5 Tips to Paying Off A Car Loan Early - How I Paid $40K in 34 Months

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  • Опубликовано: 5 май 2024
  • Learn what worked and what didn't. Paying off a car loan early is no small fest. I'm not telling what to do! I'm showing you what I did!
    Time Stamps:
    0:00 What not to do!
    2:54 Tip 1 - Selling it may be an option
    3:53 Tip 2 - Pick a debt pay off method
    5:48 Tip 3 - How to find some extra money
    8:08 Tip 4 - Use the Principal Method
    10:10 Tip 5 - Staying on track
    Signup for a FREE 30 day trial of Audible from Amazon and listen to your favorite audiobooks:
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    Related Video: Should you pay off your car early?
    • Should I Pay Off My Ca...
    When I bought my brand new truck I paid over $40,000 dollars and was happy as could be but the honeymoon was over quick and the $500 plus car payment got old quick. When I first starting thinking about paying off a car loan fast, It because my number one priority. You see I started thanking about life before those car payments and life after. To honest buying a new car inspired me to to get completely out of debt. So for that it was a good thing. Some of you may be thinking do paying off a car loan early help credit score? Honestly, it dropped my a few points but not enough to cause any damage but I'll take a minor drop over car payments any day.
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    //CONNECT WITH ME ON SOCIAL MEDIA//Instagram//
    @DiamondDEdwards on Twitter
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    Business Inquiries:Email// diamonddedwards@gmail.com
    #DebtFree #PersonalFinance #Invest
    ///DISCLAIMER///
    This video is for entertainment purposes only. Always seek professional assistant for financial and legal matters.

Комментарии • 1,3 тыс.

  • @DiamondEdwards
    @DiamondEdwards  3 года назад +63

    Here is the link to the video I mentioned. ruclips.net/video/YYFj09myuoc/видео.html "TO PAY OFF DEBT Avoid these 8 mistakes to GET out of DEBT FAST" I realized I changed the thumbnail after creating this one.

    • @mqmoreno2368
      @mqmoreno2368 3 года назад +1

      bro i have a 24,000 auto loan debt do u think is a good idea to pay 10,000 to the principal and stay with no savings

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +3

      Always keep something in savings. When I was getting out of debt I keep $2k in savings which is paper thin but that was my motivation to get it done as fast as I could. Plus that was enough to cover the things that was most probable. It worked like a champ and get out debt fast. Now I can save more than ever. Do it!

    • @vavavogue4070
      @vavavogue4070 3 года назад

      Great tip. I was making double payments per month versus paying the principal down

    • @user-lc7zt8sk6i
      @user-lc7zt8sk6i 3 года назад +1

      @@vavavogue4070
      In retrospect shouldn't you been paying more to your principal?

    • @vavavogue4070
      @vavavogue4070 3 года назад

      @@user-lc7zt8sk6i from what I learned from the video yes

  • @cockpuncher555
    @cockpuncher555 3 года назад +956

    The Chris Rock of Financial Literacy. I'm sold, man.

    • @ea6390
      @ea6390 3 года назад +43

      😂 oh shooo he really sounds like Chris Rock...the voice is distracting me from listening to the actual information...I'm waiting to hear a joke!

    • @cockpuncher555
      @cockpuncher555 3 года назад +10

      @@ea6390 Exactly! Hahaha.

    • @casinopremotv
      @casinopremotv 3 года назад +4

      😂😂😂

    • @aking4974
      @aking4974 3 года назад +2

      😂

    • @kingdomthinker9794
      @kingdomthinker9794 3 года назад +3

      Outstanding analysis bro! 😂😂😂

  • @tcyaddboy
    @tcyaddboy 3 года назад +804

    Bro I did this with my car then my student loan finally I paid my first house off. My job Give us 44 hrs a week in OT with over night extra pay and every Sunday a paid holiday. I took a 3 year oath to pay my first house off in 3 year with every December I paid 30k towards principal. Meaning I paid off a 140k house off in 3 years. Now I’m working towards my 2nd house with the first house as a rent house going for 1800 a month.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +39

      WoW!!! I love it! The grind is real and rewarding! Thanks for sharing your story, you never know who may read this and it changes their life!

    • @tcyaddboy
      @tcyaddboy 3 года назад +27

      @@DiamondEdwards thanks for replying but u said the most important word FOCUS

    • @906lane
      @906lane 3 года назад +7

      Where do you work at?

    • @tcyaddboy
      @tcyaddboy 3 года назад +19

      @@906lane I work at a plant in Texas

    • @Winteel
      @Winteel 3 года назад +6

      Details please. You took the overtime and saved 30 k and then paid in December? If so how did you skip mortgage payments each month? Please explain I want to do similar within 5 tears for student loan. Thanks

  • @trailermechanic8242
    @trailermechanic8242 2 года назад +105

    Debt is emotional. Paid my truck off last year 40 months. That's my first and last car payment. Paid my house off in 2016. Building a emergency cash fund of 20k to 24k by end of year. Household income is less than 50k.

