TO PAY OFF DEBT Avoid these 8 mistakes to GET out of DEBT FAST
HTML-код
- Опубликовано: 4 апр 2020
- Have you been struggling trying to pay off debt? Avoid these 8 mistakes to get out of debt fast. You must watch this video. I break down the 8 biggest mistakes I made during my debt free journey.
Signup for a FREE 30 day trial of Audible from Amazon and listen to your favorite audiobooks:
amzn.to/2y7Pi5A
By avoid these mistakes you will be sure to pay off your debt and get out of debt faster than then we did. Were like the middle class families you hear about in the news. Nice house, cars and good jobs but swimming in debt. We had racked up over $100,000 dollars in debt before we decided we had enough. We started using the Dave Ramsey baby steps to pay off our debt but this was just the beginning of a long road full of twist and turns. The journey was rocky but the results are worth it.
My best advice to you is if your going to attempt to pay off your debt and get debt free then go all in and try to get it done as fast as possible. We used Dave Ramsey's baby steps. Baby step 2 is where you use the debt snowball to pay off your debt from smallest to largest. Sounds simple right! It is but we were not 100% percent committed at first and it showed in our get rid of debt payoff results. We were doing Davis-ish and got *ish results. But hopefully you can learn from our mistakes and get out of debt fast, faster than we did. See you on the other side.
Here are some other videos you may be interested in watching:
My Experience Working Two Jobs in the Military | When ONE Income isn't Enough! • Video
How To Get A Job At Best Buy - Get Ahead of the Competition
• How To Get A Job At Be...
5 Tips to MAXIMIZE your TDY Military Pay | Come home with fatter pockets
• Video
//CONNECT WITH ME ON SOCIAL MEDIA//Instagram// @DiamondDEdwardsTwitter
@DiamondDEdwards Instagram
Business Inquiries:Email// diamonddedwards@gmail.com
What's your biggest hurdle to paying off your debt?
Cars......and like u sayed....life style...ithink some people sometimes want to live rich people...this pandemic made me open my eyes to my finances...
Patience. Now that I understand a whole lot more about credit health and keeping scores in a good place, I became obsessed with working on my credit. I want it to be fast but I had to tell myself to not over do it and give it time. I’m in a DMP (5 collections account) and there are a couple of closed credit cards I’m paying on my own. It’s been a year and a half now and I’m making progress. I will be done in a year (less if I can stop eating out 😁). All
That will be left is my student loans.
Too much debt vs income and cutting lifestyle
Wife and kids 🤣
I just watched one of your other videos that suggested this one.. The biggest mistake I’ve made this far is just making regular car payments til now I am 6mos ahead - out of ignorance I assumed this would be applied to the principle I now know how and where to go to make principle payments... 🤦🏾♀️🤦🏾♀️
If I'm the problem, I'm also the solution! Love that
$300 left on my Credit Cards!! Then imma start my 20k car loan, we got this🙌
Get this paid off and we call that an instant pay rise! Keep going and come back and let us know when you finish!
Hated to hear your list. But looking in the mirror, you showed me myself. We hate to see ourselves looking ugly in the mirror. But, man up, woman up, and STAY FOCUSED, as you said. Great testimony and advice.
6:03 GOLD!!! I'm laughing and crying at the same time!!
I laughed hard as hell out loud 😆😆😆
Hahaha, I just transferred my tax returns to my savings but after watching this I just transferred them back to checkings plus some. Just made a $10k principal payment!!
BOOM👊! The power of being debt free can not underestimated. You will have 10k+ back in your account before you know it and this time it will be all yours!
@@DiamondEdwards thank you so much for your encouraging words!! I also canceled one of my fun activities with my friend. She wasn’t happy that I canceled last minute but I told her I was committed this time to putting fun on hold. Thank you for your videos
You're welcome. Keep pushing and stay focused! People will think you are broke but it is better to appear broke than to actually be broke💯
I sold my Harley Davidson and just put everything I got from that straight on to my car finance. I’ve just starting the ball rolling of going debt free 🤞
I love your videos Diamond. You understand the struggle of staying disciplined and focused. I know I shouldn’t use this as an excuse, but being married with 4 kids gave me a reason to spend money that I didn’t need, claiming it was an emergency. Getting out of debt isn’t as much of a problem as changing your mindset about money, and how you use it, as well as getting everyone else in the family to be on the same page. And it’s not just getting out of debt, but staying out of it. If you don’t stop having the same mindset that got you in debt in the first place, you will continue making the same mistakes(as I did) and get in debt again.😞 I am happy to say that the light bulb has come on and I’m getting out of debt finally and for good. That means no more credit. NOT NOW NOT EVER!
That's right you have to take control of.your own debt . The only thing I wish I had done is abide.by these rules when.I was younger, but it.is still a blessing to me to be debtless at my age. It is still a good feeling...
I hear that! Becoming debt free has had a major positive impact on my family. We'll forever be grateful for that journey.
I really appreciate your transparency and practical advice. I've too have followed Dave Ramsey but sometimes we need the other little pieces of the puzzle to help us become successful. Keep putting out great videos. You're helping a gang of people.
Thank you! I learned about DR 8 years before I put the teaching into practice and my financial situation had got much worst. I knew what to do but still did not do it. I'm so glad I turned things around otherwise I'd be 70 years old still talking about grinding and be just as broke as I started.
Love the vids
Love your videos man
New subscriber 🖐 please keep these great videos coming.
Respect..congratulations
Thank you
You are very encouraging. Thank you :)
My husband and I can sooooo relate to a LOT of the things you mentioned in this video! 😨😨 was listening on my way to work and everytime you said something that hit me I was like "MHM!!! YUP!!" lol! Great video!! Thank you for sharing your journey with us all!! You are definitely helping a lot of ppl!!
