Transforming Debt Into Wealth by John Cummuta
While this course isn't strictly a business opportunity, it is an information product I wanted to feature on this site because I really liked it.
Don't get distracted by the name of the course, it's hypey so that they can sell more copies, nothing more.
"Transforming Debt Into Wealth" doesn't give you a magic way to suddenly turn a huge credit card bill into a 6 figure sum.
What the course does is provide a very interesting and well thought-out way of paying off your debts quickly - probably quicker than you could imagine - before turning the money that was previously earmarked for debt repayment into a investment juggernaut to build yourself a fortune.
That was quite a mouthful but putting it more simply; you pay off debt and once you have done so you can contribute more to wealth-building investments.
The more you contribute, the more your investments grow. And with no debt to service and no interest to pay, you get wealthier and wealthier as each year passes.
Sounds great to me...
The package that I got contained 2 videos, a large manual, a CD containing software and about 12 audio tapes.
It's a very well put together course with plenty of meat.
The manual is large and the videos are very descriptive. I didn't even get round to checking out the audio tapes or software simply because I got enough information to get going through the manual and videos.
John promises that by using the package and following the simple steps it contains, the average person can get out of debt within 5 to 7 years.
And that's not just credit card and personal loan debt, Cummuta is confident that he can teach you how to pay off ALL debt, including your mortgage.
The whole purpose of getting rid of your debt is so that you can use the money you are currently paying towards your debt to make solid investments for the future.
Cummuta shows how to weigh up what you have now, what you can afford to pay and also how quickly you can pay off your creditors and start building a huge nest egg.
You concentrate on one debt at a time - not necessarily the biggest debt - and chip away at it until it is gone. Then you move onto the next one in the queue, again until it's gone and so on.
This technique works because it simplifies the whole process of debt elimination but also speeds it up.
The videos contain footage from what seems to be a seminar that John held in the US, probably in or around 2003/2004. He's a likeable guy, pretty normal by any standards and he has a story to tell - don't they all?
Basically he was doing well for himself in a great job with a really good salary. So he and the wife decided to load up on debt to buy an expensive house and nice cars. It seemed to be OK because they could afford the repayments.
However, the tide turned when he was made redundant and it was only then when he realised how much he needed to pay back. This is when he developed his method of "Transforming Debt into Wealth".
The main method to this course isn't complicated.
You decrease your monthly outgoings and with the savings you make you then increase payments to specific debts according to the simple formula John provides.
As each debt is paid off you release more money which can be added to payments on other debts.
For example, imagine you had 3 loans to which you paid £50, £100 and £150 a month respectively.
Concentrate on paying off the first loan in full and you now have an extra £50 with which to tackle the second loan, so your monthly payments are now £150 and £150.
When you have settled the second loan, you now have £300 to use each month to pay off the 3rd. If that's your last debt, this £300 goes towards overpaying the mortgage.
This technique is called snowballing and is extremely effective at killing off debt. Each time you clear a debt you add the payment that you were making to the monthly payment for the next debt in the "queue".
On all other debts you pay the minimum.
Where a lot of people go wrong with debt repayments is that they try and pay only the minimum each month on all debts which means that they never really make much of a dent in the capital borrowed.
By following John Cummuta's plan, you can really attack your debts in a very methodical way and get rid of them much more quickly than you imagined.
This particular course is written and produced for the American market which is reflected in some of the investments he talks about.
Don't let that put you off though, there's plenty of material here for anyone to follow no matter where they live. The vast majority of the course could be passed off as being written by someone in the UK if the publishers just turned the dollar signs into pound signs!
They haven't though because there is no need.
So, who is "Transforming Debt into Wealth" aimed at?
I would recommend this course for anyone who has the discipline and hunger required for a couple of years' sustained action.
With this kind of course, you need to knuckle down and follow the guidelines. If you can find some time to sit down with a pad and a pen, watch the videos, make notes and follow all of the exercises, it's very likely that you will get a great deal out of this course.
The plan is very simple but will require that you are honest with yourself about your debts and also that you can draw up a budget and stick to it.
By using this course I managed to clear a few thousand pounds' worth of debt and I am now tackling my mortgage.
I am confident that I can pay off my final debt many years before the end of the term because of the simple "Accelerator Margin" technique that John teaches in the course.
In short, John Cummuta's "Transforming Debt into Wealth" is a very good package and one I would highly recommend.