How To Pay Off Debt (Debt Snowball vs Debt Avalanche)
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- Опубликовано: 22 авг 2024
- In this video I show you how to pay off debt using the Debt Snowball or the Debt Avalanche method.
There are two fundamental differences between the Debt Snowball and the Debt Avalanche methods, which we go over in this video.
Essentially, the Debt Snowball method has you paying off your debt in order of smallest amount owed to the largest amount owed regardless of interest rate.
The debt Avalanche, however, has you paying off your debt from highest interest rate to lowest interest rate, regardless of amount owed.
There are pros and cons to both, and I will show you in a real Excel spreadsheet how the debt snowball and the debt Avalanche will help you pay off debt!
Make sure you watch until the end of this video to fully understand how to pay off debt using the Debt Snowball and Debt Avalanche strategies!
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*Which method do you think is better?*
Avalanche is the better of the 2 IMO. Great video and useful insight I will definitely apply to my lifestyle. Can you please send me the link to the spreadsheet.
Thank you
Strongly depends on the amounts and the interest rates. If your biggest debt has a high rate and you focus on this, it might be best for the avalanche and interest payments, but the psychological effect of killing sequences of debts is reduced. It really depends on the situation of course. Ramsey's argument is that the success of paying off debts counts higher than the interest payment, as most of his cases didn't start out sensibly anyway. If you have $20K or $30K credit card debt against 15% to 25%, you're already not the sharpest knife in the block, so getting to success seems more important than saving a buck on interest that doesn't need to be paid.
As others have said, from a mathematical point of view, the avalanche makes sense. But there's a reason that people end up in these situations and that usually is nothing about making sense and all about making bad decisions and sticking your head in the sand. I think the Ramsey approach (small successes first to build towards bigger ones) is helpful for these situations.
It's in the description
Well said
It really depends on the person. Generally speaking the average person can benefit from the snowball method better imo
Big ups to everyone working effortlessly trying to earn a living while building wealth. I am 50 and my wife 44 we are both retired with the net worth of over $3million with no depts. Currently living smart and frugal with our money. Saving and investing lifestyle in the financial market made it possible for us this early even till now earn monthly through passive income.
What kind of investment do you make? I totally agree with you. I have a lump sum that does almost nothing in a savings account. But it is difficult for me to participate in certain types of investments at the moment due to the full-time nature of my job. It will be way too stressful to combine so I don't even think about.facing it.
@@alyciagordon3447 Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Alexandra Diana Jose) a consultant who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I'd advise you do get a good investment advisor for yourself.
@@davidreus9321 please how do i get in touch with her.
Impressive. Would you mind sharing some more details. I’d like to have a talk with her.
@@alyciagordon3447 She is easy to find , make a quick research of her on the internet with her name Alexandra Diana Jose . She works with anyone independent of their location.
Tnx for this info, I just looked up your investment professional and found her page. Her experience is pretty impressive. I wrote her and I'm waiting on her reply.
Many years ago, I paid off a car loan. I was so happy to have that money available. Then, it hit me. I was used to paying for the car loan. So, I started paying myself, instead. I put that payment in my savings account every month. In less than two years, I had the money to buy a new car, but I didn't. I didn't need a car, and my savings kept rising.
Every time I would get a raise, I would add that additional amount to the mortgage on my house. I paid the mortgage off several years early.
help me lol. im making more money than i ever have been and its getting to my head, im 13K to being debt free but i keep looking at the next most expensive thing
Sick of being stuck in debt constantly paying for stupid decisions I’ve made in the past day 1 man coming back here to update thanks for the lesson bro
Informative! I used the debt snowball to pay off $25k with a $35k income in 1.5 yrs. no matter how u do it, it’s worth being financially free!
That's Awesome!! Great job
Wow nice job!
That’s inspiring bro
You had help. Math says that impossible. I am ASSUMING you live rent free and someone drive you to work. Correct me if I am wrong... If you not paying rent it's equal to making 50k plus
I appreciate how you cut out all the nonsense and get right to the meat of the lesson/issue in easy to understand language and concepts. Thanks for all your effort.
My pleasure I appreciate the kind words
As dave says though... If you think its a math problem then you wouldn't be in debt to begin with... It's a behavior problem that you think its okay to get into debt
Agreed. Personal finance is 90% behavioral, 10% math.
The snowball worked for me! Debt free as of January 15th 👌
Congrats!
Congratz! I'm just starting this journey so I'm looking forward to being in your position!
@@ComicCulture good luck!!
Boom
Congratulations!
