We Used THIS to Pay off 420k Debt in Just 6 Months

Рет қаралды 6,020

Күн бұрын

Struggling with debt? We were too, but we found a way out. Introducing the DEBT STOCKVEL-a unique twist on the debt snowball strategy that helped us pay off 420,000 in just 6 months. In this video, I'll walk you through the process, the structure, and the rules we followed to achieve financial freedom.
Here's what you'll learn:
Background (0:00): Our journey through debt and the inspiration behind the Debt Stockvel.
Debt Stockvel Structure (1:20): How we set it up the #debtstockvel for success, and .created a supportive system for accountability and rapid results
The Rules (1-4) (3:37): Our guiding principles for efficient, aggressive debt repayment, incorporating a #modifieddebtsnowball method.
What We Achieved (7:19): The successes, challenges, and our incredible journey to debt freedom! Plus, how we built emergency savings and invested for the future.
Reflections (8:02 ) What worked for us and what did not
Other Resources (9:51): Tools and resources to help you start your debt-free journey and work toward financial independence.
Disclaimer: This video is for entertainment purposes only. We're not financial advisors. For personalized financial guidance, please consult a professional.
Keywords: Debt Stockvel, Debt Snowball, Debt-Free in 6 Months, Rapid Debt Repayment, Financial Accountability, debt stockvel explained, debt review South Africa, debt repayment, debt review removal, collective debt repayments, Debt Management Strategy, Pay Off Debt Fast, paying off debt fast South Africa, what is a stockvel, debt stockvel, pay off credit card debt fast, credit score tips South Africa, debt free fast with low income, how to pay off debt fast and save money, good credit score, credit score increase South Africa, pay off debt fast, pay off debt, debt snowball, credit tips, shared debt goals, friends and debt, Debt Free Journey, Group Debt Support, Modified Debt Snowball, Aggressive Debt Repayment, Emergency Savings Fund, Financial Freedom Plan, Debt Relief Tips, Debt Stockvel Success, Debt Free Community, Yvonne Freely
Hashtags:
#DebtStockvel #DebtSnowball #DebtFreeIn6Months #RapidDebtRepayment #debtfreedom #debtfreejourney #FinancialAccountability #DebtStockvelExplained #DebtReviewSouthAfrica #DebtRepayment #DebtReviewRemoval #CollectiveDebtRepayments #DebtManagementStrategy #HowtoPayOffDebtFast #PayingOffDebtFastSouthAfrica #WhatIsAStockvel #DebtStockvel #PayOffCreditCardDebtFast #CreditScoreTipsSouthAfrica #DebtFreeFastWithLowIncome #HowToPayOffDebtFastAndSaveMoney #GoodCreditScore #CreditScoreIncreaseSouthAfrica #PayOffDebtFast #PayOffDebt #DebtSnowball #CreditTips #SharedDebtGoals #FriendsAndDebt #DebtFreeJourney #GroupDebtSupport #ModifiedDebtSnowball #AggressiveDebtRepayment #EmergencySavingsFund #FinancialFreedomPlan #DebtReliefTips #DebtStockvelSuccess #DebtFreeCommunity #YvonneFreely

Пікірлер: 54

@YvonneFreely 2 ай бұрын

Would you try this with your friends, family or colleagues? Let me know what you think of this debt management solution below 🙌🏾

@thulilekubheka5923 2 ай бұрын

Yes Von, I would definitely try this with friends or family. It is a great strategy to tackle debts👌❤️

@YvonneFreely 2 ай бұрын

I’m so happy to hear that 🙌🏾! It’s truly a game changer! All the very best. Share this video to others to spread the word 🧡.

@HMB30 2 ай бұрын

Absolutely! I would love to do this, it can help a lot.

@YvonneFreely 2 ай бұрын

Every Stockvel has to have a strict rules and a way to hold each other accountable/liable otherwise this falls apart, so what I didn’t mention which is critical is you will need to have a simple, binding agreement which details all your debt stockvel rules and how you will deal with issues, that you all sign. Since these are common community and trust based schemes in our African culture please remember that you have to do it with people you know well (trusted friends or family) otherwise you will risk loss of your capital.

@bernadinemolale5634 2 ай бұрын

This is actually more effective. Love it

@YvonneFreely 2 ай бұрын

Glad it’s a useful approach 🙌🏾

@FIRE_DrNinjaTurtle Ай бұрын

I have never heard of this strategy.

@YvonneFreely Ай бұрын

It’s unconventional, a community based scheme of sorts, but it does work. Would you try it?

@Nwakaego_ Ай бұрын

This is amazing. I’ll do it by myself lol. I would love to do this in the USA, but I don’t trust anyone enough or the USA companies/economy not laying people off from their jobs to do this together.

@YvonneFreely Ай бұрын

I hear you! A lot is going on but maybe just maybe you will find 2/3 friends or family members you can trust to try this with 🧡 If not, you can still push yourself to pay off as much as you can alone within a short period of time using the debt snowball method! I’m routing for you 🙌🏾

@Nwakaego_ Ай бұрын

@@YvonneFreely Thank you for responding and giving this suggestion. I’ll look into the snowball method. I LOVE your channel and all your great advice.🥰👏🏿

@Birdog1973 Ай бұрын

That’s a great idea

@abigailshongwe1849 2 ай бұрын

I really love how everyone got equal amounts😅, I thought at first the ppl with the most debts benefited the most but that was just me making assumptions 🙈 Good idea to quickly get debt out of the way. Really needs all stokvel members to be super motivated though ❤

@YvonneFreely 2 ай бұрын

Right?! The point was to force each other to reach the goal in the shortest time. Left to our own devices we would have used all those contributions for non-essentials and stayed in debt for a very long time. The benefit for us was saving on interest and the freedom of not having debt, and starting afresh. We had to stick to the rules for it to work though - a risk we all took.

