The FASTEST Way To Pay Off DEBT (On A Low Income)

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  • Опубліковано 7 жов 2024
  • It’s time to talk about a four-letter word that many people will avoid discussing at all costs: DEBT.
    Including home mortgages, Americans owe more than $14 trillion in loans. The average student graduates college with over $30,000 in student loans.
    In this video, I will show you two strategies for paying off debt as fast as possible.
    The first method is known as the Debt Avalanche strategy.
    The second method described in this video is what we call the Debt Snowball strategy.
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КОМЕНТАРІ • 405

  • @NateOBrien
    @NateOBrien  4 роки тому +78

    Thanks for supporting the channel! Don't forget to drop a like and subscribe for more videos!
    Add me on Instagram: @nateobrienn

    • @formicaria4304
      @formicaria4304 4 роки тому +1

      Or Take A Loan With Less Interest To Pay Of The Interest. Net Net Less Pay :) Then You Crush That Remaining Dept.

    • @formicaria4304
      @formicaria4304 4 роки тому +1

      Or Save Money :D

    • @tialopez7306
      @tialopez7306 4 роки тому

      you're so hot...are you single? str8?

    • @KeithJones31
      @KeithJones31 4 роки тому +1

      Smashed the like button for you Nate.

    • @attaulhaye
      @attaulhaye 4 роки тому +1

      hi nate, why you remove all of your video about droppshipping?

  • @nomipyar
    @nomipyar 4 роки тому +223

    I said this on another video, and I stand by it -- I love the fact that you aren't yelling or being overly aggressive in your delivery. I find a lot of financial videos to be too abrasive to watch -- because I feel like I am being belittled due to my lack of knowledge and financial savviness. It's almost like sitting in a financial literacy class. You should consider being a college professor!

    • @letsparchmentitupyo7566
      @letsparchmentitupyo7566 4 роки тому +3

      well said!!

    • @Irishjay-gu5pb
      @Irishjay-gu5pb 4 роки тому +5

      yes!!! agreed!!! He's very calm and collected, which makes it that much easier to actually hear what he's saying and understand it.

    • @samsmusichub
      @samsmusichub 2 роки тому +4

      And in general everyone on UA-cam or social media talks so loudly just to get your attention. It's kinda weird.

  • @eannsingh
    @eannsingh 4 роки тому +5

    This is why I stay as far as I can possibly from debt at all costs. I’d rather penny pinch than go in debt

  • @christianaegracejaromay4293
    @christianaegracejaromay4293 Рік тому +182

    VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but COGNITIVEHACKS info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

  • @kroline8
    @kroline8 4 роки тому +108

    One thing about debt consolidation: if done through a loan, make sure you won't start using the credit cards again because you end up owing 2/3x as much as before. I think this only works for people with enough self-control

    • @samanthacollingwood8513
      @samanthacollingwood8513 4 роки тому +10

      Learned that the hard way transferred one credit card amount to another with a lower interest rate and then ended up racking up the one that I just move the balance from. When from $3,000 in debt to $20,000 in less then a year with a few bad decisions I made with good intentions.

    • @kroline8
      @kroline8 4 роки тому +5

      @@samanthacollingwood8513 I know that feeling. Sometimes you don't even know how much you have spent until it reflects in the balance

    • @samanthacollingwood8513
      @samanthacollingwood8513 4 роки тому +3

      Khareetoh all the time! Look at the balance and think there’s no way I spent that much. I often add it up myself and see the total grow.

    • @WingoTribe704
      @WingoTribe704 2 роки тому +2

      @@samanthacollingwood8513 how did u tackle it? I’m considering transferring all my credit card debt to my bank and just paying it off in one place. I believe I’m 34k in now! I just paid off 15k in June 2021 😩 I lost my house and my wife. 820 credit score at the time and I just went haywire. Hotels, eating out, gas, some clothes here and there and whenever I would have my kids I would take them places to keep their minds off of what me and their mother was going thru. Along with an alcohol addiction. I cut out the booze! That was the number issue after all because it was a gateway to more bad decisions

    • @samsmusichub
      @samsmusichub 2 роки тому

      True!

  • @CandiceMarieinspires
    @CandiceMarieinspires 4 роки тому +55

    Great video Nate thanks for the tips! When I was paying off my 47,000 worth of debt it was important for me to find ways to make extra money to pay off my debt faster because paying the minimum balance wasn't going to cut it.

