The Fastest Way to Pay Off All Your Debt
ฝัง
- เผยแพร่เมื่อ 2 ก.พ. 2020
- This is the second episode in a series covering the Ramsey Baby Steps, and my guest is the man who started it all-my dad, Dave Ramsey! He’s here to get you pumped up for Baby Step 2: Pay off your debt.
In this episode of The Rachel Cruze Show, you’ll learn:
• The absolute best method for getting out of debt
• Whether or not it’s really harder to get out of debt now more than ever
• How one couple paid off $85,000 using the Ramsey Baby Steps
Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing:
- Zander Insurance
Resources (everything mentioned in this episode):
Zander Insurance: bit.ly/2Pd6Nss
The Free Budgeting App: www.rachelcruze.com/everydollar
The Plan to Get Out of Debt and Build Wealth: www.rachelcruze.com/store/pro...
My FREE Baby Step 2 Goal Trackers: bit.ly/392qfOe
Ramsey Solutions TH-cam Channels (Subscribe Now!)
• The Dave Ramsey Show (Highlights): th-cam.com/users/TheDaveRams...
• The Dave Ramsey Show (Live): th-cam.com/users/thedaveramsey...
• The Rachel Cruze Show: th-cam.com/users/RachelCr...
• The Ken Coleman Show: th-cam.com/users/TheKenColem...
• Christy Wright: th-cam.com/users/ChristyWrig...
• Anthony ONeal: th-cam.com/users/aonealmi...
• EntreLeadership: th-cam.com/users/entreleader...
I have been trying to talk my wife into doing this process for like 3 years.This January she finally agreed to buy into it and for the first time in our 13 year marriage we sat down together and did a budget together for the first time. It took us 2 weeks to save up our $1000 emergency fund. Now we’re on to the debt snowball. We are fired up.
YES! You can do this, Kevin! - The RC Team
Congratulations!!!!❤️❤️ keep up the good work!
kevin hoffman good luck!
I can only imagine that was a tough 3 years for you mate? 😂😂
Congratulations
I've crossed off 3 things on my debt snowball and I just started! I saved $750 for an emergency fund, but I only make $10,000 a year so that's good for me
Proud of you, Amy! That's amazing progress! 🎉 - The RC Team
@@RachelCruze since I found you on TH-cam at the weekend I have paid off my 1st debt. My plan is to pay off £4k by next autumn. Thank you Rachel and your team.
We just heard baby step 2 tonight at FPU. Guys. My husband said he wants to sell and TRUCK and POOL TABLE!!!!!! 🤯 his 2 “babies”. I can’t believe after years of talking about Dave (4 letter word) and begging him to do fpu with me that he is like 100% on fire with this and we’ve only been to 2 classes. 😭😭😭 I’m so freakin excited.
I'm on my last debt. Can't wait to get done.
You can do this!! 💪 - The RC Team
Congratulations! That is great.
wow that is so amazing ,If you have payday loan debt,credit card debt, student loans, credit score & credit report issues or other unsecured debts, i just boosted my credit from 534 to 805 in just two weeks. Thanks to Andrewsmith LLC.. I really appreciate this, I promise to keep recommending Andrewsmith Hacks LLC to people in need of similar help regarding credit repair and financial needs , feel free to contact andrewsmithfinance @ gmail . com for quick solutions...
hello this is helping hand organisation setup by few individual to help the world due to the pandemic situation going on, without paying noting this program doesnt exclude anyone you can all get support from us between limit of $1000 to $10,0000 email (stimulusnotenough@gmail.com}
you just have to tell us what you need money for please don’t lie about it we have helped more than 200 united citizen successfully we hope to help more citizen of UNITED AND CANADA citizen
NOTE:this is legal activities
The thing people don't really tell you is that if you work more to pay off cc debt, what happens is that the minimum monthly payment you were making, now just sits in your account waiting. Then you pay off a second cc and another minimum payment sits there the next month. And if you pay the cards that are on high interest, or are about to become that, you save on interest payments. Then you might close a card and save an annual fee. So if your income stays the same, you're getting this free tailwind from payments you no longer have to make. The point is that the hardest part of the journey to being debt free is the start - as time goes on, there's more available funds than before being applied to a smaller and smaller debt. That's why they call it a snowball because it gathers speed simply from increasing in mass as a function of time.
