If you like to get wonky keep a tally of how much principle and interest you paid each month I love seeing the interest amount go down while the principle goes up! Any way you do it lowering your debt is like free money!
Great video!!!! I just did a mock up of $60,000 in debt. Using the avalanche, you’d save around $800. However, it would take around 57 months for each method. I do prefer the snowball due to the psychological benefits. I can see how it will motivate someone to stick with the program.
Excellent conversation! About 20+ years ago, I got into substantial debt while going through a divorce and subsequently moving out of state. Although I disliked having debt, I knew I would pay it off eventually and used both methods at different times. In addition, I called my creditors and explained my situation. Most were very understanding and gave me advice about using no or low interest credit cards that I didn't know about. I also negotiated my lawyer's fees from $12,000 down to $7000 which was a powerful moment for me, as I never imagined I could negotiate those costs. And when I became a daily money manager, I utilized those skills to negotiate lower debt payments for my older clients. Thanks again! Love listening to y'all!
One look at the total yearly interest amount on any credit card bill should be enough to jolt😳 the average person into getting busy with a payoff strategy!😅
Thank you for sharing the financial wisdom ❤
If you like to get wonky keep a tally of how much principle and interest you paid each month I love seeing the interest amount go down while the principle goes up! Any way you do it lowering your debt is like free money!
Great video!!!!
I just did a mock up of $60,000 in debt. Using the avalanche, you’d save around $800. However, it would take around 57 months for each method. I do prefer the snowball due to the psychological benefits. I can see how it will motivate someone to stick with the program.
Excellent conversation! About 20+ years ago, I got into substantial debt while going through a divorce and subsequently moving out of state. Although I disliked having debt, I knew I would pay it off eventually and used both methods at different times. In addition, I called my creditors and explained my situation. Most were very understanding and gave me advice about using no or low interest credit cards that I didn't know about. I also negotiated my lawyer's fees from $12,000 down to $7000 which was a powerful moment for me, as I never imagined I could negotiate those costs. And when I became a daily money manager, I utilized those skills to negotiate lower debt payments for my older clients. Thanks again! Love listening to y'all!
One look at the total yearly interest amount on any credit card bill should be enough to jolt😳 the average person into getting busy with a payoff strategy!😅
You’d think.