How To Start Paying Off Debt?

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How do you start paying off debt? Do you pay off the one with the most interest? Do you save up your money? It's not a simple answer. Watch this video to discover Dan Lok's way for paying off debt.
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#Debt #HowTo #StartPaying #Debtfree #PoorPeople #RichPeople
This video is about How To Start Paying Off Debt?
• How To Start Paying Of...

[@johannalerumo]

"Focus on increasing your income, not lowering your debt" So true. Thanks Dan

[@fridahkawira840]

6months Is it possible to work without debt

[@rethinkrich]

I have been debt-free for 5 years! It's still amazing to see how many people are buying "things" that are "costing them money" instead of "paying them money"!

[@shadinaonill7957]

"in life you don't get what you want..you get what you deserve. " This absolutely true. Thanks Dan!

[@ambhoy]

"Paying off that 1st debt that burdens you the most emotionally" Very good Dan.

[@Krishnaeternal]

"Small success lead to bigger success" This one resonates most for me. The department I work for require annual declaration that we are debt-free.

[@zanmohdz]

I watch this video before & I did this.. Couple of months before. Now almost 60% financial problems settled already. spend time and money for me to learn more. Its a Superb Idea Sir.. hats off to you...!

[@Smidday1]

1:17 I recently was asked in an interview why I quit my job to go to university and when reflecting I think this video pushed me to quit my job to do my accounting degree, it’s a good debt, I didn’t get the job but I immediately applied to another job, I’m on target to getting a first class degree in accounting too, thank you Dan, you’ve changed my life.

[@Smidday1]

Also I work in a bank too, thanks to my studies and Dan!

[@albertsipaco7102]

SIFU, I am blown away at how relevant your teachings are to my life...whew! I feel like I'm tight there and listening to you in person. Only God can do this! You are a blessing.

[@my_onlysunshine9143]

I’ve been following your channel for motivation and to inspiring me to change my life for the better. I’m 14 and I am learning so much things here that even school doesn’t teach. Now I learned that Debt as Leverage can help you be it good or bad. I need to increase my cash flow and my skill set. In order to help me generate more income. Thank you Dan for teaching us and bringing value towards your community :3 Looking forward to the next videos you upload x

[@veronikaritschel1551]

Wow awesome! I wish I started that young. Keep up the awesome work and I'm sure you can conquer everything you set your mind to. 👍

[@galaxyride4944]

I lowered my debt. I started my debt with 1.200 and ended up with. 0.00. I n just 1,5 year. Without increasing my income.

[@SharifAhmed-mv6tz]

What a good lesson! Thank you Dan Lok for everything. I learn from your lecture that clarity is power, vagueness is weakness.

[@catapila8557]

Pay off the debt that has the biggest psychological effect on you. I get this! Thanks

[@datboiii]

Started watching your stuff a while ago, maybe two months. I was fired two years ago from my first and last job and never looked back. Listened to your audiobook not two weeks ago and gotta tell you, never had a fire like that under my ass. My entire train of thought has changed. I have the feeling of being chased to just fucking do something to try to be better financially and do that shit NOW. Found a piece of real estate I might invest in soon. The real estate I have now is going quite well, just the one client who is demanding and is starting to cost me more than he is giving me. I really like the idea of paying off the highest emotional debt first. Totally agree that paying the people who nag off first is definitely in my best interest long term. Thank you dan!

[@kimsonpro]

I started educating my close relatives on debt in the last few months. We were so afraid of it that we couldn't level our income up for so long. Debt is not just a problem, it is also a solution. I'm benefiting so much from it. Damn, how come this is not common knowledge already. Took me 31 years.

[@riccccccardo]

I owe a couple of thousands this video made me feel a bit more relaxed.

[@Ambrodilplus]

Did you paid your debts?

[@riccccccardo]

@@Ambrodilplus yes I was physically attacked for driving while black by white supremacist so got a large payout and paid off all my debts 😊👊🏾 without payout I was planing to pay off by 2021 but ending up paying off my original 5000 debt in 2020 which was great! Thanks to the white suprematist prejudice it actually helped me out in this case even though was stressful at the time it all worked out thanks.