I'm British(Welsh), but without fail, I watch Rachel, Dave and Chris Hogan every day. These people have changed my life. Will complete BS2 by July.
Thanks for watching, Jack! - The RC Team
Jack Harries me too 👍 I’m only 2 months in but feeling optimistic.. well done you I’m on Bs1
It would be more in your line now Jack to be worrying about Ireland this coming weekend in the rugby!! 👍😂🇮🇪
I'm Belgian, and I too watch them every day ❤ almost completer BS1
Amen
I paid off (4) student loans yesterday !!! I plan on paying off 5 more this year. Debt free in 3.5 yrs , all student loans 😩 I love these videos and podcast for motivation!!
Amazing work, Nancy! You can do this!! - The RC Team
Expensive education in the USA is just ridiculous! Deliberately suffocating and deterring sooo many talented young people! Hope you're at least half way through ♥️
I just pay off my 2019 vehicle 11 months did it, work 2 jobs to pay off, working on step 3 next, all 17 credit cards pay off
Incredible! I did the same, having 2 jobs is KEY. I made a video about it recently too.
hello this is helping hand organisation setup by few individual to help the world due to the pandemic situation going on, without paying noting this program doesnt exclude anyone you can all get support from us between limit of $1000 to $10,0000 email (stimulusnotenough@gmail.com}
you just have to tell us what you need money for please don’t lie about it we have helped more than 200 united citizen successfully we hope to help more citizen of UNITED AND CANADA citizen
NOTE:this is legal activities
I did the debt avalanche and paid off my student loans with money from my savings and then paid off my credit card with savings again and now i am debt free and working on saving emergency fund and investing and saving towards other goals.Awesome feeling
Amazing work! I did a combination of Avalanche and Snowball. I feel so light! I recently made a video about it too!
BB Burton- Congratulations! 🎉
We should be debt free by the end of the year 😍😍😍
🎉🎉🎉 - The RC Team
hello this is helping hand organisation setup by few individual to help the world due to the pandemic situation going on, without paying noting this program doesnt exclude anyone you can all get support from us between limit of $1000 to $10,0000 email (stimulusnotenough@gmail.com}
you just have to tell us what you need money for please don’t lie about it we have helped more than 200 united citizen successfully we hope to help more citizen of UNITED AND CANADA citizen
NOTE:this is legal activities
Congrats!! 🎉
I've got $1500 on my students then I'm done. Thank you and Dave for the motivation!
Amazing! - The RC Team
I can vouch for him too surebelly on telegram I got my second working credit card from him
I just canceled some reoccurring app subscription!
To build wealth associate with wealthy. Never take advice from broke people! Associate with those who are debt free !
I graduated debt free! Two months ago! I worked two jobs and I went crazy. I was not going to have student loans. Thanks to Dave!
That poor man God bless him and his family.. so happy he didn’t have the stress of money to worry about
Just became debt free. On baby step three. Looking forward is awesome! I have 2k and have 13k to go for my emergency fund. Let’s do this!!!!
Self Control and Patience are so key. It’s a marathon, not a sprint.
I always have to keep reminding myself of this daily. Keep chiseling away at it with focused intensity.
