I said this on another video, and I stand by it -- I love the fact that you aren't yelling or being overly aggressive in your delivery. I find a lot of financial videos to be too abrasive to watch -- because I feel like I am being belittled due to my lack of knowledge and financial savviness. It's almost like sitting in a financial literacy class. You should consider being a college professor!
One thing about debt consolidation: if done through a loan, make sure you won't start using the credit cards again because you end up owing 2/3x as much as before. I think this only works for people with enough self-control
Learned that the hard way transferred one credit card amount to another with a lower interest rate and then ended up racking up the one that I just move the balance from. When from $3,000 in debt to $20,000 in less then a year with a few bad decisions I made with good intentions.
@@samanthacollingwood8513 how did u tackle it? I’m considering transferring all my credit card debt to my bank and just paying it off in one place. I believe I’m 34k in now! I just paid off 15k in June 2021 😩 I lost my house and my wife. 820 credit score at the time and I just went haywire. Hotels, eating out, gas, some clothes here and there and whenever I would have my kids I would take them places to keep their minds off of what me and their mother was going thru. Along with an alcohol addiction. I cut out the booze! That was the number issue after all because it was a gateway to more bad decisions
You want to be the one that is on the other side of debt, making the interest and getting paid, not the other way around, so the sooner you pay off your own debts the sooner you can focus on investing the extra money to work for you.
Its better not to be on either side of the debt, the entire financial system is corrupt. If you are making interest, that means some one else is falling deeper in debt. Taking loan should not be so easy, I know people are able to take out loan left and right here in Canada, making people work like slave rest of their life to pay it back.
Great video! You may have said it and I just didn't hear it, when you pay off one debt using either method that monthly payment get rolled over into the next debt. For example if you were paying 500 on your car loan and pay it off, that payment gets added to the next minimum payment so now you are paying 650 to your credit card ot whatever it may be.
It's insane watching this now at the 2:00 mark where Nate discusses how quickly the economy can change. It was only a month later that the first Covid case was found in the US.
Dude, I'm watching you thinking the whole time "Is he even old enough to own a credit card?" You present quite well, and I'm one of the lucky ones! I was able to eliminate over $20k in cc and medical debt in only 9 months. It had nothing to do with budgets and everything to do with the hidden agenda in my own subconscious mind.
The advice I was given growing up is "Work hard now, play later" and that holds true. Work hard on paying off your debts, it will save you potentially thousands in interest.
Great video Nate thanks for the tips! When I was paying off my 47,000 worth of debt it was important for me to find ways to make extra money to pay off my debt faster because paying the minimum balance wasn't going to cut it.
omg i need to pay off my debt; this sounds like me I just lost my job a couple days ago and I have to pay for school which starts next month... I'm waiting for my miracle!!!
One method that's interesting is sort of an in between, you start on the lowest payment so you can see your number of payments drop and feel the momentum, and once the first one's paid off and you see a light at the end of the tunnel you switch over to avalanche. I've heard it called blizzard but it might be a better approach for the more emotional crowd.
100% agree! Even if is small at first, usually it isn't large purchases that kill us. Death by a 1000 cuts! Then we feel defeated because we used our credit card, it's a vicious cycle similar to dieting. When you eat something then feel like you already screwed up, so then there goes the whole day.
Yes getting a groove that works for you is important. The avalanche method deff saves you more in the long run, but I personally used the debt snowball to create those small wins to keep me going.
I am 39 and I went to college mainly for personal reasons. The reason was deep and it was to prove something to myself. And now that I’m $64 thousand in debit I regret my decision. 😞 I can’t begin how much I love your videos. Thank you so much please don’t stop. I don’t have credit card thank God, but I do have a car loan and student loan. I just need to get better at my budget.
Your tips encouraged me to ask my credit provider questions regarding interest rates on both loans I owe. I have a high credit score and have been paying balances on time, but only covering the minimum payment due. The response I got from them and your tips on paying the loan with highest interest rates were huge. THANK YOU SO MUCH!
I consolidated my debt into a personal loan and swore I wouldn’t use credit cards again. Sure enough, here I am with credit card debt and a personal loan. It gives you a false sense of security.
Someone else commented on this and I believe it's worth repeating, THANK YOU for not yelling and being aggressive as you explain this!! It's so much easier to hear your information and remember it when you're calm and confident while speaking.
As they say, Debt is a double edged sword. It can be a powerful when used smartly or very destructive when not managed properly. Those who achieved financial success often managed to leverage debt in their favour.
