How To Pay Off Debt Fast With Low Income...Actionable Advice!
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- Опубликовано: 17 май 2024
- So you want to know how to pay off debt fast with low income? Here is how I paid off debt with less than $20,000 a year income. Learn and grow with someone who has been in your shoes.
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When you are living on a low income it is hard not to think that more money or a higher income is needed to pay off your debt fast or for that matter just to pay off debt period. It's easy to feel hopeless and stuck but I am here to tell that there is something you can do to pay off debt fast in 2020 and beyond. I don't care if you live with a low income and don't have no money or your are a big Dave Ramsey follower. Watch this video to the end for fact based useful information from a guy who has lived it!
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Down to my last $11919. Thats everything including my mortgage. I can smell it;-)
That is incredible! You are amazing!! Thanks for sharing!!!
"Today's video is sponsored by...my own stupidity and personal experience..."🤣🤣🤣🤣🤣🤣🤣 Wonderful content!👏🏾
I learned so much Diamond. They should be teaching finances in middle and high school. Keep up the amazing work!
I totally agree!
I'm definitely NOT debt-free, but you're throwing out a lot of good tips to become that way. Thank you!
You got this! Its hard work to change your habits and become debt free. My life has been forever changed and a bonus is your net worth shoots straight up from there! "I'm focused not finished".
Great video
Young peeps..... LISTEN TO THIS SMART MAN!!!!
Great video. Thank you for sharing your knowledge 😊
Thank you so much😀😀
Step 1 to paying off debt is to STOP accumulating more debt. Reach out to your creditors, let them know you WANT to pay what's owed, and ask if they can lower your interest rate. That way, more of what you're able to pay is going against the principal and moving your debt down. Repairing your credit doesn't address the root cause of the problem, which was inappropriate use of debt. Fix your spending first, and then pay off debts. Your credit score will take care of itself. People who "repair" their credit without fixing their spending habits are only setting themselves up to get deeper into debt.
Nice summary, Thanks!!!
Do CC companies still do that? I used to constantly call to get best rate-I haven’t in a minute- 🤷♀️?
Yes this true i am paying a car note and I asked my creditors to lower my interest rate they were willing to work with me it all about communication when it come to paying off debt . Closed mouth don’t get fed !!
Agreed with all that! Subscribed!
You should write a book your awsome such useful info..thanx
I really like how you talk to your audience in your video - without humiliating people with accusations, rude judging words or harsh speech. You are conveying so much motivation, positive attitude and respect during all your very good advices. At the same time you take the situation and the problem seriously without trying to sound oh-so-fancy-and-funny. That makes your video stand out from those that I‘ve seen on this topic so far here on RUclips. Watching someone like you and listening to you is a pleasure and a treasure - thank you!! You are great 👍👍 Like you a lot 👍👍
Wow thank you! This gives me drive to keep posting! It's not easy to putting yourself out there. Thank you!!!
This man needs more views. But Great video! Some people don't think about those things and credit cards are usually spent compulsively with the idea of being able to pay it back next check, everyone has had their experiences! Just wish I knew this right out of High School.
I appreciate that and thanks for supporting my channel! The main goal of my content is to not just give information but connect it to true emotions and experiences that we face living out in the real world.
Thank You.....
This is really the foundation.
Good tips
Please keep these videos comin
You got it! New one coming tomorrow about Cosigning!
I wish I found you when I was in my early 20's I was never teach this a child. I'm learning this stuff more now I'm in my 30's now. 2,000 in debt hospital bills really.....That's it. Old phone bill listening to my idiotic toxic family members and no good fake friends and ppl I didn't even know. What a waste of time but, it did teach me a lot.
I'm just glad you found the information and are on the right track now.
Just found this channel. It's so nice to hear about getting out of debt when you have a low income. Most videos are about people with hugh salaries.
Thanks for finding me! I remember minimum wage around $7/hr so yes I get it and been through it and back. Welcome to the community!
Great video great attitude 👍 just subscribed
Thank you and thanks for the sub!
@@DiamondEdwards you're welcome 😊
This video was so detailed I love it❤️starting tonight. Like Dave always say it’s time for some plastic surgery on my credit cards
Right on time. I really appreciate these videos
Thanks Isaiah! What was your favorite tip? Paying off debt is process and it seems like it's not a big deal because so many people have it but it has to go because its blocking the path to wealth and financial peace. My goal is to help as people as I can. I'll be adding new videos every week.
I'm sending to my kids, this is very important information, and I like how you speak!
I appreciate that, Thank you. How old are the kids?
Very clear, good advice
🙏
You are a awesome teacher and speaker! Thank you
Thank you! 😃
This was a very helpful video... I felt like you really understand basic people.. Keep up the good work.. Also you explained everything very clearly... Thank you...
Thank you. We have no control over where we start but our destination is ours to determine.
Very articulate smart man!! Dropping jewels 💎
Appreciate that!
Lol....the sponsor ad was great
lol
This is basically what Dave Ramsey teaches
Dave Ramsey is great and like he says he didn't make any of this up but he did package it. Check out some my other videos on Dave Ramsey. I used the BS's to get out of debt and start investing. I just wish I had the wisdom to listen such advice between 18-26 when I was making my mistakes and learning the expensive way.
