Welcome to Week 1 of the 12-week DEBT DESTROYER Challenge!

Introduction and Special Assignment

Special Assignment: Legacy Protection

In this week’s special assignment, decide how you will protect your legacy from Estate Taxes and Probate court.

What does this even mean?

Estate Taxes is a tax on your right to transfer property at your death. At the federal level, the tax does not kick in until your estate has surpassed $12.98 million (very close to the top 1 percent’s net worth). However, Estate Taxes can be imposed at the state level as well. I’m in Texas and we love our freedom, so there is Texas Estate Tax. @clintsawyer you’ll be happy to hear that New Jersey got rid of their state level Estate Tax in 2018.

Probate Court is a segment of the judicial system that oversees the execution of wills as well as the handling of estates. If a person contests how your estate is transferred, they can protest in probate court. Common examples are complex family dynamics, second marriages, and beneficiaries where are mentally ill or minors. Probate is slow and expensive and should be avoided at all costs.

How to work around these potential pitfalls:

The Will or Living Trust – These documents are very similar, the primary difference being that you appoint a trustee to manage your estate, and a Will will dictate how the estate will be allocated. A living trust is great if your primary beneficiaries are mentally ill or minors.

Estate Trusts – Estate trusts will allow you to transfer ownership of your assets to the trust, and on paper you will not longer own these assets and therefore will not be assessed an Estate Tax. Since the trust is run by Trustees who will survive you, it also will help you avoid probate court. Note that there will be administrative fees to set up and maintain your trust, so keep this in mind as you explore your options. Also check for state level Estate Taxes.

What do I do THIS WEEK? Here are some options:

  1. If you do not have a will, you can have one by the end of the day through LegalZoom or similar websites.
  2. Looking to level up? Meet with a financial advisor, lawyer, or financial service provider to set up a living trust, especially if you have minor children.
  3. Are you in the top 1% or have restrictive state level estate (16% on any amount over $1m in Massachusetts!!!), meet with a financial advisor, lawyer, or financial service provider to set up an Estate Trust that suits you best.

At the very least, get that Will going and protect your Legacy!

This week:

You can utilize the Debt Destroyer Manual to track your progress, complete activities, and learn more about the topics we cover each week. Access the manual HERE.

  • Day 1: watch the videos and complete the Mindset exercises.
  • Days 2-5: Commit a minimum of 20 minutes acting on your daily spend offenses and positive influxes.
  • Days 6-7: Review your week and DRIVE THE WEDGE.

1. Debt Destroyer Lesson

Watch the overview video plus two assignment videos in Module 1 (approx 20 minutes total) and post a proof pic/screenshot showing the end of the last video. (2 points)


Video 1

Video 2

2. Debt Destroyer Mindset Exercises

(5 points)

Assignment 1: Take stock of your financial inflows and outflows

After watching the lesson videos for this week, utilize the DD WK1 Workbook, a fresh sheet of paper, or you can utilize the “Debt Destroyer Tools and Templates” spreadsheet to create your “Taking Stock” worksheet. 

On the left hand side, write out your Recurring Inflows (Salary, side-income, residual income, etc.) and Ad Hoc Inflows. On the right hand side, write our your Consistent Outflows (commonly “fixed” costs) and Flex Outflows.

At the bottom of the page, subtract your Total Outflow from your Total Inflow and the result will be your monthly Wedge*. Finally, divide the wedge by four (4) and the result is your targeted wedge to apply for the week.

The wedge represents the Free Cash Flow (FCF) available to reduce debt.

*Note that a negative result is the amount your debt is growing each month. Do not worry, you will turn this around!

Proof pic: Upload a photo of your “Taking Stock” worksheet (or a quick video flipping through the multiple pages) to your fire team channel.

Assignment 2: Create your Obligation Hit-List

On a fresh sheet of paper, the DD WK1 Workbook, or the “Debt Destroyer Tools and Templates” spreadsheet, create an “Obligation Hit-List.” List out every debt obligation with the Minimum Payment, Interest Rate, Beginning Balance and a column header for ending balance.

Proof pic: Upload a photo or screenshot of your Obligation Hit-List to your fire team channel.

Assignment 3: Create your Weekly Attack Plan (5 points)

In the DD WK1 Workbook, a fresh sheet of paper, or the “Debt Destroyer Tools and Templates” spreadsheet, create a “Weekly Action Plan.” Below the title write the weekly wedge calculated on the “Taking Stock” page.

Draft three (3) Spend Offenses, efficiencies, eliminations and intelligence into how you spend your money. Hint – Review your Flex Outflow list for waste!

Spend Offensive Examples:

  • Cancel a subscription
  • Shop for a week of BOW compliant groceries
  • Cancel your PMI Insurance (if able)

Draft three (3) Positive Influxes, hustles, initiatives and easy wins to generate cash inflow.

Positive Influx Examples:

  • Change your W2 withholding
  • Sell something to make space in your garage
  • Call a new potential client

Sum all initiatives to calculate your Estimated Free Cash Flow (FCF) potential.

Proof pic: Post a proof pick of you Weekly Action plan to your fire team channel.

Assignment 4: DAILY Spend Offenses OR Positive Influxes (4 points per day for a max total of 16 points)

For 4 days this week, set your timer for 20 minutes and focus on one (1) Spend Offensive or one (1) Positive Influx. You are not measured by effectiveness, you are simply devoting time and intentionally making bold moves with your money.

Proof pic: Upload a picture of your daily action each day to your fire team channel.

Assignment 5: Review your week and Drive the Wedge (5 points)

At the end of the week, spend some time going back to think about your week.  What worked? What did not? Note your successes and ensure you provide a dollar value.

At the bottom of the sheet, input your Weekly Wedge, your Estimated FCF and Actual Wedge.

Drive the Wedge: Chose an obligation from your Obligation Hit-List and transfer the value of the actual wedge created to the principal balance. This is the single most important step in the entire program.

Proof pic: Post your Weekly Review to your fire team channel.


Make one Bold Move this week to move the needle in any area of your life (For example your health, wealth, relationship, family, work or personal life). It is strongly recommended (though not required) that you make a Bold Move that is directly related to one of your Debt Destruction actions.

Proof pic: Upload a photo or video of your Bold Move to your fire team channel. (5 points).

If you need more information about the concept of Bold Moves, refer to the 50 BOLD User Manual.


To help members build the posting habit, we have just one special op for this week:

Special Op #1: Solve a long-avoided problem
Special Op #2: Cook some ungulate meat over an open flame
Special Op #3: Do 500 pushups in a day


Join us Friday at 3 PM Central Time for our weekly Moot. Zoom link and password will be posted in Slack each Friday.

Proof pic: Upload a photo or screenshot of the Moot to show you attended the live Moot or watched the replay (5 points).


Every Friday at 12pm CST we will hold an open Zoom call to work assignments, share wins and see who can bring the worst hold muzak when calling vendors. This call is not mandatory, just a block of time you can use to focus on destroying your debt. Zoom details will be posted in the 03-debt-destroyer channel.

Quick Links:

Debt Destroyer User Manual

Debt Destroyer Tools and Templates

Debt Destroyer Scoring Tracker Template

50 BOLD User Manual

For DEBT DESTROYER Support: Send a direct message in Slack to @Coach David Kaiser

For general Third Way Man or 50 BOLD support inquiries, please email

Now go out and Destroy Your Debt, win some points, and put your fire team on the leaderboard.

See you on the Moot!

David Kaiser, 50 BOLD Coach
Third Way Man