  • @seven1productions819
    @seven1productions819 3 года назад +190

    They’ll give you a quick car loan for 40k but won’t give you a home loan as quick for 40k

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +26

      Exactly! Same thing with student loans so what's really the message!

    • @jayc4715
      @jayc4715 3 года назад +2

      Yup

    • @realtalkjanedoe
      @realtalkjanedoe 3 года назад +4

      Now this is an eye opener frfr Seven

    • @seven1productions819
      @seven1productions819 3 года назад +30

      @@DiamondEdwards the message is things that don’t hold no value. They give a loan quicker for something that holds no value. than things that gain value. You wanna buy a car no problem. You wanna buy land more red tape. Another part of slavery you probably won’t understand.

    • @Thinkeroutsidethebox
      @Thinkeroutsidethebox 3 года назад +7

      We accept loans faster for stuff that doesn't appreciate because it's easy.

  • @kerrieguinn1842
    @kerrieguinn1842 Год назад +60

    I'm 50 years old. I had to buy a car after many years with no car payment. My new car loan scared me to death!!!! I was literally depressed over my decision. HOWEVER, the information in this video just changed my life substantially!!!! THANK YOU FOR YOUR TIME SHARING THIS!!!!

    • @DiamondEdwards
      @DiamondEdwards  Год назад +3

      I am honored this video helped!

    • @anthonyfowler5389
      @anthonyfowler5389 Год назад +1

      You just saved my life. I was just getting ready to pay my car off because its up side down.

    • @anthonyfowler5389
      @anthonyfowler5389 Год назад +1

      Now i see how to improve my credit and save money.

    • @darwingarcia6810
      @darwingarcia6810 11 месяцев назад +4

      that’s literally me right now. I’m depressed af about the purchase I just made. I haven’t even enjoy the car I purchased because of the payments. Time to see how diamond can save me 💴! O

    • @rachaeljackson3759
      @rachaeljackson3759 11 месяцев назад +5

      Sometimes how this world works really frustrates me. The fact that we all have similar situations like this is so sad. And it sucks that all these big companies just want to make money and don’t care about who they’re screwing over. They just try to pull a fast one on you and get their money. I literally bought a car yesterday. MY FIRST CAR! I saved and saved. I was tired of having to ask people for rides, and using other peoples cars. After about 2 weeks of looking at cars, trying to find something within my budget, I was tired. I just wanted a car. So I bought the last one I saw. Technically it’s within my budget but it’s at the top of my budget and the interest is high. I feel like I can’t really enjoy the car because I’m thinking about that interest and the amount of time I have the car for. But knowing that there are people like me out there, with the same situation, who have come out on the other side is such a good feeling. It gives me a peace of mind and makes me feel less scared. I know I’m not alone in this. We got this this guys. Thank you diamond for your helpful and inspiring video!

  • @MellyP1
    @MellyP1 3 года назад +376

    I was not expecting bros voice😭😭😭

  • @chickenfixn4439
    @chickenfixn4439 2 года назад +90

    I watched this video a ways back while in the gym after financing my 2010 Mazda 3 for $7900. This video helped me knock out a 3 year payment in about a year and a half. The numbers seem small but Im now 21 years old and this was my first vehicle Ive ever financed. Thanks so much for the inspiration!

    • @DiamondEdwards
      @DiamondEdwards  2 года назад

      That is awesome! Congratulations!!!

    • @ghw1985
      @ghw1985 Год назад +4

      mazda 3's are fun to drive too i got 150000 kms on mine she runs like a top!

    • @mrluistito2529
      @mrluistito2529 11 месяцев назад +3

      Me with financing my first Mazda 3 too :D

    • @williammartinez840
      @williammartinez840 3 месяца назад

      You're light years ahead of where I was at 21, congratulations, continue your financial education.🌝

  • @brocksamson7164
    @brocksamson7164 3 года назад +134

    Just focus, if you have a 9 to 5, get a part time job as well and just start knocking out that debt. Don't buy stuff you don't need and invest your money!

    • @angelguttierrez6500
      @angelguttierrez6500 3 года назад +2

      That’s what I been doing so I could save for a better new Car or truck just got my into a trade school & after that & get a good Job I will buy be able to buy a good car or truck

    • @DMM8389
      @DMM8389 2 года назад +1

      Work 730-430. Work afterward and get up and five and have no life. lol

    • @javviii
      @javviii Год назад +2

      @@DMM8389 those are the current hours I work but for construction and I’m usually pretty tired after wards I’ve been thinking about a part time after

  • @WWambition
    @WWambition 3 года назад +45

    Nuggets! Thank you!
    “The new car smell was gone. They’re already talking about changing the body style”

  • @terrellgaines88
    @terrellgaines88 3 года назад +335

    If you and your spouse on the same page you'll be unstoppable

    • @user-lc7zt8sk6i
      @user-lc7zt8sk6i 3 года назад +2

      What if I'm single with my mind right and a good game plan?

