What is the No Debt Bet Challenge?

An incentive based debt elimination system that encourages you to hold yourself and your Debt Elimination Partner accountable for the duration of the challenge.

Huh?

How It Works:

1) Have a Clear Understanding of Your Current Financial State.

• Create a list of all outstanding debts.
  • Order from highest to lowest interest rate.
  • Include current balance for each debt.
• Know Your Precise Monthly Net Income (i.e., after tax income)
  • If your monthly income varies, use a conservative estimate you are unlikely to dip below.

2) Calculate Your Target Monthly Debt Reduction Goal

• Look at your current monthly debt to income ratio and establish a challenging, yet achievable goal.
  • This number will vary for everyone; don’t let the number muck you up – you can adjust it later if need be.
  • Target Monthly Debt Reduction Goal will be broken into weekly increments.

*If you’re currently in the negative, don’t fret, reach out via email and we can figure out how to right the ship and get you back on track.

3) Establish A Weekly Non-w2 Income Goal

• Start with an amount you can easily generate by selling unnecessary household items and/or employing existing skill sets.
• Short on ideas? Think about your unique skillsets. Do you enjoy cooking, writing, exercising, etc.? Google: ‘How to make money ‘x-y-z-ing.’Maybe you have some extra time on your hands? Pick up a side gig driving for Uber/Lyft, walking dogs via the Wag App, or helping people put their furniture together with Task Rabbit.

4) Set Your Debt Funeral Date

• With your total debt & target monthly debt reduction goal in mind, determine your ‘Debt Funeral Date.’
  • E.g., Your total debt: $12,000; Target Monthly Debt Reduction Goal: $1,000; Debt Funeral Date: 12 months from the date of your first $1,000 Debt Reduction Payment

*Note: This calculation is approximate as it does not account for interest rate.

5) Community Connection

• Choose 1-3 volunteer organizations in your community you would like to work with. As a No Debt Bet Team Member you agree to complete 4 hours of community service for each week you fail to meet your target non-w2 income goal.

*All No Debt Bet Team Members agree to complete a minimum of 4 hours of community service whether they meet their debt reduction goal or not.

Join the No Debt Bet Team to gain access to Community Debt Elimination Tools, establish an emergency savings fund & meet your Debt Elimination Partner!