[@MarcusCliff]

40k house debt £1060 debt car 3k debt trailer Total £44,060 10 years to pay off if i thought like i did before. Im going to take my new skills and try pay off quicker i need a better income so that's what im going to develop first. Thanks Dan time for me to go to work 😊

[@OscarMartinez817]

This guy is gonna go down as a legend man 💪🏼 keep it up 💯

[@kathrinebarnes9633]

Anyone else hear it at 1:02? No? Well, PHENOMENAL job to the video editor. Almost seamless.

[@l67swap1]

Im a simple person.. I see a dan lok video.. I watch and hit like :)

[@Lyma12190]

The minute you said, “you know which debt I am talking about” when covering which debt to pay off first was like an answer to my prayer. I had been asking myself which debt to pay off first.

[@alydscreativeworks1702]

Thanks for the tips Sifu Dan, i never want to be in debt in life. When I was caught in this debt situation. I never new the way how to get out of it. Until i come to learn the tips you spoke just now. Tips #3 caught my attention how the psychological debt could torment a person emotion and surrounding, the more I ignore the signal, the less i get to achieve to payoff the debts i have. Even though I was working on getting more income.

[@socorropatino215]

Thank you Dan Lok! The first time I watched your video was about a month ago and it has changed my life! I been paying off my debt, same time I save $250 every week! The end of next month I will be debt-free! Then change the ratio from $250 to $500 a week! And continuing watching your videos!!

[@vipulbhansali1357]

I JUST DISCOVERED YOU DAN AND THANKS FOR ALL THE CONTENT MAN PROBABLY I WOULDN'T HAVE GOT THIS MUCH CONTENT ANYWHERE FOR FREE.THANKS A LOT 🙏🏻

[@coltsutton5669]

You're in for a treat :)

[@mitchell10394]

You okay?

[@elvedinsumic1695]

It’s called common sense

[@latishacampbell5764]

The method that you explain and prefer is called "Debt Tsunami". Paying off the debt that causes the most emotional burden. Good stuff...

[@therealnigeria898]

when you said I don't want to think of how much my debt is, that is so me.

[@ethan8]

☑️ focus on raising income but not lowering the debt ☑️ Use devt as a leverage to invest in myself ☑️ Clarity is power, be clear with the number. I had good debt then it turned to bad debt. I am not gonna pay off cuz the inflation will shrink it. Like you mentioned its better to focus on making more money and faster. I am working on scaling my online business to increase the high income skills.

[@broly6423]

My debt at the moment is $7,300 but I’m working to pay this off, and never get in debt again . Although I have 2 jobs I work for a company and the other is my business, it makes me dlr but not enough to pay it off. Like you said , I’m learning a new skill..

[@TheChemist2159]

Man I wish I had 7k in debt... mine is student loans and it's at 188k lol I'm on my way to pay it off in 3 years :(

[@zaakejohnpaul2029]

Wow that is nice bro

[@sangkim6520]

This is actually my first time leaving comments on youtube. I just saw your clip and was very encouraged to learn more about your logic on paying off loans or debt. Having said that, here's a little bit about myself. I have relatively big amout of student loan for my schools from undergraduate to dental school. Being honestly, it has been too overwhelming to dare to think about the exact number of it. However, as I finished watching your clip, I have actually wanted to hear more of your advice on paying off this loan and on investing in myself.

[@cvilla5631]

Those Crazy Rich Asians got nothing to do with Dan "The Real Crazy Rich Asian" Lok.

[@isabelcapayan952]

Thats what I'm doing right now ! Payoff the smallest card and then shred it not to get tempted again ! It feels so good ! I think I learn it from you!

[@nathanieleden8209]

Had my attention the moment he pulled out that sword!

[@wegap2012]

Swords tell stories. This guy is good.

[@uglyduckyr]

Hi Dan! I just finish reading your book F.U. MONEY. It’s amazing, it made me realize how much time of my life I wasted. But no more, I will follow your teaching, and focus all my energy to improve my skills to make my F.U. MONEY. Thanks, you really are THE MAN!

[@vawn8512]

Ive just started watching your videos today, just last night I started budgeting my money with my manager. But I want saved money to grow, and I want to start a business. I'm taking notes on what you on saying from each video so I dont forget

[@sovathacademy907]

So good ideas! How to pay off debts 1-Focus on Increasing more money /income : use skills to make money 2-use good debts to invest in yourself like skills 3-List your single debts that you have ...car loans, credit cards, banks....etc. Pay the difficult debts first!

[@NikaMoeiniCoaching]

"You don't have an expenses problem, you have an income problem."

[@hassanmohammed2790]

So true!!!

