But couldn’t you just filed bankruptcy and been clear for over 7years 🤔 just saying what’s 2more years to be debt free and without losing everything in your house
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.
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.
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?.
It works! I had $142,000 debt. Thought it was impossible to pay off caused me to get a divorce. But I followed the steps. Worked 7 days a week for 2 years paid it off. Sold my custom lifted Jeep, boat, jet ski. Bought a $2,700 work truck that makes me money. Now 5 years later I have no debt, saved $250k, and happily married and living my best life! 😎💯
Great. So your debt snowball is smash the car loan first and then use the car payments to make extra payments towards principal (this is key) on the mortgage.
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.
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.
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. Edit: My wife and I remained gazelle intense and completed Baby Step 6 in January 2025...On to Baby Step 7 with absolutely no weight on our shoulders! I cannot stress enough...This works!!!
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.
@@MarkZ_1985 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.
@@MarkZ_1985 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.
Read the book and took the advice, however I wasn’t doing it fully. I have decided to come at it with full force now. I am picking up extra shifts and saying no to unplanned vacations and giving my time to others. Now I focus on working extra hours with my extra time. Thanks Dave and Thanks to Terri Savelle Foy who emphasized what Dave said in her books Most of all thanks and glory be to God. I will comment in a year and say I am debt free. What a day that will be
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 !
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.
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.
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!
I'll be honest I have been debt free for over a decade and I did it by listening to Dave while at work. He's a wise dude. That emergency fund is so vitally important, but I got comfortable with "scorched earth" that is key, work on yourself to find happiness through learning or experiences instead of material possessions. Think in terms of utility and necessity. You will be happier for it.
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.
@@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.
My husband and I did this program 20 years ago, and we have been debt free for 16 years. If you don't believe it, try it for 6 months. You can always get back into debt if you prefer that lifestyle! Thank you Dave!
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.
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.
This strategy works. It has been around for a very long time, even before Dave's time. My parents have done this my entire life. From the time they were married, they purchased everything in cash and made double payments on the mortgage. They are 67 and 71 and paid off both houses 5 years ago, and have absolutely no debt. In earlier years, my dad's brother's would ask him, why are you living so frugal? You can be driving around in sports cars. Even today he doesn't. He finds no use in it.
My hubby and I really wanted to tackle our debt when I got pregnant with our first child. We used this method to clear out all of our debt, becoming completely debt free by the time our son was born. My parents did the same thing after we became debt free and now they’re in the clear too.
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!
I really love this guy, because I truly believed that he love people and want them to win. I wished I met his theory 30 years ago and I have been back on n track since I started following him 😅
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.
I'm doing that. I'm going scorched Earth and I'm picking up a part time job. I also have removed 25% of my income off the top. I should be debt free in 13 months.
Got down from almost 15k in debt to 1k in 7 months by paying off the lowest cards first and then paying on the bigger balance cards. I loved seeing the progress I was making by paying off the smaller balance cards first and that progress really encouraged me to keep going!! Had 6 credit cards, only ONE more to go. Never again will I incur cc debt.
This works. We did it; went wild. Sold stuff we didn't need. Temporarily stopped our investments. Our family and friends thought we were crazy, but we paid off $60,000 in credit card and auto debt. Got the house paid off 22 years early on a 30 year loan. Retired and started a debt-free business. You can do it. You do not have to be a victim.
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.
Our debt snowball started with paying off the IRS (17,000) which was not the exciting debt snowball dopamine hit you normally get paying off little debts first. Tomorrow…IRS is paid off and I get to start eliminating all these smaller debts. I should be debt free in less than 1 year (excluding mortgage)… after that building 6 month emergency fund…. Investing….. and working on paying mortgage off early!
It feels like winning. For sure. I do that method since 2023. Now I left with some. Tho I kinda wish I'd listen to the show years ago, so I could manage not only finance but manages my life better too.
It took me 6 years to be debt free with this method. Paid the last mortgage payment on July 2 and it cleared July 3rd for a real Independence Day for me 😊 Had to put a new roof on the house,buy a car with cash and put in a new electric panel so it took me a bit longer.
Whether you focus on smallest or more costly (interest rate), as long as you do it how Dave said it, with intensity, your debt will eventually be paid off. I prefer to pay off the more costly first. It's worked for me in the past, and it's working for me now.
