ACCOUNTANT EXPLAINS The FASTEST Way To Pay Off Debt in 2024 (With Live Tutorial)

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00:00 Start here
01:51 Step 1
03:43 Step 2
05:51 Step 3
08:22 Step by Step Live Tutorial & Free Template
18:33 Tips to Keep You Motivated
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.

[@GabrielleTalksMoney]

Get your FREE Conquer Debt & Budgeting Template → www.gabrielletalksmoney.com/resources

[@nutech1810]

First step: find someone to hire you in 2024 😂

[@racheludehjackson]

I can totally identify with cutting down the lifestyle to tackle debt. I had to stop buying designer bags and eat at home instead of ordering out every week with friends. Then I took that money saved and made a payment arrangement to tackle my closed credit card to be paid off in just 12 months. Then I use “bonus money” that I accumulate through reasonably getting rid of my wants (and funding my needs) and put it in a high yield savings on auto pay. 👍🏾

[@wryterzblock]

Good grief, some people's children are just going to nitpick no matter what. I could hear and see you perfectly fine. And I am very glad I came across your content. Looking forward to checking out more.

[@VexylObby]

No need to belittle others. The volume on this video is just considerably lower than others. it is not negative criticism for sure.

[@koreabboy]

Getting a credit card that offers Balance Transfer @ 0% (with 1-3% fee) seems like a great option to keep all debts in one basket. It also forces you to not to use the card so it slots you perfectly for aggressive debt payments.

[@inlinesix6694]

This is what I did to buy some time paying off debt however I’m so bad at giving things a budget for random one off expenses such as our first baby shower 😅

[@vturner]

thats what im doing with my capitalone, theres always a balance transfer promotion so I never pay a fee or interest

It does not exist where I live. Never found one. They’re only 0% if you pay in 30 days.

[@Manihsi]

"High credit utilization (75%-90%) makes it tough to get approved for a balance transfer credit card."

[@lulabloom4636]

Thank you! Great video, detailed and very encouraging!!

[@Love-Is-Kind]

Thank you for sharing this information and the resources to help others gain control of their finances. Stay healthy and take care.

[@HRW33]

Thank you for your advice!!!

[@Hairitage2023]

Very helpful content!! Thanks so much!!

[@TheJuneYaj]

Thank you for your advice.

[@richthepup]

Hello, well done video! Thanks for sharing

[@safeandeffectivelol]

Get a 0% interest card and pay all of your expenses with it. Pay off any debt with high interest with your income. Keep doing that until all your debt is paid off. It's the interest that is killing you. No balance transfer fees or interest. Get a gig job if you have to. Put any bonuses towards the debt with interest.

[@shanrathenam3105]

Omg...watching from cape town south africa....in your video at 0.18 sec u inserted a video from blouberg strand showing table mountain in Cape Town.....so awesome..m thk u...that's my city

[@vulpixelful]

The "debt avalanche" method is waaay more efficient and will save you more in interest. It's fine to prefer the "debt snowball" personally, but if you are paying off debt _especially with a low-income_ and high debt balances you can't really afford to pay more interest for the sake of your feelings 🤷🏾‍♀️

[@Oneasianpersuasion]

Agreed, when I tackled my student loans I paid off the highest interest one first down to the lowest interest. Because paying off the higher interest gave me a huge boost of confidence and motivation.

[@vulpixelful]

@@Oneasianpersuasion I am doing this for my student loans as well, and it's working out great. It got easier to get to the principal of the loans over time, like the method intended.

[@deval3596]

yeah, but both methods are really slow if you don't have a lot of free money to apply in the method. VB is faster than both and way more efficient as it will take less time to put in place and less of a hassle as once you're in the method everything becomes automatic for you.

[@amandabaker7735]

​@deval3596 what's is the VB method?

[@ex_cathedra4237]

​@@amandabaker7735could be referring to Velocity Banking. Not a financial advisor, but this is my thought process about it. Think of it kinda like debt consolidation with additional benefits utilizing a HELOC. It's controversial because you're essentially using debt to pay off debt, and you're hoping for better interest rates while doing it. Example: Income: $10k Monthly bills: $8k Credit card debt: $6k HELOC: $25k 1. Draw $23k from your HELOC, and leave the remaining $2k for emergencies. 2.Put all your monthly bills on the credit card. 3. With the $23k you took from the HELOC, pay off the entire balance of the credit card. Your existing credit card debt is paid off as well as your expenses for the month. 4. With the remaining amount you have, pay extra toward your mortgage, or pay down the HELOC. 5. Use your monthly income to pay down the HELOC. 6. Draw from your HELOC again to pay your monthly expenses and mortgage as well as making any extra payment toward your mortgage. 7. Repeat 5 and 6 until the mortgage is paid. The issue I have is that you're building interest off of both the HELOC and your mortgage, but I personally think it's situational. If you have 30% interest credit cards with high balances, it may not be the worst idea to consolidate with a HELOC. But, I'd just use the extra money in my pocket to pay the HELOC and then close it. Then just throw everything I have at the mortgage. Finances can be complicated, but you just have to be level headed and come up with a plan that makes sense for you.