We have paid off $60k in 4 years. We are down to $45k. Cant wait for the DEBT FREE SCREAM!!! Even my 8 year old is observant of the debt because we have a debt coloring page on our fridge for everyone to see. Thank you for your encouragement and enthusiasm for getting free. I took Dave Ramsey's Financial Peace University as a single mom 10 years ago making scraps for wages and was able to pay every debt off. Our plan is to be debt free in 2 years but hopefully sooner. God bless
You can do this, Lyn! - The RC Team
I'm so excited for this new debt free life! I took FPU 3 months ago and so far paid off 24,500 in debt including paying off my student loans and second mortgage. It feels so great knowing there is light at the end of the tunnel!! 35,700 more to go and then gonna knock out the mortgage! I'll be completely debt free in the next 5 years!! I'm so excited!💜
I’ll be debt free in 2 months thanks you Rachel can’t wait for baby step 3
Proud of you! 🎉 - The RC Team
Awesome!
YESSS! join the club !
Totally just crossing off things one by one! Paid off: credit cards, new sofas, our Odyssey early, the student loans, the car, braces and child support. Paid cash for all bedroom sets, a truck, a fridge, washer, dryer. This year paying off: mortgage, a new car early, paying for a new roof cash. It feels great to show and include our children in our financial goals along the way. I always show our kids tips and strategies.
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
I am another viewer from the UK - I really love all your advice. I have always tried to be frugal but as a single mum, I realised after watching Rachel and Dave that I am actually in a rut and living too much paycheck to paycheck, when I need to get started on growing my income and budgeting even better than I am right now. Thanks for your great advice and philosophy - I love it!
My wife and I are working this program. We are very focused and working our butts off. These kind of videos keep me going. I'm very overwhelmed but she is a rock. Thank you for what you do. Moving forward 👍
You can do this! 💪 - The RC Team
My husband and I are just starting the baby steps, literally, this month is our first month sitting down and having a budget committee meeting. Most of our debt is medical debt, but I’m hopeful that after the next few years, we will be able to have a life with no debt, and be on our way to financial freedom by saving what we should have been saving before❤️
So happy to say I've made it to baby step 4; I started investing 15% into my Roth & I'm currently throwing chunks of principle payments toward my house since I didn't have the recommended 20% for a down payment... My goal for the year is to maintain that retirement saving & to reach that 20% equity so I can eliminate PMI on my house by the end of the year 🔥 An ambitious goal, but I would rather aim high!
I paid my car off early last year, 2 years early on the loan. This year I'm building my bank account back up to 6 months of expenses. My plan next year is to double up my house payments and get that paid off by the end of 2021 and I'll be done with debt.
Sounds like a good plan. Good luck
Wow! Congratulations! 🎉🎉🎉🎉
hope u were able to pay off ur house!!! happy 2022
Did you do it?!??!
@@jennymeyer982 i had some big expenses pop up last year that wiped out my emergency fund.... I'm currently doing minimum payments on my house while getting emergency fund back up.... even with minimum payments house is scheduled to be paid off November 2023
I love and so appreciate the real-ness of this couple. We hide the fact that we fight about money with our spouse because oh no we don't look like we love each other- look, you can love each other and be a team AND fight about money because fighting about money- then not talking about money to avoid the fight about money- is a major part of the problem. Keep up the good work guys!
Two generations ago the costs of studying were a quarter of what they are now (adjusted dolllars), and companies didn’t insist on having a piece of paper the way they do today.
I'm so happy to see u both. Recho and Dave Ramsay. I'm lesson you every single day
Soooo awesome!! Congratulations!! I am almost debt free as well
hello this is helping hand organisation setup by few individual to help the world due to the pandemic situation going on, without paying noting this program doesnt exclude anyone you can all get support from us between limit of $1000 to $10,0000 email (stimulusnotenough@gmail.com}
you just have to tell us what you need money for please don’t lie about it we have helped more than 200 united citizen successfully we hope to help more citizen of UNITED AND CANADA citizen
NOTE:this is legal activities
I enjoy your dad show each week on the radio. I work overnight, but your dad show come on the early morning time at 12am on Monday’s and 1am on tuesdays. Been listen to it since the end 2017. As of today I come join your channel.