  • @Bigfoot_With_Internet_Access
    @Bigfoot_With_Internet_Access 4 роки тому +183

    What if we just like... Push the debt somewhere else

    • @NateOBrien
      @NateOBrien  4 роки тому +43

      200 level IQ

    • @JK-Visions
      @JK-Visions 4 роки тому +1

      We push back eventually:p

    • @twincherry4958
      @twincherry4958 4 роки тому +1

      I can supply the manpower for that 😁

    • @fredericksharon6908
      @fredericksharon6908 3 роки тому +1

      Creed braton doesn't pay his debt, he transfers it to himself 😊

  • @trappedcat3615
    @trappedcat3615 4 роки тому +125

    "I just print more money" -Federal Reserve

    • @NateOBrien
      @NateOBrien  4 роки тому +13

      pretty much

    • @Irishjay-gu5pb
      @Irishjay-gu5pb 4 роки тому

      yep, if only we could get ourselves one of those printing presses!! ;)

    • @startenderspacebar
      @startenderspacebar 3 роки тому +1

      @@Irishjay-gu5pb wait that’s illegal

  • @ZacharyLaid
    @ZacharyLaid 4 роки тому +78

    You want to be the one that is on the other side of debt, making the interest and getting paid, not the other way around, so the sooner you pay off your own debts the sooner you can focus on investing the extra money to work for you.

    • @NateOBrien
      @NateOBrien  4 роки тому +1

      Right on!

    • @samia7756
      @samia7756 4 роки тому +6

      Its better not to be on either side of the debt, the entire financial system is corrupt. If you are making interest, that means some one else is falling deeper in debt. Taking loan should not be so easy, I know people are able to take out loan left and right here in Canada, making people work like slave rest of their life to pay it back.

    • @BackroadMoney
      @BackroadMoney 4 роки тому +1

      Great video! You may have said it and I just didn't hear it, when you pay off one debt using either method that monthly payment get rolled over into the next debt. For example if you were paying 500 on your car loan and pay it off, that payment gets added to the next minimum payment so now you are paying 650 to your credit card ot whatever it may be.

    • @jedixboxx
      @jedixboxx 4 роки тому

      @@BackroadMoney snowball method

  • @JohnnyDeppFan1433
    @JohnnyDeppFan1433 4 роки тому +5

    The advice I was given growing up is "Work hard now, play later" and that holds true. Work hard on paying off your debts, it will save you potentially thousands in interest.

  • @BrendaTrott
    @BrendaTrott 4 роки тому +23

    Dude, I'm watching you thinking the whole time "Is he even old enough to own a credit card?" You present quite well, and I'm one of the lucky ones! I was able to eliminate over $20k in cc and medical debt in only 9 months. It had nothing to do with budgets and everything to do with the hidden agenda in my own subconscious mind.

  • @Masrex
    @Masrex 4 роки тому +20

    I’ve found the avalanche method way more effective but snowball the first few months def helped me get in the groove of things

    • @NateOBrien
      @NateOBrien  4 роки тому +2

      I agree but both methods work

    • @CandiceMarieinspires
      @CandiceMarieinspires 4 роки тому +1

      Yes getting a groove that works for you is important. The avalanche method deff saves you more in the long run, but I personally used the debt snowball to create those small wins to keep me going.

  • @stepheniemattews1818
    @stepheniemattews1818 2 роки тому +15

    Good jobs pay your bills 🌐
    businesses make you rich 🏧
    But it's your investments that make you wealthy✈️

    • @bobbyjames5414
      @bobbyjames5414 2 роки тому +1

      People are ignorant of profitability in bitcoin investment and that has been their major issue limiting their investment

    • @stevekings9460
      @stevekings9460 2 роки тому

      @@bobbyjames5414 If you can make one dollar, You can make a million more. Grow your wealth by investing in bitcoin today.

  • @ErickaWilliamsCC
    @ErickaWilliamsCC 4 роки тому +3

    So many people struggle with debt, thanks for doing this video.

  • @darcyhuff9461
    @darcyhuff9461 2 роки тому +6

    It's insane watching this now at the 2:00 mark where Nate discusses how quickly the economy can change. It was only a month later that the first Covid case was found in the US.

  • @multidimensionalnena8404
    @multidimensionalnena8404 4 роки тому +11

    omg i need to pay off my debt; this sounds like me I just lost my job a couple days ago and I have to pay for school which starts next month... I'm waiting for my miracle!!!

    • @chicnoir29
      @chicnoir29 4 роки тому +1

      Sorry you lost your job. ❤️

    • @multidimensionalnena8404
      @multidimensionalnena8404 4 роки тому +1

      @@chicnoir29 thanks I understand that's life; in the meantime ill be looking and working towards making videos :D

    • @chicnoir29
      @chicnoir29 4 роки тому

      Well I’m going to subscribe to your channel and watch videos to help out.