"Snowball" method plus discipline of pumping back payment amount(s) made to last debt(s) paid. i.e payment amounts for debt A, B, C are 100 (minimum), 200 (minimum), 300 (Minimum+extra), respectively and C debt had the smallest balance which you just paid off. You would now apply the 300 to next smallest balance debt. Let's say B was next, then B would receive 200+300 as its payment until B is paid off. For A, you would pay 100+200+300. As you can see how each debt progressively gets paid down but require discipline.
Good Stuff, I not only snowballed my debt down but Frosty the Snowmanned it once it got good to me. It is psychological and for me, I only wanted to flow with that momentum.
I on the process of paying of debt using the snowball effect. Also it should go without saying that you shouldn’t be using your credit cards at all if your paying off debt. Great video!!!
If you separate your needs from your wants and save up for what you need there should be no need for a charge card. Always every month after the bills have been paid try to take 10% of what you made and save up for a nest egg in case something comes up that way you won't be charging to pay for things. Try to start saving from day one anything Nickel Dime quarter dollar anyting
MrDaltonhudson Bruh.. My sister got home late her curfew was 11pm it was 11:05 pm she rang the doorbell and there’s a whole argument going on... I’m so over this life and like. My parents.. like I love them and will always love them but they do to fucking much period. I can’t stand them
The fastest way to pay off debt is to stop adding to the debt and solely focus on paying off that debt as quickly as possible. Drive second-hand cars, don't go to restaurants and live below your means. Once the debt is paid off, use debt as leverage, never for consumption.
Thank you very much for sharing ! I feel myself better after watching this video because I have just some thousands that I want to give back to a family member who helped me when I was in need, but don't have % on it or even deadline to give back what is much better than the situation you are describing in your exemples. I guess the best solution is really to increase my income and to keep my costs on the same level as I have now.
Great explanation Nate. I’m a believer in the debt snowball honestly. As human beings we are very emotionally and behavioral. With that being true that usually throws any logic out the window. To start small and grow while watching it work is probably more motivating in my eyes 😁👍
Great video! I prefer to pay the small debts first, sometimes you take to long paying the big debt and that causing pretty bad feelings, like if you don't advance :(
Hey Nate, i know this video is over 3 years old, but I’ve got a question. Regarding the table at timestamp 6:24, i know that this is supposed to be a sample scenario but wouldn’t the presented scenario be better handled with the snowball method initially? My understanding of APR is that the APR of the account is divided into twelve (for monthly apr) and that quotient is multiplied by the balance at the end of the month for the charged interest. With these example numbers, wouldn’t it save more money to pay off the mortgage as soon as possible? Since 4% of mortgage would be over twice as much as 23% of the credit card?
What a nice video Nate, many are going through emotional stress due to calls from there creditors, I'm going to share how I got off college debt and paid off the morgage on my grandma house 🏠 where I currently live with my wife and kids
I think Snowball works best for most people. Feels good to get a debt completely paid off. Make sure you take the amount you were paying on the debt you just paid off and apply it to the next highest debt. That’s why they call it Snowball. If you have 5 different types of debt by the time you get to #3 or #4 you are really knocking it out quickly.
Great video. But, an explanation on fixed interest rates vs simple interest. That mortgage at 4% is not 4%. Simple interest aka credit cards you actually pay a lot less interest because it’s a daily balance and not fix over a year. Most people look at 4% mortgage rates and think it’s low yet over the term of the low you pay close to amount you borrowed in interest. Good thing about mortgage debt is you can move out and rent it out. Credit card debt no so much. Keep it coming!
You missed one very important way to pay off debt For people that can only pay the minimum payment! Stop and write down the min payment on you next bill and keep paying that payment! I had a 20k credit limit on a credit card but ended up in a bad way to the point were I could only make the minimum payment every month! A mate told me to stop write the min payment I just paid and next time pay that cos it was higher than the next min payment it really helped me out to the point were I could add a fiver extra every month on and now its paid off!
How you said that the economy could go bad and people be laid off and here we are after the pandemic and so much has changed. We really have to look ahead.
Good video yeah I'm kinda using both approaches the issue is it'll take me like 7-8 yrs to get out of student loan debt. Making more income would so sweet but if it was easy we would all be making more.
