Become Debt-Free on $5 Per Day Strategy

Becoming debt free on $5 per day is the best debt consolidation strategy anyone can buy. The good news, the strategy does not require a debt consolidation loan or refinancing a real estate property to eliminate one’s debt.

This debt free strategy is real – not hype. To get more details, visit my website GeorgeKaadi.com and download my book “The Family CFO Return.” My book gives you the mechanic on how to implement this debt consolidation strategy.

Let’s explore the advantages and disadvantages of this unique debt elimination strategy.

Advantage of becoming debt free on $5 per day strategy

There is no need for a debt consolidation loan. The strategy revolves around finding a minimum of $5 per day in savings, and strategically pay down the debt load while keeping an eye refraining from adding any new debt. The strategy delivers debt freedom in record time.

Disadvantage of becoming debt free on $5 per day strategy

Honestly, the are no disadvantages to this strategy. You are not taking on any new debt consolidation loan. On the contrary; you are eliminating debt without the need for a debt consolidation loan.

How can you help your client become debt free on $5 per day?

You can help your client implement the strategy by putting a financial plan that helps your client look closely at its budget, find the $5 or more in savings, fund its Save-Me-From-debt fund, implement the $5 debt elimination strategy and the create its 911 fund.

You can charge for the plan, or you can give it away as a strategy to retain the client for further business. The Money Coaching Software Platform makes the delivery of this UNIQUE strategy a winner for you and your client.

Refinance the client’s home as a Debt Consolidation.

Refinancing the client’s home to pay off debt is a debt consolidation loan secured by real estate.

The mortgage is the most complex product your client will ever deal with in its life. The mortgage needs to be managed properly. There is more to a mortgage than what is the best interest rate.

I want you to know that “Home equity is to be conserved not to be consumed.”

I am a not suggesting that you stop arranging mortgages to help people consolidate their debts. I am suggesting putting a mortgage plan to manage the overall client finances effectively.

If remortgaging your client’s property is a must to pay off its unsecured debt, I am sure you are aware that your client is converting its unsecured debt to secure debt. Also, you know that your client did not pay off their debts, they simply added their debt load along the closing costs to their new mortgage. This means your clients kicked down their debts 25 or 30 years down the road.

Should you refinance your client’ property to pay off its unsecured debt, I urge to create a debt elimination plan that adopts the following debt elimination system and tactics to pay off their mortgage sooner and avoid getting into debt again?

Help your client develop, follow and commit to a spending plan.
Help your client change their shopping behaviors and how they view money.
Consider accelerating their payment frequency, e.g., bi-weekly accelerated.
Consider shortening the amortization period. e.g., instead of amortizing their mortgage over 25-year, amortize their mortgage for 20-years or less
Help them make use of prepayment privileges (if it is within your resources):
Help them top up or fund your Save-Me-From-Debt and 911 funds.
You can deliver a comprehensive debt elimination plan using the Money Coach Software Platform, deliver the debt elimination electronically for your client to follow online and stay-in-touch with your client to ensure their success with their plan.

Let’s explore the advantages and disadvantages of Refinancing the client’s property as a debt consolidating strategy.

Advantage of refinancing the client’s property as a debt consolidation strategy

There is a significant advantage to this strategy if your client follows the above-mentioned strategy. Your client could realize significant interest payment and become debt free earlier.

Disadvantage of refinancing the client’s property as a debt consolidation strategy

If the client refinances its property and amortize its mortgage for 30 years or longer, the client gets the warm and fuzzy feeling that they have dealt with their debt load; the client snowballed its debts and kicked it down to be paid down the road. The answer this debt consolidation strategy is a poison pill. This debt consolidation strategy encourages the client to consume its home equity and add more debt.

You have a superior value proposition over the Banks and your competitions. Help your clients take control over their money – give them debt elimination plans to become debt free. The Money Coaching Software Platform is the ULTIMATE software to deliver that WOW value.

Did you know the Money Coach Software Platform enables you to implement the best debt consolidation strategy without the need of a debt consolidation loan?