The Fastest Way to Get Out of Debt!

The Fastest Way to Get Out of Debt!
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[@sweettoothmomma2621]

"sell everything so even the kids think they are next" 🤣🤣🤣

[@kadijabah6175]

Lol

[@ganeshgoudcelamoly860]

Lol 😂

[@davidbrooks8809]

😢

[@alizehustle9385]

😂

[@cherylscott6245]

😂😂😂😂😂

[@LindaLane-qz4jp]

Amazing. “ITS TIME TO BE RICH, DO THIS”

[@LindaLane-qz4jp]

The first step to attaining wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.

[@LindaLane-qz4jp]

I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.

[@LindaLane-qz4jp]

Get to her..

[@LindaLane-qz4jp]

*Advisor Elizabethgreena*

[@cjhoward409]

We did this and now we have no mortgage, and live comfortably. 😊

[@lucleadergaming3487]

How fast did you pay off your mortgage? We just bought a house in April and now we're starting to focus on paying it off (our only debt). $267,000 just seems like a lot and these extra payments aren't visually impactful and discouraging

[@cjhoward409]

@@lucleadergaming3487 Make sure whatever extra you are paying, that it’s solely principle payments. And get an amortization schedule from your bank that holds your mortgage. You will see a significant difference tear after year in how much interest you are paying. It’s also quite the eye opener. We threw every extra dollars we had on our mortgage principle payments. We sold that house and moved out into the country and my husband built our house. He was a building trades instructor many years ago. So, that has saved us 100% labor costs. We hired out for some plumbing mainly.

[@bmanscire]

Dang. Good job guys

[@bradleygraves5915]

I'm dumping 5x principal payments to pay off in 7 years. It will be amazing if I can pull this off.

[@davejohnson4311]

I have 5 K I got from work as a bonus it’s the most I’ve ever had deposited at once. I have $5,500 in savings and about $400 my checking. How do I get over the emotional attachment of having a somewhat large savings amount to pay off debt?? I have about $4000 in debt , but will be able to pay all that off in about 11 months more of just making the payments I owe.. what’s the benefit?? Blow the chunk and clear it now, or continue to make payments so I have a nice savings still at the end of the road?.

[@NerdSteve]

My wife and I did this 15 years ago - because of this advice. We were debt free in 5 years!

[@Chosennnn]

“Take 16 extra jobs” - I felt that. I don’t have 16 extra jobs but I’m working as if I did. Last week I just paid off my car and by Sept 2024 I would be paying off all my student loans. Which would mean that I paid off all my debts in 21 months. No one really talks about the emotional, spiritual, mental strain it has and the discipline you need to be able to pay off all your debts in 24 months. Being a slave to debt really takes a toll on you. But I’m almost at the finish line! 🎉🎉🎉 Praying for everyone out there also trying to make it out of debt!

[@superfugewasbrown]

I'm just good with numbers and after finally taking control of my finances I started to do exactly this before I even knew it was a thing. After my debt and everything was paid off and a divorce fees. I couldn't believe how fast it seems when your done. Took me 5 years to pay off 50k. I was the only one working making 35k a year. 12 hours work days. I'm so much happier now.

[@scottmoore3113]

This works folks! Regardless of your salary, amount of debt or cost of living...It works. I started this in January 2020 with $25,000 in debt, 2 leased cars and a $240,000 mortgage. I'm currently on Baby Step 6, anticipating reaching Baby Step 7 by June, 2025.

[@MarkZimmerman]

Different topic. Im just curious, why lease cars when you can just own them? I don't understand why people lease? Its like renting to me. Always a payment. I own my car and no payments. Only regular maintenance payments for me.

[@MrAdrian017]

@@MarkZimmerman multiple reason. One being that if you buy a car, it normally depreciates, so technically you are losing money. Also , leasing is cheaper than a car note. It all depends on what you prefer

[@MarkZimmerman]

@@MrAdrian017 Ok. Ty for your response. But I rather have those car payments be transferred to somewhere else in my budget. Once car is fully paid I can put those same amounts in so many ways. It can be put towards other debts or just put it aside incase car breaks down and need to buy a new one.

[@captivated388]

But how much is your salary?

[@reesercliff]

@@MarkZimmerman biggest reason is if you own a business you can write off your lease in your taxes as the company vehicle. That’s what my multimillionaire father told me.