    • @anosjc
      @anosjc 4 роки тому +1

      Me too girl. I was laid off in November and I have to pay my home loan...

    • @july713x3
      @july713x3 3 роки тому

      Sorry.

  • @wilsonsantiago8122
    @wilsonsantiago8122 4 роки тому +4

    I keep watching your videos because I am an older person with lots of debt you explain things so simply which helps me immensely. Thank you Nate.

  • @randomdude6503
    @randomdude6503 Рік тому +179

    I think you literally just saved my life Leo, I’ve been struggling to find a way out. I’m currently an N.A waiting to get certified because of covid and stuff but I support myself and my grandma. I don’t have anyone to turn to for help, I’ve been trying to save but I can’t because of bills and renting my apartment and everything. But this, literally helped me look to a brighter future. My grandma is crippled so she cannot do work or anything. Most people have parents to turn to but I don’t talk to my mom or dad. This literally helped me so much because since i met COGNITIVEHACKS the real issue i have about debt was solve in some weeks am sure before Feb of my birthday i will be home owner.

  • @annmannings1840
    @annmannings1840 2 роки тому +1

    Thank you😊 for this video, do you offer account management or have any recommendations?

  • @darkstar9844
    @darkstar9844 4 роки тому +24

    One method that's interesting is sort of an in between, you start on the lowest payment so you can see your number of payments drop and feel the momentum, and once the first one's paid off and you see a light at the end of the tunnel you switch over to avalanche. I've heard it called blizzard but it might be a better approach for the more emotional crowd.

  • @blizzy13
    @blizzy13 4 роки тому +8

    For those affected by COVID19 and any of you who has lost employment, I hope you all bounce back when it is all over. I find myself thinking of my bad habits before the pandemic and watching videos like this are helping me create a plan for the future. Great video and everyone stay well!

  • @Jill.McGlothlin42
    @Jill.McGlothlin42 4 роки тому +2

    I am 39 and I went to college mainly for personal reasons. The reason was deep and it was to prove something to myself. And now that I’m $64 thousand in debit I regret my decision. 😞 I can’t begin how much I love your videos. Thank you so much please don’t stop. I don’t have credit card thank God, but I do have a car loan and student loan. I just need to get better at my budget.

  • @omertalha7442
    @omertalha7442 Рік тому +172

    Credit scores are just a form of federal control, so if you want to continue living a good life? it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. COGNITIVEHACKS made it stay at that range and getting it up

  • @LeahElizabeth
    @LeahElizabeth 4 роки тому +63

    This video was timed perfectly after Black Friday 😂

    • @NateOBrien
      @NateOBrien  4 роки тому +31

      Black friday makes me sad.. so many people spending thousands on items that they don't need

    • @LeahElizabeth
      @LeahElizabeth 4 роки тому +10

      Nate O'Brien they need to learn MINIMALISM 🤓

    • @admiralmurat2777
      @admiralmurat2777 4 роки тому +2

      Minimalism for my family. 21 about to buy a nice brink ranch. Will own 100% in two years

    • @thatwhiteguy5541
      @thatwhiteguy5541 4 роки тому +3

      @@LeahElizabeth I'm down with ramen noodles too. We should get married!

    • @LeahElizabeth
      @LeahElizabeth 4 роки тому

      That white Guy haha lets go 😂😊👌🏻

  • @WillReil
    @WillReil 4 роки тому +17

    Debt on assets that don't make you money is bad debt. Pay off the high-interest debt and you will save yourself a fortune!

  • @justdreaming3869
    @justdreaming3869 4 роки тому +31

    Watching this video now during this Corona Virus mess sure hits different!! 😣

  • @positive_vibes_2427
    @positive_vibes_2427 4 роки тому +10

    Your tips encouraged me to ask my credit provider questions regarding interest rates on both loans I owe. I have a high credit score and have been paying balances on time, but only covering the minimum payment due. The response I got from them and your tips on paying the loan with highest interest rates were huge. THANK YOU SO MUCH!

  • @GenExDividendInvestor
    @GenExDividendInvestor 4 роки тому +59

    Spend less. Invest more. Anything that sounds too good to be true, is.

  • @carlatoppins8567
    @carlatoppins8567 4 роки тому +12

    Good Stuff, I not only snowballed my debt down but Frosty the Snowmanned it once it got good to me. It is psychological and for me, I only wanted to flow with that momentum.

