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No, giving does not need to be a part of your dept pay off. That money goes to paying dept.
This made me smile.
Definitely saving this for later.
Your debt has got nothing to do with your behaviour but spending patterns. You Move your debt BUT make sure you PAY 0% on any transfers. Rest depends how well you have read the terms.
As of today , I am debt free , and it feels awesommmeee !! ??
Realizing that debt , being overweight, or any addiction, requires a life style change for results. It’s NOT a 30 day quick fix to get back on track and then fall back into your addiction. It requires you to shun the bad and accept that you are living wrong. What you’re doing isn’t working so you have to change it. And adopting and adapting to the change is what effects results. Instead of thinking , okay just 3 months and all my debt is paid off then I can get back to my life. Maybe LESS aggressively change your lifestyle so it lasts forever. Flip that debt upside down , and instead of 3 months make it a year and be +7000 saved. Or 10 years or 20 years and retire early. That’s the GOAL everyone should try to achieve. We’re here because WE HIT BOTTOM! This is a full relinquishing of our control. But from here on out, everything we do will be better for us our future and our kids.
Giving back to others is always a good hearted decision if for the right reasons. However, I think you can always give in multiple ways that don’t involve money. Like giving you time, knowledge or effort is a good way to give without stopping you debt payoff.
I will say with snowball vs avalanche, please look at the date of the loans as well. I think this applies more so to school loans , but if a lot of your credit age is tied to a small loan that’s older it will impact your credit for awhile once you pay it. It’s still worth it to pay off of course, but I think it’s something not enough people talk about. This is especially something to pay attention to if you don’t have diverse credit or don’t have much credit.
Makes no sense to counsel against consolidation or moving a debt to a 0% card as a means of getting clear of your debt in fact it can play into the debt snowball approach.
Wow, this video’s fire! Your laid-back vibes make every moment super rad!
Learn to NOT SPEND….and avoid ALL kids of Debt, student Loan, car loan, Mortgage.
It is all about the need to change your behavior. I know.
person happy that he's paying off his debt…. person sees YT video telling him "you're doing it wrong…" "NOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!" no wonder why 80% of this country is on anti-depressants….
Terrible advice. If I have high interest rate credit card debt and can get a significantly lower interest rate from a personal loan to pay that credit card debt. Then the money I save in interest from the credit card can now be thrown into the personal loan payment.
They never explain with the debt snowball: When you pay off the smallest debt first, it frees up the money you WOULD have been paying towards that debt, which leaves you with MORE money to attack the next debt, and so on.
This was sooo incredibly helpful. I have debts from so many angles and I love having some encouragement through this process of attacking my debt!
To the ‘not giving while being in debt’, I want to remind and assure a few folks of something. When it comes to giving, for me it is tithes and offerings. One thing to remember: Your tithes and offerings are an investment, with a 100% ROI. God promises to rain blessings down on those who give to the storehouse; He literally tells us to ‘try Him.’ Those blessings may not always look like extra money; the blessings could look like many things. We just have to trust in Him. He will always bless you if you step out in faith in your giving. He is faithful to the uttermost! Don’t forget!
I did a debt consolidation once….and once only! It hit my credit score considerably and took me a few years to get it back up to am now back up to the high 760"s. So yeah, it works but I would only recommend it for one time. The point is to get out of debt and stay out to raise that score!!!
Really giving away money when you are struggling is not the priority. I don't know why the Ramsey crew keeps beating that dead horse.
mark sanchez need to go to ICE
I became fully debt free last week after paying off my mortgage. Im now focussed on investments and currently have a portfolio of about $140k. I also have a business interest with friends which is worth about $300k at present. Contemplating buying a second home as a holiday home/rental but undecided at present as I might wait until Ive got a bit more in savings before buying it.
Glad I saw this right before setting plans in motion to cut cc debt. I was going the math way highest interest first. With your perspective the personal way makes more sense. Thanks
did you say credit(debt score),i thought dave said it was better to be credit indeterminate.
Such a satisfying video.
Debt Consolidation is great, if you don't run the cards back up. It allowed us to keep our monthly payment the same, but put an additional 6-800 a month on pricipal. It allowed us to get out of debt atleast 18 months faster and probably saved 20k in interest over the entire process. The issue is, people get the loan, pay off the credit cards, start making progress but those lines of credit are still available, so you start running them up again.
100% best way to get rid of debt:
Stop spending money and pay those bills like your life depends on it.
Any canadian versions of everydollar app thats good ?
When you pay off a credit card and let’s say you have 4 cards that get paid off. Is it a bad idea to close those cards so it doesn’t get built back up? I know closing accounts hurts your credit but wouldn’t that be better than continuing the cycle of accruing more debt?
My husband and I read The Total Money Makeover 10+ years ago. It took us 22 months to become debt free including the house. The debt snowball works! Good luck, everyone!