For people who struggle to save, I'd try the snowball. For people who can control themselves financially, the avalanche works better imo
well said
That’s a very good distinction. Yet if one is good with their finances they shouldn’t have much consumer debt to begin with 😝
If you are financially in control then you wouldn't have to pay off debt in the first place.
I like how you clarified that. Thank you. Debt snowball for me, then.
It's not a matter of opinion. It's a fact that the avalanche works faster and costs you less in the long run.
You know I have to give you props... Not only do you have a very personable presentation style, but you speak plainly/clearly without over complicating anything, so you are always easy to follow.
I'm in my 50s, and am well into being 'set' thankfully, BUT, I still really enjoy your videos as you just seem to legitimately care about what you are doing and it come across as authentic. Given ALL the YT content that is garbage, it is so refreshing to see somebody doing something that seems to be a labour of love, but also helping complete strangers as well.
Big props to you Marko, I really like your stuff and have subscribed. I really think you have a great way of presenting data clearly that speaks to (what I perceive at least as) 'average joes' without talking down to those you are helping. Keep it up.
Thank you Brian!
Thank you for providing the calculator to determine the difference, snowball vs avalanche. I'm seeing so much advice about why snowball is recommended, but seeing the raw savings using avalanche I find it even more motivating so I'm choosing that method.
I had heard of this method before and I can attest this method truly works. The emotional boost you get when you pay something off is also a good feeling. Pay off debt, minimize new debt, save as much you can..enjoy your life. Cheers
When you are debt free, you are rich
Right! You don't have to be "wealthy" to be rich!!
Not at all
Not if you have kids and pay child support....oooooffffff!
Not really
Agree
More like, CC 12k, Auto 40k, Student 135k. While making 34k..... That's a more realistic view on the average person sadly.
Agreed
@Tahkeem Hilton2.0 I was just giving a realistic example. I hear people doing stupid things with money when they call into Dave's show. I use to also see a tax return as a bonus but it is the complete opposite. That is money you could have used to pay off debt to minimize your debt growing with interest. That debt free money that could have been invested and grown to a larger sum. The system is so messed up that even if you fill out your W-2 per the instructions it will still be wrong. Dave has told people in some circumstances to put down dependents even if you have none just to adjust it correctly. The idea is to get or owe $200 or less when tax time rolls around.
What kind of a major costs 135k student loan and makes only 34k a year? They should have think better before they get whatever major it is.
34K, with 3 growing children...
@Alimah B No it's not. Listen to Dave Ramsey's show. You will be shocked at how much debt people have and how small their shovel is (Amount they make per year).
Thanks,..... youtube's Tim Tebow!
lmao!
Exactly 👍
was thinking the same
The white shirt with white background is a good look lmao. keep up the vids crazy how fast much this channel has grown
haha I feel like a floating head. Gotta start wearing darker colors! Thanks for the kinds words
I guess if you got the idea from Ramsey, you have to mention him, but his sanctimony really turns me off. I prefer your delivery. Thank you (my comment, my opinion 😉).
I appreciate that
how about an update video on how to choose a creditcard?
Will do
The other advantage to debt snowball is it frees up minimum payments quicker and so it reduces your risk if something were to happen like you have an unexpected expense or lose your job.
I use both! In the past, if I have numerous accounts with balances, then I start with snowball. Once I have knock some out, then I switch to avalanche approach.
Nice!
That’s actually a very smart idea
Yup!! I have used both also!
I’ve been working doing that same exact thing. Only because I have 3 CC’s with low limits that have “high balances” but the high balances are actually not much at all but it really impacted my credit utilization. So I’ve been knocking those out quickly while my Credit score is going up significantly and then my 2 high balance accounts will be my only debt and I’ll get those paid off within a year
I think a balance of both is the best. For lower principal debts the psychological effect of killing them off can be motivating. For higher debts such as car loans and student debt, I think the avalanche method makes most sense.
Man you are amazing. I just found this video as I was searching for ways to budget your finances as a 21 year old. You don't understand how much I appreciate this. I can't afford a financial advisor or to go back to school and do finance. This is eduacation for free. I don't know you well Marko, but I'm gonna make you proud.
this is my first time watching you but am reaslly impressed with your videos
Dave doesn't cite the real reason the snowball works, and it has always bothered me.
Yes there is a psychological aspect to it.. but no that isn't the reason.
The reason it works, is that even the smallest debt has a minimum payment. When it is paid off in full, there is that much more room in the budget with which to attack the next largest debt. Remember, most folks that are in debt trouble have ZERO room in their budget on day one.
