The Fastest Way to Get Out of Debt!
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- Опубліковано 1 бер 2023
- The Fastest Way to Get Out of Debt!
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"sell everything so even the kids think they are next" 🤣🤣🤣
Lol
Lol 😂
😢
😂
😂😂😂😂😂
Amazing. “ITS TIME TO BE RICH, DO THIS”
The first step to attaining wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.
Get to her..
*Advisor Elizabethgreena*
We did this and now we have no mortgage, and live comfortably. 😊
How fast did you pay off your mortgage?
We just bought a house in April and now we're starting to focus on paying it off (our only debt). $267,000 just seems like a lot and these extra payments aren't visually impactful and discouraging
@@lucleadergaming3487
Make sure whatever extra you are paying, that it’s solely principle payments. And get an amortization schedule from your bank that holds your mortgage. You will see a significant difference tear after year in how much interest you are paying. It’s also quite the eye opener. We threw every extra dollars we had on our mortgage principle payments.
We sold that house and moved out into the country and my husband built our house. He was a building trades instructor many years ago. So, that has saved us 100% labor costs. We hired out for some plumbing mainly.
Dang. Good job guys
I'm dumping 5x principal payments to pay off in 7 years. It will be amazing if I can pull this off.
I have 5 K I got from work as a bonus it’s the most I’ve ever had deposited at once. I have $5,500 in savings and about $400 my checking. How do I get over the emotional attachment of having a somewhat large savings amount to pay off debt?? I have about $4000 in debt , but will be able to pay all that off in about 11 months more of just making the payments I owe.. what’s the benefit?? Blow the chunk and clear it now, or continue to make payments so I have a nice savings still at the end of the road?.
My wife and I did this 15 years ago - because of this advice. We were debt free in 5 years!
I'm just good with numbers and after finally taking control of my finances I started to do exactly this before I even knew it was a thing. After my debt and everything was paid off and a divorce fees. I couldn't believe how fast it seems when your done. Took me 5 years to pay off 50k. I was the only one working making 35k a year. 12 hours work days. I'm so much happier now.
“Take 16 extra jobs” - I felt that. I don’t have 16 extra jobs but I’m working as if I did. Last week I just paid off my car and by Sept 2024 I would be paying off all my student loans. Which would mean that I paid off all my debts in 21 months. No one really talks about the emotional, spiritual, mental strain it has and the discipline you need to be able to pay off all your debts in 24 months. Being a slave to debt really takes a toll on you. But I’m almost at the finish line! 🎉🎉🎉
Praying for everyone out there also trying to make it out of debt!
This works folks! Regardless of your salary, amount of debt or cost of living...It works.
I started this in January 2020 with $25,000 in debt, 2 leased cars and a $240,000 mortgage. I'm currently on Baby Step 6, anticipating reaching Baby Step 7 by June, 2025.
Different topic. Im just curious, why lease cars when you can just own them? I don't understand why people lease? Its like renting to me. Always a payment. I own my car and no payments. Only regular maintenance payments for me.
@@MarkZimmerman multiple reason. One being that if you buy a car, it normally depreciates, so technically you are losing money. Also , leasing is cheaper than a car note. It all depends on what you prefer
@@MrAdrian017 Ok. Ty for your response. But I rather have those car payments be transferred to somewhere else in my budget. Once car is fully paid I can put those same amounts in so many ways. It can be put towards other debts or just put it aside incase car breaks down and need to buy a new one.
But how much is your salary?
@@MarkZimmerman biggest reason is if you own a business you can write off your lease in your taxes as the company vehicle. That’s what my multimillionaire father told me.
I’m currently doing this, and I’ve knocked out 1.5 out of 6 CC’s. Dave is not of this planet!
Awesome keep going
This works! My buddy sent me one of Ramseys videos and I shared it with my wife. We were able to pay off our debt in 17 months, save money and relocate out of NYC. The videos and info are great. Thank you Dave Ramsey!
Not sure why people need to be told this or buy a book from some random dude. - its common sense. Stop buying stuff (duh!) pay off the highest interest rate one debt at a time and keep doing that (duh!).
