Debt Elimination Success Seminar
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Section 1
A Look at Debt
History of Debt
Credit Card History
Current State of Debt
How You Got Into Debt
Good Debt Bad Debt
Business vs. Personal Debt
Section 2 Dealing With Your Money
The Two Step Plan
Doing The Two-Step
Step One
Step Two
The Paths Out of Debt
1- Create a Debt Payment Plan
2- Neogtiate Better Rates & Terms
a.Consolidation Loans
b.Consumer Credit Counseling Services
3- Negotiate Lump-Sum Settlements
4- Bankruptcy
5- The Easy Way
6- Win $1,000,000
Living Debt-Free
Manage Your Money
Make More Money
Save Money
SameMoney-MoreFun
Stay Debt-Free
You as a Business
Section 3 Dealing With Your Creditors
Alerts/Scams
The Credit Industry
Credit Industry
The Fine Print
The Secondary Debt Market
The Debt Collection Process
Original Creditor
The Charge-Off
Collection Agency
Legal Problems
Dirty Creditor Tricks
Dealing with Debt Collectors
Dealing with Debt Collectors
Statute of Limitations
Cease and Desist Letter
Section 4
The Credit Report
The Credit Report
Credit Score
Credit Repair
Section 5
Dealing With Yourself
The Critical Factor
The Art of Prosperity
The End of Failure
Prosperity Coaching
Section 6
Kids and Money
Kids and Money
How to Pay for College
Section 7
Debt Information
Bookstore
Debt Facts
Radio Show
Resources
About Us
Privacy Policy
Site Map
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Host: Tom Allen
Guest: Steve Smith
Segment 4 - Building Wealth with Mvelopes
Tom: I’m Tom Allen and I hate debt! I invite you to make the decision today to join with me in living a debt-free and prosperous life. No, getting out of debt is not enough. You must set your sights on financial independence and wealth creation. In fact, the biggest financial secret in America is that wealth creation can be done on almost any income as long as you have and follow a good plan. Here to help is Steve Smith from Mvelopes, the computerized version of a common sense financial management plan. Steve, the difference between someone who manages their money and someone who doesn’t is usually well over a million dollars by retirement time. I know we’ve talked about how Mvelopes was founded using the old envelopes system and how Mvelopes can help us put together a debt elimination plan that will help us roll down our debt one debt at a time until they’re completely gone. But now let’s talk about the fun part – how Mvelopes can help us build wealth. How does that happen?
Steve: Well the key, obviously the key to long term wealth building is consistently spending less than you make over a long period of time.
Tom: Oh, shh. That’s a secret. Don’t tell anybody. They’re supposed to think it’s more complex than that. It’s pretty darn simple when it comes right down to it, isn’t it?
Steve: It is very simple when it comes down to it, from a principle perspective. But society has proven that it’s anything but simple, obviously, because most of us struggle with this. In the new “Money for Life Success Planner” I actually took time to kind of parallel two families, two couples. One was earning substantially more than the other. In fact, I think the number was about $250,000 in total annual income for one household. The other household was about $80,000 in total income. They were both about 30 to 35, I guess. And then I just continued the scenario over the next thirty years up to retirement at age 65. The $250,000 household continued to grow their income but consistently spent more than they made for some period of time and then finally started to cut back after a while. And the $80,000 income family stopped spending more than they were making, started saving about 10%, put together a rapid debt elimination plan and were completely out of debt within about seven or eight years. And then I took a look at what their situation was at retirement and it was absolutely astounding. The couple that was making $250,000 and saw continued increase in their income power, their earning power, but continued to spend more than they made and waited until significantly later to try to cut back and start dealing with some of the issues actually retired with a significant amount of debt. And they had more expensive cars and they had a larger house and all of those things. But when they retired the majority of their equity was in a house and they had substantially less net worth than the couple who made $80,000, rapidly eliminated their debt and started to make prudent investment decisions along the way. It was more than double, more than double the level of net worth. So what you talk is about is absolutely astounding in its actual impact if you’re able to execute on those principles.
