This course will teach anyone how to get out of even staggering amounts of debt. This course is taught by Financial Literacy expert, Aja McClanahan, founder of Principles of Increase- a media company that produces content to help people become financially independent. Aja and her husband were able to get out of over $120,000 in debt by increasing their income, reducing their expenses and adhering to a budget. Now, they want to show you how to do the same. This course is for anyone who wants to get out of debt, but is not sure how to start. We will even discuss options around bankruptcy and debt consolidation plus information on what to do if you have student loans. This is a comprehensive course that can be watched or listened to for actionable steps on getting out of debt. You will walk away with a custom "Get Out of Debt" plan that you can start implementing right away!
•This course is for informational and entertainment purposes only
•Please seek a qualified financial professional for guidance pertaining to your financial issues
In this introductory video you will learn why I am qualified to provide advice about getting out of debt along with how to get the best out of this course.
We will go over some shocking statistics when it comes to the state of debt in the average American household.
In this video, we will discuss why you should consider not only getting out of debt, but working extremely hard to make it happen. For homework, you will write down your own reasons for wanting to get out of debt. Check the resources section under "downloadable materials" where you will find a place to record this information.
For this lesson, we are starting with the #1 thing to do before starting this process. This is a short video, but absolutely VITAL to your success in getting out of debt.
This video will address an important first step to getting out of debt: knowing your numbers. You will need to pull a credit report and then find out the amount of your monthly expenses along with your monthly income.
In this video you will learn what it takes to start and stick to a "budget first" mindset. You will learn why you don't need to be afraid of a budget and what to do if you continually fail at creating an accurate one. You will be encouraged to stick to the process and refine the best budget that will lead to your debt elimination.
In this video we will discuss options for creating a budget plan. The options will range from free to low-cost and different levels of automation from spreadsheet to full fledge application.
This video explains your homework assignment. You will create a "1st attempt" budget. This will be a draft you will work with until you can perfect it to start your debt repayment process.
In this video, we will go over creative ways to save money and reduce common expenses. Don't stop here, however! Continue researching the internet to see if there are more ways you can save money!
In this video, we will discuss how to find "hidden money" and use it to start your debt repayment.
This video explains your homework assignment. You will need to update your first draft budget to reflect the ways you have discovered to either make more money and/or reduce expenses.
We will discuss what you will do with the additional money you have covered in your budget. First, you will need to create an emergency fund, then you will need to start your debt snowball.
Your homework is to find a bank and deposit your $1,000 for your emergency fund. If you don't have $1,000 yet, check out the article in the "External Resources" section where you can get ideas for quickly building an emergency fund.
We will see how to create a debt snowball from excess money uncovered in the budget. This is a live demonstration of a budget manipulation which will show you how to pay creditors off using this method.
This video explains your homework. You will need to incorporate your creditors into the budget and begin your debt snowball repayment plan.
In this conclusion, you get tips on remaining motivated and staying the course.
Video explaining options for negotiating debt
This is a useful article for those who may not know their options when it comes to Student Loans. Also, check the resource section for a podcast interviewing an expert on student loans.
This video will go over your options for filing bankruptcy
This video will talk about whether or not you should attempt to pay off your mortgage in the debt snow ball method.
Aja "A.J." McClanahan is a certified salesforce developer by day and by night inspires people around her financial mantra: get out of debt, increase income and build wealth. She is a personal finance blogger for Principles of Increase along with numerous web publications and produces premium training content for the technical training company, Cramforce. She is passionate about tech, finance and winning.