Destroy Debt Now! A Simple Plan to Pay Off Debt and Begin Pursuing Financial Independence

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Our Rich Journey - Destroy Debt Now! A Simple Plan to Pay Off Debt and Begin Pursuing Financial Independence | Time to talk about debt! If you’re on the road to financial independence and retiring early, a part of your journey may involve tackling your debt first. Because, depending on the type of debt that you hold, that debt may be keeping you from reaching FIRE. And we don’t want anything keeping you from FIRE! So we made this video to share our top tips for how to create a debt plan; the difference between the avalanche and snowball debt payoff methods (and which one we think is better); debt payoff options (including loan consolidations, credit card balance transfers, 401(k) loans, and home equity loans) and why you should be wary of them; how online retailers trick you into spending more - and what you can do about it; and our best tips for minimizing debt, saving more, and moving forward after you pay off your debt. Thanks for watching!
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We are not financial advisors. Our videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!
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#FinancialFreedom #Debt
#FinancialIndependenceRetireEarly

[@OurRichJourney]

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[@jonathanstraiton4601]

Been grinding like a crazy person these past 15 months working two jobs, but I'm proud to say that April 17, 2020 I will be free from the shackles of debt!! I will have paid off $45,000. It's almost surreal to me that it is actually happening as I have been burdened with student loan debt for almost a decade. I'm so excited to start my investing portfolio! I will NOT have a mediocre life!!

[@OurRichJourney]

Yes, yes, and YES!!!!! Congratulations!!! Paying off your debt is a huge accomplishment and now you'll have lots of money to invest!!! :)

[@mariedesignz1659]

That’s awesome!!!!!

[@tabithaparker6421]

Jonathan Straiton Few months back I was so worried over my huge debts in credit cards, student loan and my auto loans, all totaling $76,630. I was at the point of filing for bankruptcy until I saw a lot of positive reviews about Mark a debt relief expert and how he has been helping people get out of debt here on KZbin ... I am happy I took the decision to contact him on +1•408•444•7127. Within 3 weeks he paid off all my debts for free. And I make at least $1750 weekly through my cards with his help. He his my saving grace... Talk to him if you find yourself in the same situation I was few months back and I’m sure you will come thanking me later . Cheers .

[@t.h.nguyen5193]

Very inspiring, Jonathan! Congrats to you! You are now onto a rich journey!

[@FeminineMotherhood]

I was tired. I sold my car in 2018 and paid off all my debt with the funds. I didn't have a lot of debt. But now I moved to a small town where everything is walking distance, so I'm not in a rush to get another car. Now I'm focused on saving a full year of emergency fund, and growing a small online business to earn more money.

[@OurRichJourney]

Wow - CONGRATULATIONS!!! That's incredible that you sold your car, paid off your debt, and now you don't even need a car (double bonus!!!)!!! Thank you so much for sharing!!!

[@FeminineMotherhood]

@@alexwyler4570 hi Alex, I live now in mobile Alabama, and yes actually where we are located, our apartment, planet fitness, our bank wells Fargo, the Walmart and my small job is all within walking distance. .8 miles or less. I'll be getting a bike soon. I dont want another car until I'm ready to buy it cash.

[@pederstrand8349]

You set the example of of how motivated you were to get out of debt and did it. People SHOULD use this to see it's possible and stop making excuses!!

[@DividendGrowthInvesting]

I love how you both make such an intimidating topic so simple to follow.

[@OurRichJourney]

So kind! Thank you so much!

[@auntiedeesorganizedrandomn976]

This channel one of my debt free support groups . Griiiiiind😭😭😭🤣

[@OurRichJourney]

Awesome!!! 100% support for you!!! :)

[@RonYates1]

Thank you guys for all the encouragement and inspiration to pay off debt and improve my financial life! I am now debt free except for my house and have really experienced a tremendous amount of stress off my shoulders 🤗. I have now started passive income journey with the goal of having all of my remaining living expenses paid. Thanks for all of the encouragement!

[@OurRichJourney]

That is fantastic! Paying off debt is definitely a good way to relieve stress! :) LOVE that you're beginning ways to generate passive income!!!

