How To Get Out Of Debt Fast - Rice and Beans Mondays #3

Рет қаралды 550

Chris Booy

Күн бұрын

Пікірлер: 20

@budsodastories 3 ай бұрын

This Chris booy ramsey personality now lol they should expand to UK and Australia though

@IsaacLHarrison 3 ай бұрын

Mate! Love this content aye. Great to see an Australian brother breaking it down.

@nickrodnooriafshar8599 3 ай бұрын

Except the snowball method is more rewarding as opposed to your mathematic method smallest to largest is more feesable and gathers momentum but to each their own

@vidyagains8535 3 ай бұрын

All great advice in this vid. Also doing a realistic assessment of your debt, and your ability to pay it off is very important. If you're debt situation is so bad, that even after taking on extra work and earning more money, you're still only covering the interest, or barely scratching the principal, then you might want to seriously consider bankruptcy. Of course, you should only consider it as a last resort since it has long reaching consequences, and you'll be unable to work certain jobs, but those consequences are going to better than being saddled with debt for the next decade or more. I'd say it's even more viable for younger people that have heavy debt, since they likely won't be looking at taking out any major loans for about 10 years anyway.

@budsodastories 3 ай бұрын

That's why there's a debt snowball biggest to largest most people make the mistake of doing biggest first. If it's desperate you can do interest only a lot on the big debts until the smaller are paid off them that extra $100-$200 from that can be added to the regular payments on the larger pr save for double payments

@4Angus 3 ай бұрын

the way u say debt is funny

@chrisbooy 3 ай бұрын

terrible flu, apologies

@chrisfoster1682 3 ай бұрын

Yea I thought the same too. It's like you say the "b" in debt instead of it being silent. Great video tho!

@4Angus 3 ай бұрын

@@chrisfoster1682 agreed, and also still a great vid

@budsodastories 3 ай бұрын

45%!? When was this until last year all central banks were near zero interest which sets the precedent for consumers. Do you guys not have credit unions like we do here?

@chrisbooy 3 ай бұрын

This guys one was about 5 years ago. The guy had terrible credit and poor financial literacy. They saw him coming a mile away, and he signed it. With his credit, he could have got the same 14-16% if he tried a few banks

@budsodastories 3 ай бұрын

Ps I'm for Austrian economics with no low debt not pur current keynsian based economy ironically with the inflation were experiencing a economic reset switching systems, and resetting balanced budgets would cost at the federal amd state govt levels itd be worth it vs prolonging it like 2008. I foresaw this happening again rona just increased the pace tenfold with the backdoor loans by Central banks adding trillions to the rolls on top of the free checks.

@chrisbooy 3 ай бұрын

It appears to be snowballing to an avalanche. I started gig driving a bit after the printing kicked in and i interest rates almost hit 0, because I was like "woah... hang on.... i need to get ahead of the inflation thats about to come"

@flatcapDave 3 ай бұрын

Do you ever listen to Dave Ramsey?

@chrisbooy 3 ай бұрын

I enjoy some of the theatrics 🙂

@flatcapDave 3 ай бұрын

Haha, videos called Dave Ramsey rant is always great

@janeenshean4255 3 ай бұрын

Needs not wants

@flatcapDave 3 ай бұрын

Debt is so paralysing. Glad I got out of it. But I used the debt snowball where I tacked the smallest amount first and paid minimum on the others. Once that was done I tackled the next smallest debt. I think that’s a good way if your debt is a result of long term bad money behaviour (like I used to do) If debt is a result of making some drastic decisions then I’d defiantly say tackling it interest rate first.