I didn't need a "win" so was blasting hard at my highest interest debt and also paying just above my regular car payment. Only 2 accounts of debt. But I realized had I focused the extra on my vehicle with less than 2% i could have used that payment to go toward the higher balance once paid off. It worked here maybe because it wasn't credit card payments? Regard, the math worked on these two. I like most of DR'S ideas, but some, no way. I think it leaves you more vulnerable in crisis situations. Each situation is different. Great video.
Yeah sorry about that. I shot this video a while ago before I had my newest mic. The next few videos might be a little quiet before I'm back to videos made with my newer mic
Hey, if you know yourself and know you cant be trusted with credit, then maybe thats wise! I personally LOVE my credit cards and put everything on them-- then pay them off at the end of the month. I know I can trust myself because I see them as more of a debit card. I basically say, "Okay, I know i can pay off up to $800 on payday, so $800 is the most I can spend." I earned $1200 in cash back last year and paid $0 in interest or fees! Admittedly, I wasn't that smart when I got my first cc as a teenager, but hindsight is 20/20.
I only have one debt what is a student loan with a 2,95% interest. This year I made a plan. The minimum payment is €80 on the debt is now however I decided to pay it off with €200 per month because starting this year my employer (government) added an option to pay off student loan with my bonus pre tax!. (Up to €2000 a year) that saves 52% tax ! 😂 so pay off 200 and I get 100 euro back. That money I get back I will use that to buy solar panels, what I can then let it be used as part of my “home office”what I can then have payed off by my work. So I get the money back. I use that I get back then use that to buy a bike, what my work then also pays off. Then I use that money to get a gym membership what my work pays and then finally I would use it to invest 😂
D.R.'s advice when it comes to debt, it's great for most people, specially, (as you said), for those who are terrible with money. When it comes to investing his advice is really questionable (a big no for me). And last, but not least, his advice about cc comes because he reacts like an alcoholic after rehab....
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I didn't need a "win" so was blasting hard at my highest interest debt and also paying just above my regular car payment. Only 2 accounts of debt. But I realized had I focused the extra on my vehicle with less than 2% i could have used that payment to go toward the higher balance once paid off. It worked here maybe because it wasn't credit card payments? Regard, the math worked on these two. I like most of DR'S ideas, but some, no way. I think it leaves you more vulnerable in crisis situations. Each situation is different. Great video.
If there's not a huge discrepancy in the interest rates, it won't always make a huge difference, for sure!
Thanks for the video
volume is super low
Yeah sorry about that. I shot this video a while ago before I had my newest mic. The next few videos might be a little quiet before I'm back to videos made with my newer mic
Hi Charles. How are you doing?
Pretty good! Just busy 😅
@RunningonFIRE awesome. Stay safe.n
I'm too scared to get a credit card. I currently don't have any accounts at all and I'm quite happy. I strictly buy everything I need using cash only.
Hey, if you know yourself and know you cant be trusted with credit, then maybe thats wise! I personally LOVE my credit cards and put everything on them-- then pay them off at the end of the month. I know I can trust myself because I see them as more of a debit card. I basically say, "Okay, I know i can pay off up to $800 on payday, so $800 is the most I can spend." I earned $1200 in cash back last year and paid $0 in interest or fees! Admittedly, I wasn't that smart when I got my first cc as a teenager, but hindsight is 20/20.
Don't fix what's broken, if that's what's best for you then I totally respect it :)
you need a mic, can't hear you
Yup sorry about that, some of my more recent videos used a better mic. This is a little bit of an older video. Back to better audio soon.
I only have one debt what is a student loan with a 2,95% interest. This year I made a plan. The minimum payment is €80 on the debt is now however I decided to pay it off with €200 per month because starting this year my employer (government) added an option to pay off student loan with my bonus pre tax!. (Up to €2000 a year) that saves 52% tax ! 😂 so pay off 200 and I get 100 euro back. That money I get back I will use that to buy solar panels, what I can then let it be used as part of my “home office”what I can then have payed off by my work. So I get the money back. I use that I get back then use that to buy a bike, what my work then also pays off. Then I use that money to get a gym membership what my work pays and then finally I would use it to invest 😂
That's sick! Paying off debt with pre-tax dollars is awesome, and that's not a bad interest rate anyway. Sounds like you're doing the right thing :)
D.R.'s advice when it comes to debt, it's great for most people, specially, (as you said), for those who are terrible with money.
When it comes to investing his advice is really questionable (a big no for me).
And last, but not least, his advice about cc comes because he reacts like an alcoholic after rehab....
For sure. Although, in terms of debt, there's still better ways to pay off debt. It doesn't always make a big difference, but it can.