Which do you prefer? Debt snowball or debt avalanche?
@shar12022 ай бұрын
I pay off what is my biggest monthly payment. Which is my car. Once I pay my car off.I'll have more money to pay off other debts.
@MarriageKidsandMoney2 ай бұрын
I like your plan! Recently, I had the chance to interview Jade Warshaw about paying off $460k in debt. She had some excellent advice if you want to check out our interview: kzfaq.info/get/bejne/e6t0apWSmK6tpKs.htmlsi=sOx4pPh-w0ivSTVb
@shar12022 ай бұрын
@@MarriageKidsandMoney thanks I would love to listen.
@MarriageKidsandMoney2 ай бұрын
@@shar1202 I appreciate you checking it out! Thanks!
@Neji19845 ай бұрын
Im doing the debt squeeze Paying off the highest and lowest
@jared_does_hardmoney10 ай бұрын
These questions are interesting because personal finance is an empiracle field - meaning there is always a mathematically correct answer. Paying off your highest interest debts first is the 'best' way mathematically to tackle debt. However, the emotional aspect of turning small wins into bigger wins is SUPER important. I think is a total case by case type of question as it will vary based on someone's financial position and their emotional relationship with money and debt
@MarriageKidsandMoney10 ай бұрын
Agreed! There's no one right answer ... only your own personal "right" answer.
@MrKlawUK4 ай бұрын
My counter to that would be - if you have more than one high interest debt (which you do if you’re choosing what order to attack them) - then the ‘technical’ best may be less applicable because if that is your preference, you’d arguably be less likely to be in that position in the first place. There is no ‘right’ answer but I think snowball for people with 3 or more high interest debts is close to a ‘right’ answer
@trippin92988 ай бұрын
Debt snowball unless similar balances and a big difference in interest rate. Debt snowball simplifies your life and is easier to stick to.