[@jessicarosario496]

This was a great video. Thank you

[@choosetoshine2610]

Excellent content and delivery! New subscriber. ❤🎉❤

[@TeahM]

Congrats!

[@mecathompson9195]

Hi! This has been so helpful. Love how you explained everything. I've listened to W Buffet explain this numerous times but this was better. Thanks so much! Will check out your other videos!!

[@gineenspring855]

Thank you!

[@joyceawesome1705]

Your video is very practical. Not just talk. Well done.

[@GabrielleTalksMoney]

Thanks Joyce!

[@jangheedavidhan6253]

I like your content!

[@hunterandchavy]

Thanks Gabrielle. I think debt costs. Missed opportunities bc we are busy paying debt and working like crazy to pay for a mortgage, car, or expensive clothes that does not move you closer to financial freedom

[@mom2suns857]

Great video tfs❤

[@119jle]

I rent. Always debt. Utilities. Car insurance. Maintenance groceries taxes. $2000-$3000 month at least for life

[@curleneslifenyc]

It’s so hard

[@samantharowell9733]

Right? People say to cut back expenses so you can pay more off but, how many of us already don't go get coffee? Don't buy name brand, don't order takeout, and don't spend extra money and STILL can't save??

[@robbielynmccrary872]

@@samantharowell9733me

[@Embrxceyourdemons]

@@samantharowell9733sell things. You probably have crap sitting in your apartment you can sell. Don’t need 4 chairs? Sell 3 of them. Don’t use your living room? Sell your couch. Go door dash. Pick up a 8 hour shift on Saturday or Sunday at a local place. $15 x 8=$120 extra per week. Or $480 per month. That’s more than enough to start killing your debt.

[@Embrxceyourdemons]

They WANT YOU to not pay off your debt. The funniest thing is when you file bankruptcy you get a million applications for loans and cards after you do. There’s balance to everything in life. Anything that was easy to get into will most likely be hard to get out of.

[@moniquedunmore]

Omg omg! I CANNOT THANK YOU ENOUGH! This video was very informative and I love the documents you provided!! VERY MUCH HELPFUL! I am definitely going to execute and use the tools you provided! I already filled out monthly budget for July and my debt summary. I’m realizing I have so much money left over to save and to knock down debt! Thank you again like seriously!

[@GabrielleTalksMoney]

you're very welcome!

[@oreoluwasimire]

I'm fascinated by these videos because where i am from, we barely use credit.

[@parthparth-qr9su]

Hey Gabrielle, Thank you for the amazing content. Your videos are really helpful. I would be grateful if you could help me understand a bit about sole proprietor tax. I am working full-time and planning to day trade while making videos on KZbin as a side hustle. Am I eligible for sole proprietor filing? If so, can I write off expenses for both day trading and content creation?

[@VirtousStoic]

Even though not all your content is for me. I truly respect and appreciate your great content. Keep it up❤

[@GabrielleTalksMoney]

Thank you!

[@laurarobertson1107]

Gabrielle love this video.... I have a question though. I have a home and have homeowners insurance as well as property tax... what is the best way for me to save throughout the year for this. Should I put aside an amount each month and include this in my budget... maybe put the money I'm saving into a separate bank account? Thank you for the budgeting template I'm going to get it printed off :) Oh yes, I love your name ;)

[@mom2suns857]

I look forward to owning my own home 🙏🏾

[@dm_uncut]

But can I do everything you traditionally need a credit score for without a credit card?

[@breannajones2161]

Why: Peace of a mind +freedom + investing

[@TheKrystolMethod]

I have 6 figure student debt and some credit card debt. Looking forward to this video.

[@Sneakysxn]

from grad school?!

[@masopha30201]

This way will have you paying 3x in interest. There is a faster and better way for you to get out of debt

[@vickiemcintyre7902]

What is notice of adverse action?

[@indiakxoxo]

I want to bc I’m starting a dental hygiene program soon and I won’t be working as much because of that. S d to improve my score. Peace of mind as well

[@financialempowermentchannel]

You are gorgeous. Great videos. 💗

[@rachaelgoldstein6134]

Same peace of mind and buy house

[@georgetaylor2819]

I still owe about $47K on our house and am eager to see this paid off - our loan is a HELOC and I pay the interest every single day --- am 78 and am not getting hired. Am not going to quit - we have 3 children and I want to leave the family with a home that's paid for. I know it will happen, I just don't know when nor how --- my HELOC is a fixed 3.5% I owe nothing else -- no car - no credit cards - but the home insurance jumped from $1,800 annually to over $5,500 dollars.

[@fitglamsquad5669]

What about life insurance? The money can be used to pay off the house. Also, check to see if your kids want the house. My parents left us a mess with a old house (copper pipes, needs new roof and AC, pool maintenance, floors need replaced, etc, costs so much and I would have rather them have sold it, downsized, and used the money while they were alive.