  • @scottglasgowmusic
    @scottglasgowmusic 4 роки тому +2

    No shortcuts. Just discipline with money.

  • @ladymallowyt
    @ladymallowyt 2 роки тому +7

    Nate: the economy is doing well
    Me watching this in 2021: oh no

  • @Irishjay-gu5pb
    @Irishjay-gu5pb 4 роки тому +1

    Someone else commented on this and I believe it's worth repeating, THANK YOU for not yelling and being aggressive as you explain this!! It's so much easier to hear your information and remember it when you're calm and confident while speaking.

  • @kankerdoodleb9149
    @kankerdoodleb9149 4 роки тому +52

    don't forget to create an emergency fund so you don't end up acquiring more debt in the future...

    • @BackroadMoney
      @BackroadMoney 4 роки тому +2

      100% agree! Even if is small at first, usually it isn't large purchases that kill us. Death by a 1000 cuts! Then we feel defeated because we used our credit card, it's a vicious cycle similar to dieting. When you eat something then feel like you already screwed up, so then there goes the whole day.

  • @RealLifeMoney
    @RealLifeMoney 4 роки тому +5

    Great explanation Nate. I’m a believer in the debt snowball honestly. As human beings we are very emotionally and behavioral. With that being true that usually throws any logic out the window. To start small and grow while watching it work is probably more motivating in my eyes 😁👍

  • @ryleemadison912
    @ryleemadison912 4 роки тому +2

    That opening statement about the economy definitely came true..

  • @IncomeBoost42
    @IncomeBoost42 4 роки тому +3

    As they say, Debt is a double edged sword. It can be a powerful when used smartly or very destructive when not managed properly. Those who achieved financial success often managed to leverage debt in their favour.

  • @FinancialShinanigan
    @FinancialShinanigan 4 роки тому +24

    Credit is just too easy to get. Couple that with lack of impulse control, here we are.

  • @drewesquivias
    @drewesquivias 4 роки тому +7

    I was waiting on this video 💪🏻

  • @paulinehillson9059
    @paulinehillson9059 4 роки тому +3

    I on the process of paying of debt using the snowball effect. Also it should go without saying that you shouldn’t be using your credit cards at all if your paying off debt. Great video!!!

    • @LetsTalkFinanceswithTrayTruitt
      @LetsTalkFinanceswithTrayTruitt 4 роки тому +1

      I could not agree with you more. The debt snowball is a great method to payoff debt. I utilized it myself.

  • @Quest4PureLogic
    @Quest4PureLogic Рік тому +1

    "Snowball" method plus discipline of pumping back payment amount(s) made to last debt(s) paid. i.e payment amounts for debt A, B, C are 100 (minimum), 200 (minimum), 300 (Minimum+extra), respectively and C debt had the smallest balance which you just paid off. You would now apply the 300 to next smallest balance debt. Let's say B was next, then B would receive 200+300 as its payment until B is paid off. For A, you would pay 100+200+300. As you can see how each debt progressively gets paid down but require discipline.

  • @efroggys
    @efroggys 3 роки тому +4

    I consolidated my debt into a personal loan and swore I wouldn’t use credit cards again. Sure enough, here I am with credit card debt and a personal loan. It gives you a false sense of security.

  • @lifelanytv7906
    @lifelanytv7906 4 роки тому +3

    Thank you so much your videos, 👍🏻 end of this month is my final payment for student loans 😌

  • @reecehopkins9788
    @reecehopkins9788 2 роки тому +3

    What a nice video Nate, many are going through emotional stress due to calls from there creditors, I'm going to share how I got off college debt and paid off the morgage on my grandma house 🏠 where I currently live with my wife and kids

  • @elementnature3966
    @elementnature3966 4 роки тому +3

    Thank you very much for sharing ! I feel myself better after watching this video because I have just some thousands that I want to give back to a family member who helped me when I was in need, but don't have % on it or even deadline to give back what is much better than the situation you are describing in your exemples. I guess the best solution is really to increase my income and to keep my costs on the same level as I have now.

  • @nicholasdean3467
    @nicholasdean3467 4 роки тому +5

    Now will there be a video on how to pay off debt 2020?

    • @nmrincon14
      @nmrincon14 4 роки тому

      Get covid and push debt on someone else

  • @samsmusichub
    @samsmusichub 2 роки тому

    Great vid, I always got those 2 payoff strategies confused but now I've got them!

  • @tonycyber
    @tonycyber 4 роки тому +9

    I will start my own Paper Company to payoff my debt. I already have a beets farm.