[@Ezio2909]

Money is debt. You can have good debt - income or bad debt - expenses. Ex: You can buy a house to rent it - income or you buy it to live in it - expense. The problem with money is debt is inflation, governments print to loan, and every time that happened resulted in war ... history is the best teacher to bad we don't learn from it...

[@EdwordsMedia]

I love this mentality approach. Lot of diferent than Ramsey.

[@joyjavier3658]

I learning a lot from you . Ihad a business before and failed. I want to do a business again but carefil this time...i had a lot of debt.

[@capthafizurrahmansayeedret4440]

Good one amd helpful. Do you really tead all these comments or not?

[@matsbrenden6944]

i just want to say thank you for making this video. you have motivated me so much and im now ready to take action. i owed my friend 1,6 thousend dollars. and you! have made me come one step closer to my goal. ive payed off 600 dollars. and om on step 2. tank you so much.

[@manifestationmaven111]

I have so much love and respect for you Dan. So, so grateful I came across your channel out of the blue, I get SO much value out of your videos and knowledge you share. Thank you so much!!! Love and blessings to you xx

[@DanLok]

Thank you, Suman.

[@mikecrawford4966]

When I started my business ventures here in Texas. I began with salt water disposal location in oil field country, for vac-trucks. Bought the land, equipment, tanks, heaters, pumps and a place for a wash out service, where we charged $110 per wash out of tanker. I was over $500k in debt, but with fracking coming into play. It didn't take long to pay off, because we not only had oil trucks come in and take the oil we separated from the salt water daily, but we charged to pump the salt water back into the ground and any bags of gel that those vac-trucks needed.

[@mr_magazi319]

I've absorbed what you have just taught and I'm well ready to implement. Thank you for such powerful knowledge you have share with us.

[@SheLLBacK73]

I’m in my last year of debt, I caught myself digging a 10 year hole. But here I am seeing the light again. I’m a disabled vet with full time job and t shirt business that’s going strong at 2 1/2 years in.

[@ayotiM]

Who else is tired of hearing broke people giving financial advice??? THANK YOU DAN LOK

[@HappinessOrDeath]

Listen to broke people. Their advice could save you alot of pain and loss

[@doriswhite1348]

Yes, pay off the $1,000 debt first. If it had month-to-month payments, apply those payments to the next debt to be paid off, in addition to whatever else is used to pay that balance.

[@Android-Zen]

Student Loan debt for a Bachelor's of Arts degree is BAD DEBT. Trust me on this. Don't go into student loan debt unless you pick computer science or engineering.

[@phajej1993]

Android_Z what was ur degreew

[@magicmooney5011]

Android_Z agreed worst debt in my life 40k in debt for school feels bad man that a lot of money :(

[@TheKosmicGladiator]

Android_Z Umm, Law...

[@BadMannerKorea]

Android_Z It’s situational. If you want to be a psychologist or a psychiatrist going for a BA in psych makes sense. Just because you fucked yourself doesn’t mean you shouldn’t go in debt for a BA degree.

[@godsofolympus8938]

Did a BENG,, Trust me when I say even that is fucking useless...

[@kalsangchoekey1523]

I m going crazy with lots of debt due to bad investments....starting again with 2 jobs. a cleaning job early in d morning n then restaurant work....thank u Don for the help

[@thespaniard47]

I just discovered this channel and it is awesome!

[@ShawaebTee]

£10k of personal debt, i used a third of it to buy a embroidery machine for my business and to invest in crypto, the rest for foolish consumption. The good thing is living at home and following the tips, i can clear that in like 6-8 months

[@nitaloverichestmillionaire1866]

1 Month in June 2019 I must pay off all my debts

[@misspandesal]

you got 12 days left! Send us an update!

[@suganaj2015]

"It's Logical, but Humans are emotional being" , Small Success leads to Large Success"....... Great Thought Sifu, Thanks .

[@akj3344]

So basically good debt is when you take loan to buy assets(like house). And bad debt is when you borrow money to buy liability ( like car).

[@ItsShowTimePL]

Yes but it depends on your overall situation, stable income etc. Sometimes it is better to take a 100k car in leasing and pay it off monthly because when you get bored you can quickly swap it or sell it and you do not spend 100k for a car.

[@ryantyler44]

Akshay Joshi A House isn’t an asset unless you’re renting it out to others. Also a car can be an asset if it helps you get to places that generate revenue for you.