    • @terrellgaines88
      @terrellgaines88 3 года назад +4

      @@user-lc7zt8sk6i stack your paper and to me being single its easier. If you mess up you can't blame anybody

    • @user-lc7zt8sk6i
      @user-lc7zt8sk6i 3 года назад +3

      @@terrellgaines88
      Paper has been stacking brother. I honestly dont know the next best move to make. I feel like I've stacked and dont have anything to show for it. When you dont have paper you want to buy all these things you dont really need. When you have the paper...you dont want to buy much of anything because you cant come to your sense about forking all that paper over.

    • @AB-oi7ov
      @AB-oi7ov 3 года назад +5

      You’re absolutely correct!! I’m a go getter and my spouse isn’t and it’s harder TRUST ME.!! He’s a I’ll use everyone else and don’t wanna go get his own smh

    • @user-lc7zt8sk6i
      @user-lc7zt8sk6i 3 года назад +1

      @@AB-oi7ov I'll believe you

  • @JF-rz3rh
    @JF-rz3rh 3 года назад +96

    I just paid off my car last year, and it is prolly one of the biggest steps of financial freedom I have ever had in my life. It is such a relief.. Freedom, less stress💜

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +8

      Congratulations I know your feeling great! It feels good to work towards your future instead of paying for your past, right !?!

    • @eleanormassaro5195
      @eleanormassaro5195 3 года назад +6

      Same here! Up until the last five months I’ve always had car payments and new cars every four years. I decided to keep my current car and pay it off! I’m definitely enjoying not having any car payments!

    • @zoobrizz
      @zoobrizz 3 года назад +1

      It’s amazing that so many people have never had no car payments.

    • @realtalkjanedoe
      @realtalkjanedoe 3 года назад +4

      I also enjoy no payments but it drove my credit score down 25 points once I paid off my car off 🤦🏾‍♀️

    • @eleanormassaro5195
      @eleanormassaro5195 3 года назад +3

      @@realtalkjanedoe I remember that happened to me after I paid my car off too, although I didn’t drop that much. It will come back up though

  • @moneyboy15883atyahoo
    @moneyboy15883atyahoo 3 года назад +140

    I hate the word DESERVE. if you worked that hard, use the word EARNED.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +30

      I agree! But because I was already in debt, not saving enough for retirement, and blind broke, I neither deserved nor earned that vehicle. I was thinking short term not long term and setting myself up to be old, broke and struggling. Not good but I turned it around.
      FYI, Blind broke is someone who is broke but can't see it because they are blinded by good cash flow. I just make that up! lol

    • @MRiGOin23
      @MRiGOin23 3 года назад +2

      @@DiamondEdwards so at what point do you deserve something that you work hard for?? I’m putting money into 401k, savings, & staying on a budget I don’t have any real debt other than student loans. Which is no more than $10,000...

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +5

      @@MRiGOin23 for me the answer is when I have enough cash that I can either spent it, give it or burn it without much thought. If I deserve something it means I’ve been planning for it and can write a check.

    • @DanielGarcia-zz9eg
      @DanielGarcia-zz9eg 3 года назад

      Right!!!!!!
      Then you find yourself in a web of troubles.

    • @AndyinMTL
      @AndyinMTL 3 года назад +1

      Amen to that!

  • @Mona-mr1cd
    @Mona-mr1cd 3 года назад +6

    Great info and I’m on track for 2021 with my new 2020 car.... I’m staying focused like you said.
    # grinding because I love my car and keeping it.

  • @lzh3131
    @lzh3131 11 месяцев назад +5

    This video just popped up on my feed. My daughter had to buy a car hers just gave out. She was’t smart and bought what she wanted, instead of what she could afford. I’ll be sharing this video when I visit her next week. I think your honesty in showing your personal payment information was what I found so impactful. I’m retired (59), own my home (on an island community), and car, with only $1600 in bills monthly. I know that reading some of the comments, that your honesty has helped a lot of younger people see the “light”. I’m just getting tired of the , “Hey mom, can I borrow 5k, to fix a problem that they should’ve have or need to. They don’t want to listen to me, I hope they’ll listen to you. Have a wonderful day.

  • @gurubhaikhalsa9337
    @gurubhaikhalsa9337 3 года назад +35

    Hey kiddo, I'm 69 years old and you just taught me something new!!!!!!! I owe you one!!!!!!👍😊😍

  • @precilla4661
    @precilla4661 2 года назад +38

    I really appreciate that you're so honest, you made mistakes and you own it. I grew up really poor so getting into ANY debt is terrifying and my family looks down on me. your advice was really great

    • @DiamondEdwards
      @DiamondEdwards  2 года назад +11

      Thank you. It bothers me when people talk down to other people, trying to make themselves look better. When you look at the data, it's clear that people are lying and most are not doing as well as they want to you believe. Thanks for being part of the community. This is a place to learn and grew together!

