Create Your Debt Elimination Plan to Avoid Financial Strain

A debt elimination plan is a structured system for organizing, prioritizing, and systematically paying off your debts through proven strategies like the snowball or avalanche method, combined with realistic budgeting and milestone tracking. This comprehensive approach transforms overwhelming debt into manageable steps, reducing financial stress while building momentum toward complete financial freedom.

I’ve spent over 20 years as CEO of Complete Controller helping businesses and individuals transform their financial futures through strategic planning and disciplined execution. The average American now owes $63,000 in household debt, with total U.S. debt reaching a staggering $18.39 trillion—but I’ve witnessed countless clients break free from these statistics by implementing the exact debt elimination strategies I’m about to share with you. You’ll learn how to choose between the snowball and avalanche methods, create a realistic repayment budget, track your progress effectively, and stay motivated throughout your journey to becoming completely debt-free.

What is a debt elimination plan and why must you have one?

• A debt elimination plan is a structured process for listing, prioritizing, and systematically repaying all outstanding debts through proven methods
• List all debts with balances, interest rates, minimum payments, and due dates
• Choose between snowball method (smallest balances first) or avalanche method (highest interest rates first)
• Create a realistic budget that allocates extra funds beyond minimum payments
• Track progress through spreadsheets or apps while celebrating milestone achievements

Understanding the True Cost of Debt in Your Life

The weight of debt extends far beyond monthly payments and interest charges. With credit card APRs averaging 21.39% in 2025, a $5,000 balance paid with only minimum payments will cost you over $3,500 in interest alone—nearly 70% more than you originally borrowed.

Research reveals that 42% of U.S. adults report money negatively impacts their mental health, with that number jumping to 52% for those aged 35-54. Chronic financial stress increases the likelihood of poor biological health by 59%, affecting your immune, nervous, and endocrine systems. However, when people successfully eliminate debt, anxiety symptoms improve by approximately 25% and cognitive functioning increases by one-quarter of a standard deviation—literally making you think more clearly.

Building Your Debt Elimination Plan Step-by-Step

Creating an effective debt elimination plan starts with complete transparency about your financial situation.

Gather and list every single debt

Start by collecting all statements and documenting:

• Creditor names and account numbers
• Current balances
• Interest rates (APR)
• Minimum monthly payments
• Payment due dates

Include every type of debt—credit cards, student loans, auto loans, medical bills, personal loans, and any money owed to family or friends. This comprehensive list becomes your roadmap to freedom.

Choose your payoff strategy: Snowball vs. avalanche

The snowball method targets your smallest balance first while making minimum payments on all others. Once paid off, you roll that payment amount to the next smallest debt. This approach builds psychological momentum through quick wins.

The avalanche method attacks highest-interest debts first, saving you the most money over time. With average credit card rates at 21.39%, this method makes strong mathematical sense for those who can stay motivated without quick victories.

Northwestern University research found the snowball method more effective for most people because the psychological boost from eliminating accounts outweighs the mathematical advantage of the avalanche approach. Choose the strategy that matches your personality and motivation style.

Calculate your debt elimination budget

Review your income and expenses to determine how much extra you can dedicate to debt payments above minimums. Common areas to cut include:

• Dining out and entertainment
• Subscription services
• Unnecessary shopping
• Cable or streaming services

Even an extra $100 monthly can dramatically accelerate your debt payoff timeline.

Customizing Strategies for Different Life Situations

Your debt elimination approach should match your unique circumstances and life stage.

Debt elimination for families

Involve your entire household in the budgeting process. Consider debt consolidation if you qualify for significantly lower interest rates. Create visual progress trackers that children can understand, turning debt payoff into a family mission rather than a burden.

Strategies for business owners and entrepreneurs

List business debts separately from personal obligations. Prioritize high-interest vendor accounts and negotiate payment terms where possible. Integrate debt tracking with your cash flow management systems. At Complete Controller, we help business owners create sustainable repayment plans that protect both personal and business credit while maintaining operational flexibility.

Emergency debt relief options

If you’re facing financial crisis:

• Contact creditors directly to negotiate reduced payments or settlements
• Verify the legitimacy of any debt relief companies before engaging
• Get all agreements in writing
• Consider nonprofit credit counseling for unbiased guidance

Real-World Success: The Stewart Family’s $229,000 Transformation

Mel and Murph Stewart eliminated over $229,000 in debt including student loans, credit cards, medical bills, IRS debt, and personal loans. They chose the snowball method, cut discretionary spending drastically, and worked multiple jobs and side hustles.

Their strategy included:

• Listing every debt and tracking payments obsessively
• Making lifestyle changes that freed up $2,000+ monthly for debt payments
• Celebrating each paid-off account to maintain motivation
• Staying focused for seven years until complete freedom

Today they travel freely, invest confidently, and experience complete financial peace. Their story proves that even massive debt loads can be conquered through structured planning and unwavering commitment.

