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Getting out of debt feels so good. Recently $54,000 the remaining balance of my student loans was paid off by Public Service loan forgiveness. I was in $132,000 in debt, now I’m down to $20,000. I had students loans,Pension loans, insurance loan, and credit cards. I have learn my lesson. I will never ever get in debt again. I now pay everything with cash.
I get the avalanche method but I’m still team snowball method. Debt has a psychological effect and seeing small wins early is very motivating. The avalanche method is best for the patient and disciplined.
The sad reality is most people are comfortable being in debt. They don’t really comprehend how much of their income goes toward debt until they put the numbers on paper. I believe in order for them to take it serious, they HAVE TO find the reason to change. The journey to becoming debt free is a life changing decision. I’ve been coaching a couple of people and as scary as the economy is looking, they are struggling to develop the discipline it takes to sustain the journey.
You're so right. Being in debt for many is meaningless. They don't have a sense of money or the life it can either give you or deprive you of. Superficial values, partying, addictions, over-spending and impressing friends is their tradeoff and they don't care. Even numbers on paper don't hit them emotionally. People have gotten so used to being in a "pleasure mode" with their cell phones, online games and social life, saving money or spending less doesn't even register with them. And it's not just young people, either. They'll often go down with the ship rather than give up one single thing from their "lifestyle."
Great message Reggie. We have paid down a literal ton of debt in the last 4 years, we used the snowball for the early successes. Have $10k to go will have it paid by the end of the year. The $10k is at 1.9% APR, friends tell me I'm crazy to worry about it but we are so close to having no debt. Our home is paid and we have a 6 month emergency fund and will soon be putting 45% of our take home into retirement accounts (by next April 2023). We have established sinking funds to pay for home improvements and a new car fund to pay for our next new car in about 3 years. We have learned that living a simple life below our means is actually more satisfying than living with a lot of stupid stuff and having the stress that comes with having too much debt. Last month our savings account hit an amount that is higher than the amount we owe on our last remaining debt. Because we budgeted for it, this week we paid our property taxes early and received a discount (instead of the usual penalty for paying late) and next week we are having new carpet installed in our family room, paying cash. I can go fishing tomorrow with no worries that I have to figure out a way to pay some upcoming bill, we can just go out and get lost in the moment. Five years ago we thought having big debt was normal and unavoidable now we know one can live debt free and be in a position to do way more things than we could when saddled with big payments. We have cut our living expenses to the point that what we call "The Big 5" costs us $1020.00/month or $12k a year. The Big 5 is 1) real estate taxes, 2) fuel oil, 3) electricity, 4) homeowner insurance and 5) propane. This is what we need to keep our house warm and the lights on. Without debt we could in a pinch live at the US poverty level and survive.
I’ve been debt free including my mortgage for a year and half. I swear food taste better, jokes are funnier, sleep is better …I feel like a child again!
I am on disbility .i am 1000 from being debt free. It been a long road because of my income. If I can do it anyone can. You just have to stay motivated
You mentioned being very in debt and listening to Dave Ramsay and others, where you were inspired to get your debts paid off. I encourage everyone who wants to pay off their debts and improve their situation to either watch videos on becoming debt free or read books by those who can inspire and teach others how to do it. I got my inspiration from Carleton Sheets, a real estate investor/developer from many years ago. He had books and tapes, and a friend had a "kit" from his company, but he never even opened it. I asked him if I could borrow it to read/listen. And I did. He convinced me that anyone could make a killing in real estate. From there I started reading books like Deals on Wheels, another oldie book that taught how to buy, fix up and rent mobile homes, and how to sell them. Other books on buying lots and building on them and selling them (spec homes) became my gold mine for a time. This is one way to start paving your way to getting out of debt and securing a solid future. Buying rentals, fixing up old houses and finding old mobile homes to rehab are classic and time tested ways to make huge money. But it takes work and hands on at first. Later you can turn the rentals over to a rental company if you want. But find an area of interest for yourself and see if there is opportunity. People don't do well if they really are not interested in how other people did it. But read books, watch videos, and learn what area is for you.
Get Weekly Money Advice Straight to Your Inbox: www.reggiebryant.com/the-reggie-bryant-brand
Follow Me on Instagram instagram.com/reggiedbryant/
Read My Book Here: www.amazon.com/dp/B0B93YXNLF
My Financial Coaching Services: www.reggiebryant.com/1-on-1-coaching
Join My Exclusive Patreon Group: www.patreon.com/ReggieBryant
High Yield Savings Account: www.marcus.com/share/REG-UT5-EKU8
Paying off debt is so freeing. Never getting in debt to begin with seems nearly impossible these days.
💯
Getting out of debt feels so good. Recently $54,000 the remaining balance of my student loans was paid off by Public Service loan forgiveness. I was in $132,000 in debt, now I’m down to $20,000. I had students loans,Pension loans, insurance loan, and credit cards. I have learn my lesson. I will never ever get in debt again. I now pay everything with cash.
