Five to Thrive, 5 Steps to Financial Freedom


 By Lisa Christiansen

1. Break Free From Debt

If you carry credit card balances, debt is your biggest financial oppressor. “You’re in bondage of things you bought or did in the past that you’re still paying for today,” says Lynnette Khalfani, author of ‘Zero Debt: The Ultimate Guide to Financial Freedom’ (Advantage World Press). “And it’s costing you for tomorrow, because you don’t have the opportunity to save or invest for your other financial goals.”
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The best strategy for paying off your debt is simple: Focus on paying off the card with the highest interest rate first, and never settle for making only the minimum payments. (You say you can’t possibly squeeze any more dollars out of your budget? visit www.smartmoney.com/spending/deals/save-300-a-month-19398/ for tips on how to save $300 a month.)

Consider this: A $5,000 balance on an 18% credit card would take nearly four years to pay off if you made a $150 monthly payment — and would cost you $2,013 in interest. With $450 monthly payments, you’d wipe away your debt within 13 months and pay only $519 in interest. (To see how much interest your plastic will cost you, visit www.smartmoney.com/personal-finance/debt…-will-you-pay-9660/.)

For more on beating credit card debt, and for more debt advice, We will be gearing up the toughest economic experts to help you in these times of tremendous opportunity.

2. Build a Nest Egg, Always have Cash

A cash cushion — enough to cover three- to six-months’ worth of living expenses — is your protection against falling into debt. “Without it, any time an emergency comes up you’re forced to resort to plastic,” Khalfani says.

The good news: Thanks to rising interest rates your cash can earn decent returns in the bank. Visit www.smartmoney.com/spending/deals/5ive-t…ng-interest-rates-0/ here for the best deals.

3. Fortify your assets

According to the Consumer Bankruptcy Project, the major reasons for bankruptcy filings are job loss and medical problems.

The best way to protect yourself: Make sure you have adequate insurance. “Most people are woefully underinsured,” Khalfani says. “The problem is, if you suffer any kind of setback, illness or disability and don’t have enough insurance to cover that, you’re thrown into financial crisis.”

If you aren’t offered health insurance through your job, consider private health insurance. Visit www.smartmoney.com/spending/deals/buying…lth-insurance-14819/ for advice on finding the most affordable policy with the best coverage.

Disability insurance is another tricky area. Most employers offer it, but for many people, the policies don’t provide adequate coverage.

Contact me if you need a worksheet to help you figure out where you are at and how to get where you are going.

4. Creat a budget

Your mortgage payments, insurance and food — the so-called “must-haves” — should comprise no more than 50% of your monthly spending. Then, allocate a solid 20% to savings for retirement, college costs and other long-term savings goals. Finally, leave a pleasing 30% for the fun stuff, be it golfing or clubbing, buying shoes or fine dining.

Need help creating a budget? email me lisa@drlisacoaching.com

5. Master your emotions, Create Peace of Mind!

It’s a subject no one likes to discuss, but the fact is that having a will is more important than you may think. “People have big misconceptions about why and who should create a will,” Khalfani says. “A big one is that wills are only for people with big estates, elderly people, people who are married or have kids. All of those are myths.”

Even if you’re a recent college grad renting a studio apartment with two roommates a will is always a good idea. Once you start building a portfolio and acquiring assets, When the time has come to draw up a will, you have already done so. Hiring a lawyer may cost anywhere between $500 and $1,000, depending on where you live and the complexity of the paperwork. But at online law clinics like Buildawill.com and Legalzoom.com a basic will costs as little as $19.95 and $69, respectively.

Also, consider a VUL (Variable Universal Life), it is never to soon or to late to start also a ROTH IRA is a great place to start, it is especially a good idea for people nearing retirement. The VUL is a better vehicle when you are planning on buying life insurance.

Feel free to contact me at lisa@drlisacoaching.com or visit http://www.drlisacoaching.com/index.php?option=com_kunena&Itemid=136&func=view&catid=5&id=11

About lisachristiansencompanies

A U T H O R • I N N O V A T O R • E X P E R T Dr. Lisa Christiansen is one of the most sought-after motivational speakers, life coaches, and business consultants worldwide, building an impeccable record of client satisfaction in the process. A best selling author as well, Dr. Lisa Christiansen has written such inspirational titles as My Name Is Lisa; The Two Millimeter Shift; White Sheep, Blue Skies, Green Grass; 101 Great Ways To Enhance Your Career; and others, in which she sheds light on some of the biggest questions of self-empowerment and fulfillment. Among her most recent publications, Dr. Lisa Christiansen contributed to the book 100 Ways to Enhance Your Career, which features wisdom from other well-known figures in the self-help world, including Jack Canfield, John Gray, and Richard Carlson. In 100 Ways to Enhance Your Career, Dr. Lisa Christiansen shares a step-by-step process for increasing job satisfaction, gaining more from one’s career, building wealth, and taking control of one’s destiny. Aside from her numerous books, Dr. Lisa Christiansen hosts a wide variety of seminars and retreats, where she teaches her students the secret to unlocking their inner potential and living their dreams. Some of the popular events held by Dr. Lisa Christiansen include Mastering Your Wealth, Claim Your Future, and Design Your Destiny, all of which feature her intensive coaching and unique strategies of personal transformation. Her website has a wealth of additional information on her conferences, retreats, books, and other endeavors. Join the millions of people who have already revolutionized the quality of their lives. “You already know how to survive global changes in the economy, environment and political arena, now it's time to thrive and prosper at a level beyond what you ever thought was possible,” Christiansen said. “My seminar is about seizing the power within today. Press Summary: Creator of extraordinary lives, Lisa Christiansen has served as an advisor to leaders around the world for the last two decades. A recognized authority on the psychology of leadership, organizational turnaround and peak performance, Lisa has consulted Olympic athletes, world renowned musicians, Fortune 500 CEOs, psychologists, and world-class entertainers. Lisa’s strategies for achieving lasting results and fulfillment are regarded as the platinum standard in the coaching industry. Lisa captured the attention of heads of state and the U.S. Army. Christiansen has impacted the lives of millions of people from 30 countries. Lisa has been honored by Cambridge Society of Who’s Who as one of the Top Business Intellectuals in the World. Lisa has helped millions of people create extraordinary lives globally. Her expertise and guidance has enriched the lives of icons such as pop superstar Kelly Clarkson, Olympian Dara Torres, and superstar Patrick Dempsey.

Posted on September 24, 2011, in Wealth Creation and tagged , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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