[@treyk2932]

I’m currently doing this, and I’ve knocked out 1.5 out of 6 CC’s. Dave is not of this planet!

[@Bibleguy89-uu3nr]

Awesome keep going

[@richcreager7877]

Followed Dave's Plan 16 years ago,took 20 months including house. Been debt free ever since, I live life on my terms. Retired now at age 56.

[@TowMan127]

This works! My buddy sent me one of Ramseys videos and I shared it with my wife. We were able to pay off our debt in 17 months, save money and relocate out of NYC. The videos and info are great. Thank you Dave Ramsey!

[@tellurye]

Not sure why people need to be told this or buy a book from some random dude. - its common sense. Stop buying stuff (duh!) pay off the highest interest rate one debt at a time and keep doing that (duh!). Its like doctor phil makes $80 million a day for common sense "Dr. phil, I have a drinking problem" Stop drinking and get counseling" (duh!) But I guess there are m0r0ns out there that lack common sense, Im jealous I didnt think of it first. I just didnt think people were really this st00p1d. Im glad you got outta debt, just surprised you didnt know how, initially.

[@beck943]

The only other advice: don't vote blue like they do in NYC, or else your new home will turn into your old one that you left!

[@TowMan127]

@@beck943 I’d never!

[@robertsalyers1351]

I've been $40,000 in Dept before and I did the Snowball thing and It 💯 % works...my house, my truck and my wife's car is Payed Off now

[@fabmontreal25]

Debt Snow Ball works.80% behaviour. 20% head knowledge

[@doughboy_6439]

Indeed. Actually it's "mathematically optimal" to list the debts in order from the highest interest rate to the lowest and pay them off in that order, but in practice, lowest amount to highest amount is more likely to actually get done while the highest rate to lowest is more likely to be dropped, because actually paying off a debt triggers a "success" signal and makes you feel like you're getting somewhere.

[@PureLace]

"Sell so much stuff the kids think they're next" 😂😂😂

[@hiawathaclemons]

NOW I SEE why my mother lives so comfortably.

[@martindeleon9863]

“We’re gettin outta DAAAHHHHT!

[@WeShareTheSameAffliction]

🤣🤣🤣

[@esethupakela2988]

😂😂😂😂

[@dinodan3296]

This works, but I would add some caution, make sure you have a solid budget plan in place and make sure you have a decent emergency fund. We went scorched earth without those and ended up having an emergency and even though we were getting other things paid, we had to put the emergency stuff on a card because of going scorched earth. We recovered and are starting to finish off the debt we used on that emergency.

[@wewhoareabouttodiesaluteyo9303]

This does not work if you get laid off. It only works IF you are working a job.

[@Zenivore]

​@wewhoareabouttodiesaluteyo9303 well, in all fairness, he did say get several jobs in order to get debt free.

[@mrdrivebytrucker]

“Only time you see the inside of a restaurant is if you’re working in one” AND NO STARBUCKS!!!

[@sarahburggraf907]

Beans and rice rice and beans

[@gordonkrueger9320]

It works. My wife and I were 100k in debt last year. We sold our cars and sold my boat, I work 7 days a week 12 hours a day. We destroyed our credit cards. It's amazing how much money we wasted on a monthly basis. When you have no debt, you realize how much money you actually have. It's amazing.

[@maryellenrittel7778]

This is scary to read and listen to. The astronomical amount of debt people have! We have always paid cash for everything except our houses. Never had any student loans. My husband had 2 jobs and I also worked. We figured that if you had to borrow (and that included credit cards - they are paid off each month) you couldn’t afford it. We are now retired, own 2 houses, have two nice cars, go on nice vacations once a year, etc. if you have to borrow, you simply cannot afford it. It really is that simple.

[@LarryBird-td2cs]

This man hands out the best free financial advice any person will ever need

[@bryanscheafnocker2526]

I’ve been in baby step 7 since 2021 when my wife and I bought our first house cash. And I just started listening to Dave Ramsey like a month ago. Just goes to show it’s not some secret. Just basic principals and basic math. I’ll be 30 next month.

[@gibblespascack1418]

When I got out of college and had my first job, I purchased Chevy Beretta for $12K (12% int) with a loan. I went scorched earth and put 50% of my net income into the car payments and lived on the other 50% of my net income. I ate Kraft Mac and Cheese(25Cents/box), hot dog, or soup, I was paying off 3 car payments a month(3 payments = $823/mo). It took me 18 months. When It was over, I started the brokerage accounts and 401K.