All young people (the older ones too) should watch this video. I feel this is a great learning tool. #1 Fan-Mom❤️
Thanks!! 🙏🏾
Awww what a lovely mom 🙂
Aww what a sweet supportive mom! I love that.
@@jenniferthomas394 Always! Thank you❤️
I get the avalanche method but I’m still team snowball method. Debt has a psychological effect and seeing small wins early is very motivating. The avalanche method is best for the patient and disciplined.
I respect that. It’s always good to have your own perspective and know what works best for you. That’s the name of the game 💯
The sad reality is most people are comfortable being in debt. They don’t really comprehend how much of their income goes toward debt until they put the numbers on paper. I believe in order for them to take it serious, they HAVE TO find the reason to change. The journey to becoming debt free is a life changing decision. I’ve been coaching a couple of people and as scary as the economy is looking, they are struggling to develop the discipline it takes to sustain the journey.
Sad but true 💯
You're so right. Being in debt for many is meaningless. They don't have a sense of money or the life it can either give you or deprive you of. Superficial values, partying, addictions, over-spending and impressing friends is their tradeoff and they don't care. Even numbers on paper don't hit them emotionally. People have gotten so used to being in a "pleasure mode" with their cell phones, online games and social life, saving money or spending less doesn't even register with them. And it's not just young people, either. They'll often go down with the ship rather than give up one single thing from their "lifestyle."
Great message Reggie.
We have paid down a literal ton of debt in the last 4 years, we used the snowball for the early successes. Have $10k to go will have it paid by the end of the year. The $10k is at 1.9% APR, friends tell me I'm crazy to worry about it but we are so close to having no debt. Our home is paid and we have a 6 month emergency fund and will soon be putting 45% of our take home into retirement accounts (by next April 2023).
We have established sinking funds to pay for home improvements and a new car fund to pay for our next new car in about 3 years. We have learned that living a simple life below our means is actually more satisfying than living with a lot of stupid stuff and having the stress that comes with having too much debt. Last month our savings account hit an amount that is higher than the amount we owe on our last remaining debt. Because we budgeted for it, this week we paid our property taxes early and received a discount (instead of the usual penalty for paying late) and next week we are having new carpet installed in our family room, paying cash. I can go fishing tomorrow with no worries that I have to figure out a way to pay some upcoming bill, we can just go out and get lost in the moment.
Five years ago we thought having big debt was normal and unavoidable now we know one can live debt free and be in a position to do way more things than we could when saddled with big payments. We have cut our living expenses to the point that what we call "The Big 5" costs us $1020.00/month or $12k a year. The Big 5 is 1) real estate taxes, 2) fuel oil, 3) electricity, 4) homeowner insurance and 5) propane. This is what we need to keep our house warm and the lights on. Without debt we could in a pinch live at the US poverty level and survive.
I’ve been debt free including my mortgage for a year and half. I swear food taste better, jokes are funnier, sleep is better …I feel like a child again!
💯🙏🏾. Congratulations, you deserve it!
That sounds amazing! Congratulations!
That is awesome!
I can't wait to get here!
This is an excellent video as far as to look at the discipline to save and set aside.
Thank you!!
Love your posts Reggie keep encouraging us thanks
Thank you! 🙏🏾
I appreciate all you do ! Keep up the videos !
Will do!!!!
I am on disbility .i am 1000 from being debt free. It been a long road because of my income. If I can do it anyone can. You just have to stay motivated
This is very inspirational. Thanks so much for sharing! 🙏🏾
Thank you!
You’re welcome!
You mentioned being very in debt and listening to Dave Ramsay and others, where you were inspired to get your debts paid off. I encourage everyone who wants to pay off their debts and improve their situation to either watch videos on becoming debt free or read books by those who can inspire and teach others how to do it. I got my inspiration from Carleton Sheets, a real estate investor/developer from many years ago. He had books and tapes, and a friend had a "kit" from his company, but he never even opened it. I asked him if I could borrow it to read/listen. And I did. He convinced me that anyone could make a killing in real estate. From there I started reading books like Deals on Wheels, another oldie book that taught how to buy, fix up and rent mobile homes, and how to sell them. Other books on buying lots and building on them and selling them (spec homes) became my gold mine for a time. This is one way to start paving your way to getting out of debt and securing a solid future. Buying rentals, fixing up old houses and finding old mobile homes to rehab are classic and time tested ways to make huge money. But it takes work and hands on at first. Later you can turn the rentals over to a rental company if you want. But find an area of interest for yourself and see if there is opportunity. People don't do well if they really are not interested in how other people did it. But read books, watch videos, and learn what area is for you.
Thanks for your insight and thanks for watching!!