Personal Financial Planning, Peace, and Independence - Achieve Financial Freedom

At one point in time, everyone has sought a way to increase his or her monthly income to pay off mounting debts, either through effective personal financial planning or an outside credit consulting company. Sometimes, the stress of having limited funds becomes too much to handle, and a plan is then determined to be vital in order to achieve financial freedom from the credit companies. Most consumers would be better off creating their own personal financial planning schedule because this action allows them to take full responsibility and requires that they began to dig themselves out of a deep hole of debt.

In order to achieve the financial freedom you've always dreamed of, you must first begin by integrating a system of personal financial planning into your life and budget - and only then will you find economic peace and independence. Imagine no loans, no debts, no growing stacks of bills - it's all possible if you make a plan to get out of debt and not simply talk about it.

Planning

Dave Ramsey, a financial planning and self-help expert with his own radio show, makes it his business to help others find the peace they seek. He caters to a growing sector of Americans with mounting debt and offers them solutions to achieve financial freedom with comprehensive personal financial planning that addresses all facets of an individual's budget. One of Dave's tips is to pay off the smallest debt first - an action-based approach he terms the Debt Snowball Plan. By eliminating the smaller debts first, you begin to see results immediately. He recommends saving $1,000 in cash and then using this to pay for the small debts first. The rapid eradication of these debts will motivate you to begin tackling the larger ones.

Additionally, he recommends a sort of reward system to keep track of the success of your own personal financial planning schedule - keep your old payment slips and notices close by for reference and display those that have been paid off in full. If you stay with this proven plan, you will be debt-free (1), and you will achieve financial freedom. The ability to achieve financial freedom is not necessarily difficult; it just involves you sitting down and formulating an effective hands-on approach to personal financial planning in order to eliminate your debts. Some experts also recommend cutting up your credit cards to prevent you from spending excessively. After all, if you don't have the money for it, you probably shouldn't be purchasing it.

Peace

Acquiring a level of peace in the face of debt is possible. Many Americans consult articles, books, and websites on the subject everyday. It's important to remember that you're not alone in the battle against debt; you can get out of the hole and achieve financial freedom with time. Peace is achieved once your personal financial planning outline has been executed successfully, but you can't just sit back - you do have to work for it. Consider how credit companies make their money - by charging excessive interest and expecting you only to pay the minimum amount due each month. And, let's face it, if you can't pay the minimum amount, you shouldn't even have a credit card. With such obvious gouging of consumers' wallets, what can you do to get ahead?

    Never pay just the minimum balance, but do pay what you can.
    Don't buy items you don't really need; save your money for a rainy day.
    Switch to a card with a lower interest rate or more perks, rebates, or travel benefits.
    Live well below your income; after all, there's really no need to show off.
    Use your credit card wisely by making a list of detailed, necessary expenses on your personal financial planning schedule.

Don't let the credit card companies take advantage of you any longer - take control of your fiscal situation and achieve the financial freedom you desire. Taking the first step towards paying off your debts is also the first step towards peace.

Independence

Much like the Dave Ramsey spot on the radio, consumers also get monetary advice from the empowered spending and saving money expert, Suze Orman. Consumers watch her show each night to get useful tips to achieve financial freedom and independence in their own lives. Her recommended personal financial planning guide for financial independence, outlined in her Nine Steps book, is to make paying off your debts a top priority and following these guidelines (2):

    Cut up all of your credit cards - except for one which is to be used for emergencies only. However, do not keep this card in your wallet.
    If you want to avoid 30 years of debt, pay more than the minimum balance but do the math. Calculate your interest rates and money owed to find out the actual amount you want to pay each month. Make it on your own personal financial planning schedule.
    Pay off the credit card with the higher interest rate first.
    Research the terms of your credit card fully - fees, charges, grace periods, or whatever else you deem appropriate.
    If you still feel lost and unable to achieve financial freedom, get help! The Consumer Credit Counseling Service exists to help you organize and consolidate your debt. Begin your first steps toward independence by calling them at 1-800-388-2227.
    Once all of your debts are gone, use the money you would have paid to credit companies toward a brighter, more independent future. Most importantly of all - keep on the path to remain debt-free and continue to strive and achieve financial freedom.