Fabulous Financials

On 9 March 2007, I denounced debt by stating “Consumer Debt is NOT Fabulous!” Then I made a promise to myself - even claimed 110% dedication - “to become consumer debt free by the end of THIS YEAR.” At the time, I had a little over $15k remaining (car and student loans).

To motivate others to join me, on 20 March 2007, I wanted to offer an incentive for successful end of year debt reduction plans. In fact, to make it fun and spread the love, I created MULTIPLE incentives!

1. Expense paid initial consultation to see a financial planner.
2. One year subscription to any financial magazine of your choice.
3. One personal finance book of your choice.
4. Three month commitment from Single Ma to be your personal “coach” as you strive for financial freedom.

The person who paid off the most consumer debt by 31 December 2007 would get first dibs at the prizes - then the 2nd, 3rd, etc. The incentives were eligible to ALL readers in the US who were highly motivated to pay off their consumer debt. The responses were slow at first, but they trinkled in with every related blog post.

YEAR END REVIEW

At final count, I had 27 participants - whom I later referred to as my DPI (Debt Payoff Incentive) Crew - and two very generous sponsors. I created a spreadsheet with each member’s name in the DPI Crew, their debt, and beginning totals as of 1 April. From April through December, I would send out pesky little emails requesting debt payoff updates and at least half the group would respond. Then I offered a mini incentive for the highest monthly payoff and the response to that was much larger. We had a tie with two winners who received a personal finance book or hosted ING referral links on my blog.

I’d also send perky emails as motivation to keep up the good work - or provide tips on debt reduction - or provide tips on how to avoid incurring new debt. Even had a DPI Crew member write a guest article about his debt reduction experience. Occasionally, a DPI Crew member would send me an email about their specific situation. They either wanted someone to release frustration, bounce an idea, or give a pat on the back - and I tried to be all of the above as needed. I’d also get a ton of emails asking for advice, to which I’d always respond with the caveat: I am not a financial advisor (or a licensed financial professional), but if I were in your shoes, here is what *I* would do. Sometimes I’d get a “thank you” if I helped the person in some way. But most of the time, they probably thought “this chic is a loony toon!” LOL!

**SIDE BAR WARNING**

When it comes to debt reduction, I give it to ya raw baby! LOL! Straight, no chaser! I hate debt because it is NOT fabulous. So if you can’t handle the truth, don’t ask Single Ma for her opinion about your debt situation. Got it? Good.

FINAL REPORT

Exactly eight months after making the promise to myself, I celebrated debt freedom on 10 November 2007 and I attribute my success to this blog, encouragement from SMFF readers, focus, and dedication.

Now I also want to celebrate the DPI Crew and their hard work. Many of them began this contest armed and ready, some fell off after only a few months while others admitted to incurring new debt. Unfortunately, only a hand full rode the debt reduction train with me until the very end and I would like to recognize the winners. So without further ado, here are the top four winners based on total debt reduction since 1 April 2007:

I’m sure the winners recognize their numbers and know who they are. Congratulations!! Please email me so we can make arrangements for your prize. To all other participants, sponsors, and SMFF readers who followed my debt reduction journey from the very beginning - thank you.

GOOD LUCK luck to everyone in 2008 and Happy New Year!!

[image credit: www.usoge.gov]

According to the Research Randomizer, the winners of the Goal Digger giveaway are:

- Comment #10 - Non blogger, Melissa B

- Comment #13 - Blogger, E.C.

To receive your autographed copy of Goal Digger: Lesson Learned From The Rich Men I Dated, please email me at single ma [at] gmail [dot] com. If the books are not claimed by Friday, I’ll select random winners from the Debt Payoff Incentive participants.

Although some of you sent me your goals via email, unfortunately, I couldn’t include them in the count. But thanks to all who participated and good luck achieving those goals!

~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!

As you know, I’m a huge advocate for establishing goals - realistic, achievable goals - and seeing them through to the end. Not only do I say what I’m going to do, but I actually do it. Regular readers, I’m sure this is no surprise to you. But if you’re new to SMFF, see this list of 2007 goals and their status to date, as well as my new goals for 2008.

When my brain is wired, I focus on an end result and don’t stop until I achieve it. Of course I’m flexible enough to adjust to life’s changes but for the most part, when I say I’m going to do something, you can consider it DONE. But enough about me. I’d like to know how my readers are doing and what new goals (short and long term) you plan to achieve in the future. So tell me…

What are your short & long term goals?

Are they realistic and achievable?

Do you have a plan to make them a reality?

Is the plan still in your head or has it been executed?

I want to hear from ALL of you, active commenters AND lurkers. Even if you post anonymously (use any name to identify yourself). You never know when you will inspire others to make a change for the better.

On Sunday, I’ll use a random number generator to select two winners who will receive an autographed copy of Goal Digger: Lesson Learned From The Rich Men I Dated, written by Alicia Dunams [see my book review].

Please, only ONE ENTRY PER PERSON.

The winners will be announced on Monday.

Now let’s talk about your new goals!

*passing the mic*

Edit to Add: I appreciate your emails, but in order to enter the book giveaway, you have to post your goals in the comments. K’thanks!

~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!

The year is winding down and the Debt Payoff Incentive will soon come to an end. Back in March, I promised that I’d offer a few incentives as motivation to pay off as much debt as you possibly could by the end of this year. Well, there are only 2 months left!!! Just to refresh your memory, here are the incentives:

1 - Expense paid consultation to see a financial planner in your area.

2 - Free one year subscription to any financial magazine of your choice.

3 - Free personal finance book of your choice.

4 - Three month commitment from Single Ma to be your personal “coach” as you strive for financial freedom.

This means at least FOUR people will receive something, but it’s based on HOW MUCH you’ve paid off since April 1st. Maybe someone is on track to join me in the debt freedom club. Who knows? So if you’re a DPI Crew Member and we’ve communicated about debt via email throughout the year, please, get me your updates!!

K’thanks!

~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!

The $10,500 payment posted to my student loan account yesterday. Letting go of that much money all at one time was difficult but worth it. My balance is now $3.3k and Operation Debt Reduction is in full effect. 8 months to go!

Yo, where’s my DPI crew?!? I recently emailed you all an idea for mini contests to keep us motivated as we pay off our debt throughout the year. I also included a list of suggested rewards (more to come). Well here’s the first challenge.

The DPI member who pays off the most debt within the next 30 days, beginning TODAY, will get first dibs on the incentives. ALL debt in YOUR name is eligible.

Holla if ya with me!

Contest open to DPI Crew members only.

Peace & Blessings

~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!

~SM