[@TstarHey-yx2li]

You can also purchase inexpensive veggies, citrus fruit. ( For health) How was your health?

[@gibblespascack1418]

@@TstarHey-yx2li I was 25, it was fabulous. Running a few miles each day. I was going out every weekend, doing happy hour diner with the engineering group on Friday, and skiing on Saturday. Life was good. After the car was paid off, that money was poured into 401K before tax and brokerage account after tax. It is the base of what I have today. In Rouses Point, the grand union did not have inexpensive citrus fruit and veggies were carrots after the growing season. You could buy they by the truck load and many did to supplement feed for their horses.

[@daniels.3062]

Dave just showed you the path! Follow it!

[@angeliqueotto5641]

Thank You Dave just paid out another debt and I have one more debt to pay out hopefully in the next three months 🎉🎉🎉. Debt free by Christmas 🎁.

[@omgthatsmymom]

We did FPU in our neighborhood in Sept 2019. At the time we lived our personal and business lives with the mindset that living under debt was “normal.” We had $113k in personal debt and $16k in business credit card debt. The first think we did was get the business debt free and now we never carry debt there. It’s been just over 4 years now and we’ve paid off $97k. We just have 14k left in personal debt plus 7k on the mortgage. There’s been some mistakes along the way. We’ve taken some vacations where that money could have gone towards the debt. We could have sold our camping trailer and stopped camping until the debt was gone (the debt would be gone already if we’d done that). But how we live and think about money has already changed. We no longer carry and new debt and only buy things we have the cash to pay for. We should be done with baby step two in less than a year. It’s been a huge accomplishment. Thanks Dave!

[@majorlaff8682]

'If you can't afford it, you don't need it.' My dear old dad.

[@elizabethfigueroa6811]

You don't see the inside of a restaurant unless you're working there.

[@ButteryWhiskers]

We did it! Now we’re net worth 5+ millionaires

[@Wriggs74]

Can you smell that?

[@davidbrooks8809]

😢

[@bradleygraves5915]

Now on baby step 6. It took a few tries of "sort of doing it Dave's way." Finally got off my butt. The freedom and flexibility I now have is amazing.

[@empressmartin832]

I only have two debts my mortage and my car loan. Im trying.

[@karishafer9670]

I love this we are doing this now and literally forgot we pay on cellphone...nope done done now add to next bill. Just paying off those Lil bills we felt so good. Now 3 more bills n then we hit the house!

[@Beyou1262]

This works!! WE’RE DEBT FREEEEEE!

[@maximusfreeman7140]

It fucking works all the time .

[@sharonjenkins8388]

Works for me

[@lisamcgill664]

Thank you for helping people

[@billygrissom3161]

This works. Just listen.

[@lindaswenson741]

You’re awesome Mr. Dave! I followed your steps a few years ago 10 more months and we will be free of any debt!❤️

[@taylorferreira2041]

Did he just say drank the Kool aid lol😅

[@osvaldocervantes4139]

I did the snow ball beore hearing dave,,having less bills every month is amazing versus multiple bills.

[@Em-im1yz]

This works. Just got 1600 on a credit card and education debt.

[@lafettemorgan6676]

I will follow this path as religiously as I can, thank you. ❤

[@TedMusgrove-th1gs]

Working on it. I've a plan for the next 5 years and will have everything done. Due to the fact, I've no children to send to college. But, I'm not able to work more. Our household is disabled. But, we are trying to work on something, that we can sell more.

[@antoniohamilton9506]

Absoulety works! My wife and I out of doubt in 7 months! We have no credit card debt!

[@wealthbytes]

It depends on the situation and debts. Snowball and avalanche both work, but you often have to have discipline to do the avalanche. It can often save you more money, but the fastest depends on your debts. The process is still the same. Pay first with all extra money, pay it off, roll it into the next

[@annoyingpokemongaming9577]

I like the debt snowball better. It gave more motivation than the avalanche.

[@Bibleguy89-uu3nr]

@@annoyingpokemongaming9577 Yea, it’s logical but not always realistic. It’s sort of like saying I’m going to eat healthy for every meal and never make a mistake, and the reality is that probably won’t happen

[@Bibleguy89-uu3nr]

@@annoyingpokemongaming9577 I was agreeing with you. I was saying that starting with the highest interest isn’t always realistic because of the psychological factor. I’m debt free as well and used the snowball.

