Retirement planning expert Russell Jalbert lists ways people might use to reduce their indebtedness or get out of debt altogether.

Experts say that if more than 15% of your after tax income, not including your mortgage, goes toward debt reduction, you are overspending. Using your savings, you should allocate a set amount each month for debt repayment. You should avoid using your credit cards and quit spending period until the debt goes away.

Here are some additional ideas for reducing expenses:

* Analyze all spending. Use checks so that money spent can be recorded. Be sure to record any bills paid via the Internet in your check register. Save all your receipts and confirmation numbers.

* Analyze all energy costs. Most utility companies will do an energy audit for about $20. Internet web sites for most utility companies will offer an option to view and print usage and charges for recent months, and some up to the past 12 months, at no... [more]

If you are drowning in debt and would like to get back to your life and become free again, here's a method you can use to get yourself out of debt. It's not a quick solution, but when used effectively, it can get your debt repaid without borrowing additional money. It's known as the "debt snowball" method popularized by Dave Ramsey.

Basically, what you do is align all your debts and pay back the smallest balance first. When you pay that one off you begin the next lowest balance. The method works because of psychology. Once you've payed off one debt, you'll feel that you have accomplished something and it'll have a snowball effect.Here are the steps:

1. List all of your debts with the smallest balance first.2. Still pay the minimum payment on the other debts.3. Now you find extra money by decreasing some place else and begin paying extra (above the minimum payment) toward the tiniest balance or lowest apr debt.4. Once you've cleared the 1st debt, you use the m... [more]

Okay. It's the start of the New Year! (Alright, if you celebrate the Chinese New Year, you have a couple of weeks...!)

If you celebrate the Western New Year, then I'm sure you're off to a stellar start to unburying yourself from debt, right? Wait, NO?? Hold up, hold up! If you are totally buried in debt, you've GOT to get out of debt fast, then start building wealth! Cut back on expenses, get rid of your credit card debt by leaving the card at home and removing it from online shopping sites, watch what you spend and put some of those savings towards reducing debt!Remember to call your credit card companies to ask for a rate reduction so the interest doesn't kill you!

Alright, whew. Now that we've got THAT outta the way. Building wealth. First, you want to learn from the best. I have and still look all over for the best resources I can find. Tips from Warren Buffet, Robert Kiyosaki, Donald Trump, Suzy Orman, and other less widely known millionaires such as Ali ... [more]