Material for debt reduction

[Ridin-High]

Afternoon all,

Got a friend @ work who is not savvy with money. Has all the symptoms of being stuck on the debt treadmill.

High Credit card debt
Not enough money to pay for essentials

etc etc.

Now this man and his wife both have secure well paying jobs.

Would you guys have some good links to debt reduction/mind set material (stuff that talks about reducing credit card/personal loans/store loan debt) that would be easy to understand/digest? Maybe something you've used or shown someone else that its helped.

Some people see me as the goto man @ work to discuss these issues and what i usually tell them is that they need to have a real desire to change things and being educated about the issues is the key.

Any thoughts/links greatly appreciated

Regards,

RH

 

[travelbug]

www.simplesavings.com.au has some good ideas.

Otherwise Google- saving money ideas.

Have they asked for help or are you trying to save them?

People will generally do something if and when they want. If they have high paying jobs and can't afford essentials I'd be asking what is their definition of essentials.

It's interesting how little things like not buying coffee on the way to work (seems to be getting fashionable now) can save $1,000 a year.

The best tip I ever heard was write down EVERYTHING you spend for a few months. That can be a real eye opener in itself.
I did it for 6 months once and it was interesting (I'm not a spender). Found out my hubby doesn't spend as little as he says he does.

 

[Ace in the Hole]

I think they got to get their mindset right, then everything will turn around for them.
All I can recommend is RDPD and The Richest Man in Babylon.
They'll either get it or they won't.

 

[Indifference]

I think they got to get their mindset right, then everything will turn around for them.
All I can recommend is RDPD and The Richest Man in Babylon.
They'll either get it or they won't.

Exactly....

Change only comes to those who seek it. Besides, it is a light read and interesting little tale. If it doesn't ignite a spark, let it go.....

 

[Ridin-High]

www.simplesavings.com.au has some good ideas.

Otherwise Google- saving money ideas.

Have they asked for help or are you trying to save them?

People will generally do something if and when they want. If they have high paying jobs and can't afford essentials I'd be asking what is their definition of essentials.

It's interesting how little things like not buying coffee on the way to work (seems to be getting fashionable now) can save $1,000 a year.

The best tip I ever heard was write down EVERYTHING you spend for a few months. That can be a real eye opener in itself.
I did it for 6 months once and it was interesting (I'm not a spender). Found out my hubby doesn't spend as little as he says he does.

Well it started with him asking me about advice to do with the sale of his investment property and ended up with him discussing the financial difficulty he is enduring.

He did ask me for a loan @ one point, but one of my golden rules is never to lend money to anyone (except my mother). So i kindly said no and suggested ways around some of the now money issues he is having.

I provide anyone advice who asks for it, but will only really follow up with people who are genuine and want to be helped. This person has a heart of gold and i really hope i can help him (No im not going to give him money lol) by giving him the education tools to become bad debt free.

But yeah i agree with the other posters as well, its a combination of technique and mindset/desire

Regards,

RH

 

[VYBerlinaV8]

Exactly....

Change only comes to those who seek it. Besides, it is a light read and interesting little tale. If it doesn't ignite a spark, let it go.....

You guys beat me to it. Those two books contain the very essence of how to generate wealth.

 

[MissMuffitt]

Richest man in Baylon

I an currently listening to this on Audio book... It's very good.
I also have Dale Carnegie "How to win friends and influence people"

Very good to listen too.

 

[Rixter]

I agree...he needs to address his mindset before addressing any strategy to get him out of debt.

I thoroughly recommend You Were Born Rich by Bob Proctor.

If this doesn't help nothing will.

Enjoy!

 

[Rickardo]

Get them to read this cracker of a post from Simon

 

[Ridin-High]

Thanks for all the replys so far.

I have passed some info on and knowing the role this person does, he gets a fair wack of free time to read... so hopefully a bright future ahead

RH

 

[kathryn d]

It's good this person has asked for help.
I sometimes forget that everyone doesn't already know what you need to do to reduce debt..it is really so easy and just common sense.

Putting it in practice takes discipline.

 

[Oynas]

Commonsense would say to reduce debt you pay it off. To pay it off you need spare cash. To get spare cash you need to either increase income or reduce spending (or preferably both).

If this guy earn a lot then it's not a problem if he has high debt. High debt is not a problem if you can afford it.