Staying Motivated Through Your Debt-Free Journey

Debt elimination challenges both your finances and emotions. Combat fatigue by:

• Creating visual progress charts showing balances decreasing
• Calculating interest saved with each extra payment
• Joining online communities or local support groups
• Setting milestone rewards that don’t involve spending
• Focusing on your “why”—the life waiting after debt freedom

Professional debt management plans show impressive success rates, with 68.4% of participants completing their programs and saving an average of $48,199 compared to minimum payments. Participants also see average credit score increases of 82 points after completion.

Taking Action Today

Your debt elimination plan transforms overwhelming obligations into a clear path forward. Whether you’re facing $5,000 or $500,000 in debt, the principles remain the same: list everything, choose your method, create your budget, and start paying.

I’ve guided thousands of business owners and individuals through this process at Complete Controller. The transformation goes beyond numbers—it’s about reclaiming your future and building the life you deserve. Start your first extra payment today, track your progress, and commit to the journey. Visit Complete Controller to access expert guidance and resources that will accelerate your path to complete financial freedom.

Frequently Asked Questions About Debt Elimination Plans

What is the fastest way to pay off debt?

The avalanche method—paying off high-interest debts first—saves the most money and time mathematically, but the snowball method often helps people stay motivated through quick wins, leading to faster completion for many.

Which debts should I pay off first?

Target either the smallest balances (snowball method) for psychological momentum, or highest interest rates (avalanche method) to minimize total interest paid.

Is debt consolidation a good option for me?

Debt consolidation works well if you qualify for a significantly lower interest rate and commit to not accumulating new debt while paying off the consolidated loan.

Can I negotiate with creditors for lower payments?

Yes, many creditors will work with you on payment plans or settlements—always get agreements in writing and verify you’re speaking with authorized representatives.

How do I stay motivated while paying off debt?

Track every payment, celebrate milestones, visualize your debt-free future, and share your journey with supportive friends or online communities to maintain accountability and momentum.

Sources

• Bankrate. “The Psychological Benefits Of Paying Off Debt.” www.bankrate.com/personal-finance/debt/psychological-perks-of-debt-payoff/
• California Department of Financial Protection and Innovation. “Three Steps to Managing and Getting Out of Debt.” DFPI. dfpi.ca.gov/news/insights/three-steps-to-managing-and-getting-out-of-debt/
• Consumer Financial Protection Bureau. “How To Get Out of Debt | Consumer Advice.” FTC.gov. consumer.ftc.gov/articles/how-get-out-debt
• DebtWave. “What is the Success Rate of a Debt Management Plan?” debtwave.org/success-rate/
• Fidelity. “Balancing debt and saving | Step-by-step guide.” Fidelity.com. www.fidelity.com/viewpoints/personal-finance/how-to-pay-off-debt
• KeySearch. “Top Debt Keywords | Free SEO Keyword List.” KeySearch.co. www.keysearch.co/top-keywords/debt-keywords
• LendingTree. “2025 Credit Card Debt Statistics.” www.lendingtree.com/credit-cards/study/credit-card-debt-statistics/
• Military OneSource. “Financial Guide for Paying Off Debt.” MilitaryOneSource.mil. www.militaryonesource.mil/resources/millife-guides/paying-off-debt/
• Money Management International. “Ultimate Guide to Creating Your Own DIY Debt Management Plan.” MMI. www.moneymanagement.org/budget-guides/create-a-diy-debt-repayment-program
• Money Management International. “How Much Can You Save with a Debt Management Plan?” www.moneymanagement.org/debt-management/debt-management-plan-savings
• MoneyFit. “How to Create a Debt Repayment Plan.” MoneyFit.org. www.moneyfit.org/how-to-guides/debt-repayment/how-to-create-a-debt-repayment-plan/
• NerdWallet. “How to Pay Off Debt: 7 Strategies To Try.” NerdWallet.com. www.nerdwallet.com/article/finance/pay-off-debt
• New York Fed. “Household Debt and Credit Report.” www.newyorkfed.org/microeconomics/hhdc
• Ong, Q., et al. “Reducing debt improves psychological functioning and economic decision-making.” Proceedings of the National Academy of Sciences. pmc.ncbi.nlm.nih.gov/articles/PMC6462060/
• SeedTime. “Getting out of debt success story: How they paid off over $229,000 in debt.” seedtime.com/debt-success-story/
• TASC. “Debt Settlement Company Data.” ftc.gov/sites/default/files/documents/public_comments/debt-settlement-industry-public-workshop-536796-00014/536796-00014.pdf
• TIAA. “6 steps to more effectively manage & reduce your debt.” TIAA.org. www.tiaa.org/public/learn/personal-finance-101/debt-consolidation
• Trading Economics. “United States Debt Balance Credit Cards.” tradingeconomics.com/united-states/debt-balance-credit-cards
• UCL. “Financial stress linked to worse biological health.” www.ucl.ac.uk/news/2024/jan/financial-stress-linked-worse-biological-health
• USAFacts. “How Much Debt Does the Average Person in The US Owe?” usafacts.org/answers/how-much-debt-does-the-average-american-owe/
• Visual Capitalist. “Visualizing U.S. Household Debt, by Generation.” www.visualcapitalist.com/visualizing-u-s-household-debt-by-generation/

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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Over the years, we have witnessed the trend of social media evolving, with more and more people trying to get ahead in the game. Similarly, businesses are in over their heads with social media trends rapidly changing, with them ending up playing catch.

