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LinkedIn Learning

Build Sustainable Wealth and Get Out of Debt

via LinkedIn Learning

Overview

Wealth starts with getting rid of debt. Learn how to eliminate bad debt and maximize your cash flow.

It doesn't matter how you got into debt. What matters is how you're going to get out. It can feel like you're at the bottom of a deep well with no way out. You still have expenses to pay—so you feel like you're only tunneling deeper. But it's not an impossible situation. Eliminating debt starts by changing the spending habits that landed you here in the first place and developing new, positive money habits. In this course, you can learn time-tested tips and put a clear plan in place to accelerate the process of building wealth. Find out how to protect what you have, save what you earn, and pay off the bills you owe, using practical techniques, rules, and worksheets. See real-life examples featuring scenarios such as student and medical debt. Plus, discover how to build your financial savviness and shore up your future by investing funds wisely.This course was created by WealthFit. We are pleased to host this content in our library.

Syllabus

Introduction
  • A bird's eye view of getting out of debt
  • Important accompanying worksheets
1. Steps to Building Sustainable Wealth
  • The multistep overview of how to build sustainable wealth
  • Protect what you have and own
  • Saving to bring a return on your money and build liquidity
  • Setting up your savings to make money for you
  • Excel by eliminating debt and building equity
  • Investment can be a risk to your living wages
2. The 10-20-70 Rule
  • The purpose of the 10-20-70 rule
  • Putting 10% of your income to savings
  • Alloting 20% of your bracketed income to creditors
  • Choosing 70% of your living wages to go toward living expenses
  • Alternative ways to break up your income
3. Analyzing and Prioritizing Your Debts
  • The differences between good and bad debt
  • Excel by investing in life insurance
4. Paying Off Your Bad Debt
  • Downloading and using your debt worksheet
  • Using your 10-20-70 worksheet
  • More information on the 10-20-70 worksheet
  • Snowball vs. avalanche debt payoff strategies
  • Using the perpetual wealth code method to excel
  • Considering the use of the emotional component
  • Developing a month-to-month system
  • Making sure you are protected
  • Excel by building out your emergency fund
  • Tips for debt restructuring
5. Real-Life Examples
  • The blueprint for paying off debt
  • Money manager account information
  • Freeing up more of your cash flow
  • Managing more of your debts for ultimate payoff
  • Paying off student debt
  • How to use this blueprint to be most effective
6. Getting Out of Debt Demonstrates Discipline
  • Save more money and build equity
  • Should you use credit cards?
  • Excel by investing your money wisely
Conclusion
  • Taking your next steps

Taught by

WealthFit

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