Its like doctor phil makes $80 million a day for common sense "Dr. phil, I have a drinking problem" Stop drinking and get counseling" (duh!)
But I guess there are m0r0ns out there that lack common sense, Im jealous I didnt think of it first. I just didnt think people were really this st00p1d.
Im glad you got outta debt, just surprised you didnt know how, initially.
The only other advice: don't vote blue like they do in NYC, or else your new home will turn into your old one that you left!
@@beck943 I’d never!
Followed Dave's Plan 16 years ago,took 20 months including house. Been debt free ever since, I live life on my terms. Retired now at age 56.
I've been $40,000 in Dept before and I did the Snowball thing and It 💯 % works...my house, my truck and my wife's car is Payed Off now
Debt Snow Ball works.80% behaviour. 20% head knowledge
Indeed. Actually it's "mathematically optimal" to list the debts in order from the highest interest rate to the lowest and pay them off in that order, but in practice, lowest amount to highest amount is more likely to actually get done while the highest rate to lowest is more likely to be dropped, because actually paying off a debt triggers a "success" signal and makes you feel like you're getting somewhere.
“We’re gettin outta DAAAHHHHT!
🤣🤣🤣
😂😂😂😂
NOW I SEE why my mother lives so comfortably.
"Sell so much stuff the kids think they're next" 😂😂😂
Beans and rice rice and beans
This works, but I would add some caution, make sure you have a solid budget plan in place and make sure you have a decent emergency fund. We went scorched earth without those and ended up having an emergency and even though we were getting other things paid, we had to put the emergency stuff on a card because of going scorched earth. We recovered and are starting to finish off the debt we used on that emergency.
This does not work if you get laid off. It only works IF you are working a job.
@wewhoareabouttodiesaluteyo9303 well, in all fairness, he did say get several jobs in order to get debt free.
This man hands out the best free financial advice any person will ever need
“Only time you see the inside of a restaurant is if you’re working in one”
AND NO STARBUCKS!!!
Dave just showed you the path! Follow it!
I’ve been in baby step 7 since 2021 when my wife and I bought our first house cash. And I just started listening to Dave Ramsey like a month ago. Just goes to show it’s not some secret. Just basic principals and basic math. I’ll be 30 next month.
It works. My wife and I were 100k in debt last year. We sold our cars and sold my boat, I work 7 days a week 12 hours a day. We destroyed our credit cards. It's amazing how much money we wasted on a monthly basis. When you have no debt, you realize how much money you actually have. It's amazing.
Thank You Dave just paid out another debt and I have one more debt to pay out hopefully in the next three months 🎉🎉🎉. Debt free by Christmas 🎁.
This is scary to read and listen to. The astronomical amount of debt people have! We have always paid cash for everything except our houses. Never had any student loans. My husband had 2 jobs and I also worked. We figured that if you had to borrow (and that included credit cards - they are paid off each month) you couldn’t afford it. We are now retired, own 2 houses, have two nice cars, go on nice vacations once a year, etc. if you have to borrow, you simply cannot afford it. It really is that simple.
This works!! WE’RE DEBT FREEEEEE!
When I got out of college and had my first job, I purchased Chevy Beretta for $12K (12% int) with a loan. I went scorched earth and put 50% of my net income into the car payments and lived on the other 50% of my net income. I ate Kraft Mac and Cheese(25Cents/box), hot dog, or soup, I was paying off 3 car payments a month(3 payments = $823/mo). It took me 18 months. When It was over, I started the brokerage accounts and 401K.
You can also purchase inexpensive veggies, citrus fruit. ( For health)
How was your health?
@@TstarHey-yx2li I was 25, it was fabulous. Running a few miles each day. I was going out every weekend, doing happy hour diner with the engineering group on Friday, and skiing on Saturday. Life was good. After the car was paid off, that money was poured into 401K before tax and brokerage account after tax. It is the base of what I have today. In Rouses Point, the grand union did not have inexpensive citrus fruit and veggies were carrots after the growing season. You could buy they by the truck load and many did to supplement feed for their horses.
