Best Way to Pay Off Debt Fast (That Actually Works)
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- Опубліковано 28 тра 2024
- Best Way to Pay Off Debt Fast (That Actually Works)
Today, we'll go over the FASTEST way to pay off debt, so you can start knocking out your debt as fast as humanly possible and begin to invest for your future.
Links:
Debt Snowball Calculator: www.ramseysolutions.com/debt/...
EveryDollar Budget Deal: I love a good deal, when you sign up using this link I’ll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar. www.ramseysolutions.com/ramse...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Adelinde-Isabell That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Adelinde-Isabell The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@Adelinde-Isabell I will give this a look, thanks a bunch for sharing.
Bots
I started off snowball, to get the hang of things, paid off a couple of things, then I switched to avalanche. I've been debt free for 3 years. Best decision I ever made.
Yeah, snowball didn't really work for me either. Avalanche really got me paying off my debt aggressively.
That’s it! I started snowball and I’m choosing avalanche bc that high interest is killing me every month and if that’s lower then the small ones could use that money that was being wasted just in interest 😢
@@carolinag8943 me 2
@@carolinag8943agree. I hate myself when I'm paying interest, so I choose avalanche
Down from 100k in debt to 14,500 in 4 years. Still working hard to crush that last bit
keeping going hard it’s gonna be paid off soon! 💯
Can you tell me how you did that.
That’s amazing bro. Do it! Good job🎉
How did you manage to get that much paid off that quickly?
@@IAmTrashhy bought a cheap $169000 townhouse and have a 980$ mortgage. I am a deputy making 74k base pay and work a lot of overtime. This year I may clear 100k due the the large amount of overtime. I am down to 13,000 left. 82k was student loans and 18k was my car which is now paid off. Will have my student loans paid off by June hopefully
I started snowballing 3 months ago and I’m about $3000 down… so glad I did!!
I’m $9,900 in debt . Aggressively paying it off $1500 every month. Can’t wait to be debt free. 😭😭😭😭😭
At that rate, you’ll be good in no time 👍🏼 I think I need more help
You are almost there! Based on this, you should be debt free in 1.5 months! Congrats!
You got it bro!
Thems rookie numbers
@@jeremywinkler8275That’s nice to hear actually.
I hate having debt. I literally want to cry daily
Same
Keep pushing!
I cry daily
I completely understand. I had to stop paying so I could afford the important bills-rent, car note, insurance, now I'm almost 7000 in the hole. Idk what to do
You are probably in better shape than you realize. The answer may not be that far away... VANNtastic!
I like that you mentioned the woman and her husband had a LOT of debt and it took 7 years to get it paid off. There's plenty of people who have a ton of debt that can't be paid off in 2 years. Kudos to you for throwing that in.
As of yesterday I am debt free. 🙂
About a year and a half ago the Ramsey show inspired me to change. Thanks 🙏
Congratulations!!!!
My debt free date is December 12th 2023. Started on March 1st 2022, will have paid off $60,000 worth of dumb decisions, until one day I finally said "I'VE HAD IT, IM SICK AND TIRED OF BEING SICK AND TIRED." Will definitely be scheduling my debt free scream soon after
Any tips?
@@acatl33 make a budget. Track all of your expenses and you will find “extra” money that was going elsewhere. Work OT if possible or find a second job. The beginning will be tough but give it about 3 months and you will see the turnaround and start to believe it is possible. You got this. I’m rooting for you🙏
How's it going?
@@coldbrew974 couldn’t be going better. I had a hiccup with the car and had to replace the tire but nothing my emergency fund couldn’t handle 😀
Hi. Hope you met your goal? Any updates?
My debt-free day will be October/November 2024. I will have paid off $64,000 of debt!! 🎉
This is what I did. After paying off all my smaller balance debt I am now able to hit my biggest student loan. I was making $300 a month payments. Because of the debt snowball I am now making $1800 a month payments.
This comment may be ideal for the visual reminder George referred to 🤔. This is amazing 👏🏾👏🏾👏🏾👏🏾👏🏾
Now if only you did the avalanche method and budgeted $1,800/months towards that debt. Or basically as much as financially possible.
It’s faster and saves money. Snowball is dumb.
When I hear about these $40k and half a mil debts, my $3k-$4k debt doesn't sound that bad.
17 plus sounds bad still. Tho I want my card/credit limit to use if need
Same here 5k 😂
Same here 😂 ok ok I’m not alone
depend 3K,4K and 5K if you earn very little money I've been there struggling with nothing left to barley buy food and pay bills much less 3K on hand.
