On this episode of Millionaire or Bust, we have our second midweek short episode. The financial markets are still very rocky, so first off, I had to give an update on the markets, including Warren Buffet’s purchase of 9% of Goldman Sachs for $5 Billion on Tuesday.
Then I talked a little bit about the details of the $700 Billion financial rescue proposal made by the Bush administration. I’m not too keen on how much latitude might be given to the Secretary of the Treasury, Henry Paulson.
Then going back to the roots of the show, I pull out a tool and a tip for debt reduction. The Tool is a Debt Reduction Planner courtesy of money.cnn.com. It helps you to figure out how quickly you can pay off your debt or how much you need to pay a month to reach a time related credit payoff goal.
The tip is courtesy of me, by way of a slight disagreement with Dave Ramsey. He seems like a great guy and he’s helped a lot of people, but he made one small mistake with the Debt Snowball and I’ll tell you what it is. Not only that, I’ll tell you a way to address the issue that led him to suggest the Debt Snowball in the first place. Have a listen, you just might find it helpful.