[@Je.rone_]

*I only gave 16,000 in debt left down from 30,000in student loans and 4,000 in car loan in slightly less than to years if my math is correct*

[@OurRichJourney]

That's excellent - you cut a significant amount down already! Less than two more years - than time to watch your money grow!!! :)

[@Je.rone_]

@@OurRichJourney yup!!!

[@tominthetux]

"Take care of your debt first otherwise Sallie Mae will move into that spare bedroom in your house" - Dave Ramsey, probably

[@OurRichJourney]

Hehe! Sallie Mae - stay away! :)

[@lesegonkoana8463]

You motivate me so much. Every time I want to splurge unnecessarily, I stop and ask myself, what would the “out rich journey” guys do 😁 Thank you

[@OurRichJourney]

Haha! We LOVE that!!! Resist the splurge!!! :) Hehe!

[@paradigmshift7202]

When you two speak, I shut the heLL up and listen. Period. ✊🏾🧔🏾💯🖤

[@OurRichJourney]

Haha! You are so awesome! Thanks for watching (and thanks for the comment!)!!!

[@dineroenspanglish]

You guys are AMAZING! I wish my family and I had come across de FIRE movements years ago. Now we are catching up: paying our debts off and increasing our savings %. You’ve also inspired us to share our journey with the Spanish speaking community on KZbin . Keep up the great content and enjoy life in Portugal!!

[@OurRichJourney]

Paying off debt and increasing your savings is great!!! And don't worry about starter late - better now than never!

[@christinawalker5004]

Would you two consider doing a video exclusively on paying off student loan debt? Especially addressing consolidation, public service loan forgiveness, and common pitfalls? Love your channel!

[@OurRichJourney]

YES! I think that's a great idea - it's on our list! :)

[@sandrawv1]

Just recently found your channel and I’m binge watching lol! I’m a single mom on my way along the journey. Thanks for all the tips and tricks. This is one of the best financial channels I follow! Thanks for all you do!

[@aywa1578]

Thank you for ALL your amazing videos. I paid of my apartment in 11 years instead of 30 years. I have NO debt. I pay off my creditcard every month, I paid cash for my car. But I am still not good at making a budget and I need to, so I can see where my money goes too. I have been watching your videos and want to thank you both for your positive information. You both have given me a lot of confidence that I can do better. I want to go for FIRE. I am not there yet but Thank you for taking me on your rich journey!

[@mosim9691]

@ay Wa The same here. I'm so enthusiastic about these vids too! Their energy is contagious! I took out a 15-year mortgage on a foreclosure for my primary residence & paid it off in 11-years. My problem is not having a budget too! I've been telling myself, for years, that I need to go on a budget! Listening to their videos have helped me to see how important a budget really is. All the best to you!

[@OurRichJourney]

CONGRATULATIONS!!! To pay off your apartment in 11 years is incredible!!! Such a great FIRE journey!!!

[@aywa1578]

Mo Sim Fantastic that you were able to pay it of so fast. I had a 30 year loan then converted it into a 15 year and paid it off in 11 years. If you put your priorities straight and not get sucked in by shopping and going out for dinner all the time etc. You can pay off your house or apartment faster. I don’t have to impress others. I live below my means. I am not cheap, as others would say, but frugal and carefully with my money. Traveling once a year is my priority and I focus on the enjoyment I get off seeing the world. That is really the only thing that makes me happy.

[@aywa1578]

tiddlywinks456 What is the YNAB app?

[@grouchygurl5466]

ay Wa Good for you!!!! Hopefully i will get there soon myself!👍🏽🥰

[@lorrainefeury2194]

I used a combination of the avalanche and snowball methods to pay off my student loans within 2 years post grad school. Also helped that I stayed at home with parents while doing it. Paying off debt is all about the grind and keep consistently moving forward!

[@TheFasterFreedomShow]

Great content! Debt pay down is one way for sure, but we just added debt. We are working to refinance our whole portfolio right now. But we will have the ability to pull out about 700k (tax free) and increase cash flow by 7k a month! Debt is not always a bad thing!