  • @Destinyraquel
    @Destinyraquel Год назад +5

    Yes I just got my car yesterday and I’m already trying to figure out how to pay it off early and you made it easy thank you ☺️

  • @roslyncaskey3396
    @roslyncaskey3396 3 года назад +17

    My Brother, you broke this subject down so well, I am walking around with a blessing of knowledge that I will definitely applying to my debt. Thank you, thank you and thank you again for sharing. Informative and funny.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      Thank you for the kind words! Sending positive vibes your way!

  • @piefacemd
    @piefacemd 11 месяцев назад +2

    I thank you so much for this video. I have been trying to pay off my car for the longest. No one told me to put extra money towards the principle. I have just been paying an extra car payment. Thank you. Thank you from the bottom of my heart. I need it to hear all this.

  • @MrPump
    @MrPump 3 года назад +34

    Never undermine the information you’re putting out for everyone! You’re literally out here changing lives thank you so much !!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      I appreciate that Henry! I just keep on pushin and posting.

    • @MrPump
      @MrPump 3 года назад

      Diamond Edwards I can respect that! I had a horrible APR on my first vehicle. Looking to refinance and get it paid off in a year or so.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      Henry Martinez We live and learn! Glad you can get out of the deal and move forward. I think this video may help you out too Paying Off Car Loan Early | Principal vs Extra Payment Explained ruclips.net/video/JLARGIGlOYM/видео.html Thanks for supporting my channel.

  • @funnygirlever
    @funnygirlever 3 года назад +3

    Thank you! I needed this! You're awesome. Thanks for sharing.

  • @sophiagonzalez1173
    @sophiagonzalez1173 Год назад +3

    I ABSOLUTELY LOVED this video! You are an inspiration to many that feel their options are few!!

  • @thomasburnspa
    @thomasburnspa 3 года назад +14

    My wife and I did the same thing! It was hard and lots of arguments but well worth it!! Kudos to you. May God continue to bless your sweet family.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      I glad your made it to he other side! Thank you!

  • @chad.k.barnett
    @chad.k.barnett 3 года назад +9

    Awesome video. You made it interesting to watch with your ability to “tell a story” in a sense and made it simple to understand. Well done keep up with the positive motivation. Always amazing to see people happy.

  • @robertodyea6187
    @robertodyea6187 3 года назад +36

    I recently had bad anxiety just thinking about the car I own. I'm glad I watched this. I'll keep you updated! 😄

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +6

      Please do! It's a journey but it's the journey that will prevent you from signing up for this. "bad anxiety" next time. What kept me going was thinking about what I was going to do with that money once I had no payments.

    • @mmmmkay4773
      @mmmmkay4773 3 года назад

      Same here!!

    • @N3THof209
      @N3THof209 3 года назад +7

      Me too. I jus recently got myself my dream car & man i couldnt sleep. Had bad buyer's anxiety. Im getting over it slowly, but knowing what to do will put the mind & heart at ease. Plus knowing that payments are only temporary tells me that feeling is temporary as well.
      Im currently $26k , 72 months, 2.99 APR.
      After watching this, it helped me clear my concerns & parts of my buyer's remorse anxiety. I got a paper calendar for 2021 scribbling plans to keep myself focus on paying off debt.

    • @ubaok24
      @ubaok24 2 года назад +1

      I decided to pay $74 more on my car note starting in October 2021. By January 2024, it'll be paid off.

  • @levels4964
    @levels4964 2 года назад +9

    I'm new here, but this came right on time!!! 🙏🏼 Took notes, and will be definitely paying my SUV off in a quick, fast, and hurry! 📝

  • @dii-N-sd
    @dii-N-sd 2 года назад +14

    I paid mine off quick too. I hate owing ppl money, and my car was the only debt I hate. So, I doubled or tripled my payments every month. I avoid paying all that extra interest like you said. I've basically been riding for free ever since. It feels great knowing I have ZERO debt.

    • @DiamondEdwards
      @DiamondEdwards  2 года назад +3

      Debt free is the way! Better than being debt free is the mindset shift that occurred during my journey. My truck is now 5 years old and I have no plans to replace it anything soon and when I do, I will pay cash which I can only do because of properly planning.

    • @dii-N-sd
      @dii-N-sd 2 года назад +1

      @@DiamondEdwards Exactly! My car is 13 yrs old. It still looks & rides good. I chuckle at my coworkers that are constantly leasing cars for 1200+ a month. It's such a waste of money imo.

