The FASTEST Way To Pay Off Debt

The FASTEST Way To Pay Off Debt

Graham Stephan 251,284 views 2019-08-05

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Title The FASTEST Way To Pay Off Debt
Duration 13:39
Source YouTube
Tags how to get out of debt, how to pay off debt, how to pay off debt fast, how to pay off debt with low income, how to budget, how to invest, how to invest in stocks, how to invest in real estate, investing for beginners, how to invest in your 20s, real estate investing, stock market investing, how to make passive income, passive income ideas, passive income 101, how to build wealth, how to build wealth in your 20s, dave ramsey, how to save money, how to save money fast

Here is exactly how you can pay off debt fast, and how to save money as easily as possible - Enjoy! Add me on Instagram: GPStephan Second Channel: The YouTube Creator Academy: Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: $100 OFF WITH CODE 100OFF Get a Free Stock on WeBull: My ENTIRE Camera and Recording Equipment: We’re going to start this video off with some very scary statistics…you’ve been warned, I hope you’re sitting down…because this is getting out of hand: FIRST: Understand EXACTLY what debt you have. Make a list and write down ALL of your debt, and include the remaining balance owed and the current interest rate that your paying. SECOND: Track all of your spending over the next 30 days You need to figure out, DOWN TO THE PENNY, how much money is going IN your account each month - and then, how much is LEAVING IT 1. The first is 2. My second recommendation that I’ve used is 3. And third, you could also use a software called YouNeedABudget The whole point of this is just to be aware of where your money is going, and from that, you can better figure out how to put best use to where it’s going. THIRD: Make a NEED TO SPEND vs WANT TO SPEND LIST Your “NEED TO SPEND” list might be the bare minimum food budget, your housing payment, your insurance payment, or anything else that’s absolutely ESSENTIAL. Then, the other expense column will be your WANT TO SPEND…this could be anything else. FOURTH: You need to REMOVE EVERYTHING you possibly can from your “WANT TO SPEND” category. I also recommend, when doing this, that you consider SELLING some of the things you don’t need, or are costing you a ridiculous amount of money. FIFTH: Look into debt consolidation In addition to this, you could also look into getting a 0% interest credit card - and transferring the credit card balance to THAT card to save on the interest. SIX: PAY OFF DEBT The first method is called the SNOWBALL METHOD, popularized by the one and only…DAVE RAMSEY. This method suggests that you pay off your smallest balance first, then slowly work up to your way up to the largest balance until it’s all paid off. The next is called the avalanche method. Instead of arranging your debts by total balance, you arrange them from the highest interest rate first, to the lowest interest rate last. This ensures that you’re putting your money towards its best use, which will cost you the LEAST amount of money in the long term if you stick with it. My recommendation is to check out the Vertex calculator… SEVENTH: Pick up a side hustle Sorry to be super obvious here, but if you literally don’t make enough - it doesn’t matter how much you save, you need to make more money. And with all of this, YOU MUST DO ALL OF THIS CONSISTENTLY! For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]

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