Emancipate Yourself In
Celebration of Emancipation Day
Wow it’s August already and you have your first holiday! But do you understand the significant of August Monday?
Well it recognizes the Emancipation Proclamation of 1834, which gave slaves their freedom.
Celebrating Emancipation Day in the Bahamas
Freedom that we, people of colour today take for granted, not even recognizing that August Monday is Emancipation Day!
The emancipation of the slaves was not a gift given but a victory won through the blood, sweat, tears and struggle of our forefathers.
It was a struggle that saw many of them die for what they believe, as the words of the old Negro spiritual Oh Freedom – “before I be a slave I’ll be buried in my grave” was real to them. And if you have never heard Oh Freedom, just adjust the volume on the video and listen to it a contemporary version by Vivian Green.
before I be a slave I’ll be buried in my grave”
Oh Freedom by Vivian Green
Emancipate Yourself from Debt
This struggle continues as we have allowed ourselves to become enslaved to debt.
As we celebrate this Emancipation Day why not celebrate Emancipation day by choosing to emancipate yourself? Why don’t you decide to free yourself from the chains of debt?
Notice I did not say reduce your debts! That’s because just owing less does not remove the strains and worry associated with debt.
Think about it, every month you take your hard earned money and give it to everyone that sends you a bill without even thinking how that money is being allocated between interest and actually paying off the amount owed. This way of handling your money will continue to keep you enslaved.
How much are you paying in interest each month?
The first thing you need to do to get out of debt is to find out how much of your hard earn money is going toward interest because this money is not buying you anything new, it’s just enriching your creditors.
This month why don’t you get a sheet of paper and…
- write down in one column how much “Interest you paid”
- and in another column how much “Principle you paid” for each of your bills
- also include late fees and any credit card over limit fees in your Interest column
Now look at the numbers and ask yourself:
- How long did I have to work just to pay the interest?
- What could I have used this money on if I didn’t have to pay this interest?
- How much money would I have if I could save this amount each month?
The only way to get rid of interest payments is to emancipate yourself from debt. And if you are saying, “I need more money to pay off my debts,” I am sure you are right but the good news is that you can get this money from what you are already earning.
Take Control of Your Money
To get the money that you already have, you simply need to start managing your money. Bearing in mind “that every dollar you spend has the potential of jeopardizing rather that enhancing your financial future.”
The money you save by cutting expenses can be put toward eliminating your debts.
It may surprise you but you can pay off all your debts including your mortgage and save yourself a lot of money by using a very simply formula.
What is even more surprising is that you will be using the same amount of money that you are currently spending each month. The difference will be the focus and discipline with which you start to manage your spending.
“Taking Control of Your Money” workbook is good resource to get you started.
The good news is that it takes very little effort and you will be able to achieve your financial freedom within a very short period of time, usually within five to seven years.
That all the time it will take turn your financial situation around to where you’ll have more wealth than debt and truly begin to experience emancipation.
Simple Debt Busting Formula
This simple “Debt Busting” formula allows you to put the power of compound interest to work for you, increasing your wealth each and every day. I am sure you are asking yourself how it that possible?
Let’s say you have a credit card with a $2,000.00 balance and annual interest rate of 18% and you are making minimum monthly payment of $50.00. By simply applying an additional $50.00 a month to this debt will allow you to pays it off in 24 months; while at the same time saving you $1,985.00 in interest payments. That is an incredible 49.5% equivalent rate of return on your investment of just $50.00 a month.
Living Debt Free
Once you start doing this with all your debt imagine the savings you will have. I would be happy to help you better understand and implement this simply plan that will guarantee your emancipation.
Never forget, that what you do now will not only determine whether you live in the financial grand house or the outhouse now but whether you have a house at all.