From the book What they don’t teach you at What They Don’t Teach You At Harvard Business School by Mark McCormack:
In the book What They Don’t Teach You in the Harvard Business School, Mark McCormack tells a study conducted on students in the 1979 Harvard MBA program. In that year, the students were asked, “Have you set clear, written goals for your future and made plans to accomplish them?” Only three percent of the graduates had written goals and plans; 13 percent had goals, but they were not in writing; and a whopping 84 percent had no specific goals at all.
Ten years later, the members of the class were interviewed again, and the findings, while somewhat predictable, were nonetheless astonishing. The 13 percent of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all. And what about the three percent who had clear, written goals? They were earning, on average, ten times as much as the other 97 percent put together.
Crazy but cool outcome, huh?
So, today I am setting a small, but powerful goal for myself: spend $53 less on my allotted weekly cash allowance for 6 weeks. Put that $53 towards my BB CC.
Why is this powerful to me? Because my student loan(s) repayment is about to come to fruitation and I am trying to PIF a CC account before its promotional 0% APR is over.
I am trying to PIF the CC for two reasons:
- promotional 0% APR is soon over
- I want to eradicate the Best Buy payment to apply to my Student Loan.
This way, I will not increase my monthly debt payments.
It’s a push to me to get things paid off quicker, for the moment.
I have already been sending in monthly student loan payments to help against the interest. But, now the its the governments turn to request their money – the grace period is over on both loans.
Here is the plan:
Best Buy CC 0%APR expires 10/10/2009
Monthly Payment: $189 (Aug and Sept)
PIF by 09/10/2009
189*2=$378/6 wks = $53 for 6 wks = $0 balance by 09/10/2009
Student Loan payment(s) begin:
3.124% begins 09/2009
6.8% begins 12/2009
Total payments: $285
PIF BB 09/10/2009 ($0 mth payment)
Start 3.124% 09/10/2009 ($189 mth payment)
Then, I will have 3 months to work/figure out how to come up with $96 per month using the same method above to be prepared for my 6.8% SL in 12/2009 (to meet the total $285 mth payment)
$53â€¦ 6 weeksâ€¦ I think it’s a feasible plan that will help to diminish the stress, meet a promotional APR deadline, and eradicates the need to increase my monthly debt payments.
Kind of like a mini No Spend 6 weeks. Anyone else have mini written goals they are working on? Or even your written plan for erradicating the debt… is it working for you? Are you able to stay on schedule?
I’ll be sure to tally my performance. 😉