Executive Director Jessie Trudeau was able to pay off $46,000 of credit card debt in one big chunk because she had a 0% interest rate. “I put my Melaleuca bonuses and extra earnings in a checking account until I was ready to pay off ALL my credit card debt,” she says. “I followed CEO Frank VanderSloot’s advice: use your residual income to help pay your bills, and use your bonuses to help pay off debt.”
Save for a Rainy Day
According to MoneyUnder30.com, only 23% of Americans have emergency savings to cover unexpected expenses. Worse still, a full 26% of Americans
have no emergency savings whatsoever!
Having an emergency fund gives you financial resilience so you can handle unplanned expenses (like replacing a car battery or losing a job) without jeopardizing your long-term financial stability or digging yourself deeper into debt. To start an emergency fund, regularly make small contributions to a savings account and set a specific goal to help you stay motivated. A good rule is to have at least three months’ worth of expenses saved at all times.
Make Extra Payments on One Particular Bill
“
After you make your minimum payments
(never neglect these or the penalties skyrocket), choose the smallest bill or
Thanks to the extra income I earn from Melaleuca... our debt is finally manageable.
the bill with the highest interest rate and make extra payments on it whenever you can. Are you barely making your minimums as it is? Your best option is to find additional streams of income! Senior Director 3 Kelsea Griffith started a cleaning business using Melaleuca products in order to escape an abusive situation. “I started building my Melaleuca business to save money and leave my marriage,” she says. “I was working for another company before I became a Member of Melaleuca, and every time I would receive a paycheck, my husband would make me transfer it to his account.” As a new business builder with Melaleuca, Kelsea secretly saved the funds she needed to start over. Today her cleaning business is thriving. Because many of Kelsea’s clients also became Melaleuca Members once they experienced the products, she now has two thriving businesses. And no one is stealing her paychecks! “I’ve made more than $56,000 in less than 19 months with Melaleuca,” she says. “I’ve paid my attorney fees for my divorce, and I’ve been able to buy my two kids new clothes when they have needed them without struggling. And I’ve done all that on my own because Melaleuca gave me the vehicle to believe in myself.”
Consolidate If You Can
Debt consolidation rolls multiple debts (usually with the highest interest rates, such as credit card bills) into a single payment. This works well if you qualify
for a low-enough interest rate. Consolidation helps you reduce your total debt by reorganizing it so you can pay it off with less hassle—and less interest! If you’re dealing with multiple bills with different interest rates, minimum payments, and due dates, debt consolidation is a way to clear some clutter and help you focus on one payment versus numerous payments staggered throughout the month. Look for the Lowest Interest Rates If you have to take on additional debt, try to find offers for low interest rates. Zero percent is ideal, but anything under 5% is considered a win!
—Executive Director Jessie Trudeau
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MAY 2022 | MELALEUCA.COM 35
These results are not typical. Consult the Annual Income Statistics on page 58 for typical results.
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