However, today we have professionals who efficiently manage social media platforms. A lot is on their plates, from preparing regular posts to implementing online analytics procedures to attract traffic. Nonetheless, with such a professional on your team, you can rest assured that you can reach the top!

Did you know that 46% of the entire world’s population has a profile on one or more social media platforms? That makes 3.4 billion social media users all around the globe. 

That is huge! 

Considering these statistics, it is evident that social media is the most invaluable digital marketing tool that is playing a crucial role in taking businesses to the front line of the competition! You can make the most out of this tool only when you use it the right way! 

And there is only one way you can do that – People First Marketing! 

Get ahead of the fame game – beat your competition

If there is one cost-effective way to boost your business by enhancing its visibility, it is through our super-effective social media marketing. 

With an extensive experience of XX years and working with various different businesses, we have developed expertise in designing diverse social media marketing campaigns. We have created the most powerful campaigns that help companies enjoy a high ROI! 

Social media marketing – enhance visibility & boost sales

In the sea of digital marketing, social media marketing is not just super-effective, but it is very cost-effective. For businesses looking for ways to build a strong reputation in the digital world, making social media a part of their digital marketing strategy is a must! 

Social media is a priceless platform that helps businesses usher in millions of targeted visitors to their website by encouraging engagement and running social media ad campaigns. There are seven most powerful social media platforms at present that open businesses to an unlimited flow of traffic and prospects, including Facebook, Twitter, Instagram, Snap Chat, Pinterest, YouTube, and LinkedIn.

Social media platforms are no more limited to single-use, which was as a medium to broadcast content, but it helps monitor the audience’s response towards the brands. The five core pillars that help businesses make the most of this digital marketing technique include strategy, buffer publishing, engagement, analytics, and advertising. 

So, if you are a young business looking to jump on the bandwagon of social media, then get a social media manager on your team. Here are a few other reasons why a social media manager can potentially take your business to the next level.

A content creator

Most social media managers today are excellent content creators; hence, they know exactly how to cater to your audience. Moreover, their content skills showcase their research skills, which is time-consuming. Thus, for a business owner, a social media manager can conduct extensive market research so that you can focus on selling your products/services.

A social media strategist

Like any other aspect of your business, social media also requires a robust strategy. In other words, you do not want to post random thoughts on your business’s social media. It would be best to have a plan to target social media users who are a major aspect of your online traffic. Moreover, you need a strategist who performs consistently rather than a one-hit-wonder.

Cost savings

If you think hiring a social media manager can cost you extra money, then think again! In other words, you are acquiring a multitasker into your team; hence, saving costs entirely. Moreover, you also reduce professional development costs since these social media managers are always up to date on marketing trends.

Building brand recognition

A social media manager, along with the entire team, has the expertise in building a brand and maintaining it. Since they have the capabilities necessary to target and communicate with audiences who are interested in your products/services. We also discussed their content creation abilities, which gives them ample opportunities to attract customers that can target your purchase funnels.

In short, social media managers can be multifaceted professionals who can take your business to immeasurable heights of supremacy. Your social media manager can do wonders for you, from delivering on-point branding to attracting new customers to the business!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

It is never too early or too late to start a young person in daily financial concepts. And, by the way, you do not have to be a financial expert. Here are the tips to help parents, guardians, and caregivers teach a child (from preschool to college) why and how to be responsible with the money.

Have regular conversations about money issues

That includes talking to your child about what he is doing and why when managing money at home, in the city, or at the bank. For example, consider talking about similar products that have a noticeable price difference in a store and how you decide what a good price is. In addition, you can explain that having a savings account in a bank has advantages such as interest income, peace of mind knowing that the money will be there when you need it and that the deposit insurance coverage covers up to $250,000 if the bank closes.

Even with automatic transfers, such as direct deposit of your salary, consider the bank statement to show how the money goes in and out of your account.

Also, there are opportunities to explain financial decisions at special times of the year (such as at the time of the tax return or the “season” to choose insurance at work).

Consider giving a pension as a teaching tool

It can be a positive way to teach children about money management, even to preschoolers. But before giving them the first pension, help your child decide how much to spend now and how much to save for future goals. Then, help the young person to see if that goal is being achieved by consulting a bank summary online or on paper. Also, talk about the advantages and disadvantages associated with a purchase decision, such as buying a toy can mean giving up the opportunity to buy another item that the child also wants.

Think about it before giving the child more money if he spent it before paying the next pension. That is because part of the purpose of a pension is to teach saving skills, self-control, and the benefits of waiting to enjoy the greater reward.

And, for younger children, consider paying a pension in smaller denominations to make it easier to learn to count and save.

Help your children develop a healthy skepticism about unsolicited advertisements and surveys

In general, teach your children how to analyze ads; They need to know that “special offers” often are not as wonderful as they appear.

Earnings and savings since the beginning

Children in this school group are naturally curious about their world, including money. By introducing several basic concepts and being a good role model, you can help them gain financial skills that can last a lifetime.

Learn about how you earn and how money is used! 