[@ShareReachCommunity]

I'm going to trick my mind that I have $200k debt that needs to be paid in 3 years. I'm debt free, just the rush to push me forward might help!

[@OurRichJourney]

Hehe! What a great trick!!! :)

[@ShareReachCommunity]

@@OurRichJourney obrigado 🥂

[@AlmostMidasProductions]

It really is quite simple. Get a great education, grow skills, then spend less than you earn. Invest that extra money and watch it grow.

[@OurRichJourney]

Yes - invest and watch it grow! :)

[@ewlinitis]

Getting a great education means you will have debt ( Studen Loans ). Im all about blue collar jobs. No student debt and 6 figure incomes. Just saying.

[@AlmostMidasProductions]

Eman namE good point. I don’t know of a lot of 6 figure jobs that don’t require some sort of education. But yes, if you can find a job without taking on debt that pays well, go for it.

[@sidneyjohnson6895]

You guys are awesome!!! Our Rich Journey. Your Rich Journey. My Rich Journey. I smell the Success!!!

[@narutoyondaime14]

This video was excellently timed for my partner’s situation. I immediately emailed him the video. I have bought your FIRE PDF and funny enough I bought my boyfriend the Dave Ramsey Total Money Makeover. I hope this all gets through to him. Changing his mindset has been difficult.... thank you again! You both are such an inspiration to me.

[@OurRichJourney]

So happy you're feeling inspired by our videos! We LOVE that you're sharing them with your BF. Having discussions about money and finances are so important for couples. It's great that you are talking about these things with him!

[@blackestknight1.0]

*Salute to the Richest of ALLL the journeys!!! ALLLLL the Journeys dammiittt!!!! Thanks for the DRP (Daily Rich Pill). Good video as usual guys and YES, I'm still taking y'lot out to dinner when I pass through Lisbon!*

[@OurRichJourney]

DRP - I like that! Hehe! Thanks for watching!

[@TheRealMTR]

I talk about y'all two on my channel all the time. Love y'all - true inspiration.

[@OurRichJourney]

Very cool! Thank you!

[@z040880]

I've been binge watching all your videos. Absolutely love your channel.

[@OurRichJourney]

That is soooooo cool! Thank you so much!!!!

[@seti1776]

I just want to say to you and the many others that I have watched, information is the best thing that can happen to those that want to read and listen!!!!! You guys are good to watch and listen to,and thank you for doing what you do. I need to get on my game so I can make things a little bit better for family and myself!!!!!! Thank you again!!!!

[@OurRichJourney]

Thank you for your kind and encouraging comment!!! Thank you for joining us on our journey!

[@blackbeltfinance4026]

The Richest Man in Babylon book 📖 helped me most when it came to debt

[@OurRichJourney]

Thank you for sharing!!! :)

[@eventstephen]

Dave Ramsey worked really well for me...been on his plan for 15 years--no debt at all really opens doors! Everything is really mental. You two are spot on--One must change their habits to make any plan work. It's all going to be work, no easy way out. Thanks for the video.

[@OurRichJourney]

That's fantastic!!! Congratulations on being debt free! We LOVE how you point out that there is no easy way out - you have to put in the work!!!

[@synthiastephens5695]

I LOVE your channel and it's mission!

[@robertpearce7795]

Consolidation loans can be a Godsend, and shouldn't be something to be fearful of. That said though, you have to make sure the rate is better than the rate on your current debt, and you MUST make sure you have a budget or spending plan in place to ENSURE that you don't just increase your spending and end up in the same situation again a year or two down the road.

[@OurRichJourney]

Great points!!! Thank you Robert!!!

[@MarkDouglasOutside]

Great advice!! From watching your videos, I’ve learned that I was a terrible manager with my money. I have a long way to go and I know I am getting better. Great video!

[@OurRichJourney]

It's just one step at a time - getting better and better each day! :) You can do it Mark!

[@tomekomalone8128]

You hit the target. I am struggling right now with a huge credit card debt. Thank you for you strategies.

[@OurRichJourney]

Thank you Tomeko. Congratulations on tackling your debt. - Hope the video helps!