Beans and rice, canceling cable and taking on extra part time work to attack the highest interest rate first regardless of the size of the debt, makes no immediate room in the budget with which to increase speed.
Speed and momentum.
The debt snowball will get you out of debt faster 100% of the time.
Tim Tebow really starting to show off now😂
Occupation: Postdoctoral Fellow in Cancer Research
Salary: $47,800 per year
May 2016 Balance: $51,000
October 2019 Balance: $9,720
Earliest Zero Balance Date: July 1, 2020
I'd say the debt snowball is the best. You get quick wins with it. I don't think interest rates matter much if you're going hard at paying off debt. But psychologically speaking, I'd vote for the Ramsey snowball.
I agree
Great Video Bro!!!! E55 AMG car loan is always the best kind of debt! Lets go baby!
Lololol
Ooohhhhhhhh.....I completely get it now. I've been trying to pay off highest amount first. That's getting me no more. I'm switching methods to snowball. Thanks
Highest interest rate first is mathematically correct
Marko - WhiteBoard Finance I'm starting my journey to financial freedom this week. Your videos are very helpful. I thank you for imparting your knowledge. Would you ever recommend filing bankruptcy?
Avalanche makes the most sense if you have both high interest cards and a strong discipline to pay them off first. That's what I'm going to try on $50K of debt. Especially when I'm getting charged $400 per month in finance fees on a 16% cash rewards card.
I started with the largest and highest interest first...I freed up a lot more cash, now my other debt seem like a piece of cake to pay off. You just need to commit yourself to allocating the money from your paycheck to debt...and learn to avoid impulse buy temptations!
two times i went into debt, and used both methods. Snowball seems much better, bcz each time we pay, some of the accounts removed from the list and we don't think of that. It give sort of satisfaction and progression.
TY for this
Thanks for the info as an Entrepreneur I do want to learn on financing , time management & smart goals
Debt Avalanche For Sure, I would go with high Interest first, vs smaller portion payoffs. I have 0 Debt outside of Mortgages & 1 Car and have never carried anything outside of that, CC is paid off money, and no Student Loans. Good Video Marko - Channel is really blowing up :-)
Awesome! Thanks I appreciate that 👍
"1 car" could mean 1k or 75k
Matthew true true, it’s a 6k Loan :-)
Avalanche > Snowball ; logically speaking.
Zachary Laid Finding Freedom but getting into debt is not logical in the first place.
@@justshady depends why you got into it.
Mathematically yes you are correct
This is why I like Marko. He gives you two alternatives, and then tells you which he prefers. Rather than Dave Ramsey who thinks you're stupid unless you do what he tells you in the exact manner he tells you to do it.
Lol thanks
Great video
I am a big fan of Dave ramsey. I understand that what he teaches is for your everyday person to succeed....but if your a disciplined person this method works too.😎
⛩️This matches perfectly with the Kaizen approach to goal setting‼️
Omg, I think its gonna be my first comment, really like your videos, keep up the good work thanks for the tools and info
My pleasure Rafael!
Awesome video, u got a sub
Thanks!
The wood ceiling in your house is sick. Thanks for the info
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Waooohh I was so lust in management of finances but now I will go in for the snow ball method. Thank you
Most people have a psychology need to have a first debt COMPLETELY paid off so the "smallest amount first" makes sense.
BUT if you are rational and know you are committed long term, then paying off the BIGGEST interest rate is something to go for instead, because you know the amount of interest you pay per month will go down the fastest. EITHER WAY, once something is paid off, apply the entirety of those previous payments to the NEXT debt!
Agreed
Thank you so much for this new tool!
This video is very important for everyone person who has Debt 👍
I'm utilizing the debt snowball on my Ford Escape payments. We moved all our van payments (paid off in the fall 2018) onto the car payments. It's working great! Instead of $244/mo, paying about $400. And that payoff quote is getting smaller quickly!
That's what we did for my wife's ford escape payment lol nice good job
The debt snowball method is effective, yet investing in assets such as rental properties or syndications might be a more strategic use of available funds than debt repayment. Targus primarily targets individuals with lower net worth who are burdened by debt. However, for those with a net worth exceeding $1 million, it's often more advantageous to focus on wealth accumulation rather than debt elimination. Repaying debt is not necessarily synonymous with achieving financial freedom.
I would definitely take care of that 18 thousand percent apr CC first... :)
Thank you!
My pleasure
The best personal finance channel ,Thanks a lot bro
My pleasure Mario thanks for watching!