I’m. At 50k😅
I helped someone stay motivated on the snowball method by modifying it slightly. Every time they paid off a debt, I had them only put half of the money they were paying toward that debt they paid off on the next debt and the rest in their pocket. This 'rewarded' them by having cash in their pocket, not feeling broke all the time, and helped keep the temptation of using credit cards away. It was slower in the beginning, but about six months into it, they were volunteering to put the full amount of the payments on the debts they were paying off toward the next one.
I love this idea!
Great idea!
Great idea for some people. I would find that invigorating and inspiring! My 'self reward' has been smaller. I like to search for my kind of used CD's. So I allow myself $10 per month towards that. Many months I get excited and don't take that $10. The closer I get to $0 debt, the more I am inclined to sacrifice.
Brilliant!! 👍
this is so helpful!
even though i am not in debt I continually listen to episodes like this to remind me NOT to use debt at all
Me too!
100%
You have a credit card?
@@Resolve_DigitalMedia no
Me too!! Debt free and love it!! Loyal listener and followers for years.
My wife and I are starting the snowball debt payoff this month. We finally hit our breaking point and felt so overwhelmed with our credit card and student loan obligations. We're going all in on this and we've projected we can do this in less than 3 years or less. Wish us luck!
Good luck I’m over 50K in debt currently and want to be debt free in the next 3-5 years. It’s gonna be a struggle but I’m gonna try as hard as I can
@@IAmTrashhy Good luck to you too. Short term sacrifices for long term gains!
The same for me, I'm looking to become debt-free in 3 to 4 years.🙂
Proud to say my debt free debt was two years ago. I've never felt so financially free!! Its awesome. For those in debt, get debt free (you can do it!)... it's so worth it!
I do not want to. Do not tell people what to do you snob
Congratulations and thanks for the encouragement🙂
I needed this encouragement today. Thank you!!! 🙏🏽
This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
It's the market don't leave during the bear, you will be fine. You should have opted for a suitable Ai platform or traded with Gary Joe Wilde, or any other regulated advisor. As a beginner investor myself, I have made over 45K profit in a few months of coping Gary's positions.
Hi Mike. Any ideas how to reach Gary Joe Wilde? I love the testimonies I have seen about him he seems not to own a video channel here.
@ bertjames, run a quick web search about him. he's SEC regulated they aren't permitted to own or operate investing video channel.
Investing so much in emerging companies is a horrible decision. Investing should be like the healthy food pyramid. BTW, I commend Gary's trading pattern too. Different perspective, different technique
I have been following the principles since 2017... in 4,5 & 6. Will be mortgage free in December 2023! This stuff works!!!
Everyone talks about when they are paying off their debt, but no one talks about how much money is taking every month to pay it off
When I see someone say, they paid off $64,000 off in 2 years, what kind of money is that person making. I'm sure that person isn't making 30k a year. Probably 100k.
I'm doing the snowball method. I make almost 35. I am currently owing 13727.44 (not counting student loans because that is a whole other animal to me) and lord willing and the creek don't rise will have it paid off by the end of next year and have a $2K savings cushion. I focused on paying off my car first because it is old and I was very upside down on the loan. Just finished that so now if anything happens to it at least I wont be paying for a car I can't drive. My food budget bounces between $50 and $75 every two weeks for just me and my fuel budget is $80 every two weeks. Does that help give you a better idea of what to expect?
My net income is under $20,000. Very difficult to pay off debt that I got into with a decade of serious illness from tick diseases.
Hello to our mates in the US. I'm trying this method in Australia as the debt problem here is bad, our people look up to the American culture in a lot of ways, the good, the bad and the ugly. So far, the Ramsey method is working nicely for me. I've snowballed 4 of my debts, with two left to go. Thanks to the Ramsey team for making this available on youtube, doesn't matter where in the world you are, it works!
I’m in the UK. We have so many of the same problems but I’m responsible for my silly debt and I truly can’t wait to be debt free and not be silly again as I’m sick to death of being scared of being totally skint.
I’m in this position. 40k in debt. Just put 4.5k into debts today. Took all my taxes and put it towards it. Done the math and it’s 18 months for me to get to no debt. I’m gonna do it. I have to get this done
I have a $1000 emergency fund as well. Started the Dave Ramsey method
When I got a big bonus, I did the debt snowball in reverse. I paid off my biggest balance first. Once that huge boulder was off my back, all the other pebble-size debts were far easier to pay off. It's not right for everyone, but it worked for me. I've been debt-free now for 5 years.
Right. Doing the same. The big boys are getting paid the most I have.
