Donell Edwards, Blogger
About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
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Know Your Money
Tuesday – April 28, 2015
Financial Literacy Month 2015
By Donell Edwards
One of the most important steps in financial literacy is understanding debt. How much debt one has, where it came from, and how to eliminate it. It should be your goal as you become more financially literate to be debt free.
I share with you today an article written by a blogger named Brian who shares his personal experience with getting out of debt. The article is entitled, “How to Kill Over $100,00 of Debt,” and appears on the Moneythink website. Brian and his family eliminated $109,ooo in debt in a little over four years.
A great point to take from the article is that getting out of debt takes time; you didn’t get into debt in a day or a short period of time, and you won’t get out of debt without making a commitment for the long haul.
Here is one of the most profound things that Brian learned, “…what I found was that most personal finance principals are commons sense. You need to have a plan for your money in the form of a budget; spend less than you make; create an emergency fund; and prioritize needs over wants.” These are the same things that we emphasize in this blog, helping people to act on these things is the challenge.
We strongly encourage that readers review this article.
Here is the link to the article: http://moneythink.org/blog/kill-100000-debt/
Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:
EVENTS AND RESOURCE LINKS:
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Disclaimer: I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.
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