Money can be introduced to children as soon as they learn to count. Although you usually pay with a debit card, occasionally use bills and coins so that your child can learn about the different values. Imaginary games, like pretending to go to the store or restaurant, can also help teach money concepts. Playing with real coins has many advantages because you can teach children the values ​​of different coins but remember that coins are a choking hazard for young children. 

Learn about how money is earned

Having the child get paid for small tasks will allow him to learn about the value of working and earning. Consider making a poster of your child’s work and include the amount of the payment for homework done.

Start saving!

Consider separating the money to spend from saving. Start with jars or piggy banks clearly labeled for your child to divide their cash. This will teach your child to synchronize their expenses and savings.

Understand the differences between needs and wants

For your child to make good spending decisions, you must be able to identify and distinguish between needs (things needed to live, such as food or shelter) and wants (toys and sweets). You can play to point out different items in your home and ask your child if it is a need or a wish … and why. You can do the same when shopping.

Borrow responsibly!

Children generally do not understand the difference between buying and borrowing. You must teach them to be responsible for the items they borrow and return them promptly. Help your child create and maintain a list of items he has borrowed from friends or relatives and return dates. You will support the concepts of responsibly borrowing and personal accountability by doing so.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Do you know how much your company will sell in 2019? Do you know the budget distribution of each area? Does the commercial department meet the objectives? If you do not find an answer to these questions, you do not have a sales budget. We give you the keys to use the sales budget as a management tool for the commercial department.

The utility of the sales budget 

Every company and every department must work oriented to obtain results following commercial objectives. These must be in harmony with the organization’s mission, vision, and values. The sales department is decisive in generating income and production volumes of the company. Therefore, you must have precise, achievable, and realistic objectives.

The sales budget stands as the main tool for the commercial department’s administration, management, and control. It is a document that offers estimates of sales levels and helps to know the profitability of the company. It acts as a schedule to contemplate financial estimates and calculate the business’s sales potential.

Many companies rely on information and data extracted from the sales budget to make financial decisions. This has a direct influence on the level of production. If it is estimated that sales will increase, production must be proportionally increased to meet the demand. If it is the opposite, production must be adjusted to economize and make the most of resources.

Features 

The budget is an indispensable part of the general operating budget of the company, so it must gather clear and precise information for strategic planning. All sales budgets must meet several fundamental characteristics:

• It includes a list of all the products or services marketed by the company. It is the basis on which the company’s financial decisions are based.
• It serves as a guide on the sales objectives for the company.
• The estimated sales must be valued according to the quantity, the number of units, and economic value.
• To be flexible and elastic.

Kyes to make an effective sales budget

1. Analyze the current situation of the company and count on the opinion of those responsible for each area

They will provide you with detailed information to make the sales forecast since they know the department’s activities well. They will be able to make a more approximate calculation of the investment for each employee and the necessary tools and resources.

Keep what worked and try to learn from the mistakes of the past. It is imperative to know your strengths and weaknesses to find opportunities.

2. Set clear and realistic goals

Use the sales forecast logically by contrasting the historical information with the situation of the sector and the general economic situation. It is better to compare previous years’ results (approximately 2) by analyzing the variances of quantity or price without taking them as absolute truths.

Determine if your goals are growth, increase in profitability, expansion of product lines, or increase in market share. You must consider the known factors that will intervene during the year, such as expenses and production volume, commercial and advertising and promotion expenses, structure, distribution, investments in new products, or entry into new markets, depending on the planned objectives.

3. Seasonality and trends are key elements to consider

Since the sales are not linear, the budget cannot be equitably divided into 12 periods. You have to consider promotions, stock liquidations, launch new products, and reflect them in the budget individually. To do this, you must create a calendar and set the different amounts of the budget assigned to each time of the year.

4. Segment your types of clients and their location

Remember that both customer service and distribution processes generate expenses that must be stipulated in the budget. It is advisable to differentiate the client types and divide the budget allocated to each group.

It is essential to keep part of the budget for the new customer niches that may arise during the budgeted period. The emergence of new market segments, innovation, and the use of opportunities is something you must have when preparing your sales budget.

5. Set an adjusted but flexible price

Usually, the prices are stipulated concerning the costs of the volume of sales that is wanted to obtain, like an answer to the competition or according to its value for the client. Everything depends on your objectives, past experiences, and the clients to whom it is addressed. It is also vital that you know the competition’s prices as a point of reference.

Consider first what it costs you to produce, promote and have your product and service ready for sale and add an additional% as a profit margin. So, you can know the limit line on which you must set your prices and how many customers you will need for service to “cover expenses,” and that the sale is profitable.

Do not forget to consider the margins for promotions and rebates in specific periods that make the offer of your product or service attractive.

6. No cuts in operating expenses or innovation

Balance your manufacturing and budget capacity. It is not advisable to skimp on some necessary resources such as:

• Hiring workers or suppliers sacrifices the quality of the product or service
• Sources of raw materials and general supplies
• Availability of capital to finance production
• Availability of alternative distribution channels; redesign of old products, the introduction of new products, and changes in sales territories

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

One of the great strengths of life insurance is its ability to meet different goals. What do you want to do with these savings? Do you build a heritage? Get a pension supplement? Saving for a real estate investment, paying for your children’s education? Or prepare your estate? The various media at your disposal – funds in euros or UC units – will give you access to a wide range of assets (shares, bonds, SCPI, OPCI, etc.), allowing life insurance to quickly adapt to your needs your risk appetite. Secondly, life insurance benefits from a very favorable tax regime in the event of withdrawal, particularly after eight years of detention but also in the event of a transfer, one of its major assets.