[@MrVinceTheBoss]

A house is not an assets bc it does not put money back in your pocket

[@HakunaMatata88]

house only become an asset when you rent it and it generates cashflow more than your mortgage.

[@jlina]

@@ryantyler44 good point, I was hoping he'd mention it. Plus overpaying or bad credit increasing the percentage you pay equals bad debt!

[@rmt3589]

I have over $20k in debt, and no income. Fortunately, I can put it off indefinitely and am trying to learn high income skills, as well as other skills. My expenses are currently covered, and I expect to make a successful information product by the end of the year.

[@Alvinladen]

"small success leads to bigger success" Great!

[@hijackdaairwaves]

Truly the only person i have seen on the internet that seems to care and make sense....Thank you Dan for your hard work so i can learn faster.

[@psjvirtualreality397]

Another great video. I’m glad you have calmed down with the swearing. 10/10

[@Yael-Tedariml]

Great to listen to you. 3 years ago I paid off the smallest debt. Now I am paying off the biggest whatever I earn I invest into myself. To feel better and to aquire additional skills I rest a lot and relax. Only inner peace lromots me.

[@tilarmeister]

step 3 blew my mind. it was a good one

[@simonethach7134]

When paid off smallest to larges debt it's called snowballs effect that Dave Ramsey is famous for. When paying highest interest to lowest it's called avalanche.

[@levoyageur6661]

Dan, Thx for sharing i used the same method to pay $31264 for my debt (C.Cs N' CAR L) in less than a year. No teaching. It was just my instinc how to deal with my debt. Glad to know now!

[@suleymanbolek7296]

Much Love From Turkey Dan!!

[@Mi-yj2pp]

Süleyman Bölek selam kral

[@jamrose6322]

"Start with simple thing and you will achieve great thing" quotes just got proved by dan lok.

[@2013danrazor2015danrazor]

Loving that Katana Dan, and im really grateful to start my morning with your video

[@sionglooi8170]

I got $62824.77 in bad debt with a current income of $96500 before tax, so I recently spreadsheet my sunken living costs and when they occur and made a schedule of payment for each debt items. Long story short... I be debt free in 29th Jan 2021 with my current income and expenses, while still having a little money to use as disposable income. I've taken a photo of the spreadsheet on my phone, so I know how I'm tracking.

[@anonymousguitarist9096]

Thanks sir for this free education...

[@nasibhossain9876]

My father has a lot of debts to pay but cannot pay them properly. Please pray for us. And if you have extra money to spend, then please consider donating some money. I would be forever grateful to you guys.

[@clemencechibidi6488]

Thank you for the eyes opening video. Watching from Zimbabwe

[@jeremiahjudemongcopa9793]

Before the year end 2020. I will have no bad debt and achieve financial freedom.

[@susymartins9531]

It's not a money problem it's a skill problem. I love this

[@D_I_am]

"Clarity is power, vagueness is weakness". Powerful!

[@omotayookunoye8174]

Try *spenzer111* on Instagram he’s 💯 legit

[@georgeygp4018]

Thank uu i sharing y re ideas with everyone specially with young workers :) its working slowly but working guys started saving money All the best

[@2Doodz]

THIS!!! Dropshipping on Amazon has been our way to pay down our debt. It’s something that we have been preaching to our audience. Find something that work and use that to better your situation!

[@tiniciayoung]

That's so true. I need to invest in myself! Thank you!

[@diamonds5855]

Debt, that word scares the hell out of me even now I`ve paid it all off. Did what I had to do, made decisions no one should have to, in the end all debts are now cleared up.

[@aaronbubba]

Loved it! Makes sense (the emotional one) Thank you!

[@nocomment892]

Video hasn't even loaded yet and I already know it's gonna be a kickass video

[@AstenRegisTheFlipside]

Love the Katana Dan. A real warrior weapon. Nice video.

[@nylasarmiento2898]

Debts will also motivate you to strive harder in order to earn more. When you have listed each exact amount of debt....make a monthly amortization schedule of how much you can pay and for how many months. This way you will have a goal in paying your debts

[@Imohlaapohko]

Thank you for this help! I so love your realness. Dam'n are you the only person that has common sense?? LOL

[@susandraws]

I 100% agree with you!!

