Debt

10 Reasons Why You Will Never Get Out of Debt!

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5 Reasons Why You Will Never Get Out of Debt!

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NYTimes.com – When money was tight Diane McLeod couldn’t pay her bills, so she turned to the quickest and costliest source of cash: her credit cards.

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Refinance the Mortgage or Pay Down Debt?
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Over $380,000 In Debt and Only Make $57,000!!
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Welcome to The Dave Ramsey Show like you’ve never seen it before. On this channel, you will find all of the greatest highlights from The Dave Ramsey Show! The show also live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from our Ramsey Personalities —as well as all kinds of other video pieces that we’ll unveil every day.

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!

The Greatest Generation sacrificed everything for our country. But Donald Trump wants to sacrifice them for the economy when they’re in their greatest time of need.

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Some say that debt is the gateway to your goals, others say it’s a ball and chain that will drag you down… So who’s right?

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sources:
http://archive.boston.com/bostonglobe/ideas/articles/2011/08/21/which_came_first_money_or_debt/
https://www.debt.org/advice/good-vs-bad/#:~:text=What’s%20the%20difference%3F,for%20it%2C%20it’s%20bad%20debt.
https://www.richdad.com/how-to-start-a-business-without-money-part-1#at_pco=smlrebh-1.0&at_si=5edeae9a55751dc1&at_ab=per-2&at_pos=0&at_tot=4
https://thecollegeinvestor.com/4726/ultimate-hypocrite-robert-kiyosaki-companys-bankruptcy/
https://www.gpb.org/news/2011/07/24/the-evolution-of-debt-from-mesopotamia-to-america
https://www.aplu.org/projects-and-initiatives/college-costs-tuition-and-financial-aid/publicuvalues/employment-earnings.html#:~:text=On%20an%20annual%20basis%2C%20bachelor’s,is%20a%20high%20school%20diploma.&text=The%20earnings%20gap%20between%20college,less%20education%20continues%20to%20widen.&text=For%20high%20school%20graduates%20the,earnings%20are%20%2430%2C000%20a%20year.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Philip Olson, CFP® and Julia Lorenz-Olson
Executive Producer: Amanda Fox
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Edited & Animated by: Andrew Matthews
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Music by: APM

In this video, I share with you how you can avoid debt forever and pay off debt faster using the Debt Avalanche Method!

If you liked this video, you will also enjoy:
? How To Be Rich and Successful At A Young Age: https://www.youtube.com/watch?v=py0qufx9phk
? How To Make $100/Day With No Money: https://www.youtube.com/watch?v=Mdgt7yoCKeQ

Music Credit: Bensound – Dreams

If you have any amount of debt to pay off, you’re probably wondering what debt elimination strategy will get you back in the positive in the fastest time frame possible. In the United States, debt has been skyrocketing year after year with personal consumer debt surpassing $4 trillion dollars in 2019 which means that Americans could be doing a much better job when it comes to paying down their debts. In this video, I am going to share with you one of the quickest methods of paying down your debt: The Debt Avalanche Method. And if you’re new to the channel, hit the subscribe button below for more informative content!

You’re probably asking yourself, what is the debt avalanche method? Do I need to be able to ski? Will it be cold? The Debt avalanche is a strategy of paying off what you owe by prioritizing loans and credit card balances with the highest interest rates. You see, while it sucks to have to look at a huge debt balance every time you check your bank balance, what’s worse is paying annoying interest charges. At least when you accumulated debt by buying goods and services you get value out of those things but interest charges are zero value-added expenses. Therefore, the goal of the debt avalanche is to minimize the amount of interest you pay, allowing you to put more money towards paying off the principle which in turn will allow you to be debt-free much sooner than if you were to use other strategies like the debt snowball.

Step #1: List out all of your debts
On a piece of paper or an excel spreadsheet, list out each one of your debts from the highest interest rate to the lowest. This could include anything from money you owe your brother, to credit card debt and even your car loan just to name a few. An important point to note is that you are arranging your debts from the ones with the highest interest rate and not the highest interest charge. While a large balance with a smaller interest rate may be costing you more money every month than the one with the highest interest rate, in principle, having the loan with the highest interest rate still outstanding is still the most costly.

Step #2: Make all your minimum payments
After you’ve listed out all of your debts from the highest to lowest interest rates it’s now time to write down each of their respective minimum payments. Every month, it is critical that you make the minimum payments on each one of your debts as missing payments will not only increase your debt but will also affect your credit score. In fact, being just 30 days late on a payment can reduce your credit score by up to 100 points making getting a future mortgage or even a job that much tougher. As a best practice, set up a reminder in your phone to make each one of your payments because often times life can get busy and having a reminder means one less you have to think about.

Step #3: Pay down extra on your highest rate debt
You’ve now set up your debt listing and have made all of your minimum payments, it’s now time to really get the debt avalanche rolling. In order to do this, what you’ll want to do is put any extra disposable income you have towards your highest interest debt. And if you’re thinking to yourself, I wish I had extra disposable income then it’s time to roll up your sleeves and get to work. Most people have more free time than they think and one of the best ways to use this time to make more money. This could be in the form of taking on more shifts at work or picking up side projects. No matter what this extra work looks like, the key is to funnel all that extra income towards your highest interest debt allowing you to pay it off as fast as possible.

Step #4: Keep the avalanche rolling
At this point, you are making solid progress at paying down your debts by prioritizing them and earning extra cash to put towards them. Within no time, you’ll be able to stroke off the first debt on your list allowing you to begin to focus your attention on the second one. In order to keep the avalanche rolling, you will need to do three things: continue to make the minimum payments on each debt, earn extra income and finally add all previous debts’ minimum payments to your new monthly debt contribution. So for instance, if the debt you just paid off had a $200 minimum payment, you will add that amount to the minimum payment contribution on your next highest debt creating an avalanche effect of a much greater payment. And this larger payment, when compounded with extra income you’re earning, will make your debt load evaporate in no time!

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Ray Dalio, the founder of a successful hedge fund, has popularized the long term debt cycle which says that there we see short term debt cycles laid on top of a long term debt cycle which crashes every 50-100 years.
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The Economy Is Due For A Debt Crash – Long Term Debt Cycle & Credit Crisis
0:50 – Every 8 to 10 years we see an economic crash from the short term debt cycle and every 50 to 100 years we see a long term debt cycle crash
2:25 – The short term debt cycle lays on top of the long term debt cycle that most people don’t even know about
3:30 – How does credit work to create value out of thin air
4:17 – The more money you spend the more money someone else makes
5:52 – When people make more money they are more credit worthy which expands the economy
7:35 – What happens if the economy slows down and people spend less money
9:15 – What happens when you hit a peak on the long term debt cycle and the central bank can’t stimulate the economy
10:55 – What happens during a long term debt cycle crash and credit disappears during the deleveraging phase
11:50 – What happens when the economy enters a deleveraging phase in the economy
13:45 – When does the Fed start printing more money to fight deflation
14:45 – How to balance the printing of money with loss of credit

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DISCLAIMER CONT’D: I’m just a random guy on YouTube so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.