Live Freely with No Debt

Just revamped a Debt Help website

2005-11-29T14:29:00.000+08:00

I started making some websites on debt help several months ago. However, due to my lack on knowledge in this topic, I was unable to write good content for the websites. I did hire some freelance writers from the USA to help me with about 40 articles on topics ranging from debt help, credit card debt help, debt consolidation, payday loan and etc. To my disappointment, these web pages did not get any recognition by the search engines at all. Probably the quality of the content was not good enough to compete in the very competitive niche. So I decided to do it differently. Wanna see what I have done? Go visit Debt Help Guide...

Finance Credit Debt

2005-03-09T14:07:00.000+08:00

Just created a website on the topic of finance credit debt. At first, I have difficulty trying to understand this term. Then I realise it is about getting financial resources to settle debt - getting additional credit line to finance the exisiting debt. Usually that will mean getting a low interest loan to pay the higher interest debt. It could be a home equity loan, consolidation loan or a lower interest rate credit card.

To me, it is not exactly solving the problem. At best, the problem becomes smaller - less amount of interest to be paid. The way to solve the problem is to find more money to pay off the loan. It is much more difficult than it sounds. So people turn to finance credit debt - apparently an easier "solution".

New website on Debt Help

2005-02-13T00:29:00.000+08:00

I have started building a couple of debt help websites. Beside providing information on the availability of debt help, I will be building a revenue model to generate an income streams with these websites.

If you remembered my earlier post in January, you'll know that I had plan to build websites to create multiple streams of income. So after more than 5 weeks of preparation, I finally have Debt Help Tips ready for launch to the cyberspace. I have 10 articles written on topics related to debt help, debt management, credit repair and low interest rate loans.

Best time to settle your debt

2005-02-07T13:56:00.000+08:00

The Chinese believe that one must settle all debts before the new year - the Chinese New Year. The 9 Feb 2005 marks the first day of the year of the Golden Rooster.

Chinese all over the world begin celebration on this day and it is the most important day on the Chinese calendar. In the olden days, people in China stop working a few days before the new year and do not start working until after the 15th day of the new year.

So much for the Chinese New Year custom, here's something related to this blog - debt and debt free. Chinese believe in clearing their debts yearly. There is a Chinese saying:

有借有还,再借不难

You have to clear all your debt before this year ends - that is, by tomorrow. By doing so, you will have a better and prosperous New Year. And if you are in need of help in the following year, be it financial or otherwise, you will be able to get help quickly to solve your problems. These is so much wisdom in this practice, so let's do it - let's make a commitment to settle all our debts every year.

1st step to being debt free

2005-01-26T13:15:00.000+08:00

To be debt free one has to rid of bad debt. What is bad debt? Credit card debt is bad debt. We use credit card for our expense and there is money spent - money gone forever.

I am not suggesting that you cut up your credit card. Reduce your use of the credit card, use cash. If you are prone to spend money online then use a debit card. This will help to only spend what you already have in your bank account. These are effective steps that I've taken to help me reduced my debt.

Yes, number one is to rid off high interest rate credit card debt. Remember, the faster you settle your credit card payment, the lesser you pay interest. You do not want to be "enslaved by the bank". Do you?

2005 Resolutions - modest monthly income

2005-01-02T13:09:00.000+08:00

As far as financial resolution is concerned, 2005 is the create-a-stream-of-income-a-month year. Yes, I will build 12 streams of income in 2005. And I've got the blueprint to follow.

Here's is the plan. Every month I will build at least one website to generate a modest income of $300 a month.

Research keywords
Build content
Drive traffic
Earn referral fees from affiliate programs

My budget for building each website is US$250. Monthly running cost for hosting and PPC advertising, $120. The target cost to earning ratio is 1:2.5 and improve to 1:3.5 within 6 months.

The total costs of building and maintaining these 12 websites are are $3,000 for building cost and $1,440 monthly cost ($17,280 yearly). I may have to take up a small loan of $5,000 for a period of 12 monthly to get the project start. The US$5,000 is working capital before the websites start making a monthly income. The projected nett monthly income is US$2,160.

Turn Bad Debt into Good Debt

2004-12-18T21:43:00.000+08:00

I just got the approval email from Richdad. Now I can put up Richdad products ads and recommend them. In this way, others can use the same system that I've used to achieve the freedom that I have now.

Look at the attractive banner at the top right hand side of this page, that is the one I chose which relates most to the theme of this blog - getting rid of bad debt. The ad even goes further to say that you can turn "Bad Debt" into "Good Debt" and guide to becoming rich!

I highly recommend Richdad books and audio - I have several of his books and some audio CDs.

Begin with an End in Mind

2004-12-14T11:18:00.000+08:00

Let's start with being debt-free. Unlike most people, I do not need debt help or refinancing or switch credit cards or worrying about my home mortgage. To me, this is freedom, I do not have to "work" for the banks or the finance companies. I do not have to tell myself I cannot do this because I have to repay this loan or that mortgage every month. Am I living in prehistoric age!

However, I heard that it is better to have good debt - debt that pays you! I read about this concept in Robert Kiyosaki books.

Financial Achievement - Being Debt Free

2004-12-12T10:05:00.000+08:00

Woke up this morning and realised this simple truth. I asked my wife, "what is our greatest financial achievement?".

Yes, being debt-free!

We have not needed debt help, refinancing and have no mortgage and credit card debt. We live in a fully paid for apartment that is worth S$250,000 (US$150,000). And we do not have a car, having a car in Singapore means massive auto loan. This is the second biggest debt most people have after their home mortgage loan. So we are free from the two biggest debts that most people have.

How did we became debt-free?

It took time and discipline.

The biggest debt in my life started when I bought my first home in my late twenties to stay with my aging parents and siblings. It was my dream apartment in one of the popular residential location at that time - less than 15 minutes walk to the beach and nature reserve park.

BUT, I was strapped with a 20-year mortgage loan. And I realised that I was like so many people who finance their lifestyle with the help of bad debt. To cut the story short, I realised after three years of good living in a big apartment that I was merely paying for the interest of the loan and the principal had not been reduced that much. And I also realised that as long as I have to repay this loan, I have to be enslaved to a salaried job. Not that I did not like my job, I wanted freedom to do I want.

I decided when I was 28 to be debt-free by 33. It actually took longer that I wanted. I was 35 when I cleared all my loans - I had more than just home mortgage loan and I used to spend more than I made with the help of credit card debt!