[@ajsimms3683]

I'm so inspired by your channel! I just paid off my debt consolidation loan! (Tthe interest rate was 6%) I'm less than 1 year away to being debt free!

[@OurRichJourney]

Congratulations AJ!!! That is fantastic! HUGE celebration in a little less than a year!!! :)

[@AngelRamirez-cr9mx]

Another reason to he wary of a debt consolidation loan is the interest rate. For some people the interest rate is similar to dept. store credit cards. People should compare the interest costs for the loan versus what is the amount they would pay if they did it using their income. When I started my debt free journey at the beginning of last year I was tempted to just get a loan, but when I did the math it wasn't worth it. Personally being able to make those extra unexpected payments on my journey has saved me more money than taking out a loan. I had a three year plan, but its looking like 2 years now. Thank y'all both for posting these videos!

[@OurRichJourney]

Great point! Thanks for commenting Angel!

[@user-sw4es6nu6l]

Give you a hug from Russia. No debts - no headache! No mortgage - rent only, still single - use lifehacks. It's impossible to give up to stop watching your movies!

[@OurRichJourney]

A bug hug back to you!!! :) And congratulations on being debt free!!!!!!!! :)

[@alaskawagoner9331]

Hello, thank you for all of your videos! People have no idea how close they are to being able to be financially free and I really appreciate you sharing how to make this possible! I realize this isn't necessarily debt related, but I had a scenario I was hoping to run by you (and the community as well, if anyone wants to weigh in). Let's say you plan to spend 60k per year in retirement. 25 x 60k is 1.5 million. But, what if you were to put 20% down on 25 rental properties that each cash flowed 200 / month each. 200 x 25 is also 60k and 20% down on 25 rental properties that you are able to purchase for 75k is only 375,000. I know there will costs associated with these properties, but 375k is so far under 1.5 million, that I'm thinking rental properties would be a way to turbo charge this process, assuming you know your way around owning / fixing / managing rental properties. Does anyone see any flaws with this logic? Thanks everybody- go out there an kill it today, so we can all move to Portugal!

[@cavaleiro.reitercoaching]

Just in time

[@OurRichJourney]

Thank you! So glad you find them helpful and that they're motivating you and your BF!!!

[@stephensmyth9848]

Hey guys. I just wanna say thank you. Recently discovered your channel while trying to get into investing. By far some of the most honest, and intelligent investment advice I've gotten so far. Keep it up!

[@ld8503]

I have never had debt but I like to watch this videos so I understand those who are in this step

[@OurRichJourney]

Thank you for watching Feliz!

[@AndreaJimenez-sr1jp]

Hello Guys! I really admire you, thank you for always sharing all this useful information with us. Greetings from Costa Rica!!! 🇨🇷 Pura vida 😊

[@OurRichJourney]

Thank you so much Andrea - so kind! Sending good vibes to you in Costa Rica! :)

[@jamesspitzercashout]

Such great info. Pass along to everyone you know. We all need to hear this. Always great to get a kick start to refocus "The Plan". Love you two!!

[@OurRichJourney]

You are awesome! Thanks James!

[@mosim9691]

Your vids are so informational! Your energy pushes me to do what I need to do! Thank you! You are the "Our Rich Journey Orman!

[@OurRichJourney]

Thank you so much!!! Keep pursuing your goals!!!

[@mariedesignz1659]

I’ve been paying off one medical a month. Moving to two a month soon. Increased my in come by starting a snack store at work. Marketing my design business and getting a few new clients. I’ve also been paying extra on my car to cut interest and pay off more each month. I didn’t know I could negotiate my interest rate. May have to do that for my car.

[@OurRichJourney]

You are amazing Marie - decreasing your debt AND coming up with ways to make more money! CONGRATULATIONS!!!!

[@mariedesignz1659]

Our Rich Journey thank you!

[@lisahudson2096]

I appreciate you guys. Thanks for the video!

[@OurRichJourney]

That's so kind! Thank you Lisa!