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!!!
I just got rid of a dentist bill & credit card I still got 6 other monthly payments besides my mortgage but this is true it gets addicting watching your debt lower than making minimum payments
My debt snowball is my student loan, which has been hovering over me for 15 years. I was finally able to score a job that pays a living wage. When you don't make a living wage for decades, literally everything feels impossible and you really do feel like a slave to your debt.
It requires focus, and patience, also for me what helped was substitution. What I mean is that if I would’ve spent money on something, but didn’t- that money would then be substituted towards paying down principal. With due diligence, you’ll see progress and then it is just a matter of time
Definately works! I don’t agree with everything Dave thinks about investing. Although i have invested, but the baby steps and the debt snowball are absolutely the way to go. Paid off all debt business and personal including our mortgage. Never get into debt again. Debt free over 6 years🎉!
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
@@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.
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.
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
It’s freaking working for me I’m on it still but I notice i have money in the bank n it’s going up thank u god n Ramsey 🙏🏼 please I wanna finish this debt
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.
Dave you forgot about “eat rice and beans, cut up the 💳 “ 😂😂😂omg Papa Dave is funny…your number one fan from Canada 🇨🇦 where we have so much debts, you should come here and talk to everyone may be they will listen in person, this screen thing isnt working
I did a Business Administration course once. They concentrated so much time about balancing debts, against business opportunities... I couldn't understand their rationale, as I have never had debts, just a useable sum in the bank ( gaining interest.). If I needed something that was priced at £100, I would haggle it down to £80 for cash. They would want to buy it for £100 and pay £70 in debt repayments.
"sell everything so even the kids think they are next" 🤣🤣🤣
Lol
Lol 😂
😢
😂
😂😂😂😂😂
My wife and I did this 15 years ago - because of this advice. We were debt free in 5 years!
Awesome ❤❤❤
Congratulations 🎉
We did this in the past to become debt free as well. Well, except for the mortgage, but still a great weight off us.
AWESOME CONGRATULATIONS
But couldn’t you just filed bankruptcy and been clear for over 7years 🤔 just saying what’s 2more years to be debt free and without losing everything in your house
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.
Congratulations
Bravo! 👍
Boat
@@astro9219yeh the boat was 98 k
@@astro9219I wish I could do the same. Congratulations
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?.
$2100 left to go!!! June paycheck will be the last one that goes to debt. 💜
Congratulations!
I hope you did it 😊
@ I did!!! 💜
@ excellent glad to hear that 😀
Wow...wonderful
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.
You’re amazing!!
Yesssssss!!
👏🏾👏🏾👏🏾
@@felicianichols6602 💯
It works! I had $142,000 debt. Thought it was impossible to pay off caused me to get a divorce. But I followed the steps. Worked 7 days a week for 2 years paid it off. Sold my custom lifted Jeep, boat, jet ski. Bought a $2,700 work truck that makes me money.
Now 5 years later I have no debt, saved $250k, and happily married and living my best life! 😎💯
Wait so the $ loss led to a divorce then you ran it up again just to remarry 🤔
That's incredible, Keith! Congrats to you brother.
Dave just showed you the path! Follow it!
NOW I SEE why my mother lives so comfortably.
I only have two debts my mortage and my car loan. Im trying.
That's good ❤
KEEP GOING--YOU CAN DO IT! I KNOW YOU CAN DO IT! (cheering you on!)
Great. So your debt snowball is smash the car loan first and then use the car payments to make extra payments towards principal (this is key) on the mortgage.
This man hands out the best free financial advice any person will ever need
'If you can't afford it, you don't need it.' My dear old dad.
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!
Awesome ❤❤
@tellurye......you're a genius. 🥴
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.
Good for you!😊
Sorry about the divorce ☹️. God bless y'all🙏🏿✝️
Sounds like you are ❤❤
Congratulations. Awesome
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.
Edit: My wife and I remained gazelle intense and completed Baby Step 6 in January 2025...On to Baby Step 7 with absolutely no weight on our shoulders!
I cannot stress enough...This works!!!
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.
@@MarkZ_1985 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?
@@MarkZ_1985 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
You’re doing great
Me too except I've paid off 6 and I have 9 more to go🤦🏽♀️🤦🏽♀️🤦🏽♀️🤦🏽♀️
Ur doing good @@monie5241
Trying this to clear my student loan sighs
Thank goodness I came across this man’s channel … getting rid of debt is the best feeling in the world .