Love it! Thanks for watching, Kerry. 😊 - The RC Team
Wife and I finally had enough of having debt and never feeling like we can do what we want with our lives, we decided to try the debt snowball method and we’ll be done with everything by the end of the year. Maybe sooner. The point is, right now is a bit of a sacrifice for things we love doing at home and now we just put all our money into our debt and pretty soon as long as we stay disciplined we will never have debt again.
We will have baby step done today and we are starting the debt snowball like a gazelle!
As a member of AA, this “stay in the middle of the herd” mentality is now really relatable to my student debt. But you helped remind me my Higher Power has kept me sober one day at a time, and can carry me out of this debt. Wow, this episode was incredible!
Thanks for watching! - The RC Team
Repeat watching of the videos helps keep up the motivation. Enjoy the inspiration too.
On baby steps two. These stories keep me motivated.
Same!
I love Dave and Rachel, they have motivated me everyday until I paid it off.
He said - part of that peace is having structure. I believe that.
My wife and I will be coordinating Financial Peace University here soon! We are 3 weeks out from being debt free! We want to never borrow again, even on a house! We will be buying our first house cash!
Dave always has the best analogies!
Thank you so much for this video, Instant profit truly helps creators and anyone looking to get paid in this economy. Transparency = education 👏🏻
This family is definitely a blessing. This is really helping me in getting out of debts.
Thos channel should be more recognized! It's amazing what you are doing here. Congratulations
Thanks for watching, Amanda! - The RC Team
14:04 i keep replaying this point because the music is so beautiful.
Dave Ransey should be given a Nobel prize for his contribution to debt eradication and financial wisdom I know his reward is in heaven but I pray he also reaps it on earth over and over again.
Rachel, thank you! This video was the last motivation I needed to get back on track👍🏽🙏🏽. I’ve no money to pay you but THANK YOU!!!
Can’t wait to finish baby step 2 at the end of this year. Thank you
We have debt we need to pay off. We almost left today and bought lunch and went to an arcade (probably on a credit card) instead I’m sitting here with a pb&j and that 1 decision made me feel so much better. Thanks for the all the help and advice, we have to change the way we think about spending/saving. It’s tough but there will be much to gain after we buckle down ❤️
Proud “avalanche” here. Although I get your point that most need a bit of snowball to get going, no need to put down us math smart to make your point. :) thanks
Getting out of Debt and taking responsibility is really a great point to freedom. Knowing the person looking in the mirror is totally responsible for decision debt. We have been debt free for 25 years. Got married with $65 but no mortgage, no consumer or college debt. We lived like rats for 2 years before getting married, it was awful. After we built the small house -by hand. I told him I wouldn't get married unless we took the mortgage payment and invested. With 2 simple construction degrees, he will retire early to live off 2.68% interest at 49-50. (We did this on one income, I stayed home with our 2 kids.) Rachel, Thank you for your dedication toward a debt free channel.
I love your dad he is one qho got me started on thinking differently about my future and how I live financially
What a blessed couple. They're going to be very successful!
Onto our second and last debt!! Finished paying off my husband's student loans (pretty quickly). We are really serious now with this process! Budget looks great and we increased the payments on my car. We plan to be debt free - except for the mortgage - in 11 months. SO EXCITING! Making life good for our soon to be 1-year-old son :)
You both are so great! Thank you for all your tips!
Wow ill be honest. I followed u and dave for years but never saw how much u guys look like each other haha! Love this segment
😊 Thanks for watching! - The RC Team
I've been carrying credit card debt for 12 years.🤨 I finally got fed up and tired of it! Transferd all my debt to 0% cards and made a commitment to be debt free by 6/2021. I'm making double payments on one card while paying the minimum +10 extra on the other. It truly is liberating to see my debt going down!👌😊 PS just discovered your channel. Couldn't sleep so I thought I'd watch some TH-cam and came across your channel. I watch your dad's channel.😊
You can do this! Make sure to cut those cards up so you NEVER use debt again. Let us know if you have any questions along the way! - The RC Team
If you have payday loan debt,credit card debt, student loans, credit score & credit report issues or other unsecured debts, i just boosted my credit from 534 to 805 in just two weeks. Thanks to Andrewsmith LLC.. I really appreciate this, I promise to keep recommending Andrewsmith Hacks LLC to people in need of similar help regarding credit repair and financial needs , feel free to contact andrewsmithfinance @ gmail dot com for quick solutions...