[@MsCruz79]

Hello guys I absolutely love your content and delivery I’m a big fan! I have a question I would like to watch the videos from the very beginning of your journey. I am nine months from being debt-free outside of my mortgage and we are a family of four as well so there are a lot of similarities. How do I get to those early videos? Thanks again for sharing your knowledge 🙏🏽

[@whatzupLizzy]

This is such good, straight to the point information. The negotiation of debt interest rate is a helpful idea. Thank you for sharing!

[@OurRichJourney]

Thanks so much! Glad you liked it!

[@klomax7089]

Thank you for the kind but firm kick in the pants! 👏🏽👏🏽👏🏽👍🏽👍🏽👍🏽💵💰💵💰

[@OurRichJourney]

Hehe! Time to get moving! :)

[@chrislagazo730]

Thank you for all that you do.

[@OurRichJourney]

Thank you Chris!

[@yoshy87658]

My husband and I are your super fan, congrats

[@OurRichJourney]

Thank you so much 😀

[@rechelledelgado2492]

Christina and Amon, what are your suggestions on student loan debt?

[@OurRichJourney]

Biggest thing is NOT to ignore them. If you defer payments, your loan will continue to collect interest and will grow/balloon in size.

[@abhishekde8698]

You guys are great ... my only repent is by the time I come to know people like you ... I am already 40 plus .., nevertheless thanks for great advised

[@jonweber98]

I love the debt pay down but yet I can leverage for assets that pay me every month.

[@OurRichJourney]

It is good to get paid every month! :) Thanks for watching!

[@treskbob]

Thank you so much for your information

[@OurRichJourney]

Thank YOU for watching!!! :)

[@DeepakKumarHans1968]

I always like your vedios & learnt a more .

[@OurRichJourney]

You are so kind! Thank you Deepak!

[@melissajordan4621]

Love you guys! Always such good information.

[@OurRichJourney]

Thank you Melissa - you are too kind!!! :)

[@ccul0439]

I came to KZbin just to check that you had a new video :)

[@OurRichJourney]

Aww - you are so awesome! Thank you!!!

[@nikkininedoor1480]

Can you do a segment on the coronavirus and how it could affect you or others wanting to retire with their investments, and how it is affecting Portugal/Lisbon?

[@DrIvy-dh8qp]

Please update on your real estate plans. Thank you.

[@OurRichJourney]

Thanks for watching! We'll update on real estate plans as we get close to purchasing. :)

[@saharsmart4685]

you guys are amazing very honest and useful advise

[@sam2943]

Even though the avalanche method is more efficient. If you are being killed by minimum payments (you have too many minimum payments that any unforeseen expense would cause you to be late on one or more payments and thus your interest rates go up), paying off the smallest debts first will allow you breathing room to deal with unforeseen expenses. After you have breathing room, switching to the avalanche method may make since then.

[@jamesm5884]

Great content! Can you please do one on the pros and cons of having a private banker? It seems like it may not be worth it IMO but wanted your thoughts.

[@OurRichJourney]

Thanks for the video suggestion - we're always looking for good video ideas! :)

[@gerry2345]

I like this vid.. Good insight.

[@OurRichJourney]

Thank you!

[@tbone1241]

I've been binge watching your videos lately and you've helped me start taking care of my finances more seriously. Thanks for all the valuable information you provide!👍Just a quick question. When you mention that you guys save 70% of your income, is it 70% of the gross or net income that you're referring to? I want to start saving more of my income, but I don't know if I should be basing it off my net or gross income when trying to save say 30%, 40%, 50%, etc.

[@KINGSHABAZZ01]

Awesome Insight!

[@OurRichJourney]

Thank you!

[@PassiveIncomeTom]

*Great tips as always!* 👍

[@OurRichJourney]

Thank you!

[@nicoleguindo2884]

I love your channel. You provide so many details. How do I get out of my timeshare? I’ve already contacted the company and they just want me to continue to pay. I only have two debts remaining and this is one of them.

[@irminemode3053]

the amazon thing is so true

[@OurRichJourney]

Click and buy - that's how they get everyone! It's too simple!

[@ReMi-ny4vn]

In the military is there something I may be missing when paying off debt? Also what stocks to look into right now to see some quick returns.

