Biggest Winner Contest: Get paid to lose your debt!

I've launched the first ever Biggest Winner Contest. Service members at my base will compete for three months to see who can lose the most debt, winner gets $500! The goal is to get people talking about personal finance and motivate my fellow service members to dig themselves out of debt. I'll provide plenty of resources to help them along the way.

If you saw the flyer and want to sign up, subscribe to get email updates (don't use .mil email) and directions will be posted before the contest starts on February 15th, 2011. Here's a run down of the rules:

  • The winner will be the service member who reduces their debt to income ratio by the highest percentage. Don't worry, it's not that complicated-I'll provide a spreadsheet for scoring. This valuation gives everyone an equal chance regardless of income.
  • Contest ends May 15th, 2011. Contestants are eligible even if they change bases during that period.
  • The contest will be run on a discussion forum (coming soon). Contestants can earn a bonus percentage point every week by making a post on the forum telling people what they're doing to pay down debt and to budget. The idea is to spread the wealth and inspire others with their story.
  • At the end contestants will post their final score on the forum and the winner gets $500! Of course, numbers will be verified.
On my base, the Top 3 and the Company Grade Officer's Club were kind enough to sponsor the contest. Like the idea? Want to run a contest on your base? Send me an and I'll be happy to get you started!

Good luck to all of the contestants! There will be no losers. At the very least, you'll learn something along the way and dig yourself out of debt.