The Best Way to Pay Off Debt Fast (This Actually Works)
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- Опубликовано: 11 июн 2024
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Are you struggling to pay off debt and wondering which strategy to use?
In this video, we'll break down two popular debt repayment methods: the Debt Snowball and the Debt Avalanche. Discover the major differences between them and find out which one might be best for your financial journey!
Debt Snowball Method:
Focuses on paying off debts starting with the smallest outstanding loan balance first.
This is a psychological approach, designed to give you quick wins to keep you motivated.
Debt Avalanche Method:
Focuses on paying off debts starting with the highest interest rates first.
This is a math-focused approach, aiming to save you the most money in interest over time.
Why These Methods Work
Debt Avalanche:
By targeting the highest APR, you minimize the total interest paid over time.
This method might take longer to see results since it doesn't consider the loan balance, just the interest rate.
Debt Snowball:
By eliminating smaller debts first, you gain a sense of accomplishment that keeps you motivated.
This method helps build momentum, making it easier to stay committed to your debt repayment plan.
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How to pay off your debt fast? Get a HELOC on your home, yolo it all on GME, then you’ll be a multi millionaire so you can pay off your debt AND retire
LOL!
@@freedomring3022 May need to add in AMC to diversify
You win one stock market 😊
Millionaire in the making right here....
Goat 🐐 plan 🤫
I waited at a red light today, next to a bus with an ad on it for people who needed help with getting out of debt. And it hit me: I have zero debt! I owe nothing to anyone! Oh, what a feeling, what a rush (as that song says). Some people may think this is nuts, but let me tell you, it is a feeling as good as the paid off mortgage. And having large stocks of food allows you to replace those necessities only when they are on sale, so you keep saving money long term. I’m so glad I took my Investment journey serious and with my financial advisor, I have been to achieve my goals.
Absolutely! Just like Howard Marks, says the same thing about his investment philosophy. Once you know what your values are, consistency is the key to success while respecting those values.
this is all new to me, How do I find a suitable fiduciary advisor, can you recommend any?
Find financial advisors like Becky Lou Gordon who can assist you. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
5 years ago at 49 years of age my wife and I up-sized our home and bought into a much nicer area because rates were super low. Our rate is only 2.875% on a 15 year note. But here's the thing...I don't want to be paying on a mortgage into my mid-60s. I plan to ditch work entirely at 60. So while it makes zero financial sense, we've been paying down the mortgage like crazy from day 1. We will be entirely mortgage free in December of this year.
Peace of mind is worth something.
The benefits of having a payed off house might not be super financially savvy but man they lead to a less stressful and healthy life.
im debt free but im still watching bcuz i love your videos
I did the free cash flow method (paying off highest payments first regardless of interest or balance) leaving my house and student loans for last. It worked great.
Good stuff!
I'm new to investing and have saved up about $120k. Still trying to find my footing and figure out the best strategy.
Same here, this video is a great start for us beginners.
I was in a similar position, and seeking advice helped a lot. Good luck
You might find it useful to look up some advisors.
Research and patience are key. And speaking of advisors, Kristin Amy Rose is the investment adviser I use. Just research the name. You'd find necessary details to work with to set up an appointment.
@@debrab7844 Thanks for the rec! she's got an amazing presence online. Her website is so informative
What do you call it when you're doing both at the same time? A snowstorm! My highest interest rate debt is my smaller total debt and as they get bigger, the interest decreases. Listening to you has definitely been beneficial!
Love that!
@@WhiteBoardFinance Now that we are talking about debt, would you be interested in doing a video regarding paying off your mortgage using a HELOC. Seems like that is a concept being talked about quite a bit. If you have done a video on this, sorry I missed it. Thanks
@@jt9204No half decent financial youtuber would recommend that.
Avalanche all the way. It's how my wife and I paid off our student loans in a couple of years.
My three favorite channels: Marko - WhiteBoard Finance, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Bruh stop with this post...🙄
@@The_Dougie 📠
Well said Marko! I lean avalanche but can see arguments for both. Namely cash flow.
Hey Dave! Hope you're well!
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...
YES!!! That's exactly her name (Elizabeth Wesley) so many people have recommended highly about her and am just starting with her from Tennessee
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
Please, how do I connect with Elizabeth Wesley? I would appreciate if you show me how to go about it
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Great vid!
Thanks for the advice 🙏
Thank you Marko!
Well said!
Great Video!
I used the debt snowball, that little wins makes a difference for me. It kept me going.