Man! Your delivery is amazing. You are telling and not yelling. I have some debt but I don't feel more stressed after watching your videos. Some of these financial advisors make me feel worse after watching. Good job my friend thank you
Nate, you don't seem to mention the differences between credit card debt compared to a mortgage... whilst a mortgage has a much lower interest rate you pay much more on interest since the interest is compounded/amortized... on the other hand, credit card debt is calculated using simple interest... It's not about the amount of interest that you pay, it's really about how the interest is calculated. This should help you to determine your strategy for paying off debt.
Thank you, just trying to figure out if you have 4 cards that are 5000k a piece with high interest and minimum payment is $200, and only have 2500$ a month to pay on debt, my company doesn’t allow you to work overtime
This is great, but you should define more what "focusing" means. I assume you mean that you pay the highest amount unto that loan and then when it is paid off, throw that amount on top of the next loan and so on and so on. You are so knowledgeable and speak about the subject with authority. You just need to break it down a little more, without assuming knowledge on the part of your audience.
Such a relevant video, I hope everyone who finds this information utilizes it and share the knowledge to someone else. Financial literacy is sooo important!
@@NateOBrien Smart, good looking AND humble! You have a very classic handsome look to you. The camera likes you. Could be yet one more side hustle for you?! :-)
Yes I agree you are a very handsome young man.You would make a great model.A friend of mine was modelling clothes for a catalogue as a side job, he loved it and got payed well. Just an idea.I love your videos, it's great to see a young person showing so much initiative and taking responsibility of their lives.Well done young man.
Do you really believe that the economy has recovered from the 2008 financial meltdown? Why are both the Fed and Central Bank printing money and pouring into banks to shore them up? Why are wages still stagnant? Why is the middle class continuing to disappear and income inequality increasing by leaps and bounds?
I'm really happy that up until today, I don't have any student loans and might never get some! Really good video with good strategies on how to actually pay back!
I am looking for this videos right now. I am going crazy over my debt and I have a baby. Sometimes I think of suicide to end everything but I have a son. Now, I really don't know what to do. I don't have enough money to pay this month's rent... God help me...😭
Yes Dave is a good advisor but if you have low income you cant afford anything more than rent and food and clothes. But getting in credit card loan will still not allow you to get a car or a home. It will stimulate you to work more but will you be able to afford anything? So what to do? Seek for a more paying job or just stop wanting things?
I have placed myself in a good career field...so if another recession strikes like in 2008 I wont get laid off..and even if I did..I could easily find more work no matter where I live. But on the main subject I am using the debt snowball..I could be doing better, but when you are married and have children paying debt is a little more tough because you still have to provide for the little ones..there are some adjustments i could make to get the ball rolling faster..but somehow gotta get the spouse on board with me
I only got credit card debt and I don't understand how someone could rack up more stress. I would like to keep a job for more than two years but it sucks when people would rather make my day miserable instead of working with me just to get home at the end of it.
is that 15% consolidation accurate? My consolidation loan is only 9%. Its why i always advocate for consolidation IF you cancel/cut up your credit cards as you go. Or if you need the card for travel or date specific bills, leave the card at home so you cant make impulse purchases (if you know the numbers, cancel it and get a new one, set the bills up and leave it home and pay it EVERY PAY). My consolidation has saved me $100 a month in interest easily (so far at $1200 estimated savings), same repayment period, and my repayments dropped.
Thank you nate i unsubscribed from Graham because he was selling me a product of his on black friday with a promotion code he was giving away on his videos it doesn't make sense to talk about financial education and how to save money and you star selling me a product.
Debt is a lot like fire. You can use it into your own hands and have it give you warmth. Or you can burn yourself if you don't handle it correctly. Using debt in that way is certainly something which people do. For example, some people might choose to get a mortgage for a house that they could buy upfront if they wanted to. This allows them to use that money to work with things like the stock market, start businesses, or even just have their money stay in a high interest bank account. If you're going to get into debt on purpose, make sure you do your research and you're confident about your choices
Everliza A My debts all got cleared off through the help of tony .. It still all seems like a dream to me my credit is back to zero now text him on +1(2-5-1-3-0-4-5-3-3-2)
can you make a video on how you came to your journey of realizing that you want to become financially independent at a really young age? you are probably the youngest youtuber in this community and much wiser and more mature than peers your age.
@@NateOBrien thanks for sharing. that's def my motivation too: freedom. I just think it would be a good video idea for you to share your story given that you are so young. thanks for all the good videos you make and responding to my comments! :)
I would love to see a video like that from Nate. It blows my mind when I hear him talk and to think that he is only, what , 21??? Wish I had had half the common sense he has now, when I was in my 20s.