I paid already thousands of $$ in debt.
Now I'm 17 k left.
Gonna pay that in 1.5 years or less
sooo good.. thanks Rachel and Dave!
Thank you! Your approach makes a lot of sense and is very empathic. Much appreciate your kind delivery.
Car paid off last year, mint condition, 59,900 miles, 2011 kia....Just paid off walmart card 1 week ago, cut up gone.....1small card, cut up/closed.will be .paid in july.......1 last card paid, closed, cut up in December.....then 0.00 debt..while .building emergency fund...retirement......Results...great sleep, peace, calm, being prepared!
Loved hearing this story!
Bring the couple back for an update!
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
You and your dad are so awesome.
Working on it!
I'm on baby step 2 and my life is being changed!!
I'm just starting. Baby step 1 already done!!
I hv to stop eating out. Its just me, so its easy to grab something. I was spending $10-$15 every other day or so!!. That's a lot of money!!!!😳😭😭
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
Great insights 🔥
😂 lol "good for me for thinking about going on a diet" so true!
I will never understand the American love for credit cards. Where I live - Belgium - debit cards are the norm and accepted everywhere. Credit cards are not accepted as much, and the norm is that the balance is paid in full beginning of the next month. I have credit cards myself and have never gotten in trouble. I also had to specifically make a request for them at my banks. Never ever did I get an offer for a card. The kind of credit people get in trouble with are car loans, mortgages and store credits.
Lets face, there is an unspoken baby step 0:
Get a second job.
Job 1 covers your everyday costs, and minimum payments.
Job 2 covers savings goals aka, getting out of debt.
The more you earn, and the less you spend, the faster you get out of debt.
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
I will be debt free this year. Thank you helping me how to get out of it.
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
1st time ever actually seeing him. Looks completely different from what I imagined with his voice.
I paid of credit cards and now using money to fix up rental house. Baby steps been being used for decades minimally since 1992 without the title.
The Dave Ramsey show is my like minded group. I listen to him everyday and just started watching your videos. I'd love to take FPU class but am on BS 2 and don't have room for it in my budget. Is it ok to wait till you're out of debt to take the class? I started in July 2018 and January 2019 had to have a pacemaker, so now on top of my credit cards I have a huge medical bill. I'm 72 years old and only on social security and small pension.
Hi Rachel, I love your channel, I am just getting started and I hope I do well. I am really nervous that I will fail at this and never get out of debt.
Making the decision to change your habits with money is the most important step, and you've already done that! If you have questions along the way, let us know. You CAN do this. - The RC Team
The Debt Snowball really works!!!! It worked for me!!!
1st time hearing about the snow ball strategy of paying off debt. The best strategy ever. I am putting it into practice rite now. Thank you Rachel !!!
You can do this!! - The RC Team
Rachel and Dave, push the budget more in your videos. They had no personal finance training in school at any education level when I went through the system. I understand they do teach personal finance classes in the high schools today. I created a budget and found out how much extra I can apply to my debt. As I shared knowledge of your plan with coworkers and friends, I found they hit me with these two statements: 1. "I can't make all the payment amounts due now. I do not have money to pay extra." and 2. "I do not have any extra money left at the end of the month to make extra payments. My budget is worked out to the penny." To the first statement, I say to them to make a budget, pay attention to all the extra side spending like tobacco products, coffees and eating out. Cut out enough to get to a zero balance budget. Once at a zero balance budget, make your minimum payments on all debts but as soon as one credit card payment drops even $1.00, start with that money on your debt snowball. As each card drops in payment amount, transfer that drop amount to the smallest balance payment but keep the smallest card payment at the original payment amount you started at - do not move that payment drop money away. Within a year you most likely will have an extra $5 to $10 in extra payments to the smallest balance. To statement 2, I say the same thing about moving the money from a payment drop to the lowest balance card. That takes away their excuse while teaching them how to manipulate their budget to achieve their goal when it seems there is nothing to work with.
