Building a Debt Snowball

In this New Year of hope, my wife, Jamie, and I are planning on doing some serious paying off of debts. Using principals set aside from the Bible, Dave Ramsey and other financial resources, we are creating and rolling out a debt snowball.

We only have 6 entities with whom we have debts with. We plan on starting with the lowest debt and paying a specific amount in addition to every monthly payment until this debt is paid off. Then we will add the "extra" money, along with the payment amount from the lowest debt to the monthly payment of the next lowest debt. By doing this, Jamie and I hope to be totally debt free within 10 years. This is provided no other debts are added.

How cool is that?; to have your home, vehicles, & student loans paid off! We can then save more money for retirement, vacations and other emergencies in large chunks.

God Bless us on our new endeavour!

What would you do with $700 Billion?

According to President Bush our nation is at a "financial crisis!" Even today he is planning to meet with Barack Obama, John McCain and other key Congressional leaders to attempt to hammer out a plan to "Rescue our Failing Economy!" Good Luck Guys!

Meanwhile, some non government people have come up with their own solution to our financial crisis. Here is how some people would rather see Congress spend 700 Billion Dollars! Not bad ideas in my opinion.

Just to let you know this will be my last blog about the current "crisis!" That is unless the government does something even more stupid that what it is about to do! In the meantime, it's time to buckle-up and take care of my own finances to provide for my family. We, as a nation, have survived this before, during the Great Depression, and we will do it again. Let's just hope we are still a democracy when we do.