A Seminar Leader’s Log

I drove down to Houston yesterday to speak at Leisure Learning.  It is probably one of the last times I will be speaking in the building where there currently reside.  They plan to move their operation soon to a more accessible and cost effective facility. 

The turnout was light last night.  The class had already been moved from the 2nd to the 7th and when I agreed to reschedule- it slipped my mind that it was election night.  But there were about 7 people there.  Also I had a couple there as my guest that found out about IYD from the Internet and are going to be using the Automatic Debt Elimination plan.  They came out to hear me speak and I was glad to have them there.  I received a call today from my guest and she was asking about the Debt Investment account.  I am going to call her soon to answer her question.  But her question was why do you set up the Debt Investment account at a different bank?  It isn’t crucial that you set it up at a different bank but the idea is to keep the Debt Investment account completely separate from your normal account.   So if your Debt Investment account is at a different bank, it makes it just a little bit more of a hassle to get to the money.  Therefore, that money has a much better chance of actually being there when you sit down to invest in your debt.   But–if you have the discipline to have a separate account at the bank you are using now, that’s fine too. 

 Take care and focus.   Keith Phildius

www.investinyourdebt.com

You can not put a price on piece of mind.  I had four different conference calls today and most of them were making incredible money but they were amazed at what a better place they will be in a few years by implementing a debt elimination plan.  None of these couples were worried about whether they were going to retire or not.  The underlying goal of all my students today was piece of mind.  They want to own their house.  They want to not have to worry about anything except what they are investing in.  Having a proven plan in place was all they needed to make their financial lives even that much better. 

One couple absolutely had no problem with the concept of cashing in a 50k mutual fund that isn’t performing to pay off all of their debt except their mortgage — next month!!  I asked them, “Won’t it be a wonderful feeling next month when you only have one debt bill?” 

 ”Absolutely.”

I’m off to Houston tomorrow to speak but along the way I’ll be monitoring the elections results and listening to talk radio. 

Take care and focus.  Keith Phildius

www.investinyourdebt.com

I drove to New Braunfels yesterday which takes about 4 hours.  Wasn’t to bad though because I don’t mind the drive and talk radio makes the time go by.  I drove through the lovely town of Austin. 

There were about 10 people there last night and we had a good time.  One couple mentioned that they were off the chart when we calculated how long it was going to take to become debt free.  Most people, once they calculate their plan, will be able to eliminate all of their debt, including the mortgage in less than 10 years.  So “off the chart” means that it is going to take them more than ten years.  This is usually caused by the fact that the person just recently bought their home.  People that have just bought a house within the last year will find that the system is going to take about 11-12 years.  This can also be caused by an unusually high debt-to-income ratio.  Some people are a little bit more creative than others when it comes to creating debt.  But most people will only be able to get into a certain amount of debt before creditors start to turn them down. 

 When I asked them if they had just bought their house they said no.  But when I got a little closer to them they said, “But we just bought our vacation home.”  I looked at their list and they only had two debts.  Their current house and the vacation home.  When I glanced down at the paper I noticed that the remaining unpaid balance on the first mortgage was $280,000 but the amount on the second mortgage was $400,000.  How amazing is that?  The system will actually have them paying off two houses in about 12-13 years.  They can probably get it to less than 10 years because of the fact that they don’t have a lot of consumer debt and they can afford to put more than 10% toward their plan. 

I also met a nice woman that is changing careers and having a debt elimination plan in place will give her the ability to relocate anywhere in the country.  Good luck to her with her new career. 

Thanks everyone for an enjoyable evening and remember to shoot me an email to keep me posted on your success story. 

Take care and focus.  Keith Phildius

www.investinyourdebt.com