Slide 1
Financial Management
Tiffany Cogdell, CEO That Makes Cent$, LLC
thatmakescents.me
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Slide 2
Take-a-ways from last class
Share a SMART Goal
Questions
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Slide 3
DEBT ELIMINATION
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Slide 4
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Slide 5
Americans’ Credit Card Debt
Slide 6
Americans’ Credit Card Debt
Slide 7
Debt Statistics
(Motley Fool Money)
20% of North Carolinians have medical debt collections ($742)
Revolving credit card balance $6380
The average interest loan rate in 2024 was 12.32%
Average monthly payment for new car $737
Credit card debt $1.211 trillion
Consumer debt $18.036 trillion
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Slide 8
DEBT ELIMINATION
Pay off Revolving Debt ASAP!
Interest is the penalty you pay for the right to own something in advanced that you couldn’t afford. ~Ivey Stokes
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Slide 9
1. Balance = $5,000
2. You Pay = $100/month
3. Your Interest Rate = 21%
4. Monthly Rate: 21% / 12 = 1.75% compound interest
$87.50
5. Interest Payment = .0175 x Balance: $5,000 =
$87.50 = $12.50
6. Principal Payment = You pay: $100 – Interest Payment:
$12.50 = 400 months!!!
7. Your Reality = Balance: $5,000 / Principal Payment:
33.33 years
8. 400 months / 12 =
$35,000
9. Your Bank Earns: $87.50 x 400 months =
Slide 10
AVALANCHE DEBT
Eliminate Debt
Make a list of all your debt
Write the balance next to each debt
Re-order debt from largest to smallest APR
Pay the minimum on all debts except the debt with the largest APR
Put every extra dollar to paying off the debt
After paying off the largest APR, apply all the money from Debt 1 to Debt 2 (rinse & repeat)
08
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Speaker notes:
We are now going to tackle the area most credit repair companies ignore.
Credit Utilization counts 30% towards your credit score. This means credit utilization is almost as important as payment history.
Credit utilization is the ratio of your outstanding credit card balances to your credit card limits. It measures the amount of credit limit you are using. For example, if your balance is $300 and your credit limit is $1,000, then your credit utilization for that credit card is 30 percent.
The Smart Credit System utilizes a concept called Income Shifting to address credit utilization.
The only way to fix credit utilization is to pay down your debts or increase your credit limits. If you have bad credit, increasing credit limits will not be an option.
Most people are living paycheck to paycheck and have no breathing room to rapidly attack their debt. In fact, they are behind on debts and cannot find a way to catch up.
The Smart Credit System starts off with the first strategy of correcting tax withholdings. According to the IRS, 80% of taxpayers have their tax withholding form filled out incorrectly. With the average refund being $3100, this strategy could add an extra $255 dollars per month back into a person’s household.
That money can then be used to catch up on debts and start rapidly eliminating those debts, thereby lowering your credit utilization.
The next strategy inside of the income shifting concept is creating business income. The reason most people have bad credit is because they have limited income which means they are short each month being able to pay all their bills on time.
The Smart Credit System offers an affiliate opportunity for a person to not only fix their own credit but to also help others do the same. As an affiliate, when you help someone else with their credit using the Smart Credit System, you get paid.
This additional income can be used to pay down your debts thereby speeding up your debt elimination process and improving your credit score.
The third strategy within the income shifting concept is lowering your taxes. As a new Smart Credit affiliate, you are now a business owner and you qualify for business tax deductions.
You are given access to training that will instruct you on how to write off numerous business expenses such as care and truck expenses, cell phone and internet, and travel to include rental car, airfare and hotel.
With our system, we will show you how to legally convert these expenses into deductions. Lowering your taxes adds more money to your bottom line.
Finally, the Smart Credit System gives you access to a debt elimination tool. This software will instruct you on the order of debts to pay off and will give you the date when you will be totally debt free.
myEcon is the company that offers the Smart Credit System and myEcon provides you with all the tools and resources to earn great affiliate income for selling a high demand products like the Smart Credit System.
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Slide 11
SNOWBALL DEBT
Eliminate Debt
Make a list of all your debt
Write the balance next to each debt
Re-order debt from smallest to largest
Pay the minimum on all debts except the smallest
Put every extra dollar to paying off the smallest
After paying off the smallest, apply all the money from Debt 1 to Debt 2 (rinse & repeat)
08
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Speaker notes:
We are now going to tackle the area most credit repair companies ignore.
Credit Utilization counts 30% towards your credit score. This means credit utilization is almost as important as payment history.
Credit utilization is the ratio of your outstanding credit card balances to your credit card limits. It measures the amount of credit limit you are using. For example, if your balance is $300 and your credit limit is $1,000, then your credit utilization for that credit card is 30 percent.
The Smart Credit System utilizes a concept called Income Shifting to address credit utilization.
The only way to fix credit utilization is to pay down your debts or increase your credit limits. If you have bad credit, increasing credit limits will not be an option.
Most people are living paycheck to paycheck and have no breathing room to rapidly attack their debt. In fact, they are behind on debts and cannot find a way to catch up.
The Smart Credit System starts off with the first strategy of correcting tax withholdings. According to the IRS, 80% of taxpayers have their tax withholding form filled out incorrectly. With the average refund being $3100, this strategy could add an extra $255 dollars per month back into a person’s household.
That money can then be used to catch up on debts and start rapidly eliminating those debts, thereby lowering your credit utilization.
The next strategy inside of the income shifting concept is creating business income. The reason most people have bad credit is because they have limited income which means they are short each month being able to pay all their bills on time.
The Smart Credit System offers an affiliate opportunity for a person to not only fix their own credit but to also help others do the same. As an affiliate, when you help someone else with their credit using the Smart Credit System, you get paid.
This additional income can be used to pay down your debts thereby speeding up your debt elimination process and improving your credit score.
The third strategy within the income shifting concept is lowering your taxes. As a new Smart Credit affiliate, you are now a business owner and you qualify for business tax deductions.
You are given access to training that will instruct you on how to write off numerous business expenses such as care and truck expenses, cell phone and internet, and travel to include rental car, airfare and hotel.
With our system, we will show you how to legally convert these expenses into deductions. Lowering your taxes adds more money to your bottom line.
Finally, the Smart Credit System gives you access to a debt elimination tool. This software will instruct you on the order of debts to pay off and will give you the date when you will be totally debt free.
myEcon is the company that offers the Smart Credit System and myEcon provides you with all the tools and resources to earn great affiliate income for selling a high demand products like the Smart Credit System.
[Review slide images, charts, tables, and reading order.]
Slide 12
Debt Elimination
Powerpay.org
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Slide 13
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Slide 14
https://www.nerdwallet.com/article/finance/what-is-a-debt-avalanche
EXAMPLE
Slide 15
Resources
Lendingtree.com/credit-cards/credit-card-debt-statistics/
https://www.fool.com/money/research/average-household-debt/