    • @NateOBrien
      @NateOBrien  4 роки тому +3

      Did I stutter? - Stanley

    • @tonycyber
      @tonycyber 4 роки тому

      @@NateOBrien Stanley reminds me of Eeyore from Winne the Pooh

  • @2KRICHKID
    @2KRICHKID 4 роки тому +1

    I just paid off my 12,000 credit debt. I feel free 😌

  • @jonathananderson260
    @jonathananderson260 3 роки тому +6

    "The economy can change very very quickly. People can lose their jobs, people get laid off..." Well that didn't age well did it!

  • @zahrakazemzadeh6103
    @zahrakazemzadeh6103 Рік тому

    that was exactly what i needed to hear! thanks a million

  • @MKS73636
    @MKS73636 4 роки тому +2

    13k in debt left. It will be paid off by early 2021.

  • @Michael25250404
    @Michael25250404 2 роки тому +1

    its hard doing any of these when your bills are the exact same or more than your income....

  • @livingunashamed4869
    @livingunashamed4869 4 роки тому +3

    Good video yeah I'm kinda using both approaches the issue is it'll take me like 7-8 yrs to get out of student loan debt. Making more income would so sweet but if it was easy we would all be making more.

  • @santiagotoro3388
    @santiagotoro3388 4 роки тому +7

    Great video! I prefer to pay the small debts first, sometimes you take to long paying the big debt and that causing pretty bad feelings, like if you don't advance :(

  • @muratcelik7730
    @muratcelik7730 Рік тому +181

    At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month,It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by COGNITIVEHACKS lol, i didn't made it myself

  • @neilschipper3741
    @neilschipper3741 4 роки тому +2

    If you separate your needs from your wants and save up for what you need there should be no need for a charge card. Always every month after the bills have been paid try to take 10% of what you made and save up for a nest egg in case something comes up that way you won't be charging to pay for things. Try to start saving from day one anything Nickel Dime quarter dollar anyting

  • @xChrXisx777
    @xChrXisx777 2 роки тому +1

    Here I am watching this after the 2020 pandemic

  • @gavinsandlin27
    @gavinsandlin27 2 роки тому

    Man! Your delivery is amazing. You are telling and not yelling. I have some debt but I don't feel more stressed after watching your videos. Some of these financial advisors make me feel worse after watching. Good job my friend thank you

  • @Je.rone_
    @Je.rone_ 4 роки тому +7

    *I've been able to save $25,000 basically on low income and minimum wage in 2 years, it is possible* 💪🌚

    • @NateOBrien
      @NateOBrien  4 роки тому +1

      WOW

    • @chasingsimpledreams
      @chasingsimpledreams 4 роки тому +1

      Can you explain some of your methods or motivations? Would love to hear them!

    • @chasingsimpledreams
      @chasingsimpledreams 4 роки тому +2

      @@Je.rone_ Wow, only eating once a day? That is definitely like scorched-earth. And it sounds like since that killed your relationship, she wasn't the right one for you in the first place. I work for myself (as a subcontractor legal transcriptionist), so my method of increasing my income has been to take on more work and rush jobs when they come around, as much as I can. I have also definitely lowered my expenses as much as I can. I read a lot and do other things for free like go to a park, etc. My boyfriend is luckily in the same mindset but we're long distance right now, so that does cost us some $ but we have tried to keep those costs down as well. I have LOTS of student loans, and a small bit of consumer debt so I am focusing on taking care of the consumer stuff first which I think I can get paid off within the next year if not sooner. But I understand about lowering the lifestyle. I consider myself a minimalist and that definitely helps. I've also started using YNAB (on a two month free trial right now) and it seems to be helping me focus a lot. Thank you so much for sharing your story with me. Very appreciative of it.

    • @Je.rone_
      @Je.rone_ 4 роки тому +2

      @@chasingsimpledreams to be fair it wasn't what killed it but more of *a* staw on the metaphorical camel's back but not *the* straw,
      And yeah sometimes it can be hard to find new ways to lower expenses (and income in the short run) without going to some questionable extremes. But it seems you are focused on bettering and that is all it takes to clean up a mess

    • @chasingsimpledreams
      @chasingsimpledreams 4 роки тому +2

      @@Je.rone_ I do have a lot of student loans and on the income based repayment plan right now, so I have also started to save money into a Roth. If I don't pay off the loans before the end of that 25 yr period (did I say they were huge yet?!), then I would have the amount that is forgiven be imputed to me as income for that year, so yes, the tax bill would be hefty, but not nearly as much as if I paid all the loans back in full. (To be fair to me though, the biggest loan of them all, I have paid back the principal amount already, which is many thousands of dollars, like almost 100K), and yes, the amount still sits over 100K. So I have money that I am going to put in a Roth for the next 20 plus years which I could then withdraw without having to pay taxes on it and pay the tax bill for that year, which I estimate will be about 60K just for that forgiveness amount. And yes, it is depressing if I think about it for too long. I just try to keep working on the short term, knowing that small changes can add up over time.