I think it really depends on who you are as a person. Being in debt doesn't automatically mean you're not fiscally responsible or intelligent.
People with discipline and financial intelligence are definitely better for avalanche. But people who struggle with money and understanding it its probably better to do the snowball
Thank goodness I saw this video, I'm going to use these methods to pay off my debt!
Thank you so much. I learned to manage my finances.....
I only owe $2,000 in student loans
knock it out
Dude 2k is nothing. Knock it out with a smile on your face👍🏾
I’m mortgage free as of Aug 18
Car loan free as of July 2015
Student loan free as of Aug 1995
You're living the dream!!
So valuable, thanks
great video! i've been using a similar method to the snowball method, but it so happens that the interest rates fall in order from low to high also. thanks for confirming my method is correct. now its just a matter of time and patience.
Thanks Ryan
Yeah MARCO ! The Dinero master !
Thanks! I will be using these spreadsheets
Enjoy!
Just new to this channel, have subscribed, cannot stop watching all videos, have completed my snowball spread sheet. Thank you so much
to summarize it, you pay off the debt with higher interest first?
Yes
Sweet where did you get that cool shirt?
My wife buys all my clothes. Most likely TJ MAXX lol
@@WhiteBoardFinance that's unhelpful but thanks for the reply and great video!
Marko - WhiteBoard Finance tjmaxx is who got me into debt, my wife wouldn’t stop buying stuff from there🤯😂
I'd definitely use the one that saves me more money. Thank you!
If the snowball method is only beneficial on a psychological level then i think Avalanche is better.Besides that so called psychological advantage can also have a negative effect.It can convince some people that they can replace that lost debt with a new debt.Ive seen it happen over and over with some people.
Just have the mindset of attacking the highest rate first as opposed to amount.Thats whats hurting you most in the long run.
Debt snowball, Dave Ramsey always right don’t waste your time on anything else
Great informative video. Where's the link? 😮
I do need help with this.
😊
Great service thanks for sharing.
The first one you have to pay is the one calling you all the time.
Lol
I feel that
Or come to your house
This guy looks like Tim Tebow
I need to get myself out of debt 8k in debt I made choices in my early 20s now as I am older trying to paying those off, and I was living in a high rent environment. Now, I moved have a good job that pays me well, now slowly paying off those debt
I love your channel! I literally see the topic of your videos and my eyes light up! Your putting out some real informative shit!
I am a Dave Ramsey fan, and I'm a huge fan of yours! I am not in debt. But I owe myself several millions of dollars 😀
Best regards, my bro
*Walsh Financial*
Thank you!
@@WhiteBoardFinance I created a youtube channel 'Walsh Financial' and I will be posting content soon, and giving you huge shout outs. I'm extremely budget minded. I even told several coworkers about your channel. I have wanted to do whiteboard-structured videos ever since I started watching yours. I'll try to at least keep the substance original, and to promote you.
wow that means a lot. best of luck to you and your channel :)
@@WhiteBoardFinance Thank you!!!! It's so nice to actually talk to you. I'm sooo excited to express my creativity and to "meet" other youtubers (online) and to help people with personal finance. I have about 300 subs on this channel for previous vlog videos, I have taken about 2 years off and set my videos to private. I needed to regroup and increase my personal security and limit private, personal details. Peace ✌
You could do modeling
Lol no thanks
The snowball has been working for me because when I pay off a small debt whatever that minimum payment was per month is now excess money freed up in my budget. It makes the ball roll faster and faster. If I was paying debt off by interest rate I would’ve paid off 1 line of credit by now instead of 7. 😂
This is one of those situations where the psychological component is very important, especially for a person who is trying to change their financial habits. The"positive feedback" from the debt snowball beats the avalanche for most people for that reason, despite the potential difference in total cost. One of those cases where I am forced, kicking and screaming, to agree with Ramsey.
Agreed
do both and get rid of that interest and lets kill it out there 🤘
Agreed! Thanks for watching
This is one of the most useful videos on the net. I have a friend with a mortgage that it will be paid off in 25 years and a car loan for 60 months (yeah, not the 20/4/10 rule ik), so I shall share this video with him. Thank you, Marko!
I got rid of my wifes and my own credit cards in 2008. Since then use only debit cards. I split the daily spending (shopping, fuel and other every day) to the asccount my wife uses (her pay goes into this account) and all bills come out of my account. For 5 years we have been totally in the black and absolutely no debit. Marko's channel makes a lot of sense.
