I decided to consolidate all my debts into one. If you look at the 7 steps to financial freedom, the first goal in step one-Financial Solvency is to get my cashflows to be positive. Soooo… I did something.
First I told my wife everything (this part use your judgement, your partner might not be open minded buuut they might just surprise you) about my financial situation. Very scary!. You see up until this point, my wife believed I was a financial guru and everything I was doing was smart!. I had to come to the realization that I am not and working as a team that is, see the situation from 2 different eyes would be smarter. Remember this game of money is a team sport, so if you can, involve your partner you might not be as smart as you think.
Second After consolidating my debts and having a positive cashflow established. I ensured that the consolidation put 1 month of an emergency fund in my joint account (Again, preventing me from acting alone).
Third and most important part, with only 1 debt to focus on, I focused all my extra earnings towards paying it down. Meaning no date nights, shopping, trips, nights out, nothing till this debt is destroyed!!!!!.
My current cashflows look like this after the Snappening.
The most crutial part of this exercise having been complete and I successfully getting to level 2(financial Stability), I have only I mission, Clear Level 3(debt Freedom).
Having debt as large I do incomparison to my income is scary BUUT!!!. I have a plan that I am currently implimenting. Robert kiyosaki says to create KES 10,000 to KES 20,000 extra per month aimed at paying off my debt. So what did I do? I started creating!. I begun with a simple online course that I distributed to a few of my friends. I created an extra KES 13,000 in 2 days from selling the course to my friends on whats up. The idea was to prove to myself I can sell something that came from my mind(Real confidence booster!).
Next, I structured the online course into a bundle offering with a membership site for men to come together and go through the 7 steps to financial freedom together in a safe space. My target was to sell 1,500 monthly membership subscriptions at KES 899 and linked in played a key role in its success.
I will update you on the progress in the next post.
Captian,’Level 3 Dominator’ Finance