Epic Real Estate Investing - How to Use OPM to Pay Down ALL of Your Debt | Financial Freedom Friday

Episode Date: March 21, 2014

You work hard for your money. Don't use it to pay down your debts when you can get other people to pay them down for you. It's easier than you think. ------------------------- Download Matt's free real estate investing course "How to Do Deals | No Money Required" at FreeRealEstateInvestingCourse.com or text FreeCourse to 55678 "Click" what interests you most:  Education Properties Income Coaching Learn more about your ad choices. Visit megaphone.fm/adchoices

It's time for Financial Freedom Friday with Matt Terrio. The whole how to pay off debt discussion, it's veered way off course. And most experts sharing advice for paying off debt that all leading you down a dead end road. I mean, seriously, if you had the option of paying down your debts yourself, a conventional way, or allowing someone else to pay it down for you, which one would you choose? For your sake, I hope you are the unconventional. type. I mean, we've seen over and over that the traditional advice for how to pay off debt by using your paycheck to pay off your mortgage, eliminate your credit card balances, make your car payments,

and using your paycheck to accumulate savings in order to create financial security, it doesn't work. You know, instead of security, the majority of Americans are undergoing financial chaos. You know, the safe investments and the savings rates, they're not keeping up with inflation. 401Ks, the pensions, they're all worth pennies on the dollar. It's crazy to continue down this same debt relief and retirement path that is leading so many folks right there to the edge of a cliff. Let me say this, though. In no way am I diminishing the fact that the traditional Dave Ramsey

or Susie Orman methods of eliminating debt have helped plenty of folks out there. They certainly have. And I want to congratulate those people. Congratulations goes out to those people for taking a positive step towards their own financial independence. But I also want to warn these same folks against falling into that accumulation mindset that has left so many people's 401Ks, their savings plans, their retirement dreams, an absolute shambles. So I want everyone to know that there is a much better way to eliminate debt and to achieve financial freedom, to do them simultaneously even. There's hope.

So here's a new plan, an alternative plan. To pay off debt, it starts with being proactive with your financial future. Stop being reactive. Take control of your finances. They're yours. Take control of it. Just don't hand your money over to some financial advisor and hope this person is going to make you wealthy.

That's insane. Instead, begin investing your money in cash flowing assets and start with rental real estate investments. You see, when you are an asset like that that delivers passive income each and every month, you're on the right path towards not only eliminating debt, but also to achieving financial independence. Next, let's automate your debt elimination plan.

I want you to start by setting up a special debt payoff bank account, then have the cash flow from your rental real estate automatically deposited into this account. Next, I want you to create monthly drafts inside of this debt payoff account to automatically pay down your debts, to pay your bills automatically. You see, by automating this process, you don't have to worry about missing a payment or using this money for anything else. And therefore, it's more likely to get done. And in addition to it actually getting done, there are three other.

benefits of this plan for how to pay off debt that Dave and Susie are never going to tell you about. First, instead of money coming out of your pocket, someone else, your tenants are paying down your debt. And guess what? They're also paying down the mortgage on your rental property and they're helping you build equity that you can use to secure more cash flow real estate investments in the future. Second, when you have eliminated your credit card debt and you've eliminated all your other debts, you still own your rental real estate. Meaning you have you have, you have a cash flowing asset that's still putting money in your pocket each and every month to use how you wish. After your debts are gone, it's your money. That's a big step towards financial independence.

And finally, perhaps the biggest benefit of all, this plan takes you down a road that actually does lead to financial freedom, a life free of money worries. It's much better than an edge of a cliff, don't you think? So if this all makes sense to you, but you just don't know where to begin, I understand. I can show you exactly how I did it at Epicproacademy.com, or I can do it for you at cashflow savvy.com. I'll see you next week on another episode of Financial Freedom Friday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.