  • @rugpull500
    @rugpull500 2 роки тому

    Thanks brother my journey starts now !

  • @qmakesithappen
    @qmakesithappen 4 роки тому +1

    Such a relevant video, I hope everyone who finds this information utilizes it and share the knowledge to someone else. Financial literacy is sooo important!

  • @Auw__7
    @Auw__7 2 роки тому

    How you said that the economy could go bad and people be laid off and here we are after the pandemic and so much has changed. We really have to look ahead.

  • @thesyainbrother3028
    @thesyainbrother3028 4 роки тому +38

    I kinda wanna stay a kid for forever now. ._.

    • @MrDaltonhudson
      @MrDaltonhudson 4 роки тому +1

      me too brother

    • @thesyainbrother3028
      @thesyainbrother3028 4 роки тому +1

      MrDaltonhudson But at the same time I hate being in my parents house with all the problems ._.

    • @MrDaltonhudson
      @MrDaltonhudson 4 роки тому

      The syain brother oh no! Things will work out, I promise

    • @thesyainbrother3028
      @thesyainbrother3028 4 роки тому +2

      MrDaltonhudson Bruh.. My sister got home late her curfew was 11pm it was 11:05 pm she rang the doorbell and there’s a whole argument going on... I’m so over this life and like. My parents.. like I love them and will always love them but they do to fucking much period. I can’t stand them

  • @tomyshaw977
    @tomyshaw977 4 роки тому +2

    The fastest way to pay off debt is to stop adding to the debt and solely focus on paying off that debt as quickly as possible. Drive second-hand cars, don't go to restaurants and live below your means. Once the debt is paid off, use debt as leverage, never for consumption.

  • @livinginthe80z39
    @livinginthe80z39 4 роки тому +3

    Snowball method works best. It’s been helping me.

  • @musikhamster01
    @musikhamster01 4 роки тому +2

    I'm really happy that up until today, I don't have any student loans and might never get some!
    Really good video with good strategies on how to actually pay back!

  • @M_Ehlers
    @M_Ehlers 4 роки тому +2

    Great video. But, an explanation on fixed interest rates vs simple interest. That mortgage at 4% is not 4%. Simple interest aka credit cards you actually pay a lot less interest because it’s a daily balance and not fix over a year. Most people look at 4% mortgage rates and think it’s low yet over the term of the low you pay close to amount you borrowed in interest. Good thing about mortgage debt is you can move out and rent it out. Credit card debt no so much. Keep it coming!

  • @dewmasterthailand2869
    @dewmasterthailand2869 4 роки тому

    I love your perspective especially minimal thing

  • @maryromeroleal2921
    @maryromeroleal2921 4 роки тому +2

    excelente, gracias desde Bogota.

  • @xxdrleek10
    @xxdrleek10 4 роки тому +4

    Do you really believe that the economy has recovered from the 2008 financial meltdown? Why are both the Fed and Central Bank printing money and pouring into banks to shore them up? Why are wages still stagnant? Why is the middle class continuing to disappear and income inequality increasing by leaps and bounds?

  • @winstonbarangan7560
    @winstonbarangan7560 2 роки тому +1

    I am looking for this videos right now. I am going crazy over my debt and I have a baby. Sometimes I think of suicide to end everything but I have a son. Now, I really don't know what to do. I don't have enough money to pay this month's rent... God help me...😭

  • @linda3977
    @linda3977 4 роки тому

    I think Snowball works best for most people. Feels good to get a debt completely paid off. Make sure you take the amount you were paying on the debt you just paid off and apply it to the next highest debt. That’s why they call it Snowball. If you have 5 different types of debt by the time you get to #3 or #4 you are really knocking it out quickly.

  • @ahmetturan8865
    @ahmetturan8865 Рік тому +173

    Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny COGNITIVEHACKS to my friends and people I know regarding any credit situations

  • @skyhighsunlight
    @skyhighsunlight Рік тому

    Yes Dave is a good advisor but if you have low income you cant afford anything more than rent and food and clothes. But getting in credit card loan will still not allow you to get a car or a home. It will stimulate you to work more but will you be able to afford anything? So what to do? Seek for a more paying job or just stop wanting things?