I got a consolidated loan from a credit union to pay of cc debit & student loans. It was the best financial decision for me. I was able to save a couple bucks a month & pay off the debt almost 20 yrs sooner.
Another strategy some use is refinancing by taking a larger loan with lower interest to cover multiple high-interest loans they already have
What a great video on how to pay debt faster, thanks for sharing this informative video.
This is useful.
Could you make a video proving or debunking velocity/accelerated banking, using LOC to pay off mortgage.
Velocity banking is great for high rate debt.
You never miss 🔥
Love to see an update from you on your opinions on SCHD in 2024, thanks for everything!
Thanks for your video on the insane fees dealerships try to charge on top of the price
Now I much more informed not to get ripped off …. Video was 4 years ago. But still holds its worth today
I have a 20-year house mortgage at 2.7% interest rate. The advise I guess is to not put anymore money into it than what the monthly payment, right?
Should we pay off collections?
I remember you saying home no more than 25% of take home pay. Just principle/interest/taxes/HOA/pmi? Or all utilities as well?
Typically home payment cap at 25%. Total home (utilities, improvements/maintenance) is suggested no more than 40%. But it is personal, so if say you work from home, therefore have little use for a car, so long as you keep that car cost low, you can afford more home.
Please listen and learn from Marko. He's the best?!
Hey Marko , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Rose Strayer
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
This sounds so good and I would like to be a party to it, is there any way I can speak with her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
If I only have one debt, with a 3.7% APR, which one do I use? :P
Snowball is the way to go ( you see progress) Avalanche ( can take years and it seems forever)
Yes it is❤
That last sentence..
Snowball worked for me years ago! Thanks to #DaveRamsey
I prefer the bankruptcy method.
I have 5 credit cards. Each has a specific use. Gas, groceries, restaurants, all other essentials, anything discretionary. 4 for maximizing cash back, 1 for making it easier to track spending habits.
I prefer the snow sled method. 😂
May we find your vedio in hindi
If you know math you wouldn't have gotten into debt in the first place (spending > making)
Yes because life is that simple.
You a real one, thanks for that bro
Emergencies happen, family happens, inflation happens, shit happens, etc that can put a dent in the best laid plans. Not only that, some people don't earn enough to meet basic needs so there is no savings. Irresponsibility is not the only reason why people are broke and struggling.
But I agree with the gist of what you said, financial education is not an option but a requirement especially with the inflation or whatever they want to call it these days.
do you even lift?
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer.
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
You trade with Natalie Strayer too? Wow that woman has been a blessing to me and my family.
This sounds so good and I would like to be a party to it, is there any way I can speak with her?
Her good reputation already speaks for her .I’m also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.
I want big wins, so I use the psycho method
Unless there are so many lines of credit it's unwieldy, I'd go avalanche. However, the psychology is a good thought. You're transitioning from living beyond your means to not only within your means but below your means to pay down old excess. Unless you're starving or homeless, it's all psychological.
Thank you for the content!! All we need is the right advice on how to invest in crypto and we will be set for life, made $68,000 profit from trading last month regardless of how bad it gets on the economy
Same here, I believe the Bitcoin ETFs approval will be life changing opportunity for us, with my current portfolio of $108,000 from my investment with my personal financial advisor< George Silverman > i totally agree with you
his transformative power of
trading is remarkable. Despite being a medical doctor by profession, I've found that copy trading generates higher income for me without the need for direct involvement in trading>
Please educate me, I've come across this before. How can I get to him please?
Get him on
TE LEGRAM
How to pay off debt? Simple. Stop being a debt slave.
study Bitcoin everyone.
😍
Markooooo
If only our government did this
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
.
Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to kiana rachel
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.
You trade ?? Wow that's huge, how do you make that much monthly?
rachel approaches trading in a completely unique way. I'm puzzled by her methods. She just seems to have an innate understanding of this trading world
I agree. Based on personal experience working with an investment advisor, I currently have $1m in a well diversified portfolio, that has experienced exponential growth. It is not about having money to invest in stocks,but also you need to be knowledgeable, persistent, and have strong hands to back it up.
Marko is too hot…it is distracting…what did he say again? 😵💫
I’m favored financially with Bitcoin ETFs approval, Thank you buddy. $12,000 monthly profit regardless of how bad it gets on the economy.
we already heard this topic thousand times. Do something new!!!
People need to keep spreading the word to help those who haven't heard it before. New people stumble on these channels all the time.
I have a 20-year house mortgage at 2.7% interest rate. The advise I guess is to not put anymore money into it than what the monthly payment, right?