We did FPU in our neighborhood in Sept 2019. At the time we lived our personal and business lives with the mindset that living under debt was “normal.” We had $113k in personal debt and $16k in business credit card debt. The first think we did was get the business debt free and now we never carry debt there. It’s been just over 4 years now and we’ve paid off $97k. We just have 14k left in personal debt plus 7k on the mortgage. There’s been some mistakes along the way. We’ve taken some vacations where that money could have gone towards the debt. We could have sold our camping trailer and stopped camping until the debt was gone (the debt would be gone already if we’d done that). But how we live and think about money has already changed. We no longer carry and new debt and only buy things we have the cash to pay for. We should be done with baby step two in less than a year. It’s been a huge accomplishment. Thanks Dave!
You don't see the inside of a restaurant unless you're working there.
'If you can't afford it, you don't need it.' My dear old dad.
Now on baby step 6. It took a few tries of "sort of doing it Dave's way." Finally got off my butt. The freedom and flexibility I now have is amazing.
We did it! Now we’re net worth 5+ millionaires
Can you smell that?
😢
I love this we are doing this now and literally forgot we pay on cellphone...nope done done now add to next bill. Just paying off those Lil bills we felt so good. Now 3 more bills n then we hit the house!
This works. Just listen.
I only have two debts my mortage and my car loan. Im trying.
Thank you for helping people
It fucking works all the time .
Works for me
I will follow this path as religiously as I can, thank you. ❤
I did the snow ball beore hearing dave,,having less bills every month is amazing versus multiple bills.
This works. Just got 1600 on a credit card and education debt.
Absoulety works! My wife and I out of doubt in 7 months! We have no credit card debt!
You’re awesome Mr. Dave! I followed your steps a few years ago 10 more months and we will be free of any debt!❤️
Working on it. I've a plan for the next 5 years and will have everything done. Due to the fact, I've no children to send to college. But, I'm not able to work more. Our household is disabled. But, we are trying to work on something, that we can sell more.
Did he just say drank the Kool aid lol😅
Wisest words I haven't heard in a long time. Very true on so many levels. Thanks, for sharing.
Love this advice... 🎯 😊
Take 16 extra jobs😆😅
It depends on the situation and debts. Snowball and avalanche both work, but you often have to have discipline to do the avalanche. It can often save you more money, but the fastest depends on your debts. The process is still the same. Pay first with all extra money, pay it off, roll it into the next
I like the debt snowball better. It gave more motivation than the avalanche.
@@annoyingpokemongaming9577 Yea, it’s logical but not always realistic. It’s sort of like saying I’m going to eat healthy for every meal and never make a mistake, and the reality is that probably won’t happen
@@annoyingpokemongaming9577 I was agreeing with you. I was saying that starting with the highest interest isn’t always realistic because of the psychological factor. I’m debt free as well and used the snowball.
The debt avalanche method requires discipline for consistency, which can be a downside for some people.
While the snowball is mainly for anyone who wants to get rid of debt it's less overwhelming.
@@TheAazah it really does require discipline. If you can do it, you can often save thousands in interest charges depending on how much you owe
This guy is a lifesaver, been watching his videos for the past 2+ years, love them ❤❤
It definitely works...
I did this when I got my first job, it really helps!! I did the exact same thing and was debt free in 24 months
I’m doing that as we speak 🗣️ ❤thank you! My church offers The Financial Peace class ❤as well!!! Thank you
Free?
What does it entail
I believe God led me to Dave Ramsey. My finances were out of control.
I never heard of the smallest, I was taught to attack the one with the highest interest rate and knock that one out first.
Generally the smaller debts (credit card, payday loans, auto / title loans, etc) tend to have higher annualised interest rates than for example a mortgage. So you're essentially saying the same thing.
It really works
We did this but attacked the biggest debt first, the house. Then we went for the 1 of 2 cards we have with the higher interest. We paid everything off in 2 years. I worked tons of overtime. It was exhausting but it was worth it !
we're getting outta daaaht
Thank you, Dave
Thank God I did this and now accelerate my mortgage I can live comfortably on my Social Security.
$2100 left to go!!! June paycheck will be the last one that goes to debt. 💜
I wish my hubby would let us do that. 27k could be paid off in one year but he is freaked out if I pay 200 extra dollars on bills
Why is that? What is he afraid of?
