It's Joe Americans Turn Now!
Mortgage - When entering your Mortgage Information be sure to enter the correct start date of your most recent loan and the total amount the loan started out. (Current balance and current payment.) If you are not sure of your exact Escrow amount it is ok to leave that blank. We can figure it out as long as you list your other information correctly. (Monthly payment and loan interest rate.) What is NOT correct: Do NOT enter the date you bought your home if you have refinanced since that time, that is not the correct date. The correct date is the origination date of your most recent mortgage loan.
Other Loans and revolving credit - If you run out of rows in any one section, then you can use another Intake Sheet. If you use two or three Intake Sheets, then upload ALL of them before you hit the Submit button on the upload page.
Leave your Discretionary Income blank - It is not necessary. What is most important is that you accurately account for your monthly expenses. Total ALL of your monthly expenses up and list that amount under Total Monthly expenses.
Memory Jogger for Typical Monthly Expenses. (Do NOT total up the rows on top for your mortgage, loans and revolving credit and add it to your expenses. That is wrong. Even though we repeatedly say NOT to do that, people still do. Make a listing of your monthly expenses and total them up. (You will be asked what you listed) If you guess, you are not doing this correctly! No guessing or estimating! Take the time to do this properly. It is important.
Cell phone
Cable/Internet
Monthly Subscriptions
Insurance - Car, life, motorcycle, etc
Electricity
Water
Propane Gas
Food Budget Monthly expense - Groceries, dining out, etc
Entertainment
Haircuts
Pet Care
Child Expenses
Clothing
Fuel/Gas
Taxes
Automotive Repairs
Miscellaneous - I budget anywhere from $150 to $300 a month for miscellaneous expenses - Joy
When you have a good plan, like the one we show you, then you do not need to scrimp and live in a perpetual poverty mindset. You do need to be willing to be disciplined and committed to your plan for the first year. After the first year, it is easier than easy! Are you able to do that?
Will generating wealth and getting on the profitable side of banking be worth it to you? All of this is a CHOICE. Choose wisely so you can mutter under your breath: "I think I just learned how my debt can fund my retirement."
Freedom Factory Team, LLC
Woodway, TX