  • @lunalinda9906
    @lunalinda9906 Год назад +1

    That’s so awesome! I know the feeling! I’m doing this with our mortgage and I’m super focused on this goal. Thank you for sharing your story 😃💜🙏🏼

  • @miketucker326
    @miketucker326 3 года назад +36

    So wish we would have had RUclips when I was young. I made so many mistakes. Thanks for the information. God bless!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      Me too but I'm not sure if I would have listened though. I made a lot mistakes myself but now I realize it was due to a flawed view of success. This view was developed in my youth and encouraged by my environment, teachers and associates. Once I decided that the message I received was wrong and I needed to redefine success, EVERYTHING CHANGED!

  • @barbarablount4272
    @barbarablount4272 3 года назад +8

    I was just researching today what to do with my car note. Even phoned the the finance agency. Then I saw this video. My answer is here. Thanks guy. I'm going to hit principal only.

  • @Wiigram5
    @Wiigram5 3 года назад +2

    Great video. Clear, effective and straightforward. Thank you so much.

  • @johnjordan6838
    @johnjordan6838 4 месяца назад

    Thank you for being so upfront and honest! We are on track to pay off one of our cars in 1 year from now!

  • @mistaohobson
    @mistaohobson 3 года назад +8

    I’m pickin’ up what you’re puttin’ down. Good stuff appreciate it man ✊🏾

  • @Blitz3O2
    @Blitz3O2 3 года назад +6

    Just found your channel brother keep up the great work!

  • @paulkelzer5038
    @paulkelzer5038 3 года назад

    OUTSTANDING! Great video and sound information because it works!

  • @sailon8832
    @sailon8832 Год назад +1

    Recently got a car. First payment coming up. Wanna pay it off asap. I've heard of paying on principal before, such as on homes. Will ABSOLUTELY be applying this toward my car payments! Now THIS I understand! So glad I watched this!! A million thank yous, Diamond!!

  • @laj4186
    @laj4186 3 года назад +3

    Thank you so much! I've been searching for the answers to how to pay it off appropriately and win. You explained it perfectly. Thank you.

  • @LifeWithKryssy
    @LifeWithKryssy 3 года назад +12

    This came right in time! Needed to hear this! I got 2 yrs left. Trying to do it in less! 🙏🏾✨🙌🏾

  • @blkbeautie36
    @blkbeautie36 3 года назад +1

    Thank you for sharing that nugget. Ima apply it as soon as I pay of the two credits. Truly appreciate you making this video

  • @mxxre33
    @mxxre33 2 года назад +2

    I didn’t know about that principal only payment thing. Good info, I appreciate it my guy.

  • @jeremygabriel7813
    @jeremygabriel7813 3 года назад +22

    Great video especially like the part about principal payments because I definitely had to learn the hard way how the bank doesn’t explicitly show that the extra payment will just be added to the next month. One thing I noticed about becoming an adult is that you really have to read the fine print and ask the right questions about things because businesses will try to get over on you 🤦🏿‍♂️

    • @vale_rawrrrx3593
      @vale_rawrrrx3593 2 года назад

      Yesssss, I work in auto finance and trust that these dealerships DONT care about people 👏🏼 it’s crazy seeing these loans on a daily basis

  • @quanisharoberts4094
    @quanisharoberts4094 3 года назад +5

    I wish I’ve known this two years ago! Better late than never though. Thank you for the info brother. New sub!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      Thanks for the sub! We get to start fresh every morning.

  • @Thejonthomas
    @Thejonthomas 3 месяца назад +1

    Bro, I just discovered your channel. Please make more videos! Your content is explained so well and is invaluable.

  • @traviswhitmore1835
    @traviswhitmore1835 Год назад +2

    Amazing video, was afraid there was going to be a gimmick but you laid out the truth and motivated me to pour into this debt

  • @dawnwilson6800
    @dawnwilson6800 3 года назад +5

    Thank you! I’m even more inspired to continuing getting debt paid!

  • @almarosa154
    @almarosa154 3 года назад +7

    Got it.. Make extra income and apply only to the principal!!! Going to pull out the paperwork and review these numbers... Im tired of seeing our numbers move like a sloth!!!
    Definitely going to apply this method to out debt free journey. Thank you 😊.

  • @alfredocornelio1744
    @alfredocornelio1744 3 года назад +1

    Thank you for this information. Great video.

  • @richardholloway97
    @richardholloway97 Год назад

    I watched this video several times. I was even inspired by the video for my pickup truck. I'm grateful for the advice indeed

  • @adrianresendis4727
    @adrianresendis4727 2 года назад +6

    I honestly made that same mistake and felt so dumb afterwards. On only paying the payment and thinking it was paying it off faster. Now I understand how the principle payments work and it’s such a relief. Thank you for this insight.

  • @mazroeinc.5329
    @mazroeinc.5329 2 года назад +17

    Sounds like a great plan. In order for this plan to really work, you have to basically NOT buy anything else until the current debts are payed off. That is the true grind. This is where most people fail to get out of debt.