First payment is required at the opening of the contract. Then, the rate of payments is free, but they can be subject to minimum investment, often reduced in online banks. This investment also offers great flexibility: you choose between scheduled payments, or free installments, according to the desired pace and your savings capacity.

Depending on the media chosen, funds in dollars, the performance will be guaranteed in the first case, and subject to market fluctuations for the part invested in units of the account whose proportion and characteristics will vary according to your risk profile.

Life insurance is not necessarily a risky investment. Life insurance can be adapted to many situations depending on your investor profile (cautious, balanced, dynamic, or offensive). For the funds in euros, the capital is guaranteed (after deduction of the expenses borne by the subscriber), and the insurer returns an annual rate of return. The units of account allow you to diversify your investment, but the capital is not guaranteed, and the amounts invested are subject to capital loss. The level of risk varies depending on the medium chosen.

Finally, you have the option to opt for free and autonomous management, with the possibility of being accompanied by a choice of media and the subsequent modification of the allocation. You can also prefer a mandate, which allows you to entrust your contract management to experts.

The beneficiary clause refers to the person or persons who will receive the capital in the event of death. This clause, therefore, requires special attention to avoid any ambiguity when you die. Know first that you have real freedom in establishing this clause: designation of the beneficiary or beneficiaries, setting order of priority between them, and sharing capital between them. Your spouse and your children are not the only ones who can claim it. You can add an external beneficiary to your immediate family circle.

Finally, you can change the beneficiaries during the life of the contract, provided that the previous beneficiary has not formally accepted his appointment. His agreement will be necessary to change the clause.

You are free to withdraw at any time. But earnings remain subject to income tax and social security contributions when they have not yet been removed. We invite you to go to the tenth question to know the precise modalities.

In addition, it should be noted that this withdrawal may lead to specific costs, particularly in the context of exit penalties for a certain amount.

These two types of contracts are often confused. Yet their modalities and goals are different.

What is commonly referred to as death insurance belongs to pensions. It provides for the payment of a lump sum to the beneficiary designated by the insured on his death. If the risk does not occur, the contributions paid are not repaid and therefore lost.

On the other hand, life insurance makes it possible to build up savings, value them, and transmit them. Therefore, you can freely recover all or part of your capital as indicated above. In the event of death, the valued savings are paid back to the beneficiaries designated in the contract.

Depending on where you open your life insurance policy, fees may vary. For example, some intermediaries apply payment fees that others, like online banks, do not charge. Distributors may also choose to charge or not to arbitrate. In the same way, the annual management fees vary according to the supports (fund in euros or UC) and according to the establishment.

Life insurance is not transferable from one company to another, which is one of the differences with most other products (PEA, securities account, etc.)

If you are dissatisfied with your contract (disappointing performance, lack of flexibility of terms, high fees), you must cancel your current contract and open a new one in another institution. But beware of the tax consequences: possible taxation and loss of tax precedence. So other more flexible solutions may need to study the tax impact: make partial withdrawals and put the sums on a contract more suited to your goals. Or simply keep his contract as is and make future payments on a new contract.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

During the first half of the twentieth century, while the industrial revolution was in full swing in our countries, cardiovascular diseases (CVD) spread like a true epidemic. Today, only the tribes of Africa, Australia, and South America that have not been caught up by industrialization and live far from cities, safe from pollution and industrial food, are still spared by this evil of the century.

For Dr. François Reeves, these two observations highlight the harmful effects of pollution on the heart and convince him of the need to sensitize his clinical colleagues, decision-makers, and the general public to the role of this environmental factor, what he is doing in his latest extension book entitled Planet Heart: Heart Health and the Environment. 

This professor of the Faculty of Medicine at the University of Montreal does not question the role of heredity, smoking, cholesterol, hypertension, and diabetes in the development of cardiovascular disease. However, he insists that we have entirely forgotten why the incidence of these diseases had exploded in the first half of the twentieth century. ” It was not until the end of the 1990s to realize the preponderant role of the environment, in this case, air pollution and industrial food, which amplifies the traditional risk factors,” said the cardiologist.

When we burn fossil fuels, myriad particles of different sizes are emitted. First, coarse particles, ranging in diameter from 10 to 2.5 micrometers, that poison the lungs and cause asthma and occupational diseases. But also, fine particles (of 2.5 microns in diameter) and ultrafine (of 0.1 microns), which, like gases such as oxygen, pass through the membrane of the pulmonary alveoli and join the blood circulation at the level pulmonary arteries. 

Once in the blood, a process that compares to the phenomenon of rust in iron pipes. It is the process of atherosclerosis that results in calcification deposits on the artery walls and thromboses that will lead to blockage of the arteries and subsequently to arrhythmias, infarcts, and strokes, “explains the doctor. Scientist. When burned, fossil fuels also emit toxic gases, some of which also induce oxidative stress in the arteries. 