@@lmmm1459 i think so too. Unfortunately i had one parent who spent like crazy and another who tried to rein things in but who also had feelings of scarcity at times and i have seen traits of both in me at times. Luckily, the responsible part has now taken the reins in my life!
I have a $12k student loan with 5.3% interest rate. I write off the interest every year so the interest rate is actually a bit lower than 5%. I have the cash to pay it off. Should I pay it off now or continue to make payments and invest my money instead?
Brilliant! I have some car debt and a small amount saved up (plus a job) so I will focus on cutting out the financial clutter and use ALL the income I will get to pay the debt off. I consider that MY Christmas gift to myself!
You're not planning on having more than 5 kids right? This is not just about giving birth. Kids, humans have a lot of needs physical,mental emotional even spiritual and we have to cater to all those needs.
IMO Avalanche effect is better long term cause high interest rates chip away at you. Snowball effect is good if you want to get debts out the way quickly
Thanks for supporting the channel! Don't forget to drop a like and subscribe for more videos!
Add me on Instagram: @nateobrienn
Or Take A Loan With Less Interest To Pay Of The Interest. Net Net Less Pay :) Then You Crush That Remaining Dept.
Or Save Money :D
you're so hot...are you single? str8?
Smashed the like button for you Nate.
hi nate, why you remove all of your video about droppshipping?
I said this on another video, and I stand by it -- I love the fact that you aren't yelling or being overly aggressive in your delivery. I find a lot of financial videos to be too abrasive to watch -- because I feel like I am being belittled due to my lack of knowledge and financial savviness. It's almost like sitting in a financial literacy class. You should consider being a college professor!
well said!!
yes!!! agreed!!! He's very calm and collected, which makes it that much easier to actually hear what he's saying and understand it.
And in general everyone on TH-cam or social media talks so loudly just to get your attention. It's kinda weird.
One thing about debt consolidation: if done through a loan, make sure you won't start using the credit cards again because you end up owing 2/3x as much as before. I think this only works for people with enough self-control
Learned that the hard way transferred one credit card amount to another with a lower interest rate and then ended up racking up the one that I just move the balance from. When from $3,000 in debt to $20,000 in less then a year with a few bad decisions I made with good intentions.
@@samanthacollingwood8513 I know that feeling. Sometimes you don't even know how much you have spent until it reflects in the balance
Khareetoh all the time! Look at the balance and think there’s no way I spent that much. I often add it up myself and see the total grow.
@@samanthacollingwood8513 how did u tackle it? I’m considering transferring all my credit card debt to my bank and just paying it off in one place. I believe I’m 34k in now! I just paid off 15k in June 2021 😩 I lost my house and my wife. 820 credit score at the time and I just went haywire. Hotels, eating out, gas, some clothes here and there and whenever I would have my kids I would take them places to keep their minds off of what me and their mother was going thru. Along with an alcohol addiction. I cut out the booze! That was the number issue after all because it was a gateway to more bad decisions
True!
What if we just like... Push the debt somewhere else
200 level IQ
We push back eventually:p
I can supply the manpower for that 😁
Creed braton doesn't pay his debt, he transfers it to himself 😊
You want to be the one that is on the other side of debt, making the interest and getting paid, not the other way around, so the sooner you pay off your own debts the sooner you can focus on investing the extra money to work for you.
Right on!
Its better not to be on either side of the debt, the entire financial system is corrupt. If you are making interest, that means some one else is falling deeper in debt. Taking loan should not be so easy, I know people are able to take out loan left and right here in Canada, making people work like slave rest of their life to pay it back.
Great video! You may have said it and I just didn't hear it, when you pay off one debt using either method that monthly payment get rolled over into the next debt. For example if you were paying 500 on your car loan and pay it off, that payment gets added to the next minimum payment so now you are paying 650 to your credit card ot whatever it may be.
@@BackroadMoney snowball method
It's insane watching this now at the 2:00 mark where Nate discusses how quickly the economy can change. It was only a month later that the first Covid case was found in the US.
This is why I stay as far as I can possibly from debt at all costs. I’d rather penny pinch than go in debt
Dude, I'm watching you thinking the whole time "Is he even old enough to own a credit card?" You present quite well, and I'm one of the lucky ones! I was able to eliminate over $20k in cc and medical debt in only 9 months. It had nothing to do with budgets and everything to do with the hidden agenda in my own subconscious mind.