[@laviolist]

Check out videos on Velocity banking - they’ll teach you how to use your heloc to pay off any your house faster

[@he770z1]

Debt doesn't bother me. There is good debt and bad debt. Federal student loans are interest free (not the provincial one), so pay the minimum!

[@bayskismith3720]

It's a vicious cycle 😢 debt free is the answer.

[@valerysanchez]

i am looking for a a clear conscience

[@amiiiiiiiiiiiii]

How do i find out how much debt i have? Ive brushed my finances under the rug for so long i no longer know what i owe exactly (some have gone to collection etc how do i chase it down to pay it)

[@surferboi2005]

Check your credit report. It certainly has a lot of your debts there.

[@amiiiiiiiiiiiii]

@@surferboi2005 i checked but it only has like 2 credit cards and it says closed with $0 due. Im pretty sure it moved to collections. I also know i owe parking tickets and toll fees (my ez pass broke and they started charging me $50 each way)

[@ctgeblue17]

Weird how these concepts are still new to most. I mean just think logically what can be done and why, you'll cone up with the same plan un this vid.

[@VirtousStoic]

Your biggest competitors in this space are Minority mindset Humphrey yang Ofc they are US creators ur CDN But tbh i am not a fan of humphrey persona, and his videos are too long and full of layman fluff Minority mindset is good, but for the masses, the general public. And he releases too many videos its like spam Wish you more success❤

[@masopha30201]

What is the limit on the Personal Line of Credit?

[@meanodustino9563]

That’s depending on your credit score and your income and bank

[@jacobbenivamondez4460]

I want to be debt free for my children

[@ShanajayeandEric]

Unfortunately, this is not the fasting way. The velocity banking method is!

[@OnlyDuckSauce]

I want to be deft free cuz I made stupid mistakes when I was debt free lol

[@yomeamo3886]

I am in debt as a result of counting my eggs before they hatched. I charged on my cc with the expectation that my raise, bonus and tax return will cover it. The bonus wasn’t as expected, I ended up OWING taxes and my raise was equivalent to a loaf of bread. I am disgusted with myself.

[@Oneasianpersuasion]

So basically follow Dave Ramsey's baby steps. 😅 Your video and editing was awesome and I could hear you fine. You did a great job at explaining and breaking it down. But you're just saying what someone else who is more popular (Dave Ramsey) already says.

[@Chris-hp2gg]

Assets- Liabilities= owner's equity.😂

[@leoavila915]

Wow your are pretty

[@samoanirwin]

Check your microphone settings as your recording volume is really low when listening... Thanks for the great info...

[@TamieVlogs]

I want a house 😅

[@yapmouxun7487]

good content, but the low sound quality is very distracting.

[@VexylObby]

Is it just me, or is 90% of people in debt? How can interest rates that keep people like that be legal?

[@daniellepomerleau5245]

Yes, unfortunately debt is something we are socially taught is the way of life. 1

[@AdamDrilon-lf2nq]

You need a mic

[@Mourik131]

I think the only debt that is acceptable is a mortgage. Maybe a small student loan for a profession that pays well. Not for liberal arts. The reason why these debt are okay is because they will be worth more. If you sell your house ten years later it will be worth more. A car or something else not. I have made a mistake long ago and hath debt. Never again. I have zero debt.

[@VexylObby]

Sometimes, debt is something we had to take on.

[@QueenRo]

I wanna feel some freedom and not this lingering feeling of owing money.

[@physicalivan]

you are out of today's reality

[@giantpune]

Time to go into debt putting a microphone on your credit card.

[@GabrielleTalksMoney]

lol im working on it! look forward to the next video!

[@jml9550]

I can hear her just fine. It is your hearing?

[@giantpune]

@@jml9550 Yes. Its just me and the other hundred people that came down to the comments section to let her know the audio was too low. We all collectively got hearing loss at the same time.

[@VexylObby]

@@jml9550 The volume was definitely very low at least.

[@europec2082]

the audio is too low

[@GabrielleTalksMoney]

This is definitely something I'm working on, thx for the feedback!

[@KFontLab]

@@GabrielleTalksMoneyI can definitely hear you clearly.

[@VirtousStoic]

One tip, the lighting is a little dim in this video. And the thumbnail would benefit from some graphics besides you so people know to click of not by knowing the topic without reading the title. I know it sounds odd, but check garry vee. Thumbnails are 90% of a channel success

[@eebtee]

your video sound is way too low... please fix it!

[@doreenblea207]

Peace of mind & retire.

[@GabrielleTalksMoney]

Great reason 👍

[@jml9550]

Yep. Almost 52 here. Home and rentals all paid off. Target retiring in 8 years.

[@7961Jackson]

S/o to DAVE RAMSEY

[@reidspencer]

talk louder ...

[@SonjaJacobs-cf7mz]

Tell me how to pay off $20,000 worth of debt earning $20,000 a year Miss Accountant.

[@jml9550]

Stop making $20k a year?

[@ThePeachez71]

Get a second job perhaps.