I want to feel it❤❤
Read the book and took the advice, however I wasn’t doing it fully. I have decided to come at it with full force now. I am picking up extra shifts and saying no to unplanned vacations and giving my time to others. Now I focus on working extra hours with my extra time. Thanks Dave and Thanks to Terri Savelle Foy who emphasized what Dave said in her books Most of all thanks and glory be to God. I will comment in a year and say I am debt free. What a day that will be
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 !
🎉🎉❤❤❤awesome
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
Wow 🎉
This works!! WE’RE DEBT FREEEEEE!
“We’re gettin outta DAAAHHHHT!
🤣🤣🤣
😂😂😂😂
🤣🤣🤣🤣
😂😂😂😂yessss
The comment I was looking for!
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.
Im glad to hear him say, "stop investing for a moment". This strategy will work.
one hundred percent this works.
living a life with zero debt is frikking amazing!!!
"Sell so much stuff the kids think they're next" 😂😂😂
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.
@doughboy_6439
Yes. It's up to you.
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.
You didn’t follow Ramsey’s plan.
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!
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'll be honest I have been debt free for over a decade and I did it by listening to Dave while at work. He's a wise dude. That emergency fund is so vitally important, but I got comfortable with "scorched earth" that is key, work on yourself to find happiness through learning or experiences instead of material possessions. Think in terms of utility and necessity. You will be happier for it.
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.
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 🎁.
About to start doing this next paycheck. Working 2 jobs.
I'll catch yall on the debt free side
My husband and I did this program 20 years ago, and we have been debt free for 16 years. If you don't believe it, try it for 6 months. You can always get back into debt if you prefer that lifestyle! Thank you Dave!
Awesome ❤
I believe God led me to Dave Ramsey. My finances were out of control.
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.
“Only time you see the inside of a restaurant is if you’re working in one”
AND NO STARBUCKS!!!
For realzz😂
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*
Absoulety works! My wife and I out of doubt in 7 months! We have no credit card debt!
I'm currently doing this, and it feels good. I got 2 cards down and 2 to go
This strategy works. It has been around for a very long time, even before Dave's time. My parents have done this my entire life. From the time they were married, they purchased everything in cash and made double payments on the mortgage. They are 67 and 71 and paid off both houses 5 years ago, and have absolutely no debt.
In earlier years, my dad's brother's would ask him, why are you living so frugal? You can be driving around in sports cars. Even today he doesn't. He finds no use in it.
The government should take notes.
Well, it did. ITs called the Federal Reserve Note. Its a DEBT not an asset. ROFL
My hubby and I really wanted to tackle our debt when I got pregnant with our first child. We used this method to clear out all of our debt, becoming completely debt free by the time our son was born. My parents did the same thing after we became debt free and now they’re in the clear too.
This works. Just got 1600 on a credit card and education debt.
I did the snow ball beore hearing dave,,having less bills every month is amazing versus multiple bills.
Thank you for helping people
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!
It works. Dave helped me to be a happy retiree. Listen to him.
Beans and rice rice and beans
I really love this guy, because I truly believed that he love people and want them to win. I wished I met his theory 30 years ago and I have been back on n track since I started following him 😅
Thanks for sharing this! Most people take thirty minutes to explain this.
Thank you thank you thank you 🙏 😁
I did this and have cut my debt in half in 6 months. Working towards being debt free
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.
❤❤
We did it! Now we’re net worth 5+ millionaires
Can you smell that?
😢
WOW
Thank God I did this and now accelerate my mortgage I can live comfortably on my Social Security.
This works. Just listen.
This is the greatest financial advice ever. It is working for me big time!
I'm doing that. I'm going scorched Earth and I'm picking up a part time job. I also have removed 25% of my income off the top. I should be debt free in 13 months.
You’re awesome Mr. Dave! I followed your steps a few years ago 10 more months and we will be free of any debt!❤️
That is the most sensible way to get out of debt! Now I have a goal!
Got down from almost 15k in debt to 1k in 7 months by paying off the lowest cards first and then paying on the bigger balance cards. I loved seeing the progress I was making by paying off the smaller balance cards first and that progress really encouraged me to keep going!! Had 6 credit cards, only ONE more to go. Never again will I incur cc debt.