"I just print more money" -Federal Reserve
pretty much
yep, if only we could get ourselves one of those printing presses!! ;)
@@Irishjay-gu5pb wait that’s illegal
The advice I was given growing up is "Work hard now, play later" and that holds true. Work hard on paying off your debts, it will save you potentially thousands in interest.
Great video Nate thanks for the tips! When I was paying off my 47,000 worth of debt it was important for me to find ways to make extra money to pay off my debt faster because paying the minimum balance wasn't going to cut it.
omg i need to pay off my debt; this sounds like me I just lost my job a couple days ago and I have to pay for school which starts next month... I'm waiting for my miracle!!!
Sorry you lost your job. ❤️
@@chicnoir29 thanks I understand that's life; in the meantime ill be looking and working towards making videos :D
Well I’m going to subscribe to your channel and watch videos to help out.
Me too girl. I was laid off in November and I have to pay my home loan...
Sorry.
One method that's interesting is sort of an in between, you start on the lowest payment so you can see your number of payments drop and feel the momentum, and once the first one's paid off and you see a light at the end of the tunnel you switch over to avalanche. I've heard it called blizzard but it might be a better approach for the more emotional crowd.
Debt Snowball
Spend less. Invest more. Anything that sounds too good to be true, is.
Good jobs pay your bills 🌐
businesses make you rich 🏧
But it's your investments that make you wealthy✈️
People are ignorant of profitability in bitcoin investment and that has been their major issue limiting their investment
@@bobbyjames5414 If you can make one dollar, You can make a million more. Grow your wealth by investing in bitcoin today.
don't forget to create an emergency fund so you don't end up acquiring more debt in the future...
100% agree! Even if is small at first, usually it isn't large purchases that kill us. Death by a 1000 cuts! Then we feel defeated because we used our credit card, it's a vicious cycle similar to dieting. When you eat something then feel like you already screwed up, so then there goes the whole day.
Debt on assets that don't make you money is bad debt. Pay off the high-interest debt and you will save yourself a fortune!
Consumer debts kill!
No shortcuts. Just discipline with money.
I keep watching your videos because I am an older person with lots of debt you explain things so simply which helps me immensely. Thank you Nate.
Wilson, if I got out of debt, you can def do it as well. Keep at it.
I’ve found the avalanche method way more effective but snowball the first few months def helped me get in the groove of things
I agree but both methods work
Yes getting a groove that works for you is important. The avalanche method deff saves you more in the long run, but I personally used the debt snowball to create those small wins to keep me going.
I am 39 and I went to college mainly for personal reasons. The reason was deep and it was to prove something to myself. And now that I’m $64 thousand in debit I regret my decision. 😞 I can’t begin how much I love your videos. Thank you so much please don’t stop. I don’t have credit card thank God, but I do have a car loan and student loan. I just need to get better at my budget.
So many people struggle with debt, thanks for doing this video.
Nate: the economy is doing well
Me watching this in 2021: oh no
Your tips encouraged me to ask my credit provider questions regarding interest rates on both loans I owe. I have a high credit score and have been paying balances on time, but only covering the minimum payment due. The response I got from them and your tips on paying the loan with highest interest rates were huge. THANK YOU SO MUCH!
I consolidated my debt into a personal loan and swore I wouldn’t use credit cards again. Sure enough, here I am with credit card debt and a personal loan. It gives you a false sense of security.
Credit is just too easy to get. Couple that with lack of impulse control, here we are.
Someone else commented on this and I believe it's worth repeating, THANK YOU for not yelling and being aggressive as you explain this!! It's so much easier to hear your information and remember it when you're calm and confident while speaking.
Watching this video now during this Corona Virus mess sure hits different!! 😣
As they say, Debt is a double edged sword. It can be a powerful when used smartly or very destructive when not managed properly. Those who achieved financial success often managed to leverage debt in their favour.
Very true
Thank you😊 for this video, do you offer account management or have any recommendations?
"Snowball" method plus discipline of pumping back payment amount(s) made to last debt(s) paid. i.e payment amounts for debt A, B, C are 100 (minimum), 200 (minimum), 300 (Minimum+extra), respectively and C debt had the smallest balance which you just paid off. You would now apply the 300 to next smallest balance debt. Let's say B was next, then B would receive 200+300 as its payment until B is paid off. For A, you would pay 100+200+300. As you can see how each debt progressively gets paid down but require discipline.