You forgot to mention the hardest step in baby step 2; STOP using your credit cards. It is kind of a prerequisite. It is why you take pre-algebra before moving on to real algebra. When people see their CC balances going down they think their buying power is going up. Saving 1000$ is great buy I always think it should be higher, at least 2500 in baby step 1. This is because Murphy usually charges more than 1000$ most of the time when he comes around.
I think this is why after completing BS1, people tend to keep their credit card of 1000-2500, bc they know that a typical emergency for them ends up costing more than 1k. In essence, until their e-fund is more than their limit, they'll "need their credit card"
Thank you for the video, im on baby step 2. got one debt to pay off and in months im done.... but its been hard, had to go back to baby step 1, three times....
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
It’s so hard to snowball, when you live paycheck to paycheck
Amen to that
Keep going - by any means necessary. Don't give up -
Nothing worth having ever comes easy! This process works, i have done it before, but fell back into debt.
Stay with it, you will be surprised at how much money you have afterwards.
@@keepitsimpleydb6151 .....IKR
This was an excellent show and the information is very insightful. I made one of my biggest financial mistakes twenty years ago when I decided to transfer to an out-of-state university at the beginning of my sophomore year. I signed up for student loans and had virtually no concept of the terms I was committing to (I have no one to blame but myself). After I graduated, I went through multiple forbearance periods and even ignored my minimum payment out of frustration. My current 'income-based' plan doesn't even address the interest rate that is accruing on the overall balance. DO THE MATH FOLKS and don't get suckered into terms you don't understand. Please pray and intercede that the Lord will help me overcome this mountain in my life in Jesus name!
I keep hearing Dave say "your either doing this our your not"
I want a Rachel Cruz coffee mug!
My son found it unbelievable that grocery stores take checks....
He is 25! Crazy.
Wow... Just found that out now...and am older than your son
I am a true believer in the Debt Snowball method it really works
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
You look adorable Rachel! With your bun in the oven!!❤️❤️💕❤️
What if all my debt except for car payment and student loans is in collections or charged off? Do I focus on car payment and student loans first and attack the other debt after?
Rachel...Where did you purchase that chair you are sitting on, I will really like to purchase one.?
Looks just like dad! Side by side.
Bought a used van and car cash in last 6 months! Paid off 30k plus saved $10k towards debt elimination and my neice has over $1000 in savings account we started for her! We took credit card ofc Amazon and really reduced our monthly balance! Trying reduce eating out to save more eliminate more debt plus got complaints with loan servicer. We paid off our house in cash a few years ago when we got taxes! Once we get this return we’ll pay off more debt. Snowball builds confidence! We paid cash for our wedding and honeymoon 6 years ago!
Only 53000 tip debt free it’s all student loans.
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
Amen, I believe in this I am doing this now, but I hate paying banks so I do no interest credit cards and then I am throwing everything at it.
FROM INSTANT PROFIT ITS NEVER TOO LATE TO START PREPARING YOURSELF FOR A BETTER AND MORE FINNCIALLY SAFE FUTURE , THE TIME TO BEGIN IS NOW , START SOMEWHERE START ANYWHERE
Do you have a video that talks about someone that didn’t have a lot of debt and doesn’t really have a lot of problems with knowing where the money is going or sending on frivolous things. Mostly didn’t know how to make money and lives in a high cost of living area? I would love to hear a story like this.
When will the everydollar app be available in Europe
Anyone else think of Ross from Friends when Micah started talking?
Would the debt avalanche be o.k. If we don’t have an issue with being motivated to pay off debt?