You’re an inspiration
Thanks for video.
You are welcome👍
Thank you so much for this sir, I appreciate you a lot, very insightful and practical!
I like it.
This guy is a young genius. Thanks for the honest reviews.
I appreciate your transparencey!
It’s the only way. Thanks for watching!
Thanks so much for this video. I watch and follow Dave Ramsey faithfully but I like how you mention the things you did the WRONG way yet you got it right eventually.
Love your videos...I currently use my credit cards to pay bills that are in my budget. But need to get a 2021 game plan to start my debt free journey. Made some poor decisions after buying my home last year ...bought a new car and carried over negative equity but both rates are low 3%. Just trying to figure out a plan to not have to dish out most of my money and work to have my money in my pocket.
Thank you for this! Just took out a 2019
Ram classic financed for 32k and I was about to make the wrong kind of payment
A bro I love your videos I’m taking notes. Keep it up my brother!!!
I appreciate that!
Thanks for your honesty sharing your personal experiences - great video 👍👍
Subscribed! Love the content! Plan to be debt free by the end of next year
Awesome! Thank you!
Excellent video! Thank you for sharing your journey. I had to subscribe!
Welcome! Thank you and thanks for the subs!
I feel you Diamond! I’ve done the same thing. Continuing to use credit cards(when emergencies come up, of course) when you’re on your get out of debt journey. I wound up having more debt than when I started. And saving money… I won’t even get into that disappointment. The good thing is you never gave up, and you finally made it at the end of the tunnel, as so will I.
Great videos.....I just started paying attention to my income and spending.....and I saw the little purchases add a lot to a monthly spending...things I just don't really needed.....like Starbucks vs a home coffee. Gracias amigo.
Good stuff!
Any ROTH IRA videos ? or are they any good ?
If I pay my car note on line. How do I apply the principle payment
There is no option on line paying
My bad debt was my new car. Big mistake
Step 1, DONE!
Amén, sir! Communication and cooperation with the spouse is a must.
Yes indeed!
😇 new subscriber
Thanks for subbing!
Way to be vulnerable
Its funny I was using the credit cards the same way. Its why I'm here. I have a car debit why am I spending so much on my cards🤔 I did pay in full.🙃
Ok I'm good on her first step.( I want more) my extra money I spend on debt and 600 in investing. But I have this time to try to be debt free. But I do feel a little lost. So I'm going to watch and listen over and over
You in the right place! Getting out of debt hard and living a debt free life is a whole different beast. I've been doing it for a few years and my finances have never been stronger. I have a lot of videos on the is channel and more on the way. Let me know if there is anything I can do to assist you in your journey. My contact info is the description of every video. Best of luck!
That's the ticket.....
Stay Focused !!!
It feels good to be debt free.
Indeed!
“I’m not working to pay other people’’ facts
Not sure if it on my side, but your transcript is in Dutch…
I’m embarrassed to say but do you recommend paying off a 36,000 car payment on a ... wait for it... 16% interest 🥲 it’s under and I’m wondering if I should pay it all cash in the next 6-12 months, my wife and I have 22k in savings and want to pay it off soon because the interest is killing us monthly. We’re 27 years young and can’t help but think that this is a lesson that will change our financial future, never again buying fancy stuff AGAIN!!!!!👎🏽👎🏽
Absolutely pay it off ASAP or sale now and buy something cheapers. I was a few years older than you when I started getting my act together and change in net worth and peace of mind has been mindblowing. Same jobs, same people with a different mindset and our lives has changed forever. Do it!
@@DiamondEdwards thank you, saving to pay it off in 12 months!!
will you please show me the right way to refinance my car loan?
Why do you want to refinance? My advice find 2-3 credit unions offering good rates like DCU or NFCU. Know your FICO score before you apply (myfico.com) now and understand that applying for several auto loans in a short time span does not negatively impact your score so don’t be afraid to shop around.
@@DiamondEdwards I had lots of debts and my credit score was very bad. I have been working and saving. I was able to do the SNOW ball from Dave Ramsey. Last time I checked my FICO was 771.
How do I find the best credit unions? can I call them? (for what I know, I have to be a member , right?
Thanks for such a great content and videos.
If I talk to them
1. I need to know my original loan/ ask about prepayment penalty
2. Do I ask the rate options to them?
3. Do I need to get pre qualified first like Cap one?
1) You need to request a 10-15 day payoff quote from your current lender. You can ballpark it when your apply but confirm before you sign.
2) No they will tell you what rate you qualify for once you apply
3) There is no need to get prequalified when refinanced. Don’t waste your time applying at place you don’t plan on doing business.
I hope this helps.
@@joyrajagukguk7462 hello can I ask how long did it take to pay it off with snowball? I'm honestly feeling so overwhelmed trying to even gather all my debt information. I just applied to student loan consolidation with PAYE. No credits card. I have 19.9 interest rate on a car loan and I'm trying to pay as much as possible to get my credit up to either sell or just payoff soon as possible
I was debt free till wifey wanted a wrangler.smh.its OK Happy wifey happy Liffey.
:( My wife is eyeing the new Blazer. We'll investing a car note now so we can pay cash when the time is right. I can't go back!
Did you and your wife save 1K? 5K? Or a different amount?
The short answer is we held $2k in the e-fund while we were getting out of debt. It was enough to buy 2 last minute ✈️ tickets home which we determined was our most likely emergency.
@@DiamondEdwards very helpful thank you!
Did you guys stop contributing to your 401k
We had a mandatory contribution but we didn't put in any extra. Best move for us and never looked back!
@@DiamondEdwards thanks for the advice, keep up all the great content
10:45 prime example on why I’m not gone marry a black woman.