Good Stuff, I not only snowballed my debt down but Frosty the Snowmanned it once it got good to me. It is psychological and for me, I only wanted to flow with that momentum.
I will start my own Paper Company to payoff my debt. I already have a beets farm.
Did I stutter? - Stanley
@@NateOBrien Stanley reminds me of Eeyore from Winne the Pooh
I on the process of paying of debt using the snowball effect. Also it should go without saying that you shouldn’t be using your credit cards at all if your paying off debt. Great video!!!
I could not agree with you more. The debt snowball is a great method to payoff debt. I utilized it myself.
That opening statement about the economy definitely came true..
Now will there be a video on how to pay off debt 2020?
Get covid and push debt on someone else
If you separate your needs from your wants and save up for what you need there should be no need for a charge card. Always every month after the bills have been paid try to take 10% of what you made and save up for a nest egg in case something comes up that way you won't be charging to pay for things. Try to start saving from day one anything Nickel Dime quarter dollar anyting
I was waiting on this video 💪🏻
It's here!
Nate O'Brien 😂👍
Great vid, I always got those 2 payoff strategies confused but now I've got them!
"The economy can change very very quickly. People can lose their jobs, people get laid off..." Well that didn't age well did it!
This video was timed perfectly after Black Friday 😂
Black friday makes me sad.. so many people spending thousands on items that they don't need
Nate O'Brien they need to learn MINIMALISM 🤓
Minimalism for my family. 21 about to buy a nice brink ranch. Will own 100% in two years
@@LeahElizabeth I'm down with ramen noodles too. We should get married!
That white Guy haha lets go 😂😊👌🏻
I kinda wanna stay a kid for forever now. ._.
me too brother
MrDaltonhudson But at the same time I hate being in my parents house with all the problems ._.
The syain brother oh no! Things will work out, I promise
MrDaltonhudson Bruh.. My sister got home late her curfew was 11pm it was 11:05 pm she rang the doorbell and there’s a whole argument going on... I’m so over this life and like. My parents.. like I love them and will always love them but they do to fucking much period. I can’t stand them
The fastest way to pay off debt is to stop adding to the debt and solely focus on paying off that debt as quickly as possible. Drive second-hand cars, don't go to restaurants and live below your means. Once the debt is paid off, use debt as leverage, never for consumption.
Thank you very much for sharing ! I feel myself better after watching this video because I have just some thousands that I want to give back to a family member who helped me when I was in need, but don't have % on it or even deadline to give back what is much better than the situation you are describing in your exemples. I guess the best solution is really to increase my income and to keep my costs on the same level as I have now.
Great explanation Nate. I’m a believer in the debt snowball honestly. As human beings we are very emotionally and behavioral. With that being true that usually throws any logic out the window. To start small and grow while watching it work is probably more motivating in my eyes 😁👍
that was exactly what i needed to hear! thanks a million
Great video! I prefer to pay the small debts first, sometimes you take to long paying the big debt and that causing pretty bad feelings, like if you don't advance :(
Hey Nate, i know this video is over 3 years old, but I’ve got a question. Regarding the table at timestamp 6:24, i know that this is supposed to be a sample scenario but wouldn’t the presented scenario be better handled with the snowball method initially?
My understanding of APR is that the APR of the account is divided into twelve (for monthly apr) and that quotient is multiplied by the balance at the end of the month for the charged interest.
With these example numbers, wouldn’t it save more money to pay off the mortgage as soon as possible? Since 4% of mortgage would be over twice as much as 23% of the credit card?
What a nice video Nate, many are going through emotional stress due to calls from there creditors, I'm going to share how I got off college debt and paid off the morgage on my grandma house 🏠 where I currently live with my wife and kids
its hard doing any of these when your bills are the exact same or more than your income....
13k in debt left. It will be paid off by early 2021.
I think Snowball works best for most people. Feels good to get a debt completely paid off. Make sure you take the amount you were paying on the debt you just paid off and apply it to the next highest debt. That’s why they call it Snowball. If you have 5 different types of debt by the time you get to #3 or #4 you are really knocking it out quickly.
Where do you find a 10% interest student loan? Even FAFSA loans are 20+ % on average 😱 I need the 10% one.
