minimizing expenses. managing cash-flow is a very important aspect of personal financial success....

Minimizing Expenses

Managing cash-flow is a very important aspect of personal financial success. Obviously, the fewer expenses a person has provides them more discretionary income for Eliminating Debt and Investing for their future Financial Freedom.

Why use Credit?Credit was meant to be used for major purchases in life…not small stuff

DEBT The first place to begin to minimize

expenses is in Debt. You should immediately reduce all cost, and eventually terminate ALL DEBT. This will save you hundreds of thousands of dollars over a course of your lifetime. It is estimated that the average household could easily spend over $1 million dollars in just interest on debt.

HOME MORTGAGE

Avoid ARM loans, Options, etc. Get fixed-rate Mortgages Improve Credit Scores Negotiate Interest Rates Make periodic principal-only

payments Consolidate when necessary

RENT

THIS IS A NO-NO!!

In very rare cases should you rent

AUTO & TRANSPORTATION

Purchase 4-6 cylinder vehicles to reduce gasoline cost over time

Prolong BRAND NEW Vehicles until your Assets are complete

Increase Credit Scores Negotiate cost and interest rates Never trade-in, Sell instead Make down payments Make periodic principal-only

payments

AUTO INSURANCE

Your Auto Insurance is dictated by your driving record, dwelling location and your credit score.

Avoid Speeding Improve Credit Scores Ask for a rate re-evaluation

Universal Credit Cards

Major Bank Universal Credit Cards carry the best interest rates.

Get rate comparison via the internet

Never make just the minimum payment

Pay off ASAP

Department Store Cards

These cards carry higher interest rates and reflect poorly on your credit scores.

Use a universal card instead

Transfer balances to a lower universal card and close account

ALWAYS AVOID THESE FEES:

Overdraft Fees Late Fees

Over-limit Fees

Finance Companies

Higher interest rates Reflects negatively on credit scores Never make minimum payment Transfer balances to universal cards Consider replacing with HELOC Pay off ASAP

Furniture & Appliances

Avoid purchasing on credit Save and pay in full Shop for second hand or reduced

cost Prolong expensive furniture until

Assets are complete Avoid doodads Don’t try to impress people

Clothing & Apparel

Don’t get caught up on name brands Buy off-season Wait for sales, ask for discounts Never charge clothing, remember

this is not a major purchase Recycle through Yard Sales and

Consignment Shops Avoid unplanned shopping sprees

Food & Eating Out

Use your discount card, clip coupons

Reduce to once or twice weekly

Pack lunches Drink water Do not over eat Write off

Travel Use your Member

Discount Travel Agent perks

Travel off season Purchase from

yourself Get a commission Write it off as

business travel

Home Phone, Internet, & Cell Compare to VOIP Assess minutes Search the

internet for ISP, as low as $10 per month

Write off Write off Write off

Education Hire children

between the ages of 7-17 yrs

Write off as business deduction

Save child wages for college tuition

Help child maintain exceptional grades, GPA

Seek Academic and other scholarships

Health Care Cost

PREVENT SICKNESS AND REDUCE HEALTH CARE COSTS BY: All natural nutrition and vitamin supplements Purchase from yourself, get

commission and write it off, 100% Get regular exercise & proper rest Healthy eating plan (never diet)

Life & Health Insurance

Health Insurance

Increase your deductible and invest the difference Read carefully the terms and conditions Don’t forget about Disability Insurance Many choices are available…do your due diligence

Life Insurance

Properly assess the amount of insurance you need Is my job insurance enough? What are Riders and can they be beneficial? Buy Term and invest the difference

TAKE AN EVALUATION!!

MINIMIZE BUSINESS EXPENSES

Document every tax-related Business expense

Convert many Personal expenses to Business expenses

Go electronic, avoid paper Use land-line in place of cell phone Know your tax deductions…all 422

Don’t forget to use your iCON of Success membership

lifestyle discounts for all qualified purchases!!!

MEMBERSHIP PRIVILEGES

SWEET SUCCESS!!!