How To Get A $1500/mo Pay Raise
I am writing this article because I want to share a strategy I use with my clients to help them keep more of their income.
You see, the average American family makes $50-$60,000 per year, which is moderate, but still keeps families living paycheck to paycheck in most cases. People aren’t saving and investing. They have massive consumer debt. They aren’t really even spending too much on luxuries when it comes down to it. The fact of the matter is, the fixed and recurring expenses to banks, insurance companies, the IRS, and Wall Street are indeed where most of our money goes each month.
Your job is to earn more. I can’t do that for you. You have to.
But I can help you keep more of what you earn and to the tune of up to $1500/mo.
So let’s dive in!
I’m going to share with you an acronym called D.I.T.I.C.S. (like “die, ticks!” because these 6 areas are like little blood sucking financial ticks)
DITI. It stands for Debt, Insurance, Taxes, Investments, Cash, and Subscriptions.
These are the 6 areas where Americans overpay every month. And in this article I am going to show you how to reduce them and save up to $1500/mo in the process.
But here’s my ask. Any money I help you save today, you put it toward your financial freedom. You don’t buy a new car, a TV, a bigger place to live, or any of that nonsense. You also don’t give it to the banks. They aren’t your friend either.
The reality is, $1500/mo invested at 10% for about 18 years grows to $1 million. So you could be a millionaire in less than 20 years with literally no extra effort…or you could buy a TV or line the pockets of your bank…again.
So at the end of this article, I’m going to give you specific instructions on where to put the extra money we’ve saved you today and offer you a call with my team to get 1 on 1 help in establishing the right plan.
Can we agree on that?
Okay here goes!
Debt: The first mistake people make with debt is they try and pay it off faster by putting a little bit of extra money toward each balance each month. They may try and shift around with 0% cards, pay by interest rate, etc. But this method of paying a little extra on everything is what I call Debt Dispersal. It’s a bad plan. The root cause of debt isn’t debt. It is lack of money. We only borrow other people’s money when we don’t have enough of our own. So the first step to stop overpaying on debt is to stop borrowing. No more.
Second, I want you to only pay the minimums on your debts. No extra money right now. For some of you, that will free up a few hundred dollars itself.
Now, we have two methods for helping you pay off your debt even faster. If you have less than $10,000 in debt, we can help you with a strategy called the Debt Buyout. This is where we help you buy back your debts from your creditors using a life insurance policy we call The Sacred Account. You’ll need to reach out to my team to learn more about his.
The other method we have is a program called V.A.S.T. This is a program where we actually negotiate with your debtors on your behalf to reduce the balance usually in half, cut your minimum payments in half, fix your interest rate at 0% and get you completely out of consumer debt in 3 years or less. And no this isn’t a consolidation or settlement program and it does not involve bankruptcy either. You see, debt is a contract. Contracts have language and rules. Contracts can be negotiated if the language and rules aren’t legally compliant and/or if both parties of the contract agree to change it. We do that for you in our V.A.S.T. program. We can usually free up another $500/mo or more doing this. And again, for this one you’ll want to contact my team.
Insurance: The main ones here are auto, home/renters, health, and life. People also pay for a myriad of odd insurances they don’t really need like accident insurance, accidental death and dismemberment, cancer insurance, and others. These oddball ones you can simply cancel. You don’t actually need them if you are properly insured.
Let’s start with auto and home/renters. This one we can help you save by shopping quotes with our agency partner and seeing if we can get a lower priced policy. You can actually click here to do that now for free!
Next is health insurance. This one takes a little more fact-finding but you can fill out a form with my team and we will find you quotes to help lower your health insurance premiums. You can click here to do that free as well!
Then we have life insurance. If you own life insurance and you also setup the Sacred Account we mentioned, you likely won’t need both and you can cancel your old life insurance policy (not until you have your Sacred Account setup with us). The Sacred Account has life insurance and because of the way the policy grows, the life insurance ends up paying for itself and ultimately being free, which saves you money!
