They’ve released a video about saving money that describes how compound interest and investments work, and it’s a great explanation for people who are unfamiliar with investing. Take a look:

Also checkout the other shows… while not related to finances or investing they’re very interesting and there are probably a few explanations that can be useful to you.

Credit Karma

One of my favorite features of Credit Karma is the “Simulate Your Score” tool which allows you to see how changes to your debt reported to the credit beuraus will affect your credit. Think paying off a card will help your credit? Maybe not. If it’s the oldest account you have open, it might even hurt your credit.

There are also other tools such as a home affordability calculator, which shows you how much home you can afford based on your income, down payment and  other debt commitments. It also shows an estimated payment including PMI, property taxes and homeowner’s insurance.

Checkout Credit Karma… it’s completely free (supported by ads and offers from “partners”). If you’re planning on buying a house or car in the near future, it’s a great way to monitor your credit score for free.

He has a popular radio show and several bestselling books and travels around the country giving speeches and seminars teaching people how to get out of debt.

We just picked up tickets to his Total Money Makeover event in Atlanta September 13. There are also events coming up in Birmingham, Tulsa, Houston, and more. If you can’t make it to a live event, check out his radio show which you can listen to live on the Internet.

Mint allows you to see your current financial snapshot, your “net worth” at a glance. Mint automatically categorizes purchases, and remembers your changes. If you re-categorize a particular store, it will give you the option to also change past transactions and set a new default.

Mint is totally free – they make money by selling advertising. They have all your financial data, so they sell advertising to credit card companies, banks, and other complimentary services. They don’t reveal any of your personal financial information, but do match up certain offers with your finances. For instance, if you’re currently paying 10% interest on a credit card, Mint might suggest a 4.9% offer from another credit card company. Or if you’ve got a standard saving’s account at your bank, Mint may suggest a high-interest savings account such as ING.

I have been using Mint as more or less a reporting tool for several months. It keeps getting better and better at categorizing our expenses, and it’s really amazing to look at where we’re spending our money each month.

Mint is free, so give it a try and see what you think.

So why, you ask, am I hell bent on getting out of debt? Think about it for a minute. We have a mortgage at a great interest rate (6%), two vehicles that are financed (used to be three), credit cards, student loans and business debt.

Even though we have more than enough money to make minimum payments and even pay extra on each every month, when you add it all up and look at the interest you pay on debt, it’s ridiculous.

Let’s look at a hypothetical. Let’s say you have a total of $150,000 in debt (including your mortgage) and your average interest rate is 8% (including all credit cards, loans, mortgage, etc.). I know this is overly simplified, but bear with me… it’s just for illustrative purposes.

Now, that 8% APR equates to 0.0067% per month interest charged on all your debt. That’s not even 1%, but figured on $150,000 that’s still $1,000 a month in interest.

That’s right, $12,000 a year goes straight to some banking institutions. You might owe twice that much just on your home. I’ve even heard of some people who had that much just in credit card debt!

My point is simple… if you have debt a huge chunk of your money goes to keeping the banks in business.

That $1,000 a month in the example above, if invested in modest mutual funds over 40 years, would net you over $11,000,000. That’s right, $11 MILLION.

The purpose of this blog is to educate people on how to get out of debt, to log my familiy’s journey getting out of debt completely (even our house), and to provide people with the resources necessary to take control of their financial future.