Wisest words I haven't heard in a long time. Very true on so many levels. Thanks, for sharing.
One payment away from beating my credit line that has been waying down on me for years.
This works. We did it; went wild. Sold stuff we didn't need. Temporarily stopped our investments. Our family and friends thought we were crazy, but we paid off $60,000 in credit card and auto debt. Got the house paid off 22 years early on a 30 year loan. Retired and started a debt-free business. You can do it. You do not have to be a victim.
My debt is small compared to most but I'm committed to getting my family to a point where I'm positive every month. No more paycheck to paycheck.
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.
Wow
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 😊
Our debt snowball started with paying off the IRS (17,000) which was not the exciting debt snowball dopamine hit you normally get paying off little debts first. Tomorrow…IRS is paid off and I get to start eliminating all these smaller debts. I should be debt free in less than 1 year (excluding mortgage)… after that building 6 month emergency fund…. Investing….. and working on paying mortgage off early!
It feels like winning. For sure. I do that method since 2023. Now I left with some. Tho I kinda wish I'd listen to the show years ago, so I could manage not only finance but manages my life better too.
You don't see the inside of a restaurant unless you're working there.
It took me 6 years to be debt free with this method. Paid the last mortgage payment on July 2 and it cleared July 3rd for a real Independence Day for me 😊
Had to put a new roof on the house,buy a car with cash and put in a new electric panel so it took me a bit longer.
Awesome!!! Happy Independence Day!!
Whether you focus on smallest or more costly (interest rate), as long as you do it how Dave said it, with intensity, your debt will eventually be paid off. I prefer to pay off the more costly first. It's worked for me in the past, and it's working for me now.
I just love the debt snowball because it helped me get out of debt. Great advice Dave. Thanks so much for helping my family out ❤❤❤❤❤
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!!!
This guy is a lifesaver, been watching his videos for the past 2+ years, love them ❤❤
I just got rid of a dentist bill & credit card I still got 6 other monthly payments besides my mortgage but this is true it gets addicting watching your debt lower than making minimum payments
Currently on this snowball. Every now and then I’ll look at the list of debt so I get angry and it motivates me!
My debt snowball is my student loan, which has been hovering over me for 15 years. I was finally able to score a job that pays a living wage. When you don't make a living wage for decades, literally everything feels impossible and you really do feel like a slave to your debt.
It requires focus, and patience, also for me what helped was substitution. What I mean is that if I would’ve spent money on something, but didn’t- that money would then be substituted towards paying down principal. With due diligence, you’ll see progress and then it is just a matter of time
The Debt Snowball works. the KEY tho' is to Stop ALL discretionary spending. ie- movies, restaurants, shopping,investing, family beggars, , etc...
Definately works! I don’t agree with everything Dave thinks about investing. Although i have invested, but the baby steps and the debt snowball are absolutely the way to go. Paid off all debt business and personal including our mortgage. Never get into debt again. Debt free over 6 years🎉!
I will follow this path as religiously as I can, thank you. ❤
I will follow this & be debt free in 3 years!
Exactly my goal this year and have already started.
I agree. The problem is most people can’t do that.
Love this advice... 🎯 😊
Zero debt, 20k banked.
About to win the lottery ❤️🙏🏼
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
Thank you Dave and love to e euro e who’s done this! You all inspire me so much!! 🎉
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.
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
It’s freaking working for me I’m on it still but I notice i have money in the bank n it’s going up thank u god n Ramsey 🙏🏼 please I wanna finish this debt
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
The kids: huh?😂
Dave is the best though. Love you man
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.
Dave you forgot about “eat rice and beans, cut up the 💳 “ 😂😂😂omg Papa Dave is funny…your number one fan from Canada 🇨🇦 where we have so much debts, you should come here and talk to everyone may be they will listen in person, this screen thing isnt working
I did a Business Administration course once. They concentrated so much time about balancing debts, against business opportunities... I couldn't understand their rationale, as I have never had debts, just a useable sum in the bank ( gaining interest.). If I needed something that was priced at £100, I would haggle it down to £80 for cash. They would want to buy it for £100 and pay £70 in debt repayments.
Best ever advice yet
It’s not necessarily the fastest, given you aren’t attacking the ones with highest interest first, but it is effective.