Diamond does it without making you feel like crap- 👏🇺🇸
@@ruththomas7164 imagine Gordon Ramsay as a financial advisor
Great video thanks.
Thank you for supporting the channel.
After paying off a credit card debt, should we close the account or leave it open without using it anybody thanks
Sooooo I have 4 personal loans and a mortgage. I have no intention on paying off that mortgage anytime soon. But for the other loans that I have. Do you recommend we have anEmergency before I start?
3 children 2 dogs would $3500 be a good start? That would take me over a year to collect.
I appreciate this video...It is so true that the avalanche method will not work for lower income...you could but you would feel like you are not getting anywhere and will most likely get discouraged.
The lower the income the faster you have to get out of debt because life loves to poke at the brokest people. Thinking back it was my low income that caused me to be in debt and it was my low income that was preventing me from getting out of debt. Overcoming low wages is a real challenge.
AMEN
This is very true. If I was a teacher I would make my kids watch you. I'm just a mom who share this with my kids. I've been in and out of debt at least 8 or more times in my life
Getting out of debt is one thing but staying out of debt takes determination. I didn't jump off the hamster wheel until I said never again and started thinking about why! My why is so strong that nothing can make me go back into debt for anything except maybe another home. Plus the progress, I seen in my net worth is amazing. Who knew if once I stop giving all my money away and started paying myself, I would actually have some money!
2 years later and you are still definitely on point with your advice through this continued economic upheaval. Every time I attempt to do right, there is always a person or event that tries to derail your attempts to get financially free from crappy bad choices or people that "INTENTIONALLY" force you into oppression. You give good common sense financial advice to combat financial systems that are designed to keep you in prison to their schemes and tactics to thrawt your ability to live a more peaceful and fulfilling financial future. Thanks for sharing.
Yep, I'm in debt but what really kills me is when people think they need to go have fake nails put on as if that is a necessity. lol
New subbie here.
I appreciate that. New content on the way!!!
Locked my credit card a few month ago and have a budgeting app that's helped me track what I've spent AND how much $ I have in my accounts far better than the banks do themselves. I already knocked out one student loan in December and have a plan to knock out another one by September. From there, it's all about killing that credit card debt. :D And yeah... Pretty much built that one up buying stupid stuff. At least I only have the one.
You are on your way! Getting out of debt and changing your mindset will set you up to start thinking about building wealth. It's hard to think about investing and building wealth with your focused to todays problem. Keep up the awesome work and let me know once your DEBTFREE!
However knowing where you stand and getting your mind right. Is the truth 3:50 lol gospel
Work in a machine shop dude. CNC LATHE MACHINIST HERE
I started saving just 25.00 watch was far what what I should have been saving. But it did started the habit of saving. Now it easy. Ok..I will set mile stone i like that one. Me I love see my saving going up and debt going down. Believe in the beginning It don't seem like its not moving at all but a year later omg...😁 so far its been 3 years to get where I am ...it wasn't easy but I keep at it
When you say debt free .. Is that no car and house payment ?
Two stages 1) everything but the house. 2) even the house. Then never go back unless its for another home. That is where I'm at 100% debt free but will be buying another home in a few years.
Are you able to get a house without having credit cards? I was told by my mortgage lender that when I pay of my debt, I still need to show credit which is 35% of my credit score to reflect payment history
YES! You need either good credit and or no credit buy a house. It is correct that 35% of your score based off your payment history but nowhere does it say you *need* credit cards. They are just the easier way to build your payment history but also the easiest way to get into trouble.
What's more important that credit or even buying a house is building a solid financial foundation for you to build your life upon. What I learned from buying my 1st house is you need 1) low debt to income ratio, 2) money in the bank 3) either no credit or good credit score. I use to think owning a home was the ultimate goal but now know otherwise! Good Luck, I hope this helped😀
@@DiamondEdwards And this really did help! Thank you!!! God bless you💛 but if I dont want credit cards, what can be done to show payment history since mostly everything will be paid off except student loans?
@@StarStylez777 Paying the student loans will show payment history. Find a good mortgage broker and they will find a lender to work with you. Pull your report and score. It important to know where you are and what is needed to you where you want to be. Otherwise, it’s pulling straws!
@@DiamondEdwards Got it....Thank you so much!!!
Also do you have videos on home purchasing? I checked but wanted to make sure I didnt miss it
I pay my credit card off at least 5 times a month and my credit score only go up 1 point every month.
The only thing matter is your balance on the statement closeout date. That's whats report and will impact your credit score.
I think everyone should have at least one credit card. Length of history is important and it takes time.
Do you feel the same way if someone is in debt?
@@DiamondEdwards Yes I do.
I’m running a long term experience with credit cards and my credit score. Once I concluded the experiment I’ll be posting a video should be interesting. Stay tuned!
I said it in the video it’s not the credit cards that’s the problem it is the habits some develop around credit card use. What do you think about the tips I covered to help people avoid these bad habits? To often people are more interested in there credit than there net worth which can cause people to drift into debt and prevent them from building wealth. That is what is to be avoided at all cost!
I have $533 in credit card debt. I locked my card so I won't use it. I'll pay $60 until it's paid off.
Smart move!
How do you lock your credit card?