Well done man
Yes, I’ve been thinking of reversing the process and focus on paying off the largest debt first.
I paid off my student loans recently 46.5k and never been happier. I did take a month off and now I just have $8500 left on a car
Yes! No matter how much debt we've had, my husband and I have always tithed.❤
Congratulations to everyone who’s DEBT-FREE…very inspired and motivated to be the same within next 2 years. 👍🏾
I'm debt free next month! I will say that there is a blessing to tithing 10% of your income! It's not only a work of obedience, but also contains a reward. In the Bible God offers blessings attached as a reward for being obedient in it! He will: make your week go smoother, knock down obstacles and problems, pour out His peace, give you huge amounts of favor, draw you closer to Him, and just all around give back so much more than your paltry 10%...just for being obedient! Try Him and see!! Thanks for including tithing George...almost no one will! Thank you for your example! Have a blessed day!!😊
Amen!
Another big plus for the snowball method is that your credit score goes up because of your utilization
The faster you pay off debt the less the interest rate matter
I owed like $555,000 (now $521,000) and I have just started paying back the loans. 😊 When I was a child, my family always said “you never have to pay your loans back.” Some still refuse to pay, but I am convinced otherwise. It is a large hill, but I am confident that I will pay it all off, in Jesus’ name! Y’all are doing the Lord’s work with these videos! Thank you
Debt consolidation made sense to me. It's not just shuffling debt. The interest rate was much lower than the credit cards, plus it has a fixed monthly amount that's far higher than the minimum payments allowed by credit cards so you're forced to pay them quickly. The only down side is it frees up the credit cards to put spending on them - but the debt snowball does the same.
Exactly. It certainly isn't right for everyone but saying it's not worth considering is foolish.
@@vanguardiris3232 exactly
I definitely prefer the snowball over the avalanche method too. It is way more motivating, and what you do is, once you paid off the first debt, then whatever money you were paying on that, plus the minimum payment you were paying on the second debt, you now put on the the second debt. And so on and so forth. Then by then time you get to your third (largest) debt, you’ll have the money you were dumping on the first, the minimum payment from the second, plus the minimum you were paying on the third, ALL getting dumped on the third. It’s really effective and I’ve done it before and I will do it again! Here’s to everyone’s debt free journeys! 🥂
Makes sense if interest rates are similar but here's an example.
25k credit debt at 20% Apr
10k student loan at 5% Apr
6k car at 4%
Take a year to pay off the small debt while your most significant debt racks close to $5k in interest. IDK about you but I would never recommend a debt snowball if this was case.
True, plus debt avalanche reduces interest owed if it is a group of loans (student loans)
I had two loans that were like $50 apart, I chose the high interest one first. That just makes sense.
As a 25 year old with a 30k truck and 20k+ In credit cards I regret getting myself in this situation. I bought so much unnecessary stuck while being depressed and just wanted stuff because my friends/family always got nice things. I agree to this snow ball affect. It works wonders. Everytime I get a card paid off it’s such a relief. Everytime I pay something off I put that money towards my other smallest card/loan. I stay watching these videos because it motivates me to grind harder to get myself out of debt to become debt free.
I have a 3% mortgage interest rate and suddenly became liquid from the sale of a business and i am confused if i should pay off my mortgage or invest in the stock market.
Keeping a 3% mortgage and investing cash in the market, growing at 10-20%, is basic math. Look up dividend aristocrats, companies with a 25+ year dividend track record. Also, its advisable you work with a financial advisor for a well-structured portfolio.
I agree. Based on personal experience working with a financįal advlsor, I currently have $2 million in a well-diversified portfolìo that has experienced exponential growth from when i started. It's not only about having money to invest in stõcks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Agreed. Through working with a financial advisor, I've grown a well-diversified portfolio to $2 million, experiencing exponential growth since I began. Success in stocks requires not just money but also knowledge, persistence, and resilience.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
'Kristin Amber Landis' is the advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I have never watched any of your videos. But i am currently in debt and have been really searching for a way to get out of it. I love the fact you mention tithing. I am a Christian woman and in times of tremendous struggle, i have to admit i questioned wether i should keep tithing while in debt. But i know God tests our faith. And He would help me through. And one day i will testify of his faithfulness. Thankyou for this!
I’ve been doing the spread out of payments & debt consolidation methods for years. It’s all lead to more spending. Debt snowball is my next thing to try because I’m SO DONE with this madness 😭
I was a mortgage banker from 2015-2022. The majority of clients that closed a cash-out refinance, HELoan, or HEloc with me for purpose of debt-consolidation, ended up racking up debt again (I followed up with past clients 1x per quarter). It really boils down to a behavioral issue.