Taxes: First things first, if you get a tax refund you need to change your withholdings on your paycheck. Tax refunds aren’t good and it means you gave the IRS an interest free loan, let them have your money for an entire year, and they are giving it back to you. This a terrible thing to be doing and we suggest getting that fixed. You can reach out to my team to help with that as well.
Additionally, you need to be looking for deductions to reduce your tax burden. If you have an at home business, MLM, direct sales, side hustle, or any other type of self employment activity, we have a tool that will actually help you do just that! Click here to give it a try!
Between these two tax strategies we can often help people find several hundred dollars per month!
Investments: Here is where we are about to get taboo. Stop contributing to retirement plans. First, if you’re not completely consumer debt free with 6 months of reserves in your Sacred Account, you are insolvent by definition. Insolvent people don’t need to be giving money to Wall Street every month. They need to get solvent. So stop contributing.
What about the “free” match? Well first it’s not free. And I mean that in more than 1 way. An employer match is classified as “deferred compensation” under the tax code which means your boss is actually decreasing your paycheck by the amount of your free match in order to afford to give you a free match. Did you really think you’re just getting free money?
Also, the free match costs you a dollar. You have to put a dollar into the plan in order to get the match. Meaning it costs you a dollar. Which means it’s not free because free things don’t have a cost.
Lastly, the meager tax deduction you get now will be outweighed by the taxes you will pay when you withdraw your funds in the future. Taxes always have and always will go up over time. Not only that but the money will grow, meaning there is a larger amount to tax. Not only that, but because of inflation you’ll have to pull out more money to buy the same things you buy today because they will all cost more. So what we have here is saving maybe 17% in taxes on your dollar today on my contributions to likely pay double the taxes per dollar when I withdraw and also having to withdraw triple the money at that double rate to buy the same things with my distributions. Simple arithmetic tells us that I will pay more in taxes than I ever saved.
So stop putting money in the retirement plan and stop trying to get the “free match”. Instead put that money in your Sacred Account. This alone will save some families up to $1500/mo and others several hundred dollars per month.
Cash: The last one I’ll leave you with is to find out if you have unclaimed cash. This is not a recurring expense, but it can give you a quick cash infusion!
In fact, 1 in 10 people are owed money and have no idea. This money is being held as unclaimed property and waiting to be discovered and claimed. You see, if you ever lived or worked in a state, there is a chance that someone tried to pay you, send you a check, reimburse you, etc. and for whatever reason you did not receive it. The result? You have money out there that you can collect that you probably don’t know about! You’ll want to search our database and find out if this is the case and if so, request the money be sent to you ASAP! There is a small fee to do this, but in many cases you’ll be able to get back more than that in unclaimed cash. Click here for a free search!
Subscriptions: These are things like Netflix, cable, utilities, phone bills, etc. These are smaller, but still matter. We can help you negotiate your subscriptions down to a lower monthly price. Click here to begin that process for free!
If you follow this, you will likely save at least a few hundred dollars per month on the low end. That means more than $2,000 per year for the rest of your life. Not bad for a 10 minute read and clicking through a few websites right?
But on the high end you could save thousands per month. That could amount to up to $18,000 per year for the rest of your life that is now harnessed and working for you and your family to build financial freedom.
This is what my team and I do. We help you gain control of your money and build greater financial freedom.
If this little article was helpful imagine what a free phone call will do?
You can schedule that here to get on my team’s calendar and get some 1 on 1 guidance! Click here!
To Purpose, Wealth, and Freedom.
Jerry Fetta is the CEO and Founder of Wealth DynamX. He is a nationally recognized financial expert featured in Forbes, Yahoo Finance, Fox, Chicago Weekly News, New York Finance, interviewed on over 45 podcasts with world renowned experts, earning endorsements and affiliations throughout his career with names like Grant Cardone, Dave Ramsey, and Pamela Yellen.
Jerry’s mission in life is to help create millions of financially educated and solvent families achieving greater financial freedom and sharing the truth about money with those around them.
Learn more at www.WealthDynamX.com
(DISCLAIMER: The information in this content should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Wealth DynamX can and does not provide advice unless/until engaged by you.)