    • @DiamondEdwards
      @DiamondEdwards  2 года назад +10

      Indeed, scaling back lifestyle is a hard feat, but everything scales up once your debt free💯!

  • @keyontayhumphries1710
    @keyontayhumphries1710 2 года назад

    Great info! I just brought a car and was looking for tips on how to pay it off early. Thanks!!

  • @atombomb6719
    @atombomb6719 3 года назад

    You are not alone.
    Good talk.

  • @briannap14
    @briannap14 3 года назад +14

    I felt trapped in my agreement. Thank you for making this video and giving me motivation. It CAN be done 😅 Just have to stay focused. Thank you again!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      Without Tip 5 anyone chances of success is significantly impacted! Stay focused and don't listen to people who are broker than you! You CAN DO THIS!!!

  • @JPitty2011
    @JPitty2011 3 года назад +3

    Head down grind up! Loved that

  • @richardjohnson4065
    @richardjohnson4065 3 года назад

    I just Subscribed and looking forward to wipe out dept I'm focus now to pay off my new SUV early I'm glad I found your Video you speak with great knowledge on how to work money AKA a dollar for some strange reason I think can do this Thanks Bruh 👍🏽✌🏽

  • @elizabethinsaurralde6877
    @elizabethinsaurralde6877 2 года назад

    Thank you Brother!!! I really needed this information❤❤ It's very useful👍

  • @melianadalai9423
    @melianadalai9423 3 года назад +13

    I really appreciate these videos. I just bought a new car and I saw this one and the one about principal 🆚 extra payments and it gave me a clear plan going forward. Thank you 🙏🏽

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +5

      That is awesome! After I paid off my truck I said never again. I said that once before in my life but this time I mean it!

  • @thanksyou1665
    @thanksyou1665 3 года назад +3

    I love this !!! Thank u thank u thank u God bless you and your family you made this so clear and understandable to pay off the loan I’m so grateful to you and your teaching . Many blessings to you and your family and may you continue to Rise and Prosper 🙏🏻🙂

  • @mattydowling995
    @mattydowling995 Год назад +1

    Thank you, I wasn’t sure about principal & interest, you explained it quick and easy

  • @kgm2000
    @kgm2000 3 года назад +1

    Well said, this is a good video, thanks so much

  • @shellagladney528
    @shellagladney528 2 года назад +4

    Thank you so much for giving this free advice. A lot of people keep or charge money for info like this. BTW, I paid mine off early by doing this very tip so I encourage everyone to listen to what your saying. GOD bless you!

    • @DiamondEdwards
      @DiamondEdwards  2 года назад

      Fantastic!

    • @Mustangmom2k
      @Mustangmom2k 2 года назад

      When we were raising our now-grown kids, we had a lot of debt. I decided to make extra payments to the item that had the lowest balance because, to me, I knew that would lift my spirits with faster progress. However, the "experts" at the time said this was stupid and I should be paying off what had the highest interest rate. Well, even though they made me feel stupid, I did it anyway, and I'm so thankful I stuck to my guns! There's nothing more encouraging than seeing your hard work get results. To this day, I have total disdain for any kind of so-called expert. Congrats to you and your wife--good job!

  • @joellong3446
    @joellong3446 3 года назад +5

    Thank you sir for the great advice. I was making double payments a month but didn’t know about the principal only payment options.

  • @vectorx777
    @vectorx777 Год назад

    Thank you brother. Very good info in this video. Crucial information about paying the Principal on a vehicle. Liked and subscribed.

  • @sexybutterflypwm
    @sexybutterflypwm 3 года назад +1

    THANK YOU SO MUCH for explaining Tip 4!!!! OMGOODNESS!!!! This was so informative and helpful! God bless you!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      They got me the first time! I was like OH NO! I actually called them and had it corrected. Saved myself thousands of dollars.

    • @sexybutterflypwm
      @sexybutterflypwm 3 года назад +1

      @@DiamondEdwards I did this to myself as well back in 2016 SMH!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      We live and we learn!

  • @mhe_golf1215
    @mhe_golf1215 3 года назад +3

    Great videos Diamond! Enjoying the content keep it up!

  • @ilcho6926
    @ilcho6926 3 года назад +27

    YES SIR! Debt really sucks. Seeing that interest charges on statements really killed me. Really made me think why I was so into purchasing things for instant gratification. Costs me so much more than it's worth. I also used debt snowball method. Felt so good not having to worry about paying somebody but myself. Making things short. I was able to close on a house. Building assets in stocks. That's a different subject. Anyways, very happy for you guys to get rid of debt. Freedom feels so good! Great video~

    • @CurtisDJunior
      @CurtisDJunior 3 года назад +2

      happy for you 🙌🏾

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +3

      CONGRATULATIONS on all level! The other side of debt is so freeing. It's hard to put into word the feeling. Having money giving options. Options reduces stress and that lead to a happier life. Next month will make two years since becoming debt free and I've been invest all that money plus some and I could not be happier with the growth. "Off the Charts"! Makes me think what was I thinking back then. Investing is where want to take the channel but felt I needed to start with the foundation! To often we try and skip a step only to fall on our face! Stay focus and keep up the good work!

