" THE PRIORITY "

This is the final article of my Debt Destruction Documentary. Article 1 focused on the principle of Ownership and how it has matured in my life, while Article 2 highlighted the critical thought process and internal conversations on debt. This article will show how I did it by the numbers, (destroying two consumer credit debts), and is designed to show my process.

(The numbers chart is a copy of the document used and is referenced throughout the steps).
===============================================


1 Map the Destination
Create a chart that suits your needs that you personally track and tend to regularly. (See Example Graphic). Track your spending, write your details, and let your chart grow with your content. It was important for me to create the chart myself and personally own the process, although there are several templates that you can use online which are very helpful.


2 NEVER PAY THE MINIMUM
No matter the statement, no matter the lender, the easiest number you will always find is the minimum balance due. Minimum Balance Due (MBD) is simply designed to get you to focus on a frivolous value. You must create your own minimum balance that far exceeds what is recommended. Place this value in your chart, and then only go by this value as for your next payment due. When I first began to pay above the MBD I was excited at how much more I paid above the minimum, which was a great thing; but my enthusiasm was quickly humbled, then somber at the thought that if I would have only paid the minimum as suggested, how much longer I would have remained in debt.


3 Track Interest Earned
One of the biggest motivating points for me during this process was seeing the interest earned from to month. (If you really want to focus on a number, look pass the MBD and find the interest earned for the month). Track how much money your lender is earning each month from your interest. As you can view in the chart under "Interest Added," “Debt2” was earning over $300 interest in both January and February. (That is over $600 paid in interest alone in just two months). That bothered me so much that it lead me to whole heartedly embrace step #4


4 FEED YOUR DEBT
There was a point when I realized that the only thing that would destroy this debt was to feed it cash, lots of cash. Yes I called my lenders and demanded reduced rates, and looked for opportunities to consolidate at a better interest rates, but those were just warm up activities to the main event of the feast of cash that I fed this beast every month. At one of the highest feedings, approximately half way through, I shoved a one time payment of $2,459.46 down its throat in a disciplined effort to win this battle. Now this number might mean something to a consumer-minded person that has dreamy thoughts of spending two thousand dollars on clothes or whatever, but to the beast of debt, a payment of $2,459.46 is nothing more than a Scooby snack considering there was still over $10,000 to go. See Debt doesn't care how little or how much you pay in - you either keep it alive and well, or you kill it. Half way is not good enough, minimum payments are failures, and debt lives or dies based on your actions.


5 Set An End Date
Now that you have built up your routine in destroying debt, give it an end date. Take its life! I know that sounds firm but debt is a curse. It gives birth to stress, anxiety, fear – people end relationships because of it, there is just no end to the damage it causes. If you have the chance, the true determined and willing opportunity to get debt free, set an end date and destroy it forever in your life. In January my goal was to be debt free by December, but as you read in Step 3, I was so bothered by the interest earned that I jumped to directly to a Step 4 mentality and fed this thing so much cash that it advanced my end date by 2 months.


6 Live with the Debt
This step has been the most motivating of all the steps. During the time I was starting, I found these 2” black vinyl peel and stick letters that I had in my studio. I peeled off the letters to the word "Priority" and posted it on my bedroom wall. Directly underneath the word I put the amount at the time " - $19,937.16" The text stayed on my wall and was a strong visual reminder of the commitment, promise to myself, and my progress. After each payment I would peel back a number or three from the wall, and change the amount due for the next month. Every time I changed the numbers out it gave me a tangible and physical reality of the impact I was placing on the debt. I was not only changing the numbers on my wall, but I was also changing the numbers in their records, changing the numbers that would print on the statement next month, and changing my financial future with my clear decisive actions. Ownership. My suggestion, post your total debt on your wall largely visible and live with it.


7 Move Past Mistakes
Yes I made mistakes along the process which is understandable because this is a journey with continual opportunities to misstep. For example, In June I spent over $400, which added to the debt, and there was even a time where I did the worse-of-the-worse and took a cash advance - ironically something that I had never done before. Clearly the mistakes that I made were purposed for me to experience, so that I would include this as a step here, "to move past them." I became so Debt Destruction focused that a simple $100 spent on something else that could have been applied to debt was a huge error for me. I held myself accountable for every dollar spent, but also made mistakes. Just keep in mind that a mistake in the process is nothing to compare when you have a full picture of your freedom in front of you.


8 Become Money Wise – Changing Mentality
Read financial books, articles, search and research for best practices. Do more beyond the technical aspects of paying down debt, but also renew your mind towards a mentality that is no longer in debt. I remember I told myself that being in debt was a disgrace and one of the most dishonorable things I ever did in my life. Wow. Yes these are very strong words, and I personally chose strong words and heavy accountability throughout this process as mental weights to make me stronger. But now that I am out of debt, I don’t use these strong verbal weights as much, I just say debt is bad, saving is good. But renew your mind in a way that works for you that will carry you through the process.


9 Transition Into Savings - Changing Mentality
It was around July when I knew that I would be debt free by the fall. The numbers showed it, I believed it, and it was practically a done deal. But I remember thinking to myself, wait, what’s next? And what was next was a transition into a savings mentality. I had money saved and knew I was capable of saving, but there was no driving force behind it. So I decided not only would I destroy debt and destroy the debt mentality, but I would also grow in savings as a continual weapon against debt.


10 Never Look Back
Getting out of debt is a right and not a privilege. It is something you should accomplish whole-heartedly and celebrate a life lived without financial bondage. Whether it takes you one year or 20, the years never matter, its your commitment that solves the problem.

To God be the Glory!