Of course. If you do not need the psychological motivation of the snowball method, then it absolutely makes sense to minimise the interest you pay by following the avalanche method. 😊
After getting divorced on my 39th birthday I started my baby steps. I am on Babystep 2
So sorry to hear this, LJ. If you have any questions along the way, let us know. We're here to help. ❤️ - The RC Team
I have a bunch of stuff in collections that has been in default for years. How do I go about paying these off? Do I add them into my debt snowball (where I'm currently paying minimums and actively paying every month) or do I attack these after current debts are paid off?
Sorry Dave, Google what percentage of cars were leased in 2018 or 2019 if the info is available yet. It's only about a THIRD of all new cars in the U.S., that's it! Some luxury makers lease almost two thirds of all their new cars, but the Big 3, Honda & Toyota are all between 30-35% for lease rate. I work for Ford and don't know where you're pulling these unreal numbers from. All the industry data shows 25% up to 33% in the last 10 years for the overall lease rate. Your effective interest rate of 14.5% on leases isn't real for most people because they don't purchase the vehicle at the end of the lease. Check the prices for the Big 3 in the Midwest. You get employee pricing on a 2 year lease with 3-10k rebates, gap coverage insurance built in and no maintenance costs, everything is under warranty. Many dealers do $199 monthly 2 year leases on a 30k car with little or nothing down. That is a good option to have because newer cars have double the repair costs than they did 10 years ago. So much electronics, safety systems, turbos, AWD, sensors and such. Your 8 year old car with 140,000 miles on it that you buy used for 5k can average 2k a year in repair costs for the next 100,000 miles. It's not the bargain any more to buy a good used car and drive it forever, because only mechanics can work on most of them, and there's at least a dozen different things that can break that are each over a grand to fix. If you have the cash for a 3 year old car with low miles, that would be the best option, but 70% of Americans don't even have $1,000 for an emergency, so paying 22 grand for a 3 year old car with low miles that was 45 grand new isn't a possibility for many people any more. You're a good motivator, but a lot of your figures are wrong and easily checked. I expect more out of you, please recheck these figures and publish them on your show. None of the auto makers agree with your 78% total lease rate figure, they think someone tricked you into believing that number.
1/3 credit cards down!
Amazing! 💪 - The RC Team
If you have payday loan debt,credit card debt, student loans, credit score & credit report issues or other unsecured debts, i just boosted my credit from 534 to 805 in just two weeks. Thanks to Andrewsmith LLC.. I really appreciate this, I promise to keep recommending Andrewsmith Hacks LLC to people in need of similar help regarding credit repair and financial needs , feel free to contact andrewsmithfinance @ gmail . com for quick solutions...
hello this is helping hand organisation setup by few individual to help the world due to the pandemic situation going on, without paying noting this program doesnt exclude anyone you can all get support from us between limit of $1000 to $10,0000 email (stimulusnotenough@gmail.com}
you just have to tell us what you need money for please don’t lie about it we have helped more than 200 united citizen successfully we hope to help more citizen of UNITED AND CANADA citizen
NOTE:this is legal activities
One more month and we’re debt free! Love sharing your videos with everyone I know 😁 btw you look so beautiful pregnant! 🥰
Congrats, Mari! 🎉 - The RC Team
Rachel can turn any story into a Xander ad! Lololol 😂
I am on-board with respect to your views on credit cards. No matter what, i am in the process of eliminating both the cards and their dept......... but!!
I am trying to understand how you deal with certain issues for which the credit card seems indispensable:
• booking flights (or cruises for that
matter)
• booking hotel rooms
• even using parking lot payment
systems which in our community
many times only accept credit cards
My lack of understanding will not impair my determination to carry through with the above noted plan..... but please give me some insight here.
Thank you very much!
Rob Krochenski You can most definitely book flights and hotels with debit cards! -Speaking from personal experience
www.daveramsey.com/blog/living-without-credit-score
It's about changing your behavior and taking away the temptation of abusing it.
Just like with Baby Step 2, it's not about doing everything perfectly, it's psychology first.