For example, countries that have experienced intense industrialization in the last 50 years, such as India and China, have been hit by an explosion of Cardiovascular Diseases. ” By becoming the new global plant operating mainly on coal, China has seen cardiovascular mortality quadruple in its territory between 1950 and 2000. The stroke rate is seven times higher than in the United States, where, however, pollution is decreasing, Dr. Reeves notes. In all cities in America and Europe, where air pollution has decreased, the incidence of CVD has also declined. Life expectancy has even increased in some cities that have successfully reduced the level of fine particles emitted into the environment. ” 

According to Dr. Reeves, the environmental dimension was” clearly underestimated “and is yet flagrant, as evidenced by regional disparities, such as those observed between France and Russia. In Russia, the cardiovascular mortality rate is 760 per 100,000 population for men aged 25 to 64 years. 

It is more than 25 times lower in France, with 28 deaths per 100,000 inhabitants. “Is it the fault of vodka? The French consume big red stains. It is said that 35% of Russians smoke. But France has an even larger number of smokers since 40% of its population is addicted to tobacco. What distinguishes Russia from France is that the latter derives 60% of its electricity from nuclear energy while Russia burns coal. Also, anti-pollution measures are much stricter in France than in Russia, where they are almost non-existent, “said the cardiologist.

Industrial Foods

Dr. Reeves also blames industrial foods with three harmful elements to the heart: trans fats that raise LDL (low-density lipoprotein), fructose-glucose, which promotes diabetes, and salt. The excess induces hypertension. ” It is estimated that there are probably 30% of Canadians who are hypertensive because the industry puts too much salt in the food it prepares. “

 Industrial foods (bread, biscuits, vegetable juice) account for 70% of the 4,000 to 5,000 mg of salt consumed daily in North America, while our body should only absorb 1500 mg, says the specialist. “Also, the prevalence of diabetes is much higher in the United States than in France, where we are much more concerned about the quality of our diet and where we eat many more fresh and natural products, while Americans consume at all prepared, very rich in salt, trans fat, and fructose-glucose. “

“The elimination of these three molecules could dramatically change the rate of diabetes, hypertension, obesity, and Cardiovascular Disease, “believes Dr. Reeves, who dreams of green cities and pollution-free, like Zermatt in Swiss. You can reach the city center by train, where you can drive by electric car, bike or horse. You do not breathe an ounce of the exhaust. Geneva is also a cardio-environmental city.

Everything is green, electric, and pedestrian. And yet, we do not feel that public transit is for the poor. A very prosperous population uses public transport because it is easy and enjoyable. Economic success and a healthy and pleasant environment are not incompatible.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The best business is the one that begins with passion. As in such a case, an entrepreneur dedicates their entire focus to turning their passion into a profit-generating business.

Some people possess business minds but do not have a clear direction and the required capital to run a large-scale business. This article provides some of the cheapest business ideas that require little or no investment. These cheap business ideas can help business-minded people to use their skills to achieve success in the corporate world.

Bookkeeping and accounting:

Bookkeeping services are a perfect business idea for people who have expertise in accounting and are good with finances. Many businesses need an expert accountant or professional bookkeeping services to take care of their financials. Without much investment, people can use their skills and set up their accounting and bookkeeping services.

Business consultation:

Another smart way to set up a business with little or no money is by offering business planning and consultation services to those in need. It is a great business idea for people who have spent quality time in the corporate sector. Being an independent business consultant can start a new business that does not need any substantial initial investments.

Social media management:

A prime focus of businesses in social media for marketing their product or services. Social media marketing is one of the most sought-after marketing techniques. Social media enthusiasts can offer their services like social media managers. The initial setup requires no monetary investments!

Photography:

A prevailing business this year is photography. The trend of photography is at its peak and can serve as one of the cheapest ways to start a business. It requires a top-quality camera and photography skills. Those who have both can start their business immediately. It is a great way to convert one’s skills into money-earning small businesses.

Event planning:

Event The best business is the one that begins with passion. As in such a case, an entrepreneur dedicates their entire focus to turning their passion into a profit-generating business.

Some people possess business minds but do not have a clear direction and the required capital to run a large-scale business. This article provides some of the cheapest business ideas that require little or no investment. These cheap business ideas can help business-minded people to use their skills to achieve success in the corporate world.

Interior Decorating:

For people who love decorating homes and have a good eye for picking the right furniture and theme, interior decorating can do wonders for them as a business. It is a cheap business idea that can be very lucrative if done on a big scale.

Graphic designing:

Graphic designing is a relatively easy option to pick for cheap ways to start a business. It is a perfect business idea for those with skills in design and art. The tools required for this business include some computer programs like Adobe, canvas, or sketch and an artistic mind.

Pet grooming:

People with a soft corner for pets in their hearts can choose pet grooming as their business idea. All one needs for this business is a kind heart and a pet-loving nature. It requires no actual knowledge about pets but just an affectionate soul. Opening a full-fledged pet grooming facility is an expensive business idea. Therefore, start by providing mobile services.

