The WizeFi Platform Training course was not a one time experience. While it did help you set up your plan, it also gave you principles and tools you need for getting out of debt. Those key factors include:
- Organize your money. In the WizeFi Platform Training course you were shown why getting and staying organized with your money each month plays a key role in getting out of debt quickly. Knowing where all of your money goes ecah month allows you to make the most of every dollar and get out of debt quicker.
- Know your spending limits. The biggest reason people go into debt in the first place is because they spend more than they make. Understanding your spending limit for each budget category as part of a wealth-building strategy is one of the ways WizeFi helps you get out of debt faster than any other program!
- Understand your future net worth. Evaluate the results of your future net worth. Note the difference between your orginial plan and your new plan with WizeFi. This course will help you get closer to, if not exceed, the WizeFi guideline.
- Know when, how much, and which debts to pay off first. WizeFi has created a guideline based on successful averages. However, for some, you may be able to pay off your debts faster than WizeFi's guideline.
CFO: Chief Financial Officer; a senior executive responsible for managing the financial actions of a company or corporation.
CAFR: Cash Available For Reallocation. Income - Budget = CAFR. CAFR is applied to your 4-step wealth-building plan (the guideline CAFR amount is 20%).
Projections Schedule: This is the schedule that shows where your money is projected to move each month. To find your Projections Schedule:
- Click "Plan" from the menu.
- Click "CAFR Schedule" in green, located near the middle top of your page.
- Click the "Projections Schedule" button.
In an effort to ensure your foundational plan is well built before tackling more active strategies for getting out of debt, you'll need to review:
- The key takeaways in the list above.
- Your projections schedule
- Your net worth.
Once you've completed your reviews, click "Next" to proceed.