Do you Even Swipe Right?

Published over 2 years ago • 3 min read

This is the Master Money newsletter. We give you that same feeling with your money that you get when you pull out the holiday decorations on November 1st.

P.S. That's way too early.

Here is what we have hot off the grill

-Credit card debt is out of control.

-A beautiful graph of S&P 500 returns.

-Big Announcement!

Beauty is in the eye of the credit card holder.

Credit card debt has hit an all time high. In fact balances n the US increased 15% over the last year, the biggest jump since the 2001 recession.

That my friends, can not be good.

To make matters worse, the interest rate on credit card is the highest it has been in a few decades. 16.27% to be exact. With data going back 1994 that's the highest rate we've ever seen.

This is a deadly combination.

You know that ya boi can not stand credit card debt. It is a life sucking wealth killer. In fact, it is using the amazing power of compound interest against you instead of for you.

If you are in it, I feel for you. It has to feel like an elephant is sitting on your chest at all times. You know you need to get rid of it, but sometimes it can spiral out of your control. I want to help fix this problem for you.

1/ The Holidays are coming. That means spending will go way up. It may feel like in the moment you must spend on others but all it will do is make matters worse. You will be digging a deeper hole. I know this is easier said than done. Most people will buy the presents anyways, no matter what Mr. Finance Pants says. So the next point may help mitigate the burden.

2/ Sell stuff you don't use anymore. Put it towards the debt. If it has value, sell it. When we moved 2 years ago, I made $2,000 selling stuff I don't use anymore on offer up and marketplace. That can go a long way. It can also help with the holiday spending you do need to do. Use the moving test. Ask yourself, I were moving to a new house tomorrow, what would I be willing to throw out or sell so I don't have to pack it?

3/ Put together a payment plan. If you ignore the credit card debt monster, it will grow. You have to attack it head on with a plan. If you have multiple debts, and paying off the ones with the lowest balances will make you feel like good, do that. Or, if you want the optimal way to pay down debt fast, make a list of your debts from highest interest rate to lowest interest rate. Then attack the highest interest rate debt with all your extra income, and pay the minimums on the rest. This will get you to debt freedom faster.

4/ Don't get discouraged. You made a money mistake. Guess what? I make them all the time. Everyone does. Anyone who says they are perfect with their money is telling one big lie. You should see the number of Amazon boxes at my door. It's embarrassing. Learning to forgive yourself and do what you can to pay off that debt is how you create a healthy relationship with money.

I hope this helps and if you are struggling with debe please reach out to me. To help those with debt we are releasing a FREE debt course in December.

As a newsletter subscriber, you will hear about it first.

INDEX FUND PRO HAS A LAUNCH DATE

I am very excited to announce here first that Index Fund Pro has a launch date of 1/2/23.

The course has been complete for a few months but we have been delayed on the creation of the new website MasterMoney.co.

The course will be a complete guide to investing in index funds and ETF's in addition to buying your first stock.

More to come as we get closer, but your are the first to know. In addition, as a newsletter subscriber, you will get a discount code for Index Fund Pro.

High-Performance Book Club 📚

I get a ton of questions from listeners and readers as to what I am reading. So we decided to let you know via the newsletter. The High-Performance Book Club will be a way to share this. If you want to be Elite in your career, business, or with your wealth, then welcome to the club.