Tutoring:

One of the most highly demanded occupations, tutoring can help people earn good money. A group of tutors can start the tutoring business at home, and as it gains momentum, they can turn it into a full-service tutoring business.

Content creation:

Digital marketing is the most focused form of marketing today. Due to the high demand for digital marketing, the need for content creators has touched its peak. It is one of the most lucrative work from home business ideas. It is a cheap way to start a digital marketing business.

These are the cheapest ways to use their business minds and convert their skills into highly lucrative businesses. To choose the perfect business idea, a person should answer the following questions; where does the interest lie? The value of the skills possessed in the market. How can the skills satisfy the needs of the market? What kind of working environment is required for the audience that one will be targeting?

After answering these questions, an entrepreneur can find a direction and choose any of these cheap ways to start a business. It is not always necessary to have a business idea to set up a profit-running business without much investment. A smart approach and a business mind are required at a record high today. Well-reputed corporate entities hire freelancer event planners to handle their events. People who like arranging events and have tried their hand at event planning at a small scale and have received appreciation, this is the right business idea for them! It is a cheap way of starting a business as it requires little investment.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Investing apps are promising to be one of the top choices for new stockholders to get elaborate in the stock market. And even knowledgeable depositors may treasure opportunities to save currency and progress their collections with one of the accessible financing apps.

You know the old saying, big things appear in small packages?

Related to this quote, these days, you can produce to significant sum all done using headsets devices no extra than large in six sizes. It’s ok; you should invest in the actual period on your phone concluded an assortment of excessive mobile venture apps, less or more compared to a specialized Wall Street trader. 

In one or more ways, that is a decent contract. Which is cast-off to be getting that specialized support with your bond, stock, and funds investment at a value that comes?

Some great investment management apps should usually the quality.

Stash

Stash is the investment app of mobile. That bills itself as the digital landing advertisement for stockholders searching for the best financial market tools, and that is something maybe. That is an app that permits mobile operators to capitalize on low-cost funds exchange-traded and stocks previously examined by the company’s investment predictors—the app associations to foremost stock market investigation stages that are like MarketWatch and Yahoo Finance. Then permits you to capitalize as tiny as $5. You can invest as stash put it just $1. You will get a personal investment account with unlimited openings like education, trade, and fractional investing for as little as $5. And the over cost is 0.25% annually and accounts balance of $5,000 per year. 

Vault

Vault is a simple app to use, initiated with experienced and qualified investment advice from expert customer services representatives. It is the low tiniest cash amount of $1 and low monthly fees $1 is accessible for inexpert giving up work investor looking for a toe-hold to become happening. This app enables any long-term investor, retirement investment mob, to expose a separate retirement account Roth IRA, (IRA) or SEP IRA accounts for the freelance occupation professionals.

Personal capital

The personal capital app is more of a fowl-eye view of your investment assortments. This app tracks and updates your investment assortments holdings and estimates your collection performance and risk management and skill allocation needs. You can even put down to square out the specific loser and gainer in your investment assortments. This app user will not pay trade commissions; the possessions fees price jumps with the first million dollars invested.

Stockpile

This app shadows a flourishing development among investment apps; you can invest an incremental amount of your money in the stock market. Stockpile offers the capability to purchase slight shares of 100 stocks and exchange-traded assets for as low as $5 per trade. Do charge a commission in this app, and there are no monthly dues or accounts at least.  

E-Trade

E-Trade destitute the mold for-fee model at low cast investment. In those days, the company’s per-trade fee of $6.95 appears almost ancient but does not magistrate E-Trade’s mobile app on interchange price unaccompanied. This app investment organization makes trading stock and researching and funds simple. The app allows the user to trade stock, ETFs, and standard assets. They also invested specialists in building, streaming quotes, charts, and portfolio data in time sideways with high-level help from E-Trade.

Robinhood

Comparable Stockpile, Robinhood permits stockholders to get a piece of a decent publicly traded corporation in small morsels and in a commission-able way that is particularly attractive to fresher depositors.

That all is, the app is one of the best stock trading apps available today.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

90% of people must pay maximum income tax compared to their requirement. It would be best if you readied to submit your yearly tax, income, and personal income tax declaration. Make sure you will pay the overall tax that must exceed the requirement. You may find errors in most of the tax returns. Being a taxpayer, complete your income statement correctly. 

Many taxpayers must make the declaration of the Income Tax of the Physical Persons every year. This tax is levied on the income obtained by individuals, both for wages and salaries, as well as income from movable capital (shares, investments) or real estate (rent for rental of properties) and the increases in equity obtained.

When is it obligatory to make the income tax declaration?

There is an obligation to declare this tax for people who have obtained in the previous year rents greater than $20,000 per year if they come from a single-payer, or $10,000 per year if they come from different payers (provided that the second and other payers add up, more than $1,200 per year, otherwise the $20,000 per year will continue to prevail).

There is also an obligation to declare whether the income returns and capital gains exceed $1.300 and real estate $,1000.

Reductions and deductions in the IRPF declaration

But there are a series of reductions and deductions that will decrease the amounts obtained when establishing the calculation base.

