May 15, 2018 – Many at times, we have a lot of motivational speakers and authors telling us how to be rich without showing us the practical way to become rich.

Ken Botwe, the author of five principles for becoming wealthy however has decided to be different from the others. Giving explicit details, he has explained the wealth creation process from scratch.

He writes that building wealth starts with eliminating bad debt. Before attempting to eliminate debt, it is important that you do an assessment to determine valid and disputable debts.

In his own words, he says, request a free copy of your credit report at freeannualcreditreport.com or creditkarma.com. Proceed to demand verification and validation of any public record, negative or collection accounts that you are not aware of or agree with from one of the three credit reporting agencies. They are Equifax, Trans Union, and Experian.

The creditors or collection agency have 30 days to provide verification and validation. Failure to prove that the account is valid and/or they own the account will cause the three credit bureaus to remove the account from your credit profile.  For the remaining accounts, do negotiate a lower payment as a settlement on any account that is at least 1 year or older with the creditors or product/service providers. 

When the steps above are completed, proceed to list the remaining accounts into a table. Make five columns with the following titles: Account Name or Creditor, Account balance, Minimum payment, Interest rate, if any, and Payoff date.

Take inventory of all your debt with total amounts owed, the monthly minimum required, interest rate and payoff date. Proceed to add all your other bills such as utilities, insurances, food, gas etc. Please note that bills may not have an amount owed, interest rate or payoff date as it is recurrent in nature.

It is very necessary to do this exercise because subsequent rules are dependent on this first step. It is like travelling to an unfamiliar territory with a starting point on some sort of navigation system or map. Proceed to arrange your debt from largest to the smallest.

Pay the very minimum monthly requirement of everything on your list except the top debt on your list. Again, bear in mind everything said except your single top debt. For the top debt item, pay the minimum required plus a maximum addition that you can afford.

If you cannot pay anything higher than the minimum on the top debt item, there is a waste somewhere. Find where you are wasting money and stop it, then use it to pay extra on the top debt. If you try and cannot identify any waste, then taking part-time or odd jobs to earn extra money for this purpose is a good initiative.

Even just $100 more will make a noticeable difference; however, I do encourage you to pay as much as possible. Continue to pay in that fashion until top debt number one is completely eliminated. Be sure to specify any extra payments towards your car loan or mortgage as principal only. This will further eliminate more unnecessary interest.

As soon as the top debt is eradicated, the second top debt now becomes the top debt and so forth. Proceed to apply the same method except add the entire payment amount that you were paying on the previous debt towards the second debt. When the second debt is totally paid, apply the entire payment amount from the two previous debt towards the third debt. Continue this path until every debt has vanished. You should be delighted; as you have done something that, many people either do not know or are not willing to do.

This and much more are illustrated in my latest book: Little Money Big Credit – How the Wealthy Got There. It covers total debt elimination, credit building/repair, saving short term for asset acquisition, and ultimately building wealth.

The author, a U.S. Air Force veteran, Entrepreneur and Director of Education at Devise Wealth Academy and Devise Wealth Mastermind Facebook Group, holds nothing back as he reveals over 10 years of insight in Business, Real Estate, and Investments.

When asked why he does what he does, he simply replied, “I like being of service to others” Ken Botwe truly exemplifies the service he speaks of as he interacts with his students at Devisewealth.com and Devise Wealth Mastermind Facebook Group. His book Little Money Big Credit – How the Wealthy got there is set to release on June 10, 2018, but you can pre-order now! As a bonus, anyone that pre-orders also get his acclaimed Debt Elimination e-Course FREE at Devise Wealth Academy.

All you have to do is email a receipt to info@Devisewealth.com to get access to the bonus.

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