[@OurRichJourney]

Hi sorry - not quite sure what you mean about the military and paying of debt. As for quick returns, we invest long-term so we don't look for the quick return investments. :)

[@Campos2011]

The only advantage to being in military would be the VA home loan(which I used) that is $0 down instead of 20% and you don't pay PMI(private mortgage insurance). Some credit cards like Chase Sapphire(good for travel points) also don't charge yearly $550 0r whatever it is to activate duty members. As for better interest rates to military maybe USAA has better rates on loans to pay off debt compared to local banks. Good luck on your financial freedom journey.

[@ReMi-ny4vn]

@@Campos2011 Thanks that what I meant, were there any advantages I could be overlooking being in the military, that would get me to FIRE quicker

[@Campos2011]

@@ReMi-ny4vn Gotcha, yeah I'm sure there's more but I've not really found many. Besides what i mentioned there's also the 10% discounts at Lowe's/Home Depot but that's not going to get someone to FIRE if spending is excessive. The county did give me a small tax cut on property taxes for being a Veteran, so that's an added savings. Might not be available everywhere though. I guess you can just keep following along with Our Rich Journey and take away some great tips to implement.

[@leozilla2374]

thoughts on public forgiveness loan? I'm in the military I have four years more to get that 120 payments. Should I just pay my student loan off or just keep doing public forgiveness loan? thanks.

[@OurRichJourney]

That's a tough one - mainly because of the number of rejected applications for forgiveness. As of December 2018, 99% of persons applying for the public forgiveness loan had their applications rejected. Certain administrations could also lead for a push to eliminate the program. There are just so many factors that make it hard to rely on the forgiveness with 100% certainty. :(

[@caligirlyelcaleno8173]

Hi! Thank you for the info. Question: During house hacking, were you focused on paying down the mortgage(s)? Almost done with debt...outstanding hospital bills I’m trying to negotiate with insurance but still have the house

[@andreacaroleena]

Love it 👏🏼

[@OurRichJourney]

Thank you Andrea!

[@paradiseheaven]

Can you negotiate on student loan interest?

[@OurRichJourney]

@ Medicine And The Mind -Great point that Anne made about refinancing and understanding the terms and conditions. Another point: if you refinance, you can lower your interest rate and monthly payment. BUT, since you're already making a higher payment now, continue to make the same payment even after you lower your payment. This will help reduce payments even more!

[@OurRichJourney]

@AnneDay - Great insight! Thank you! :)

[@curtisdavis8594]

Thanks! Budgeting helps manage debt. Financial Freedoms better living!

[@OurRichJourney]

Better living - yes and YES!!! :) Thanks for watching Curtis!

[@billkelly1057]

Where do you keep your emergency fund ?

[@OurRichJourney]

CD ladder and money market account. :)

[@gigigeegee]

Hi 👋🏻 I’m hoping someone can advise me. My employer does not offer a 401k option at all. I’d like to open my own. Is that something I can do? I keep reading conflicting info online and I’ve only found options for people who own their own small business.

[@OurRichJourney]

Just to be clear - you have an employer and you are the employee - is that correct? For example, you aren't a contractor? If you are a regular employee and your employer doesn't offer a 401(k), you can't set up your own. BUT, if you're self-employed, you could look into a SEP IRA and the Solo 401(k). And, even if you are an employee (and not eligible for the SEP IRA or Solo 401(k)), you could still contribute to other tax advantaged account, like a Roth or Traditional IRA and an HSA.

[@TDJHUSTLES]

I just purchased your workbook, it is amazing and very helpful. I would also like to create a workbook. What system did you use or publisher to create your workbook?

[@mj2034]

Ah! Those retailers 🤯

[@OurRichJourney]

They've always got something up their sleeves! LOL!