Debt free - house and all as of March 2023. I love your videos George. My adult children listen to you more than they listen to me. 😂
George, love that you mentioned to give to God regardless of whether you’re in debt or out of it! God loves a cheerful giver 2 Corinthians 9:7. 🎉
Heck yeah! And it's true in spirit whether you're Christian or otherwise. I'm not, but I have a portion of my budget set aside for charitable giving because that's the difference between being frugal and being miserly. Being miserly isn't going to help you or your loved ones; it just puts you in the habit of being a stingy, greedy person
I am drowning in debt....I am ever stressed..
I've been doing this for a while. Just got my car finished in January and should be done everything else except for student loans by the end of next year!
I used the snowball method for my 4 lowest debts. Then I moved my largest credit card debt to a 12 month no interest credit card, paid as much as I could, then moved to another 12 month no interest card. I'm almost done. When that is done, I'm planning to roll it into my car payment.
Today you SHOULD have a 3K emergency savings account, 1K will not do that much anymore.
2:57....I watched that over and over again. Epic!!!
I used the snowball method before even finding out about the Ramsey channels.
I had 7 debts, I'm now down to 4 and next week, will be down to 2.
The best part of the snowball method is that it gives you much more instant results and then gives motivation to keep going.
Something I will say though, it would be easy to think you've got all the money in the world once you're debt free. Keep in mind that money is a tool, and you're still learning how to use it to your advantage.
I thankfully never had credit card debt or student loans, but I have been attacking my truck debt since January this year, and I am over 50% paid since then. Cannot wait to make my last payment early in 2024.
The Q&A after the snowball explanation was very helpful.
Right about so many things. You help people move on from terrible circumstances. You help so many people, more than you know.
TESLA logo on screen saver and Tesla hotwheels on my desk! Keep your goals in front of you
So you plan on getting into more debt just to impress the girls who will take your money.
My scheduled date is Dec 1st this year and I'm getting really dang excited for it.
3.5 years to pay off 32k.
Let’s go! You got this!
@@siva47931 Thank you for doing the math.
George, I hope you read all your comments. You are so funny. I love your humor. I appreciate all your very specific details about a very simple process. Its something about repeating this information, that we have heard, but in different terms. Keep going.
i will be debt free by May 2024 😃. i cant wait
I really enjoyed your video on the Debt Snowball method. Your explanation was not only informative but also delivered with such enthusiasm that it kept me engaged throughout. One key takeaway I got from your video is the importance of the Debt Snowball method in providing quick wins to keep people motivated on their debt payoff journey. It's so true that we're not debt-paying robots, and having those early victories can make a huge difference in staying committed. It's about psychology and behavior, and you explained it brilliantly. Keep up the great work, George!
Incredible content, my friend!
Great point ChatGPT
I’ve watched 30 seconds and ca already tell you’re very fun to watch and learn from, thank you for the debt help!
I used the snowball method in 1998 using John Cummuta Debt to wealth system didnt even know dave Ramsey existed. No matter how you learn about the snowball method it works.
Great video and explaining the snowball pay off. Thanks
I was thinking about it today I was like what am I going to do? How am I going to do it? I honestly don’t have any idea. Our family did not do any of these things. They are in depth in so many different levels and I want to pay my debt I really do but I don’t know how on your video was hilarious and so encouraging. I am so excited. I’m gonna start right now and you’re right it’s happy behavior problem, so here I go
I truly love this as I have made some mistakes accruing debts. Knowing what’s good it’s what makes me upset but this type of videos helps a lot mentally, thanks 🙏
Best financial youtube channel. Thank you
Thanks for all the information you'll give. I just found Dave Ramsey on Tv and have been watching it faithfullly. Keep me motivated. 😊❤
Subscribed!! Loved your video!! Thank you for making this educational and fun!
Accumulating debt is a behavior problem. Paying it off can be a math problem if that behavior is solved.
I’m here for the “Dadgum” energy.
Great motivation ! Debt snowball is the best ❄️
OMG,
I just found you this week and I'm sad I didn't find you sooner. I've heard some of what saying before, but the way you present the topics is totally awesome. I love the jokes and joke attempts, they're hilarious. You motivate me .
Thank you
Thank you... Very informative sir
here before the 100k subs! just thought this channel would boom the because the way you entertain and tackling things to us is amazing!
Loved this! You made it seem so much less scary! And the information was fantastic!
July 2026. Debt free!!!