[@TheAazah]

The debt avalanche method requires discipline for consistency, which can be a downside for some people. While the snowball is mainly for anyone who wants to get rid of debt it's less overwhelming.

[@wealthbytes]

@@TheAazah it really does require discipline. If you can do it, you can often save thousands in interest charges depending on how much you owe

[@user-ds7wj9yu9t]

This guy is a lifesaver, been watching his videos for the past 2+ years, love them ❤❤

[@Blessed69666]

Take 16 extra jobs😆😅

[@keithbrianlewis5123]

Wisest words I haven't heard in a long time. Very true on so many levels. Thanks, for sharing.

[@Gelo202]

Love this advice... 🎯 😊

[@SoldierOfGodKJV]

I believe God led me to Dave Ramsey. My finances were out of control.

[@tellurye]

I never heard of the smallest, I was taught to attack the one with the highest interest rate and knock that one out first.

[@user-kpkxgtj]

Generally the smaller debts (credit card, payday loans, auto / title loans, etc) tend to have higher annualised interest rates than for example a mortgage. So you're essentially saying the same thing.

[@sharonjenkins8388]

It really works

[@theindycamaro]

We did this but attacked the biggest debt first, the house. Then we went for the 1 of 2 cards we have with the higher interest. We paid everything off in 2 years. I worked tons of overtime. It was exhausting but it was worth it !

[@mm4847]

I wish my hubby would let us do that. 27k could be paid off in one year but he is freaked out if I pay 200 extra dollars on bills

[@L.Fontein7]

Why is that? What is he afraid of?

[@cjhoward409]

Show him all his hard earned money he’s giving to the bank in the form of interest. Just giving it away. I know my husband and I hated that ! So while we were paying down things, I was throwing an extra $100-$300 a month on the principle each month ! Was tired of just giving the banks our hard earned money. But hey, if he’s ok with just throwing away money, tell him to throw some my way too. Same difference ! 🤷🏼‍♀️

[@mm4847]

@@L.Fontein7 not having enough to feed the family of seven but I make sure that is take. Care of first

[@meleenabradley3017]

I understand you Mm, mine is the same way!

[@robertsalyers1351]

Get a new Husband

[@LisaLivingFreeInFlorida]

I’m doing that as we speak 🗣️ ❤thank you! My church offers The Financial Peace class ❤as well!!! Thank you

[@TstarHey-yx2li]

Free?

[@TstarHey-yx2li]

What does it entail

[@rohitvarkhedkar5038]

I did this when I got my first job, it really helps!! I did the exact same thing and was debt free in 24 months

[@notmything6690]

The path is don’t get into debt to start with. Except for your house. Which doesn’t need to be as big as you think.

[@pmr259]

It definitely works...

[@LivingLifeInTexas1836]

$2100 left to go!!! June paycheck will be the last one that goes to debt. 💜

[@krystalgreco]

Thank you, Dave

[@rwrobwalker]

Firstly, move money around as best you can to reduce interest rates. Put as much money as you can on the lowest interest with ideally the smallest amount of debt on the largest. Once locked with the lowest interest rates you can get, then tackle smallest to largest.

[@richardsmith5394]

Thank God I did this and now accelerate my mortgage I can live comfortably on my Social Security.

[@throwaway-lo4zw]

we're getting outta daaaht

[@lilianabatista9867]

I'm making price tags for my kids .... make them stand outside with a for sale sign

[@mheninger99]

Lol 😂😂

[@mheninger99]

Make a hug booth or something! Lol ! Gimme a quarter i'll give you a smile, 50 cents for a compliment, $1 for a hug or high five! Lol

[@maxi2g]

Took 4 years to clear off $217K in debt doing this...

[@ciggytwiggy]

The snowball is sooo effective

[@bmanscire]

Thank you Dave and love to e euro e who’s done this! You all inspire me so much!! 🎉

[@ver_davis_2007]

He's right!

[@jenniferalvarez7192]

How do I get my spouse on board? Instead, he would rather spend money somewhere else.