[@bebe4choco]

my parents are horrible with money... they created lot of debts for me and my siblings to cover >_< ... I'm trying to invest at the same time as paying debt off because a 9-5 job is not enough whatsoever

[@airless818]

I owe around 30k debt. I have around 27k cash. The interest rate is 0% . I want to invest in the stock market right now. Would you recommend paying off the interest free debt and invest later or just invest instead and pay month by month for the next 9 months. Thank you so much

[@tiad.9142]

Movement Exotics I mean if it’s 0% fixed interest rate then I think you should definitely start investing now (particularly since the market’s down as well) ESPECIALLY since you said that you should be able to invest and make payments for only 9 months and get the debt cleared out. Plus the markets down right now so good time to buy

[@OurRichJourney]

@MovementExotics: I think it depends on our payment plan. You mentioned 0%. Does the rate change after a certain period of time or (for example) is it a personal debt that you owe to a family member and they aren't charging interest? If the rate changes, think about when the rate changes, what it changes to, and how you'll pay it off before the rate hike if you choose to invest. Thanks for watching!

[@sharonphillips5282]

What if your debt don’t have any interest?

[@OurRichJourney]

Great question Sharon! It depends on the situation - is the zero interest permanent? For example, many 0 interest credit cards are only for a limited amount of time and then the interest rate skyrockets. On the other hand, sometimes the loan is from (for example) a parent to a child and there is no interest ever. At the same time, if the loan is from a family member or a friend, taking too long to pay off a loan could result in relationship damage (depending on the relationship).

[@sharonphillips5282]

Our Rich Journey yes my car lease and furniture payment are both permanently interest free. I’m saving to pay off my car lease at the end of the lease next year.

[@DWEthiopia]

What is the chances student loans will be canceled in the future? Politicians like Sanders and Warren are huge proponents of canceling student loans debt.

[@OurRichJourney]

That's a great question! Wish we knew! :)

[@parulu289]

Pay off mortgage? Yes or no?

[@H3artsaria]

What to do when your student loan interest is fixed rate ?mine is 6.8% .i started paying it off first but it’s still not moving.

[@gigibigh5057]

Autopay offers a lower interest rate. Also additional payment say $100 extra on the month will go toward the principal amount.

[@H3artsaria]

Gigi Bigh Thank you for the info . I will try autopay.

[@OurRichJourney]

@ Aynalem Tessema - Totally agree with @GigiBigh - Look into autopay to save a bit more. But, if you get a lower rate, continue to pay what you're currently paying. In other words, don't start paying less just because your bill gets lowered. Finally, look into some side hustles to see if there's a way that you can generate more money to throw at the loan! :)

[@OurRichJourney]

@GigiBigh - Awesome comment! Thank you for adding the auto suggestion! LOVE when people add insight and great advice in the comments! :)

[@gigibigh5057]

@@OurRichJourney 😀

[@lucasatilano8008]

You guys are great but I can tell you never been really in debt

[@OurRichJourney]

Thank you Lucas! :) Mortgages still count as debt - and we owned three homes at once, so we had debt. On the flip side, we sold all the properties for a $400K+ profit (you can check out our video on that if you're interested).

[@by9917]

What debt?... What budget?

[@OurRichJourney]

Hehe! :)

[@melaniegainey7618]

I just purchased your fire workbook for $9.99 but I also was charged an additional charge from google troi han son for $4 and some change. Is this related ?

[@OurRichJourney]

Hi Melanie - Thanks for purchasing the Workbook. It's just $9.99 - with no additional charges. That other charge isn't from us, but if you don't know who it's from, you should follow up on it with your credit card.

[@OurRichJourney]

📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: www.ourrichjourney.com/investingforfire 🔥Learn more about financial independence and retiring early: Enroll in our F.I.R.E. Master Class: www.ourrichjourney.com/firemasterclass ✈Want to move to Portugal? Enroll in our Moving to Portugal Course: www.ourrichjourney.com/movingtoportugal

[@auntiedeesorganizedrandomn976]

Griiiiiiiind😭😭😭😭😭😭😊

[@OurRichJourney]

Yes, yes, YES!!!! :)

[@DAVENATCHSTOCKS]

Futures down 10%!!!

[@jononfirebudgetinginvestin3897]

Pay off credit card debt or bigger emergency fund??? The coronavirus is no joke...

[@meravest]

I love your videos, but you use too many video effects

[@OurRichJourney]

Thanks for watching.

[@hopetucker5301]

They can do whatever they like because it’s their channel! Great video, keep up the good work!!