That's great to hear
Great work Marko. Thanks.
My pleasure thanks for watching
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When the video started and you described debt Snowball method first, my first thoughts were .. wow! that so stupid to even consider that method. Maybe it helps "weaker" people but looking at the difference in $$ to pay in interest between the two methods should be a much better catalyst to motivate them to follow and respect their debt payment plan. A debt consolidation loan is also a good way to go. Often the interest rate will be much lower than the CC.
They got into debt through bad decisions
It happens, we all make bad decisions. But not paying the highest interest rates first is just another bad decision right there. There is zero reasons why anyone would not go with that strategy.
Personal finance is 90% behavioral, 10% mathematical. The obese person knows on paper that they should burn more calories than they consume...
Can't see why anyone who has been shown the two strategies and can see the dollar amount difference would choose to "snowball" if they end up worse off of the two? I guess, anything to get them on the right track is a good step though
Primarily because doing the snowball you're killing small debts quickly, though in the spreadsheet example the first two debts are both small and high interest, so there is no psychological benefit. However, there are situations where an avalanche might not pay the first debt off until you've been at it for 2 or more years, this can be demoralizing and result in folks quitting before they got traction. With the snowball (unless you have huge loans only) you're going to be paying off a couple within a few months - this can be a positive mental feedback and demonstrates that you can do this. More people complete a debt snowball, because they're encouraged by their own early results, and getting to the foot of that $23000 student debt, doesn't seem so daunting when they look back at their track record.
An avalanche requires long term discipline - a snowball provides positive feedback through observed results. Most people respond to emotion, not logic. Yeah I can see the math advantage of the avalanche, but I didn't get into debt using logic and math! Emotion gets most people into debt, and playing on that same emotion has more chance of getting them out.
Well said
@@neilharbott8394 a fine explanation 👌
Never thought of it that way, but I've never been in debt either so...
Marko, glad i found your channel my personal debt $70000.00 my house equity $350000.00, im not sure what to do, any advise?
Use the methods in this video. I'll be making a video on the baby steps later this week
@@WhiteBoardFinance thank you man, you are the best..
Great video, thanks so much!! I’m going with avalanche method.........also helps it’s one of my smallest balances too so win win
Great methods, i try to do this but its so easy to take the money you previously paid and spend it without even knowing it. Gotta get more disciplined. I think the snowball method is more practical for people today. If I paid off my student loans and CCs completely I could afford a 2nd house, crazy.
Good luck going forward
Great video, snowball method I think it's better
I like your username
@@WhiteBoardFinance thanks, I love my bike
I had a DR650 my dad had a GS
A lot better question would be, why would you have more than one debt at a time? Maximum two. Its a really good video and i do see the point of the methods, i would just never get to that point. Maybe i'm too patient and i can save money to buy things.
Stuff comes up. Medical bills, etc. But you're right most ppl just have multiple debts just because
@Jane O'Leary Where I live it's pretty normal. Most people here have 1 loan for an apartment. It's rare to have more than that. Some have 1-2 more for some furniture or a piece of electronics, but that is rare.
@Jane O'Leary Bulgaria. Most Slavic countries are like that.
@Jane O'Leary Yeah, you tend to be. My personal rule about spending is really simple - if i cant afford it, i dont buy it.
@Jane O'Leary Banks tripling interest rates, just "cuz we can bro" does not sound very fun to me.
I will go for the avalanch , thank you Marco
My pleasure thanks for watching!
It's all bullsh*t.. You have to pay the debt.. If you can tell a way how not to pay it then you are the Man :-D
Leave the country and change your identity
@@WhiteBoardFinance The second part is a bit harder :-)
Thanks for the lessons!
My pleasure!
I’m on the avalanche. Almost done with my high interest height balance cc. Next will be my last cc with 0 I interest. 😁
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People that fell into multiple debts were not concerned about the interest rates to begin with
agreed
Debt snowball was the best method for my wife and I. Seeing instant results was key.
can you do a vid on how to calculate vid Sponsered on youtube, how much should they pay you?
thanks
Wow. I am learning how to adult rather recently and this video really help put some things into perspective. Thank you for investing your time to make this and help people like me!
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@Marko should you close all credit cards after paying them completely off? Or leave them open?
Open
I have about 4.5k debt spread out between 4 things, would the avalanche be better for smaller debt value? Or snowball?
Either works just focus and get it paid off
@@WhiteBoardFinance thanks mate :) can't wait to not be paycheck to paycheck
Wow didnt know about the avalanche method. Very helpful