1.106 Surviving the Red Zone

This course reviews the overall strategy for setting priorities to build wealth, then focuses on building a spending plan or budget, eliminating toxic debt, building an emergency fund, and insolvency and bankruptcy. You cannot invest in yourself without surplus income, meaning you spend less than you make, which is why a conscious "envelope" or "zero sum" budgeting strategy is crucial. Before one can begin investing, one must eliminate all toxic debt and have an emergency fund started. You will learn strategies for getting out this "Red Zone," including seeing a sample paydown plan. The course will then conclude with some advice for those deeply in debt about collections, negotiating and consolidating debt, and bankruptcy. (5 lessons; total length 66 minutes)