  • @eymenkayra9843
    @eymenkayra9843 Рік тому

    continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!

  • @melvinfrancisco1586
    @melvinfrancisco1586 4 роки тому

    I follow u from Domican Republic and i like your videos

  • @janicejudy5251
    @janicejudy5251 4 роки тому +1

    Thank you for coming into my life........i can't thank stop thanking you............

    • @shujanislam9686
      @shujanislam9686 3 роки тому

      I think the same.... Nate O Brien is awesome.... How about I should propose you Janice?

  • @MichaelJGrady-lz4in
    @MichaelJGrady-lz4in 4 роки тому +1

    This is great, but you should define more what "focusing" means. I assume you mean that you pay the highest amount unto that loan and then when it is paid off, throw that amount on top of the next loan and so on and so on. You are so knowledgeable and speak about the subject with authority. You just need to break it down a little more, without assuming knowledge on the part of your audience.

  • @coreyward6937
    @coreyward6937 4 роки тому +1

    You said it and then boom he coronavirus happens I love your videos man they have been helping me a lot your awesome bro

  • @RafReyes1993
    @RafReyes1993 2 місяці тому

    📺
    Love the video about pregnancy is too long.

    • @RafReyes1993
      @RafReyes1993 2 місяці тому

      You're not planning on having more than 5 kids right? This is not just about giving birth. Kids, humans have a lot of needs physical,mental emotional even spiritual and we have to cater to all those needs.

  • @justStardust940
    @justStardust940 4 роки тому +23

    can you make a video on how you came to your journey of realizing that you want to become financially independent at a really young age? you are probably the youngest youtuber in this community and much wiser and more mature than peers your age.

    • @NateOBrien
      @NateOBrien  4 роки тому +21

      Money buys the freedom of time. Time is truly our greatest asset that can never be recouped

    • @justStardust940
      @justStardust940 4 роки тому +3

      @@NateOBrien thanks for sharing. that's def my motivation too: freedom. I just think it would be a good video idea for you to share your story given that you are so young. thanks for all the good videos you make and responding to my comments! :)

    • @chasingsimpledreams
      @chasingsimpledreams 4 роки тому +4

      I would love to see a video like that from Nate. It blows my mind when I hear him talk and to think that he is only, what , 21??? Wish I had had half the common sense he has now, when I was in my 20s.

    • @lmmm1459
      @lmmm1459 4 роки тому +1

      @@chasingsimpledreams probably had amazing parents that taught him financial knowledge

    • @chasingsimpledreams
      @chasingsimpledreams 4 роки тому +4

      @@lmmm1459 i think so too. Unfortunately i had one parent who spent like crazy and another who tried to rein things in but who also had feelings of scarcity at times and i have seen traits of both in me at times. Luckily, the responsible part has now taken the reins in my life!

  • @wtfbbqpwnin
    @wtfbbqpwnin Рік тому

    This video aged like fine wine, well done lad.

  • @kiterafrey
    @kiterafrey 4 роки тому +2

    Where do you find a 10% interest student loan? Even FAFSA loans are 20+ % on average 😱 I need the 10% one.

  • @MouridEnglish
    @MouridEnglish 2 роки тому

    Thank you so much. Really interesting. Blessings.

  • @amill1563
    @amill1563 4 роки тому

    Thanks for the free content! I think I prefer the snowball and considering adding another job.

    • @NateOBrien
      @NateOBrien  4 роки тому

      Snowball can be very effective!

  • @shguderjan7181
    @shguderjan7181 3 роки тому +1

    Brilliant! I have some car debt and a small amount saved up (plus a job) so I will focus on cutting out the financial clutter and use ALL the income I will get to pay the debt off. I consider that MY Christmas gift to myself!

  • @WhiteBoardFinance
    @WhiteBoardFinance 4 роки тому +34

    Just print more money, duh! *throws cash from helicopter*

  • @paultaylor8139
    @paultaylor8139 4 роки тому +1

    You missed one very important way to pay off debt For people that can only pay the minimum payment! Stop and write down the min payment on you next bill and keep paying that payment! I had a 20k credit limit on a credit card but ended up in a bad way to the point were I could only make the minimum payment every month! A mate told me to stop write the min payment I just paid and next time pay that cos it was higher than the next min payment it really helped me out to the point were I could add a fiver extra every month on and now its paid off!

