The Best Way to Pay Off Debt Fast (This Actually Works)

Рет қаралды 19,029

Ай бұрын

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Are you struggling to pay off debt and wondering which strategy to use?
In this video, we'll break down two popular debt repayment methods: the Debt Snowball and the Debt Avalanche. Discover the major differences between them and find out which one might be best for your financial journey!
Debt Snowball Method:
Focuses on paying off debts starting with the smallest outstanding loan balance first.
This is a psychological approach, designed to give you quick wins to keep you motivated.
Debt Avalanche Method:
Focuses on paying off debts starting with the highest interest rates first.
This is a math-focused approach, aiming to save you the most money in interest over time.
Why These Methods Work
Debt Avalanche:
By targeting the highest APR, you minimize the total interest paid over time.
This method might take longer to see results since it doesn't consider the loan balance, just the interest rate.
Debt Snowball:
By eliminating smaller debts first, you gain a sense of accomplishment that keeps you motivated.
This method helps build momentum, making it easier to stay committed to your debt repayment plan.
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Пікірлер: 153

@WhiteBoardFinance Ай бұрын

Get free life insurance quotes from America's top insurers and start saving today with Policygenius: policygenius.com/whiteboardfinanceThanks to Policygenius for sponsoring this video!

@BradleyMaurice226 7 күн бұрын

I waited at a red light today, next to a bus with an ad on it for people who needed help with getting out of debt. And it hit me: I have zero debt! I owe nothing to anyone! Oh, what a feeling, what a rush (as that song says). Some people may think this is nuts, but let me tell you, it is a feeling as good as the paid off mortgage. And having large stocks of food allows you to replace those necessities only when they are on sale, so you keep saving money long term. I’m so glad I took my Investment journey serious and with my financial advisor, I have been to achieve my goals.

@EdwinBoettcher 7 күн бұрын

Absolutely! Just like Howard Marks, says the same thing about his investment philosophy. Once you know what your values are, consistency is the key to success while respecting those values.

@KimberlyFlores-kr1bz 7 күн бұрын

this is all new to me, How do I find a suitable fiduciary advisor, can you recommend any?

@BradleyMaurice226 7 күн бұрын

Find financial advisors like Becky Lou Gordon who can assist you. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@KimberlyFlores-kr1bz 7 күн бұрын

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@billschlafly4107 Ай бұрын

5 years ago at 49 years of age my wife and I up-sized our home and bought into a much nicer area because rates were super low. Our rate is only 2.875% on a 15 year note. But here's the thing...I don't want to be paying on a mortgage into my mid-60s. I plan to ditch work entirely at 60. So while it makes zero financial sense, we've been paying down the mortgage like crazy from day 1. We will be entirely mortgage free in December of this year.

@iko3 Ай бұрын

Peace of mind is worth something.

@dzikus.minimus.maximus Ай бұрын

I did the free cash flow method (paying off highest payments first regardless of interest or balance) leaving my house and student loans for last. It worked great.

@WhiteBoardFinance Ай бұрын

Good stuff!

@TheAndrewLopezFinancePodcast Ай бұрын

How to pay off your debt fast? Get a HELOC on your home, yolo it all on GME, then you’ll be a multi millionaire so you can pay off your debt AND retire

@freedomring3022 Ай бұрын

LOL!

@TheAndrewLopezFinancePodcast Ай бұрын

@@freedomring3022 May need to add in AMC to diversify

@ProJanitor Ай бұрын

You win one stock market 😊

@mjblack1435 Ай бұрын

Millionaire in the making right here....

@Cweasy101 Ай бұрын

Goat 🐐 plan 🤫

@Aminorsnickle Ай бұрын

im debt free but im still watching bcuz i love your videos

@oseibeneman9042 Ай бұрын

Thanks for the advice 🙏

@realestateinvestments7 21 күн бұрын

Great Video!

@blackvx Ай бұрын

Thank you Marko!

@homeloanhubwithsteph 20 күн бұрын

Well said!

@owensalex0615 Ай бұрын

I didn't know Tim Tebow had a finance KZfaq channel.

@MattAiden223 Ай бұрын

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.

@MikeGlenn231 Ай бұрын

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...