It is estimated that contributions to Social Security or mutual insurance companies, such as professional associations, are necessary to obtain the income, and therefore, are deducted from the tax base. Let us see several cases.

Contributions and contributions to pension plans: they reduce the base if they are attributed to the owner of the contributions (who makes the payments). This is the future holder of the perceptions. It means that each taxpayer deducts their payments. We cannot deduce, for example, the contributions of our wife—nor our contributions to plans whose beneficiary is the spouse.

Contributions and contributions to social security mutual funds: provided they have not already been deducted from the net income of economic activity. Its purpose is to cover possible contingencies: retirement, total disability, absolute or great disability, and death.

Premiums paid to insured pension plans: insurance contracts that cover retirement contingencies, total disability, absolute or large disability, and death, and where the policy expressly specifies that it is an “Insured Pension Plan.”

Contributions made by workers to social welfare plans: the policy must expressly state that it is an “insured plan of insurance,” and the main contingency covered must be retirement.

Satisfied premiums to private insurance: exclusively covering the risk of severe dependence or high dependence on family members up to a third-degree, spouses, or dependents, with a maximum limit of 30% of the sum of the income for the year (50% for over 50 years old) or $10,000, the lowest of these amounts.

Contributions made to pension systems favoring people with disabilities: (more than 65% physical or 33% psychic) or disability declared judicially.

Contributions for protecting the patrimony of the diminished people: in equal degree to point 6).

Contributions to Compensatory Pensions: favoring the spouse or alimony payments to the children, judicially ordered.

Minimum Personal and Family

Also, there is an adaptation of the base to the circumstances of each taxpayer, which is called ” personal and family minimum, “which is the part that is supposed to be essential to meet the basic needs of the taxpayer and his family. Generally, the taxpayer may reduce $5,000 from the base.

Typically, the statement for the personal income tax does not come under the obligation of some people as per their income. You must earn an identical personal income of less than $22,000 or $14,000 from an individual taxpayer. Invested income must be patrimonial, and profit must be around $1,600. According to property incomes, the treasury bill produces the tax acquisition of house council or cost taxed until $1,000. The patrimonial losses should not be more than $500. 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

There are two conditions of interest. One is when people pay interest while repaying debts, and the other is what people get from their savings in the bank. When one must pay interest, it is the worst possible thing. But when people are paid interest on their savings by doing absolutely nothing, it is the best thing.

This article covers the type of interest that can be incredibly beneficial for people!

Types of interests

There are two basic types of interests: compound and straightforward part. Many people clearly understand what simple interest is. The interest type used in mortgage, automobile, and other short-term loans is applied to the principal amount borrowed. A “borrower” enjoys the advantages of simple interest. The payment and the interest paid are deducted from the principal amount, reducing the amount payable when an individual is regular with payments.

The second type of interest and the focus of this article is compound interest. Compound interest boasts excellent benefits to investors and those who have savings. Unlike the simple part, compound interest applies to the principal amount plus the interest already paid or earned. It is a more complex type of interest and is not as easy to calculate as simple interest.

Understanding compound interest

The use of compound interest dates back to the 17th century and is known to have originated from Italy. It is an interest calculating method that makes an amount grow at a faster pace as compared to the simple interest.

Here is an example to help people understand what compound interest is!

For instance, a person borrows $2,000 for three years at an interest rate of 10% with a fixed payment of $500 per annum. The total amount payable will be $1,507.

In the first year, 10% interest will apply to the principal amount, which will make the amount reach $2,200. For the second year, the person will pay $500. The principal amount then reduces to $1700, and the interest amount you will have on the reduced amount. At the end of the second year, the amount payable will reduce to $1,870. Similarly, at the end of the third year, the expected amount will be $1,507. The total interest paid by the end of the three years will be $507.

Benefits of compound interest

It can work wonders for people saving for their retirement or who have kept the amount to earn profits.

Simple interest is not very beneficial for people putting away their money for retirement. But compound interest can help them reach their savings goal quicker. How? The interest rate will apply to not just the principal amount but to the sum of the principal amount and the total amount of interest received. Therefore, a person will not need to juggle the finances. Instead, they will be able to increase their savings just by keeping them in one place. It is one of the ideal ways to invest and enhance protection. The longer people keep their money in the bank, the higher the interest accrued, which looks like a perfect situation.

Get benefit from your compound interest’s knowledge!

You can use all strategies and financial ideas to have enough knowledge about using compound interest. Find the best savings account that provides you daily compound interest rather than in a month or year. In this way, you can transfer your saved money into your savings account as fast as possible.  

Pay all your credit card amount within a month to reduce the interest accumulation and compound. Also, pay off all your balance within a month whenever it seems possible for you.

The drawback of compound interest

Compound interest proves to be exceptionally beneficial for investors and savers. But in the case of repayment of loans and debts, it can be very damaging. The major drawback of this type of interest comes with an error in estimation. If an estimation error occurs in the first year, it will be carried forward to the remaining years of repayment. For example, if an individual wrongly estimates in the second year of the ten-year repayment period, the error will propagate through the next eight years. By working out the forecast smartly, people can overcome the problem of estimation errors!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.