[@abdullelah2324]

Thanks 🙏🏼. mr.dave. In your method ill finish my secondary loan this year … Honestly i am suffering the last three months, yet happy to know that ill finish my 14.300 in this November instead of 2027 ❤❤❤❤❤

[@dawndesmond-rast2528]

Im just now starting this. Did any of you worry about your credit score? Im not behind on anything, hubby is a 26 year combat vet and seriously blanked for a few months (or so he says) Now, I am trying to fix this hell he created.

[@nakone8342]

ATTACK!!! Thank you Dave!!

[@tedsalley9623]

That was our plan and just as we had a pretty good size snowball unfortunately we are faced with having to put a new roof on one of our rentals because it’s leaking now.We we’re planning on putting my inheritance funds onto paying off our last credit card and putting some in our emergency fund account, but we’ll have to use some of it for the roof😏.Oh well that’s the life of landlords. Since my 74 yr old husband is disabled and I retired and help him w our 4 rentals (7 units), we’re planning on selling 1 or 2 of the rentals to eventually pay off our last mortgage on 2 of the rentals combined and our own personal home.Then hopefully we’ll be able to retire completely!!!

[@saltwaterheartstudio]

It works! Thanks Dave 😊

[@madhukumar75]

Well said 👍

[@KZSoze]

It’s not necessarily the fastest, given you aren’t attacking the ones with highest interest first, but it is effective.

[@LisaLivingFreeInFlorida]

I’ve paid off one cc out of 9 and had to purchase a gently used suv 🚙 plan to pay it off in less than 12 months

[@johnmurphy2155]

Chapter 7 gives you a clean slate

[@markovujanic3195]

I agree. The problem is most people can’t do that.

[@sharonjenkins8388]

I had 16 credit cards and I used the snowball method and I am down to 1 card which I am going to pay off in June 😊

[@tawtone5103]

It worked!

[@frozenfirestix]

Thankfully I grew up not in a city, so this was common sense even before I came across Ramsey. Believe me.. get out of the city, stop spending on things just to try to impress people, and you will be fine

[@traceyhill702]

Do we still pay the minimum on the others while attacking that first debt?

[@gageramsey2200]

You just gotta throw in a litte bit of fun/ victory in all that or you will go crazy.

[@bergman8520]

Fun is what got you into debt. Erase the debt first the pay in full for any fun you want.

[@rk-fb5hw]

This is good in principle but attacking high interest rates will achieve faster results.

[@godisgoodallthetime7622]

It works. Really works!

[@immaloveyouanyway]

I need to cancel my credit cards fr. I sent snowball but will rack em right back up and do it all over again like it’s a game challenge 🤣🤣😭😭😭😭 it’s not funny bc it’s all my fault.

[@anomalysa3]

Same here 😂

[@kimberlymay9497]

On it, and it actually feels good 👍

[@Ohokayokay763]

Love me some Dave!

[@bradc7002]

Credit companies must hate this guy

[@jenninemorel7693]

Please show me where to find said "16 jobs"😮

[@JooIsOnPlants]

I need advice for the constant car financing having to replace the car every 8 to 10 years is their cars that last more than 10 years

[@mheninger99]

Find a good toyota that seems to last for ever! No need to buy a new one every 8 years!

[@yadip65]

This is exactly what I did and it worked 🎉

[@Wriggs74]

Yep, I'm actually doing that at the minute, but was there a punchline? Am I doing it wrong.

[@PsychPatric]

Preach , preacher !

[@tagapril42]

Fastest way to get out of debt is to be able to get the money to do the debt snowball. You can't do the debt snowball if nobody will hire you.

[@danielalonzo7445]

Simple solution is don't use credit cards

[@georgeginel8932]

Very wise 😊

[@yosminehampton]

I'm getting back to it

[@IRENE-iv4xl]

Everything but the house 👌🏿

[@coachanthonyburgos3971]

Snowball method people will pay more interest than the avalanche method

[@mheninger99]

But there's a study that shows the snowball people stay outta debt more than the avalanche people....

[@mrmuffcabbage9421]

Dave Ramsey is for people who need the small wins of snowball method for the behavioural wins. Most people who can understand the math of the avalanche method are not buying things they can afford. Same reason he preaches cutting up credit cards.

[@coachanthonyburgos3971]

@@mrmuffcabbage9421 exactly. Like When in fact those of us who use say a credit card that gives us 2-5% cash back gives us those % numbers in discounts because we never carry balances on our credit cards because we use credit cards like debit cards

[@mjf609]

What if no work offers ever come? It is beyond surreal.