  • @randyr77323
    @randyr77323 3 года назад +9

    This is the first video I’ve watched where the scenario ends with keeping that nice car you bought. I feel like having a partner that was committed to the financial freedom of both parties was a tremendous advantage.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +2

      Getting our thoughts aligned on how to reach our goals was a true game changer! I am glad we worked through it and kept the car!

  • @ebonyjackson5609
    @ebonyjackson5609 9 месяцев назад

    Wow this video helped out soo much. Just got into a 28k car loan at 22 years old. Looking for ways to pay it down and will definitely use this strategy. This video was sooo easy to understand unlike other ones on youtube. Will be subscribing!!!

  • @creditkingtv4115
    @creditkingtv4115 4 года назад +12

    Great video 🙌🏾. Im actually about to make my first principle payment now.

    • @DiamondEdwards
      @DiamondEdwards  4 года назад +3

      It’s the secret sauce!

    • @hammerridecycling7630
      @hammerridecycling7630 3 года назад

      how do you pay just the principle only?do i need to call the bank to tell them im paying principle only?thanks in advance🤗

    • @creditkingtv4115
      @creditkingtv4115 3 года назад +2

      lethalbowtie yup thats all it is. You call them and say hey i want to make a principal payment only to my car. They send you a receipt and your good. The good thing when you do this you dont get charged interest so def look into it.

    • @hammerridecycling7630
      @hammerridecycling7630 3 года назад

      @@creditkingtv4115 thanks bunch

  • @Nicole-hi2me
    @Nicole-hi2me 3 года назад +6

    I just bought a new new because I had to convince myself I deserved it too after keeping my other car for 10 years. I am going to use this method. I actually used this method in my early twenties when I bought my first car. I actually had a great salesmen back then that told me about interest vs principal and it made a lot of sense.. It does work and necessary to pay off debt. Thank you. Great video.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      That's what's up! Best luck I hope you get this one knocked out quick too.

  • @msrenata80
    @msrenata80 Год назад

    Awesome video, my husband and I just bought a Jeep Grand Cherokee. This was very helpful. 👏🏾👏🏾

  • @raymondmichielini6021
    @raymondmichielini6021 2 года назад

    great info thank you and the way he relays the information to you is great also

  • @moisessanchez5308
    @moisessanchez5308 2 года назад +3

    Yo Diamond, thank you for the helpful information. I am about to start my journey towards debt elimination and saving, I know it’ll be a while before I get to the vehicle debt like you said but I’m willing to be patient and put in work. I subscribed, keep the videos coming!

    • @DiamondEdwards
      @DiamondEdwards  2 года назад

      Welcome to the community, stay focused and don't listen to broke people 😂

    • @annadavis6361
      @annadavis6361 2 года назад

      I suggest you watch and listen to financial videos daily it will help you stay focused! Trust me I did it and now debt free!

  • @jamesc.4262
    @jamesc.4262 3 года назад +3

    You just got a new subscriber!! With the game you giving away, I don’t know why you don’t have 10k+ followers. I just got a 2nd car and I’m trying to pay if off by next year. I would love to use this blueprint, I can definitely use your help, you made it sound simple

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      Wow, thank you! That's aggressive goal but where would we be without goals. You got this! My primary goal for this channel is to talk about about personal finance but come from a real place. When we know better we do better. I come from humble beginnings and made a lot of upward progress. I don't want to wait until I've "made it" to start giving the game. I want to help as many people as I can along the way. Share any video on my channel with someone who you think it will help. Thanks for the support!

  • @whyguitarguy1
    @whyguitarguy1 2 года назад +2

    Man...1 minute and 16 seconds into this video and I'm loving your energy bro! You DO deserve it! I feel the same way too! I'm also driving a beat up fix and drive. 😂 But I certainly make good money to get a new and nice car. I just like not have a car note, but I'm going to get one sometime in the near future to help further build credit.

  • @toniboone5925
    @toniboone5925 3 года назад +1

    Thank you for the very informative video. I really enjoyed it and learned from it as I was sitting at the Dealership contemplating what to do with my car I bought last year back in May 2020 as its been back at the dealership first for the trunk not opening, then the top wouldn't open and close, then the tubo went out and now I'm sitting here waiting to find out if I need a new transmission or not....just happy that I bought the extended warranty..Now I'm actually thinking of just trying to sell it outright and get out of the payments and buy an older car. The sad thing is it's a 2019 Buick Cascada Convertible.😪!! Anyway either way I plan on getting out of debt completely before the end of the year by either using the snowball or Avalanche method.Thanks again.