@abigailshongwe1849 2 ай бұрын

@@YvonneFreely I really get that ey and I'm sure the interest was quite hefty too. Good for you🥂, as I go binge your videos ❤️I was just thinking about finding more personal finance creators in a South African context and you video popped up🥹🙈

@YvonneFreely 2 ай бұрын

So glad you're here! See you every week from now then :D!

@nelisampokela6077 2 ай бұрын

I love this🙌🏽. Thank you my dear❤️.

@YvonneFreely 2 ай бұрын

You are so welcome! Glad it’s helpful 🤗

@YTFHair 27 күн бұрын

New subbie

@YvonneFreely 27 күн бұрын

Welcome to the Free Squad! 🤗

@hilenikullakapepo9338 24 күн бұрын

Our Stockvel work a bit different. We are 6 professionals who each contribute 2k monthly. The 12000 goes to the recipient of that month, allowing the individual to pay their debt off by saving monthly. Some people don't really have debt So, when it's their time to receive, they either save this money or buy stuff cash. Either way, a Stockvel is a great way for saving as one feels obliged to commit😊

@YvonneFreely 24 күн бұрын

Love it! Thanks so much for sharing 🤗! What were some of the challenges you faced?

@hilenikullakapepo9338 24 күн бұрын

@@YvonneFreely We haven't yet have challenges. Everyone sends a wallet to the recipient for that month. We have been doing this for the past 4 years & it really helps.

@YvonneFreely 20 күн бұрын

This is really amazing! Wishing you all the very best 🙌🏾

@EsihleKgasibe-ey7pn 2 ай бұрын

I don't even have friends nor siblings

@YvonneFreely 2 ай бұрын

That’s alright. You can always try this with your trusted cousins, or colleagues 🧡

@tluvwilson9370 26 күн бұрын

Basically a su su😊

@YvonneFreely 26 күн бұрын

Precisely..but for debt 💸

@bakangmereekae 2 ай бұрын

How did yal apportion the money to the debts? Because R10k for 6 months is R60k right? Hence you said you were about R103k in debt.

@YvonneFreely 2 ай бұрын

Great question! We would only get a maximum of how much we contributed over the 6months. So those contributing 10k received 60k as a lumpsum and those contributing 5k received 30k in total per the rotation. In my case, I received 60k first so I spent the next 5 months paying down the 43k that was left using my savings plus the total of the minimum payments I would have had to make on the debt that was paid off by the 60k. Like I said, I was very aggressive because I had to be. The Debt Stockvel was a way to force all of us to pay off our debts and also save or invest, the benefits were reduced interest, cleared debt and, for some, built up savings and investments. Let me know if that helps 🔸

@sinenhlanhla_mambi 2 ай бұрын

Okay I see. I was going to ask something similar. Essentially the stokvel was more about accountability than the actual amount as you got out, what you put in-nothing more

@YvonneFreely 2 ай бұрын

Exactly, it was about saving on interest and forcing ourselves to get out of debt asap. Thanks so much for watching 🤗

@sinenhlanhla_mambi 2 ай бұрын

@@YvonneFreely Aah I see. The interest part makes a lot of sense. It's a pleasure. Thank you for sharing so freely*

@zazzleq6139 2 ай бұрын

@@YvonneFreelyI know you said the payouts began with the biggest debt. At any point, did you consider switching order because someone’s car or property was about to be repossessed? 😅 Like, maybe the 5k contributor was about to lose her car but her turn to be paid comes in month number 6 🤭

@zazzleq6139 2 ай бұрын

If you hadn’t used the stockvel method, how many months would it have taken you to clear the debt? Your 100k to be specific? I want to know how impactful this has been for you.

@YvonneFreely 20 күн бұрын

Hi 👋🏾 So if I hadn’t used this, I would highly likely be still in debt or it would have taken me 3 years or so at the time. I was part of the ‘pay but reuse your credit’ crew so my debt was always revolving, that’s why I needed the external motivation, accountability and fixed time period to pay off my debt.

@zazzleq6139 20 күн бұрын

@@YvonneFreely oh my goodness wow 😮.

@YvonneFreely 20 күн бұрын

Yes, money management is mostly a psychological game not always a technical knowledge game. That’s why we all have to have rules and systems in place to keep us on track! Here’s the template I created and use to plan and track my finances: www.yvonnefreely.com/simple-money-business-tools

@tavaresjwilliams 16 күн бұрын

Thats cool imagine if you kept going for another 6 months. Yall could have had about 70k saved up for each of yall. Just pretend the debt was still there 😂

@YvonneFreely 16 күн бұрын

Exactly 🤗!!

@legacyhubwithmoremadi4627 2 ай бұрын

This is interesting.... 👌

@YvonneFreely 2 ай бұрын

Glad you think so 🙌🏾! It worked like a charm. Would you try it with your friends?

@londekazondi4771 2 ай бұрын

We have this with my friends as well. Together we collectively contribute 65k and we call it umholiswano

@YvonneFreely 2 ай бұрын

Nice 🙌🏾! How do you keep each other accountable?

@londekazondi4771 2 ай бұрын

@@YvonneFreely 2 of the ladies are my cousins, the other 3 are my friends who I have never even met in person actually. But because I’m in a group with them I trust them completely as I’ve known them for over 5 years. We have a wechat group that we check in through and we nature everyone sends an acknowledgment of receiving funds from whoever is supposed to be paid that month…

@compton8301 2 ай бұрын

Can I join you? 😊