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Hi everyone, so today's video is the third video made by Jordan from the YouTube channel, Always Improving. He talks about the incredibly important financial game plan strategy of debt reduction and how you can use the 1,000 Dollar Project to help get rid of all that horrible nasty toxic debt in your life. Whether you are drowning in credit card debt, personal loans, car loans, mortgages, it doesn't matter. You can use the 1,000 Dollar Project to help eradicate all that horrible, nasty, toxic energy in your life and allow you to move on to wealth creation and you will realise from my book, The 1,000 Dollar Project, you can start investing with as little as 500 dollars.
It is so quick and easy and I explained everything in my book. Well for this video, Jordan wants to show you and explain to you how he understands a 1,0000 Dollar Project and what he took away from it. So, I really hope that you enjoy watching this video and in the meantime, if you are a member of my private membership group, called The Sugar Tribe, which is hosted on Facebook, your Christmas present from me is a free 15 minute Skype consultation.
So, if you're apart of the group make sure you reach out to me and lock in your time as soon as possible and for anyone else that is thinking or interested in joining this sugar tribe, I have linked in the video description box below where you can go so you can understand what it actually Includes and how it's going to help you in achieving your own financial goals and of course if you joined before Christmas, you will also get this 15-minute free Skype consultation with me. In the meantime, enjoy watching Jordan's video. Ciao for now. Hi, I'm Jordan from Always Improving and this is a third video of three that I'm making for SugarMamma TV. If you find these videos useful, please consider subscribing to my channel by using the link in the description of this video. I make animated videos helping you to improve your happiness, health, wealth and relationships now, let's begin. The most popular reason people do The 1,000 Dollar Project is to get out of debt.
This college recommended order of priority when paying off debt. Priority one, credit card debt. Two, personal loans and car loans. Three, student loans. Four, home loans. Five, savings and six, wealth creation. So, how do you pay off debt? The most important thing is changing the bad habits that got you into debt in the first place. Lacking the lesson about money mindfulness. You need to fully understand the reasons behind your spending before you're able to make a change. So apply what we talked about in the money mindfulness lesson and understand how and why your spending and that will help you to understand what got you into debt in the first place and how to stop it happening again. Also, it can be overwhelming when you're trying to get out of debt, so apply the chunking method for that keep saving 1,000 dollar packets one at a time and pay off the debt with the worst interest rate first.
The lesson on chunking is in the first video that I made and the lesson on money mindfulness is in the second video that I made and you can find links for those videos in the description of this video if you're interested. One couple in the book treated their debt like a monster and would have fun when they paid each 1,000 dollars off. It was like attacking the debt monster and each time they attacked it the debt monster would get smaller and smaller and eventually they killed it. It certainly sounds like a much more enjoyable and useful way to visualize your debt. When you've paid off all your debt, you can start to invest instead, which is much more exciting. This is kind of sixth priority and that's what I'll teach you next. So priority six is wealth creation. How do you actually do this? The way that Canna creates her passive income is through investing and shares. Canna focuses mainly on Australian industrial shares and she's definitely inspired me to learn a lot more about shares.
I personally haven't ever bought any so I'm new to this. However, I do know how to invest money just in different ways and I do have a basic understanding of shares. So first, let's talk about the benefits of investing in shares that Canara explains. You can get started with as little as 500 dollars and you can invest that very quickly and start getting passive income. This is much faster than when I invested in property. It took around ten months with each house from the point where we said we wants to buy it to where we were actually making profit each month that does get really frustrating. Whereas with shares you can buy them instantly The money you make from shares comes from one of two things, dividends or capital growth. Dividends are when the company makes profit and they pay some of the profit out to their shareholders. Capital growth is when the company goes up in value and so do the shares.
You only actually make money from capital growth when you sell the shares. Canna advises using an EFT or LIC EFT is Exchange-Traded fund and LIC is a Listed Investment company. These are companies are experts in investing and you pay money to them and it means that you don't have to choose exactly which company you want to invest in. They do it all for you and how much risk you are willing to take. So have a search for EFT's and LIC's, if you want to begin investing in share. As this seems like the simplest way to get started as you don't have to know very much. I always want to be 100% honest in my videos so I have to say that at the moment shares are not the way I want to invest my money. Although that doesn't mean they aren't right for you. Although we invest our money differently, my goal and Canna's goal are the same. To create passive income because passive income creates freedom in your life. Here's how I like to invest my money.
Warren Buffett, who is considered the greatest investor of all time and as of 2018 has a net worth of more than 88 billion U.S. dollars says that the best investment you can make is in yourself. The way that you do this is to learn as much as possible and put money into getting the highest quality information. In my videos, I talked about two websites a lock Audible and Linkous. I listened to many audiobooks all the time on any topic I want to improve on.
I've listened to over 40 audiobooks on happiness, health, wealth and relationships. It's incredible how much easier is to spot opportunities now and understand what will work and what won't. I'm sure you've heard of Audible before, it's Amazon's website where you can buy audiobooks but maybe you've never heard of Blinkist. Blinkist is a monthly subscription service that has thousands of book summaries which are about 15 minutes long and explain the key lessons from all the books. I used both Audible and Blinkist, happily invest my money into them because I know just how much the information is going to help me. The top books I would recommend listening to are Rich Dad Poor Dad, How to win friends and influence people, Seven Habits of Highly Effective People, Life Leverage and the Chimp Paradox.
I have summaries on my channel of Rich Dad, Poor Dad and How to win friends and influence people but I'll definitely do some others if you're interested. Thank you very much for watching this video. I want to say a huge thank you to Canna for allowing me to do this. If you want to check out the other two videos that I made for SugarMammaTV, the links for those will be in the description. My channels name is Always Improving and I create animated videos teaching you how to improve your happiness, health, wealth and relationships and I always aim to provide as much value as possible for the people who watch.
So, if you're interested subscribe to my channel for that. Thanks again for watching. I wish you the best of luck with everything you're pursuing have a great day..