Thank you so much your videos, 👍🏻 end of this month is my final payment for student loans 😌
Great video. But, an explanation on fixed interest rates vs simple interest. That mortgage at 4% is not 4%. Simple interest aka credit cards you actually pay a lot less interest because it’s a daily balance and not fix over a year. Most people look at 4% mortgage rates and think it’s low yet over the term of the low you pay close to amount you borrowed in interest. Good thing about mortgage debt is you can move out and rent it out. Credit card debt no so much. Keep it coming!
You missed one very important way to pay off debt For people that can only pay the minimum payment! Stop and write down the min payment on you next bill and keep paying that payment! I had a 20k credit limit on a credit card but ended up in a bad way to the point were I could only make the minimum payment every month! A mate told me to stop write the min payment I just paid and next time pay that cos it was higher than the next min payment it really helped me out to the point were I could add a fiver extra every month on and now its paid off!
How you said that the economy could go bad and people be laid off and here we are after the pandemic and so much has changed. We really have to look ahead.
Good video yeah I'm kinda using both approaches the issue is it'll take me like 7-8 yrs to get out of student loan debt. Making more income would so sweet but if it was easy we would all be making more.
Man! Your delivery is amazing. You are telling and not yelling. I have some debt but I don't feel more stressed after watching your videos. Some of these financial advisors make me feel worse after watching. Good job my friend thank you
This video aged like fine wine, well done lad.
Nate, you don't seem to mention the differences between credit card debt compared to a mortgage... whilst a mortgage has a much lower interest rate you pay much more on interest since the interest is compounded/amortized... on the other hand, credit card debt is calculated using simple interest...
It's not about the amount of interest that you pay, it's really about how the interest is calculated. This should help you to determine your strategy for paying off debt.
Thank you, just trying to figure out if you have 4 cards that are 5000k a piece with high interest and minimum payment is $200, and only have 2500$ a month to pay on debt, my company doesn’t allow you to work overtime
🔝🔝🔝🔝 cleared up my 35000 credit card debt I couldn’t afford. I was lucking enough I fond him you can text him for help
This is great, but you should define more what "focusing" means. I assume you mean that you pay the highest amount unto that loan and then when it is paid off, throw that amount on top of the next loan and so on and so on. You are so knowledgeable and speak about the subject with authority. You just need to break it down a little more, without assuming knowledge on the part of your audience.
Such a relevant video, I hope everyone who finds this information utilizes it and share the knowledge to someone else. Financial literacy is sooo important!
You should also do modeling
I'm not seeing it
I know it sounded superficial, but you really look handsome. Great video btw
@@NateOBrien Smart, good looking AND humble! You have a very classic handsome look to you. The camera likes you. Could be yet one more side hustle for you?! :-)
Yes I agree you are a very handsome young man.You would make a great model.A friend of mine was modelling clothes for a catalogue as a side job, he loved it and got payed well. Just an idea.I love your videos, it's great to see a young person showing so much initiative and taking responsibility of their lives.Well done young man.
I really thought he was a model when he popped up in my suggestions. He has that Calvin Klein late aughts look going for him.
Do you really believe that the economy has recovered from the 2008 financial meltdown? Why are both the Fed and Central Bank printing money and pouring into banks to shore them up? Why are wages still stagnant? Why is the middle class continuing to disappear and income inequality increasing by leaps and bounds?
Snowball method works best. It’s been helping me.
I'm really happy that up until today, I don't have any student loans and might never get some!
Really good video with good strategies on how to actually pay back!
Thanks brother my journey starts now !
I am looking for this videos right now. I am going crazy over my debt and I have a baby. Sometimes I think of suicide to end everything but I have a son. Now, I really don't know what to do. I don't have enough money to pay this month's rent... God help me...😭
excelente, gracias desde Bogota.
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
So what if u rack up credit cards ? And now your in debt? And your credit score is completely down. Are u completely screwed?
🔝🔝🔝🔝 cleared up my 35000 credit card debt I couldn’t afford. I was lucking enough I fond him you can text him for help
You said it and then boom he coronavirus happens I love your videos man they have been helping me a lot your awesome bro
I follow u from Domican Republic and i like your videos
Yes Dave is a good advisor but if you have low income you cant afford anything more than rent and food and clothes. But getting in credit card loan will still not allow you to get a car or a home. It will stimulate you to work more but will you be able to afford anything? So what to do? Seek for a more paying job or just stop wanting things?
