hundred dollars a month and you then invest it into yourself Let's say that you take that extra cash flow and you begin to read more books, you begin to go to more seminars, you actually hire a personal mentor which I decided to do which can help fast-track you to success It was interesting

As I was going to pay off my credit cards, my wife and I decided to take a different route in fact, we actually felt very strongly impressed that we needed to take out some additional loans to hire some personal mentors which we felt went fast-track us to success and so by doing so, we increased the amount of loans that we had out to over $40,000 Now people would see that, they'll go, oh my goodness, why in the world would anyone want to take out that many loans? It's because these at mentors helped us to grow our income substantially Pretty soon, my wife and I were making more than $50,000 per month Now let's say that this is you, let's say that your monthly expenses are now $5,000 leaving you with a $45,000 per month cash flow At this rate, how many times do you need to get paid to pay this whole thing off? My friend, it is in 20 times, it isn't even ten times

The answer of course is once and so now even though this is four times greater than it was before, this is now significantly easier to pay off Now am I saying this is the route that you should take? Not necessarily but my wife and I did take this route, we decided to invest in ourselves and grow our knowledgebase and hire personal mentors Doing so, yes, increase the amount of money that we owed but it also greatly increased our earning potential We put into practice everything that those mentors taught us as soon as this mentor said go and do this we said absolutely we went and did it which of course helped us to grow our income significantly, to the point where we were able to simply write a check and pay these off and thus allowing us to continue to accumulate more cashflow and then repeat the process, shortly after that, I hired a mentor for $100,000 I did, I borrowed some money and pretty soon my income skyrocketed even more

Now I know what you're thinking, you're probably thinking, well, wait a second, Eric, I can understand paying tens of thousands of dollars or even a hundred thousand dollars for a personal mentor If you have that extra amount of money just sitting in the bank but, oh my gosh, I couldn't borrow money for that like I couldn't put that on credit cards because I was taught to avoid debt like the plague My friend, at the time, I might have agreed with you but here is the thing I invested that much money specifically because I didn't at that time have that much money sitting in the bank, my first major mentor cost me twenty five thousand dollars and guess what, pretty soon after I started working with that person, I had twenty five thousand dollars sitting in the bank

Pretty soon after hiring my hundred thousand dollar mentor, guess what happened? I had a hundred thousand dollars sitting in the bank and a lot more I hired them because I wanted to have that much money and I wanted to learn from someone that could teach me how Bottom line, fastest ways to pay off your credit cards, increase your income, increase your ability to pay things off My good friend Laura Ling Mayer says that credit card debt isn't actually a debt problem, it's nothing more than an income problem If you don't know how to produce more money, of course, you're going to use your credit cards and where to buy things

Wealthy people don't do that, my friend, we wealthy people use our credit cards simply to continue to establish credit and to then use the points My friend, you can pay off your credit cards much much faster, the fastest way to doing so, increase your income and then use the increase to pay your credit cards off Thanks for watching Great job at today's mentoring appointment, my friend, was the information in this video a little bit different than you were expecting? My friend, let us know in the comments below, make sure to give us a thumbs up and make sure to subscribe to this channel if you haven't already As always, if you want to take your life to the next level, make sure to join us at one of our live events

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