Chris Hendrickson, Author of 5 Minute Debt Solution

http://www.GetOutOfDebtFaster.com to ask Chris Hendrickson your biggest and most pressing questions about debt, savings, wealth creation, financial freedom, goal setting or even financial setbacks, whatever you can think of that comes to mind around money.

Chris is the author of the forthcoming book, The Five Minute Debt Solution and co-creator of Anthony Robbins Financial Freedom Coaching program.

My mission is to help people create financial independence through long-term planning, deliberate focus and positive financial habits.

I'm going to answer as many questions as I can in this new video. And as soon as I'm finished, I'll send you the video absolutely free!

I really appreciate your help with this and my team will follow up with you as soon as the video is done!

Category:

Education

Tags:

• debt
• financial
• independence
• savings
• wealth
• creation
• freedom
• goal
• setting
• credit
• cards

[Hollywood7536]

@inderdaadherbst (cont) I would put 60% towards paying down your debt (the one(s) with highest interest rate) and then I would take 10% and go do something fun. Don't spend more than 10-20% of it because that is what is getting you in trouble in the first place!!

[Hollywood7536]

@inderdaadherbst Question 2, I would not "spend" all your money on paying down debt, situations can vary and I don't know the details of your specific situation, but I would do something like this. Put at least 30% of the inheritance in Savings (with the ultimate goal of investing it),

[Hollywood7536]

@inderdaadherbst

Hi. For question 1, I typically give a formula of 20% to your debt and 10% to your savings from your GROSS income, this can vary depending on your personal situation.

[inderdaadherbst]

As far as "Getting out of debt" goes, if you are constantly spending your income to pay off debt, how do you still go about saving?

I inherited some money recently, should i spend it all on paying off my debt, or should i enjoy it, and continue to pay off my debt in installments?

How do I get out of the habit of spending money that i dont actually have, how do I discipline myself to stick to my budget?

thanks