  • @heavihandzthearch1322
    @heavihandzthearch1322 3 года назад +3

    Thank you so much for the JEWELRY brother!!! I've just bought my car in full with no payments!

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      Enjoy it, no payments is great filling and it allows you to save up for the next one.

  • @aceanderson1459
    @aceanderson1459 3 года назад +13

    Ty my brother 👊 never looked at like that

  • @robertviney8253
    @robertviney8253 2 месяца назад

    Awesome video bro!! More people need to hear this.

  • @titaniumman_22
    @titaniumman_22 3 года назад

    Nice work man and thanks for sharing! 🛻

  • @debtfreeforcanadians9386
    @debtfreeforcanadians9386 3 года назад +5

    Good stuff. We put our vehicles in our debt snowball and payed them off early. No more car payments for us.

  • @tdmusicforever
    @tdmusicforever 3 года назад +4

    Great advice

  • @bmc6085
    @bmc6085 3 года назад +1

    Your an awesome inspiration to me and my family , thank you Diamond for this detailed video . I subscribed because of this awesome video. !!!! You and your family Keep up the grate work

    • @DiamondEdwards
      @DiamondEdwards  3 года назад +1

      I'm glad I can be a part of your family journey💯 Thank for subbing🙌

  • @tofupower64
    @tofupower64 3 года назад +2

    Good job, man! I think your wife had the right idea - now you are out of debt and you still have an awesome truck. Every high school senior should be required to watch this video before graduating! :))

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      Yes, I definitely learned to listen from the beginning. If any HS students are reading this DO NOT BUY A BRAND NEW CAR or an expensive car for that matter with expensive being relative. It would be new for long, you can't keep up with body style changes and that money will do more for you invested but the truth is you mostly need that money to survive at that age!

  • @WanzaLeftwich
    @WanzaLeftwich 3 года назад +7

    this is excellent!!! I started making principal only payments and I see the difference.

    • @DiamondEdwards
      @DiamondEdwards  3 года назад

      👍

    • @neecnee9703
      @neecnee9703 2 года назад +1

      Hey, how exactly do you do that?

    • @WanzaLeftwich
      @WanzaLeftwich 2 года назад

      @@neecnee9703 You can call in the payment and ask for it to go to the principal. If you pay through their app (this is what I do) you may see the regular payment and another option for principal. Pay you regular payment and then pay whatever you want on the principal. You’ll see your balance go down faster.

  • @djjbsmuve346
    @djjbsmuve346 3 года назад +3

    Thx for the info. I've been making extra payments on my car but I wasn't applying them as principal payments....until now!

  • @WelcomeToMyHead
    @WelcomeToMyHead Год назад

    Thank you for all of these great ideas! 🙏👏👏

  • @sashah5702
    @sashah5702 2 года назад +1

    Great tips! I was on my way to paying up but I will def hit the principle payment button !

  • @billguenette7281
    @billguenette7281 3 года назад +16

    Good work Diamond, we all need a kick in the pants when making payments

  • @aquileggleston84
    @aquileggleston84 3 года назад +3

    FUNNY... ENTERTAINING... MOTIVATING... GOOD VIDEO!😆👍🏽

  • @myronmoore4325
    @myronmoore4325 3 года назад

    Good stuff bro. Information needed just in time. Thanks 👍🏾💯

  • @EliteDeadSevenEDS
    @EliteDeadSevenEDS 2 года назад +1

    Thanks for the motivation! I learned something from this. Thank you.

  • @88rollins
    @88rollins 2 года назад +3

    I sure hope everyone watching this that has debt is listening to what this guy is saying. This is valuable info!

  • @progers86
    @progers86 3 года назад +9

    Principal only. I never would have thought about that. Thanks for dropping gems! ✊🏾

  • @abousidi75
    @abousidi75 3 года назад

    Thanks for the advices brother.

  • @SandraMarie413
    @SandraMarie413 2 года назад +10

    I absolutely love that this was achieved as a couple. You & your wife working together as a team!! Listening to each other & having the same goal ❤️ God Bless the union🙏🏽

    • @DiamondEdwards
      @DiamondEdwards  2 года назад +1

      Thank you so much! We had paid down debt many times before but the journey to becoming 100% debt-free and committed to living debt-free has CHANGED EVERYTHING. I may have to bring her on one day to do a deep dive into our journey. Thanks for being a part of this community😃

  • @traumegaz
    @traumegaz 3 года назад +5

    Good stuff, I wanna pay mine off in one year and keep it moving.

  • @BelleOmbreGrey
    @BelleOmbreGrey 17 дней назад

    Excellent job. You and your wife should be proud. You worked together to achieve something significant

  • @fluidtoast
    @fluidtoast 3 года назад +2

    I know that app. Thank you for your service!