Show him all his hard earned money he’s giving to the bank in the form of interest. Just giving it away. I know my husband and I hated that ! So while we were paying down things, I was throwing an extra $100-$300 a month on the principle each month ! Was tired of just giving the banks our hard earned money. But hey, if he’s ok with just throwing away money, tell him to throw some my way too. Same difference ! 🤷🏼♀️
@@L.Fontein7 not having enough to feed the family of seven but I make sure that is take. Care of first
I understand you Mm, mine is the same way!
Get a new Husband
He's right!
Chapter 7 gives you a clean slate
The snowball is sooo effective
The path is don’t get into debt to start with. Except for your house. Which doesn’t need to be as big as you think.
ATTACK!!! Thank you Dave!!
I'm making price tags for my kids .... make them stand outside with a for sale sign
Lol 😂😂
Make a hug booth or something! Lol ! Gimme a quarter i'll give you a smile, 50 cents for a compliment, $1 for a hug or high five! Lol
I agree. The problem is most people can’t do that.
It works! Thanks Dave 😊
Firstly, move money around as best you can to reduce interest rates. Put as much money as you can on the lowest interest with ideally the smallest amount of debt on the largest. Once locked with the lowest interest rates you can get, then tackle smallest to largest.
Thank you Dave and love to e euro e who’s done this! You all inspire me so much!! 🎉
That was our plan and just as we had a pretty good size snowball unfortunately we are faced with having to put a new roof on one of our rentals because it’s leaking now.We we’re planning on putting my inheritance funds onto paying off our last credit card and putting some in our emergency fund account, but we’ll have to use some of it for the roof😏.Oh well that’s the life of landlords.
Since my 74 yr old husband is disabled and I retired and help him w our 4 rentals (7 units), we’re planning on selling 1 or 2 of the rentals to eventually pay off our last mortgage on 2 of the rentals combined and our own personal home.Then hopefully we’ll be able to retire completely!!!
Well said 👍
How do I get my spouse on board? Instead, he would rather spend money somewhere else.
It worked!
I’ve paid off one cc out of 9 and had to purchase a gently used suv 🚙 plan to pay it off in less than 12 months
It works. Really works!
Thanks 🙏🏼. mr.dave. In your method ill finish my secondary loan this year …
Honestly i am suffering the last three months, yet happy to know that ill finish my 14.300 in this November instead of 2027 ❤❤❤❤❤
Took 4 years to clear off $217K in debt doing this...
You just gotta throw in a litte bit of fun/ victory in all that or you will go crazy.
Fun is what got you into debt. Erase the debt first the pay in full for any fun you want.
Preach , preacher !
Love me some Dave!
On it, and it actually feels good 👍
It’s not necessarily the fastest, given you aren’t attacking the ones with highest interest first, but it is effective.
Im just now starting this. Did any of you worry about your credit score? Im not behind on anything, hubby is a 26 year combat vet and seriously blanked for a few months (or so he says) Now, I am trying to fix this hell he created.
Please show me where to find said "16 jobs"😮
I had 16 credit cards and I used the snowball method and I am down to 1 card which I am going to pay off in June 😊
I'm getting back to it
Everything but the house 👌🏿
Do we still pay the minimum on the others while attacking that first debt?
This is exactly what I did and it worked 🎉
It works, people!!!!
Thankfully I grew up not in a city, so this was common sense even before I came across Ramsey.
Believe me.. get out of the city, stop spending on things just to try to impress people, and you will be fine
Very wise 😊
This is good in principle but attacking high interest rates will achieve faster results.
I need to cancel my credit cards fr. I sent snowball but will rack em right back up and do it all over again like it’s a game challenge 🤣🤣😭😭😭😭 it’s not funny bc it’s all my fault.
Same here 😂
What if you have 4 credit cards with high interest
pay yourself first
all else becomes easy simple 😌 👌 🙂 💯
Gazelle
It works. I just did this
I need advice for the constant car financing having to replace the car every 8 to 10 years is their cars that last more than 10 years
Find a good toyota that seems to last for ever! No need to buy a new one every 8 years!
Simple solution is don't use credit cards