It’s really true that reducing expenses will increase your net income (gross income - expenses) and allow you to make more principal repayments so that your debt balance and interest payment will decrease at a faster rate than before. In due time, you will be debt free. Cheers. Marcial

Thanks for your nice comment regarding my post. Me and my wife were both working fixed job before and took selling life and non-life insurance as a part-time hobby and source of income. It came handy because we have to balance our monthly budget. Part of our training is a realization: “You are working now for money while you are healthy because you are preparing for your eventual comfortable retirement. And when you retire, the money and investments you have saved and put in place will work for you, especially when you are old and sickly”. We also took personal financial planning courses to know more about how to save, invest and to manage debt. We are gradually reducing our debt by replacing our credit card debts (3.5% per month interest, 5% on outstanding balance repayment) with fixed and cheaper bank debt (1% per month, declining balance method) in order to liquidate it in a fixed period of time. As you are aware, credit card debt at 5% minimum balance repayment will take around 20 years to liquidate based on my spreadsheet simulation, unlike a bank loan at 12% per annum for 5 years or 60 months. I have a template for a personal financial plan which we prepared for our family, and modesty aside, my wife got a grade of 98% for the well-written thesis as part of her requirements for being a chartered Personal Financial Planner. Cheers. Marcial

Great! i’ve seen already your own website. I hope could join the loop soon.

Cheers

Kind regards,

Ronaldo Mayo
Sakhalin II LNG Plant
Sakhlain Russia

Great! i’ve seen already your own website. I hope could join the loop soon.

Cheers

Kind regards,

Ronaldo Mayo
Sakhalin II LNG Plant
Sakhlain Russia