@Heathermacdonald470 Ай бұрын

YES!!! That's exactly her name (Elizabeth Wesley) so many people have recommended highly about her and am just starting with her from Tennessee

@DannyRodriguez158 Ай бұрын

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading

@SophiaHannah32 Ай бұрын

Please, how do I connect with Elizabeth Wesley? I would appreciate if you show me how to go about it

@MikeGlenn231 Ай бұрын

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

@meaganedgar4342 Ай бұрын

What do you call it when you're doing both at the same time? A snowstorm! My highest interest rate debt is my smaller total debt and as they get bigger, the interest decreases. Listening to you has definitely been beneficial!

@WhiteBoardFinance Ай бұрын

Love that!

@jt9204 Ай бұрын

@@WhiteBoardFinance Now that we are talking about debt, would you be interested in doing a video regarding paying off your mortgage using a HELOC. Seems like that is a concept being talked about quite a bit. If you have done a video on this, sorry I missed it. Thanks

@richhands5269 Ай бұрын

My three favorite channels: Marko - WhiteBoard Finance, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

@The_Dougie Ай бұрын

Bruh stop with this post...🙄

@rightwingsafetysquad9872 Ай бұрын

I have 5 credit cards. Each has a specific use. Gas, groceries, restaurants, all other essentials, anything discretionary. 4 for maximizing cash back, 1 for making it easier to track spending habits.

@wealthadventures Ай бұрын

Well said Marko! I lean avalanche but can see arguments for both. Namely cash flow.

@WhiteBoardFinance Ай бұрын

Hey Dave! Hope you're well!

@chepkiruialfridah8815 Ай бұрын

What a great video on how to pay debt faster, thanks for sharing this informative video.

@accoviser Ай бұрын

Another strategy some use is refinancing by taking a larger loan with lower interest to cover multiple high-interest loans they already have

@Andrian-ch3on Ай бұрын

I'm new to investing and have saved up about $120k. Still trying to find my footing and figure out the best strategy.

@JacksonMiley-iq7mo Ай бұрын

Same here, this video is a great start for us beginners.

@BarbaraRichstone Ай бұрын

I was in a similar position, and seeking advice helped a lot. Good luck

@VitaliiSych Ай бұрын

You might find it useful to look up some advisors.

@debrab7844 Ай бұрын

Research and patience are key. And speaking of advisors, Kristin Amy Rose is the investment adviser I use. Just research the name. You'd find necessary details to work with to set up an appointment.

@JacksonMiley-iq7mo Ай бұрын

@@debrab7844 Thanks for the rec! she's got an amazing presence online. Her website is so informative

@kevinmoore9524 19 күн бұрын

This is useful.

@MSBJJ Ай бұрын

Avalanche all the way. It's how my wife and I paid off our student loans in a couple of years.

@Businedu Ай бұрын

You never miss 🔥

@brianharris4144 Ай бұрын

Love to see an update from you on your opinions on SCHD in 2024, thanks for everything!

@ericstevens8744 29 күн бұрын

Thanks for your video on the insane fees dealerships try to charge on top of the price Now I much more informed not to get ripped off …. Video was 4 years ago. But still holds its worth today

@divyv20 Ай бұрын

Hey Marko , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?

@MikeAffholder Ай бұрын

Velocity banking is great for high rate debt.

@kjackhorseman Ай бұрын

Could you make a video proving or debunking velocity/accelerated banking, using LOC to pay off mortgage.

@ms.helpmeet4753 29 күн бұрын

Should we pay off collections?

@kaynenbrown5102 Ай бұрын

I remember you saying home no more than 25% of take home pay. Just principle/interest/taxes/HOA/pmi? Or all utilities as well?

@mattlimberg5763 Ай бұрын

Typically home payment cap at 25%. Total home (utilities, improvements/maintenance) is suggested no more than 40%. But it is personal, so if say you work from home, therefore have little use for a car, so long as you keep that car cost low, you can afford more home.

@cementra2007 19 күн бұрын

I have a 20-year house mortgage at 2.7% interest rate. The advise I guess is to not put anymore money into it than what the monthly payment, right?

@JohnnyReno71 Ай бұрын

Snowball is the way to go ( you see progress) Avalanche ( can take years and it seems forever)

@johnl9135 Ай бұрын

I used the debt snowball, that little wins makes a difference for me. It kept me going.

@ttgsushi5767 Ай бұрын

I prefer the bankruptcy method.

@faizakazmi1531 Ай бұрын

That last sentence..