I have placed myself in a good career field...so if another recession strikes like in 2008 I wont get laid off..and even if I did..I could easily find more work no matter where I live. But on the main subject I am using the debt snowball..I could be doing better, but when you are married and have children paying debt is a little more tough because you still have to provide for the little ones..there are some adjustments i could make to get the ball rolling faster..but somehow gotta get the spouse on board with me
Do it now it would only get More expensive as the little ones grow so are their needs 🤔 good luck.
I only got credit card debt and I don't understand how someone could rack up more stress. I would like to keep a job for more than two years but it sucks when people would rather make my day miserable instead of working with me just to get home at the end of it.
Thank you so much. Really interesting. Blessings.
Here I am watching this after the 2020 pandemic
is that 15% consolidation accurate? My consolidation loan is only 9%. Its why i always advocate for consolidation IF you cancel/cut up your credit cards as you go. Or if you need the card for travel or date specific bills, leave the card at home so you cant make impulse purchases (if you know the numbers, cancel it and get a new one, set the bills up and leave it home and pay it EVERY PAY). My consolidation has saved me $100 a month in interest easily (so far at $1200 estimated savings), same repayment period, and my repayments dropped.
Thank you nate i unsubscribed from Graham because he was selling me a product of his on black friday
with a promotion code he was giving away on his videos
it doesn't make sense to talk about financial education and how to save money and you star selling me a product.
Thanks for the free content! I think I prefer the snowball and considering adding another job.
Snowball can be very effective!
I love your perspective especially minimal thing
Is it okay to use debt to make more money? i.e. Starting a business
Debt is a lot like fire. You can use it into your own hands and have it give you warmth. Or you can burn yourself if you don't handle it correctly.
Using debt in that way is certainly something which people do. For example, some people might choose to get a mortgage for a house that they could buy upfront if they wanted to. This allows them to use that money to work with things like the stock market, start businesses, or even just have their money stay in a high interest bank account.
If you're going to get into debt on purpose, make sure you do your research and you're confident about your choices
My debt makes me wanna cry😞
Everliza A cry no more tony is gonna help you
Everliza A My debts all got cleared off through the help of tony .. It still all seems like a dream to me my credit is back to zero now text him on
+1(2-5-1-3-0-4-5-3-3-2)
can you make a video on how you came to your journey of realizing that you want to become financially independent at a really young age? you are probably the youngest youtuber in this community and much wiser and more mature than peers your age.
Money buys the freedom of time. Time is truly our greatest asset that can never be recouped
@@NateOBrien thanks for sharing. that's def my motivation too: freedom. I just think it would be a good video idea for you to share your story given that you are so young. thanks for all the good videos you make and responding to my comments! :)
I would love to see a video like that from Nate. It blows my mind when I hear him talk and to think that he is only, what , 21??? Wish I had had half the common sense he has now, when I was in my 20s.
@@chasingsimpledreams probably had amazing parents that taught him financial knowledge
@@lmmm1459 i think so too. Unfortunately i had one parent who spent like crazy and another who tried to rein things in but who also had feelings of scarcity at times and i have seen traits of both in me at times. Luckily, the responsible part has now taken the reins in my life!
I have a $12k student loan with 5.3% interest rate. I write off the interest every year so the interest rate is actually a bit lower than 5%. I have the cash to pay it off. Should I pay it off now or continue to make payments and invest my money instead?
Pay it off and so you don't have to deal with it ever again!
I like your honesty.
Thanks for this video
I use the snowball method by Dave Ramsey, payoff the smallest and work my way up to the largest
Brilliant! I have some car debt and a small amount saved up (plus a job) so I will focus on cutting out the financial clutter and use ALL the income I will get to pay the debt off. I consider that MY Christmas gift to myself!
The unemployment rate doesn't account for those who's unemployment benefits ran out ages ago...
Dope man. Yeah I’m showing everyone it’s possible to pay off massive student loan debt in a year or less using IM
I just paid off my 12,000 credit debt. I feel free 😌
Congrats on becoming debt free.
📺
Love the video about pregnancy is too long.
You're not planning on having more than 5 kids right? This is not just about giving birth. Kids, humans have a lot of needs physical,mental emotional even spiritual and we have to cater to all those needs.
Are brand names worth it
IMO Avalanche effect is better long term cause high interest rates chip away at you. Snowball effect is good if you want to get debts out the way quickly
What if you're not keeping up with minimum payments?
Hello Mr O'Brien,can you tell me what kind of watch do you have? I think that bracelet is pretty cool. I'm into watches.