Amen
Thank you for mentioning tithing!🙏🏽😇
Great Information 😊
Good video George. My debt free date is December 31, 2023. I have just over $6k in consumer debt that I plan to pay off by the end of the year. I will then have a mortgage remaining as my only debt and I can hardly wait to get past step 3 so I can go after that mortgage. Thank you for you comment on tithing. I was adamant that I will continue to tithe and give no matter what. Got to honor God first! Thank you!
tithe on gross or net? thanks!
@@gotagboa “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” - 2 Corinthians 9:7
George's explanation on giving and his acknowledgement of the opposing side is pure masterpiece. I don't tithe, but I feel like I should.
Great video!
I love this video George! Thank you for making it interesting with humor
I used the debt snowball in the past and it definitely works! What I need is help setting it up on a spreadsheet.
Great advise, makes sense. I will do this before mine get more out of hand.
Great explanation!
nice job. keep it up.
Thank you George ❤these are great videos
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2022...
lam new to investing, can you guide on how you do it.
@@ahmedla7773 yh
I engage in various prolific Investments by compound interest & leveraging and as well operating with an Investment Professional Mr Robert C Michelle, So far I've attained returns over 12k this mon'th.
Wow😊l know him and I have also been trading with him, he's such an amazing man with good skills, keeps me happy all week knowing I earn 15thousand extra income trading with him.
His trading income stream is mind blowing, I also trade with him . I've made $26,500 so far trading with his guidance/advice .
Another great McVideo!
George, you crack me up!
Im glad i watched this because it explained a "set" amount each month when i was failing cause i had no "set"amount. Thanks 🎉
Hahaha🎉 I love your humor I was cracking up. So needed with such a stressful topic!
Love your video
I'm in the middle of the debt snowball and almost halfway done with paying off my consumer debt. This method is working so well!!
It is not the fastest way to pay off debt humanly possible. And it is not the best way for everyone. I paid off my debt using the avalanche method. Motivational-wise it is for sure harder, but I was glad that in the end I saved not paying more interest than what I did. My motivational boost was seeing the numbers go down and being able to squeeze more out from my income towards the payments.
Exactly how I want to tackle my student loans. The interest owed will get smaller if I tackle the higher int rates more
Thank you!
Hi from the UK ! Watching this video has made me determined to get out of debt! I hope to be out of debt within 6 months and with the help of the zero based budget this would be my goal
I love that we have the same beliefs! 10% off the top then moving forward with the method!!!
Thank you.
Here's my question. We have worked the baby steps before and keep finding ourselves right back in the same spot. How do things like sinking funds fit into the Baby Steps? We get to a point where something like the car gets paid off but we are still paying on other debts. But, then, inevitably, the car dies (some mechanical failure), the furnace dies (due to old age) or something like that, that is not covered by insurance-which not only would wipe out our $1k emergency savings, but has definitely put us right back into debt before. So, how do sinking funds for "eventual emergencies" fit into the Baby Steps? Is that supposed to be part of the 3-6 months step? Love your videos and personality on screen! Keep up the good work!
Thank you
So accurate about still tithing. When trying to get out of debt we need ALL the help we can get😆
We used this method and it worked! We just paid off our second car earlier!
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up when I came across UA-cam about how to make and multiply your income through passive income. Fortunately, I had saved some money and decided to start an investment (with the help of an investment advisor). Right now I'm sitting on a 440k worth of properties and have paid my debts in full
Any investment tip? I would love to know how you made it this far🙏
I strongly recommend Regina Louise Collaro, a reputable US-based financial advisor and consultant. Through her collaboration with an international organization, she has provided invaluable guidance and support on my financial journey until I reach my goals. Choosing the right financial consultant is vital, akin to finding the ideal life partner, as both profoundly influence your life's direction. I am thankful to have found such an excellent financial consultant who has aided me in accomplishing my financial goals, spanning from education to nearing retirement.
I appreciate your advice. It's hard to find someone that's reliable. When I see how much you've made investing, I could really use your investment advisor. That is, if you don't mind sharing her information.
Alright, you can easily find her information by doing a quick 🔎 search. Feel free to reach out to her directly with any questions you may have...
This is a shocker to see Regina Louise Collaro mentioned here. I always had mixed feelings about hiring an investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my investments while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that she has a wealth of information on current conditions and future trends.⚡
I bought my second hand motorbike with money I already had in the bank, but I have had debt problems in the past. While I would favour the avalanche approach, the snowball is, as stated, better in human terms. I would also say that if someone has a 5000$ debt at 6% and a 6000$ debt at 15%, even if the snowball method tells you to go for the 5k first, go for the latter. It makes almost no difference and you’ll save a lot of time and money