Tom: We really are talking about a million-dollar difference for most people. If you’re thirty years old, even if you’re fifty years old, the difference between living within your means and saving and investing 10% and spending 10% more than you’re making, it’s incredible. It adds up little by little. But for most people when you look at the numbers, if you’ve ever read the book “The Millionaire Next Door” you’ll know that people become millionaires in this country not by necessarily starting the next computer software company but by living within their means, planning their spending – and they do this on a yearly basis – and then living their plan and investing their money.
Steve: Yeah, it’s one of my favorite books, actually, because I think the two authors did such a great job of understanding exactly the trends for spending in America and the trends for wealth building. And they’re absolutely right. The one thing we can control is how much we spend. Often we can’t control as well how much we make. Though what I have found, and I think what these authors talked about, is that if you start controlling how much you spend and you stop worrying about the day to day frustrations of financial management because you have a good plan, often you’re freed up in a way that you never thought possible. And you actually start to increase your earning potential as a result.
Tom: Isn’t that the truth. My.
Steve: So, you know, I just think people really don’t understand how captive they become to this over-spending issue, how emotionally binding that becomes, how crippling it is for them and the absolute extraordinary difference that it makes to them when they start moving into the retirement age.
Tom: Well Steve, let me ask you one important question then. In your opinion, when would be the best time to start using the Mvelopes system?
Steve: Now.
Tom: It would be today, wouldn’t it?
Steve: Today. No, it really, and you made this statement just a few minutes ago, whether you’re 30 or you’re 50 or you’re 65, it’s never too late because wherever you are in your financial life if you start using the right principles and start using the right tools then tomorrow can only be better.
Tom: Absolutely. But it starts with a decision and that decision can be made today. And you can take the first step by getting in touch with the Mvelopes system. Again, you can go to Mvelopes.com. You can go to Ihatedebt.com; you’ll find links and banners throughout the site. Or simply type in Ihatedebt.com/Mvelopes (that’s with an M – Mvelopes). And you’ll get all of the information right there online and be able to start implementing your plan today. Again Steve, in your experience, I want to kind of end the show here on a good success story, what difference does it make and what examples have you seen in peoples’ lives that have started using and kept using the system?
Steve: Well, one of the things, and that’s one of the great things about what I have an opportunity to do here, because it is a system that makes an extraordinary difference in peoples’ lives. We have the opportunity to interface with a number of these people and in the new success planner that we just put together, the “Money for Life Success Planner”, we actually parallel or speak about six success stories, couples who have used Mvelopes Personal and just the huge difference that it’s made. And, you know, that’s a lot of fun to talk to these people. What I have found, and I think it’s very consistent, is that for these people it just doesn’t take very long. And you’ve talked a little about in one of our previous segments how it almost becomes a game. It becomes exciting. It’s fun. People normally don’t associate those words with the concept of budgeting.
Tom: No, fun and budget aren’t mentioned often together.
Steve: Yes, they just don’t get mentioned together. Though in every single success story that I have personally seen or people that I have personally talked to those are the kinds of words that they use because it has made such an extraordinary difference in their life. And it just becomes, it becomes fun to see how much money they can set aside each month and how quickly they can eliminate debt. And, you know, that’s the real fun part of what I have an opportunity to participate with.
Tom: Of course the fun part is not just in the financial side. It’s the impact that it makes upon your life. Once you have seen the money start to add up and build up you really become financially free. And Steve, as you were saying, that really emotionally frees you in other parts of your life and adds value that you just can’t put, is worth well more than money could ever buy.
Steve: Absolutely. Absolutely. I agree with that. I’ve found that in my own life and I’ve found that in the lives of so many people who have just taken these very simple steps to make a decision and get started using the right tools.
Tom: Today is the day to get started with Mvelopes. Steve Smith from Mvelopes, thank you for being on the show today.
Steve: Tom, it’s always a pleasure.
Tom: I Hate Debt is made possible by its sponsors and by contributions of listeners like you. It’s not designed to substitute for qualified financial or legal advice but to motivate you to take control of your finances to get and stay out of debt. For more information visit Ihatedebt.com. I’m Tom Allen and I hate debt!
Steve Smith Building Wealth with Mvelopes
If you find this information helpful I ask you to contribute $1 (or more) to help me help more people. You can contribute using PayPal using this button
Or you can mail in your contribution.