[@mimin67]

Not an entrepreneur, but Dan consistency's in uploading is just amazing

[@Damious100]

You really have destroyed the saying "Save every penny". What a dumb idea when you think about it now. Very awesome lesson on how and when to wield debt! They don't teach these lessons in High schools

[@giaenergia]

Expectation is the name of the game when it comes to money. There's good money and bad money. There's good expectation and bad expectation. How you couple these two makes the whole difference in where your finances are at.

[@czar2074]

Mr Dan had no other choice then Success

[@the-ironclad]

Wow now I know how to get out of debt and I’m in high school with nothing to worry about. I’ll keep this skill in mind.

[@876seafarer]

Wow and I was mentioning someone about this yesterday ! Thanks Dan

[@kodec3679]

That little psychological trick is so true and applies to a lot of things like work ethic. Love your videos, Dan!

[@NikaMoeiniCoaching]

fantastic analogy Sifu

[@catdaddy5498]

I havent brought anything on credit in 20+ years. And im still in debt! People send me letters saying that i owe them $500 here $600 there. Smh. I got behind on child support. 24k. Thats all that i owe anybody. I inherited my paid off house... I have a used,, paid off truck,, my kids are grown, i live alone and work for myself as a selfemployed commercial painter. Damn... I have it pretty good.

[@marioybarra1382]

Dan lok the lead dog, straight leverage king!!!

[@pinengtv]

YOU CANNOT HAVE ALL THE GLORY IF YOU DON'T HAVE THE GUTS....!!!! so powerful....

[@cashcowvincentcao7754]

A++ on all 3. You make a lot of sense. Thank you from southern California.

[@ny2bama]

California is a debt state... Unless you're making 6 figures... Why I moved out of California. 😂😂😂

[@nicksmith-cx1fx]

Fuck the haters. Dan I love you man. I love your content and it has radically changed my life. I can't express in words how much gratitude I have in my heart for you.

[@aziaramirez3932]

I definitely need to work on getting experience and skills to improve my income. 😭😭

[@m.morininvestor9920]

Good luck to you, you can do it!

[@K3nU1983]

Focus on increasing income rather than on the debt. What you focus on is what you get. Very profound. Thank you for posting this amazing video.

[@nandykumar7879]

Good idea

[@941zeke]

I know i don't comment much on the videos, but I really do right a lot of this stuff down in my journal. It's like receiving talks from a mentor

[@MB18.i]

I have no Good debts yet. 🤔🤓😇

[@almarodriguez4104]

Thank you, Dan. I love you so much.. From the Philippines!!!

[@feralart]

Reminds me of the Debt Snowball by Dave Ramsey.

[@idonorpeace2026]

Clarity is power.... Thanks Dan Lok debt is not bad it is used to get better improve ones skill set. D person borrowing is more important than the debt

[@thisisnotok2100]

For me, the one with the highest interest rate has the biggest emotional power because of the interest rate hahahah

[@albertsipaco7102]

Sifu, I'm astounded by the lesson of this video. Its more than light bulb going on inside my head, It's a blinding flash of lightning jolting me awake. Thank you.

[@paulagreen8386]

zero... i don't have any debt. I find i have problems sleeping when i have debt. If i cannot afford something... i don't have have it. If i want something bad enough i save up. If you want to make a little extra money, skip a few meals and save the money you didn't spend on food. Keeps you slim too.

[@davidkim9898]

Honey, please dont skip meals

[@paulagreen8386]

Why not skip meals? I'm 50 years old, have practice martial arts for 40 of those years and i am still the same weight i was when i left school. I must be doing something right. Everyone in the west eats too much. It is healthy for the mind as wel as the body to go one day a week without eating. I just drink plenty of water on the day that i fast.

[@mitchell10394]

If you want to start a business and you wait a year for the 10k that would have been necessary for inventory, for example, then you haven’t been smart... you’ve been delusional. You could have made that money back many times with an operating business.

[@davidkim9898]

Oh ok you made it sound like you're starving yourself but you're actually intermittent fasting. Ok cool rock on

[@paulagreen8386]

@Mitchell McBrayer, I live in UK, i'm in the process of both relocating to Europe (so i don't get caught up in Brexit shambles) and... i'm starting a new business in the process. But that is besides the point... I'm already financially independent... You see... If i had the same amount of money Bill Gates had... I would have more... because i skip meals once a week. It keeps me slim, flexes my will power, and keeps me humble and grounded. Remember, "being smart" is finding what makes you content and keeps you feeling forfilled.