@Savvynomad225 Ай бұрын

If I only have one debt, with a 3.7% APR, which one do I use? :P

@BehindBars1958 Ай бұрын

Yes it is❤

@DrRobertMPick Ай бұрын

Please listen and learn from Marko. He's the best?!

@Scottweeier846 Ай бұрын

I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Rose Strayer

@Brucelanham845 Ай бұрын

I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Nguyenvictory83 Ай бұрын

The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.

@Jessecote875 Ай бұрын

Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's

@Rodriguezpaul-9 Ай бұрын

This sounds so good and I would like to be a party to it, is there any way I can speak with her?

@carolynvo7802 Ай бұрын

After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery Glory to God shalom.

@rodneyjenkins6931 Ай бұрын

I prefer the snow sled method. 😂

@johnsantiago4810 Ай бұрын

Snowball worked for me years ago! Thanks to #DaveRamsey

@cn0503 Ай бұрын

If you know math you wouldn't have gotten into debt in the first place (spending > making)

@jchuck8932 Ай бұрын

Yes because life is that simple.

@bigmanyoutube Ай бұрын

You a real one, thanks for that bro

@iko3 Ай бұрын

Emergencies happen, family happens, inflation happens, shit happens, etc that can put a dent in the best laid plans. Not only that, some people don't earn enough to meet basic needs so there is no savings. Irresponsibility is not the only reason why people are broke and struggling. But I agree with the gist of what you said, financial education is not an option but a requirement especially with the inflation or whatever they want to call it these days.

@GAB2020 Ай бұрын

I want big wins, so I use the psycho method

@eshasejkar9738 26 күн бұрын

May we find your vedio in hindi

@grant9047 Ай бұрын

do you even lift?

@Charlottehornets4 Ай бұрын

@Brucelanham845 Ай бұрын

I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Jessecote875 Ай бұрын

Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's

@Nguyenvictory83 Ай бұрын

You trade with Natalie Strayer too? Wow that woman has been a blessing to me and my family.

@Rodriguezpaul-9 Ай бұрын

This sounds so good and I would like to be a party to it, is there any way I can speak with her?

@Scottweeier846 Ай бұрын

Her good reputation already speaks for her .I’m also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.

@Answers721 Ай бұрын

How to pay off debt? Simple. Stop being a debt slave.

@runningrock124 Ай бұрын

study Bitcoin everyone.

@TrevForPresident Ай бұрын

Unless there are so many lines of credit it's unwieldy, I'd go avalanche. However, the psychology is a good thought. You're transitioning from living beyond your means to not only within your means but below your means to pay down old excess. Unless you're starving or homeless, it's all psychological.

@mysticshadow425 Ай бұрын

If only our government did this

@saifemozumder3757 Ай бұрын

😍

@TheMightyNate Ай бұрын

Markooooo

@germany895 Ай бұрын

Thank you for the content!! All we need is the right advice on how to invest in crypto and we will be set for life, made $68,000 profit from trading last month regardless of how bad it gets on the economy

@Jerryspringer-nu6ox Ай бұрын

Same here, I believe the Bitcoin ETFs approval will be life changing opportunity for us, with my current portfolio of $108,000 from my investment with my personal financial advisor< George Silverman > i totally agree with you

@PatrickJones-bx1wb Ай бұрын

his transformative power of trading is remarkable. Despite being a medical doctor by profession, I've found that copy trading generates higher income for me without the need for direct involvement in trading>

@edithgraziosi1697 Ай бұрын

Please educate me, I've come across this before. How can I get to him please?

@amberanna1710 Ай бұрын

Get him on

@amberanna1710 Ай бұрын

TE LEGRAM

@Ashermicheal6341 Ай бұрын

This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down! .

@Lucas75332 Ай бұрын

Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to kiana rachel

@liammateo287 Ай бұрын

I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.

@Ashermicheal6341 Ай бұрын

You trade ?? Wow that's huge, how do you make that much monthly?

@Lucas75332 Ай бұрын

rachel approaches trading in a completely unique way. I'm puzzled by her methods. She just seems to have an innate understanding of this trading world

@DivineChibueze-od8py Ай бұрын

I agree. Based on personal experience working with an investment advisor, I currently have $1m in a well diversified portfolio, that has experienced exponential growth. It is not about having money to invest in stocks,but also you need to be knowledgeable, persistent, and have strong hands to back it up.