The times they are a changing...
And indeed they are here at DonnieMasters.com. We have now been accepted as an official partner for a major credit card broker! What? Has Donnie lost his d@#$ mind?
We can think of several major reasons that this should matter to you as a smart consumer, but we believe that offering viable options to help everyone get out of debt faster (and pay less interest on your debt too) is a great thing. And sometimes, there just isn't any better option available to you.
In December, we announced that DonnieMasters.com partnered with EVEN Financial as an excellent resource to use when paying off your high interest credit cards with a personal loan. We wrote a whole article about the subject and gave our honest feedback on our thought process behind it. But what if that is not an option for you? What if your credit score doesn't help you get approved for this type of loan?
We believe that by partnering with a major credit card broker, we can also now help someone that has a poor credit score, and/or high credit card balances that needs to transfer balances to a 0% finance offer in order to get out of debt faster. Before we get hanged for hypocrisy, please read the articles here, here, and here first. We don't condone using credit cards as a means of supporting your lifestyle, but paying interest every month on your debt when a better option exists is just plain stupid math. If you play the "credit card game" correctly, then your financial life can be richly rewarded by utilizing all the benefits available to you.
For those that are ready right now, go ahead and click on our Financial Products tab. We have several major credit card options, as well as another personal loan option available right this minute that might help you get started on the road to recovery and a debt free life.
Over the years I have been personally involved with businesses that include fast food, convenience stores, department stores, fine dining, health and nutrition stores, casual dining, retail store design and planning, mattress stores, and even sales and accounting. My personal life has been full of more major swings and changes than I can almost recall. The best part is I haven't even hit 40 yet!
So tell me why I think my business is just going to focus on one thing and only do that forever? Why did I create a business plan that says I am going to build a personal finance brand that sells books and has a website? If my personal life changes on a dime, then why did I not expect my business to do so as more opportunities arise?
So I have a New Year's resolution to share with you. I am going to explore every opportunity that allows the Masters Investment Group to continue doing what I love to do everyday. If that changes over time, then the business will have to change with it.
Masters Investment Group already does 3 very different things each week.
1) It owns and finances DonnieMasters.com.
2) It has products for sale on eBay and Amazon (including my own books).
3) It invests in other company's ventures and business ideas.
The company continues to evolve and change, and I believe it is time for Masters Investment Group to break out own it's own and proudly proclaim how different this business truly is. The bigger picture has always been that DonnieMasters.com is just one part of what the company does. It is time to clearly differentiate the Masters Investment Group and let the company stand out on it's own.
Stay tuned as many major changes will be coming over the next few months.
Anyone that has a high level of debt to pay on each month will know how stressful financial management can be. For those people that are crippling themselves with extremely high debt levels, there are some actionable steps that could help reduce the amount that you pay out each month. These steps might also help you reduce the overall amount of interest paid on your debts as well.
1. See where you can make little cutbacks on your spending. Look at cutting back on little luxuries that add up quickly, such as eating out at lunch each day. Also cut out any unnecessary expenditures, such as subscriptions and memberships that you no longer use. It is surprising how much money you can gain back through a number of small steps. This newfound money can then be applied towards your smaller debts such as credit cards and store cards in an attempt to pay them down quickly.
2. Make sure that you are aware of exactly what is coming in and what is going out of your checking account each month. Trying to manage your finances and prioritize paying off debt is nearly impossible if you don't keep track of your income and expenses. List every little payment that goes out of your account so you know exactly how much you can afford to spend each month or how much extra you can put towards clearing your debts a little faster.
3. Consider consolidating your debts (see our article here). By consolidating smaller debts into one large loan you can reduce the number of payments you have to make each month, cut back on the interest amount, and possibly even reduce the amount that you pay out each month on debt. For homeowners specifically, a secured loan could be the ideal solution, as this amount of money can be spread over a longer time period and help keep your monthly repayment amount lower. You should be fully aware though, that by taking money and repaying it over a longer period of time, that this would mean you pay back interest for a lot longer. However, if the interest rate is drastically less than what you currently pay, and the lower monthly payment means that you have more disposable income to spend each month, then a new loan might serve you well. Remember to stop using your credit cards after you have paid them off! (See our article here on budgeting.)
4. Eliminate your overdraft. If you have an overdraft account with your bank, and you find yourself reaching that limit every month, one small transaction is all it takes to push you over the limit. By eliminating your overdraft account and building up an emergency fund, you get to keep all of your money each month.
5. If you ABSOLUTELY HAVE to take out another loan in order to fix your financial situation, make sure it is a consolidation loan rather than an addition to your existing finances. It may sound obvious, but try to avoid taking out a loan as an easy solution. In most cases, this will only ease the burden for a short time and you may soon find yourself struggling even more than before trying to keep up with all of your previous debts plus a new loan.