  • @eachoneteachone8947
    @eachoneteachone8947 4 роки тому

    Dope man. Yeah I’m showing everyone it’s possible to pay off massive student loan debt in a year or less using IM

  • @marinjelcic2691
    @marinjelcic2691 4 роки тому +18

    You should also do modeling

    • @NateOBrien
      @NateOBrien  4 роки тому +2

      I'm not seeing it

    • @marinjelcic2691
      @marinjelcic2691 4 роки тому +2

      I know it sounded superficial, but you really look handsome. Great video btw

    • @chasingsimpledreams
      @chasingsimpledreams 4 роки тому +5

      @@NateOBrien Smart, good looking AND humble! You have a very classic handsome look to you. The camera likes you. Could be yet one more side hustle for you?! :-)

    • @domedweller4202
      @domedweller4202 4 роки тому +1

      Yes I agree you are a very handsome young man.You would make a great model.A friend of mine was modelling clothes for a catalogue as a side job, he loved it and got payed well. Just an idea.I love your videos, it's great to see a young person showing so much initiative and taking responsibility of their lives.Well done young man.

    • @chicnoir29
      @chicnoir29 4 роки тому

      I really thought he was a model when he popped up in my suggestions. He has that Calvin Klein late aughts look going for him.

  • @HuskyRuski
    @HuskyRuski Рік тому

    I only got credit card debt and I don't understand how someone could rack up more stress. I would like to keep a job for more than two years but it sucks when people would rather make my day miserable instead of working with me just to get home at the end of it.

  • @MagneticUnicornVlogs
    @MagneticUnicornVlogs 2 роки тому

    Thank you for these tips!!

  • @venkatachengalvala4289
    @venkatachengalvala4289 2 роки тому

    I like your honesty.

  • @marthacarter3179
    @marthacarter3179 4 роки тому

    Nate can you make a video about paying your home early

  • @darron7714
    @darron7714 2 роки тому

    I use the snowball method by Dave Ramsey, payoff the smallest and work my way up to the largest

  • @SnapszDuhh
    @SnapszDuhh 4 роки тому +3

    My debt makes me wanna cry😞

    • @donnanjessie4127
      @donnanjessie4127 4 роки тому

      Everliza A cry no more tony is gonna help you

    • @donnanjessie4127
      @donnanjessie4127 4 роки тому

      Everliza A My debts all got cleared off through the help of tony .. It still all seems like a dream to me my credit is back to zero now text him on
      +1(2-5-1-3-0-4-5-3-3-2)

  • @EnlightenedDrummer
    @EnlightenedDrummer 3 роки тому

    Thanks for this video

  • @polako2
    @polako2 4 роки тому +6

    Thank you nate i unsubscribed from Graham because he was selling me a product of his on black friday
    with a promotion code he was giving away on his videos
    it doesn't make sense to talk about financial education and how to save money and you star selling me a product.

  • @MM-jx1ov
    @MM-jx1ov 4 роки тому +1

    I just landed in Philly and you post a new video! 😃👍

    • @NateOBrien
      @NateOBrien  4 роки тому +2

      Welcome to the cold weather. Genos and Pat's are overrated.. Go to Jim's on south street for the best cheesesteaks :)

    • @dynestis2875
      @dynestis2875 4 роки тому +1

      Glad you had a safe trip! :)

    • @MM-jx1ov
      @MM-jx1ov 4 роки тому

      I’m enroute to MA so no cheese steaks on this trip! But this CA girl is loving the wintery weather and will def be back! ⛄️ Thanks for being such a financial inspiration, Nate. My grandma and aunt (who raised me) taught me the invaluable lesson of saving from a young age which allows me one of my favorite passions-travel! ✈️❤️

    • @MM-jx1ov
      @MM-jx1ov 4 роки тому

      Dynestis Aww thank you so much! 😊

    • @fefe1920
      @fefe1920 4 роки тому

      Awww you need a cheesesteak!!! Welcome to philly though😁👍🏽

  • @ryanroberts5104
    @ryanroberts5104 4 роки тому

    I have placed myself in a good career field...so if another recession strikes like in 2008 I wont get laid off..and even if I did..I could easily find more work no matter where I live. But on the main subject I am using the debt snowball..I could be doing better, but when you are married and have children paying debt is a little more tough because you still have to provide for the little ones..there are some adjustments i could make to get the ball rolling faster..but somehow gotta get the spouse on board with me

    • @zolozek3327
      @zolozek3327 4 роки тому +1

      Do it now it would only get More expensive as the little ones grow so are their needs 🤔 good luck.