Which debt to pay off first?

[@Plebe-de-Badiraguato]

The Way it worked for Me was to start paying as much as I could to the lowest debt and the minimum to my other debt , once I paid that, I started with the second lowest and applied what I was paying to the first since it was paid off , and so for , I'm currently paying my last . Thank you for the advice you are the best Laura

[@almabayomi8065]

Hector Kc, Inhave done this as well and it really does help.

[@Uncle_Fester24]

I did this in 2019 and I paid off all my debts at this time. Thank you it really works.

[@Jesus-eg3yb]

I have introduced some of my friends to your methods and your videos too, you're truly helping.

[@nollaigire2367]

Have to Thank you to you Laura, i used your techniques in your videos to reduce my mortgage term to less than 5 years, your advice is excellent and I look forward to seeing more of your videos, you saved me many thousands of euros, thank you !!

[@lprestin55]

It's better than smallest to highest. But it changed the order I was using. Thanks for that!!!!.

[@garma53]

I’ve just found your videos tonight and have quite a few wow moments. Your clear explanations in difficult subjects are very helpful. You are smart and clever and entertaining at the same time. But most importantly you give us a chance to learn something extremely important. How to get control on our life and not being manipulated by bank sector. Could we have something useful about paying off credit cards as quick as possible please? Tricks or strategies? Thank you for all your effort. Where have you been so far? We need you!

[@Jesus-eg3yb]

Thank you so much, Laura, I'm learning so much from your videos and I always look forward to another.

[@laurapitko6404]

Thank you Jesus! So happy to hear that!

[@bossclub3]

I'm working on this now. Thanks for the debt plan.

[@richardhonrado]

loving your content, please continue putting up financial advice

[@laurapitko1805]

Trading has been more easier with janet I invested $10,000and got a return of $40,000

[@laurapitko1805]

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[@laurapitko1805]

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[@genevievebuentello]

You are so smart and generous to share your strategies with the world. I’m going to try these exercises and am confident that your advice will help greatly!

[@coreymiller7586]

HI. Thank you for your video. Once you have paid CC #1 do you apply the $150/month to CC#2 ( So you would pay CC#2: $50+$150, until balance is paid) and then put that $200 towards Medical Bill in this example.

[@KevinBoutin]

Yes, this is how it becomes much faster as you go.

[@cynthiagraham4046]

Investing advise such as stocks vs real estate would be nice for a future video

[@terrim.602]

I would love to have videos how to get into investment real estate!

[@LuieBme]

Can you make a video on how to set up auto payment or any other ideas

[@CC-ck2st]

After we have organised what strategy should we use to clear them faster?

[@zuspiro79]

Thank you, Laura. I just made my spreadsheet, but I added a slight change. I have a few balances that are on 0% balance transfer promos. They end either late-2020 or mid-2021. I highlighted those in blue to alert me that even though they may show to be towards the top of the list of debts to pay first, that I may want to skip those and go to the next debt on the list that is not on a promo rate. Would you recommend doing this so that I can pay debts incurring interest first, while still taking advantage of the 0% rate on my other debts?

[@terrim.602]

Great question!

[@KevinBoutin]

Assuming you won't be paying penalties when these promos finish, yes. Recalculate the priorities in the spreadsheet when the situation changes.

[@lprestin55]

This is a great idea because it frees up money each time you pay off a debt by increasing your cash flow. More money builds up in your account and you have extra money growing in your account. are there any ways we can use that extra money to pay down more debt or to invest it to make more money?

[@jeffsaraiva7099]

Thank you Laura! This has helped me. Cheers

[@reynaldocruz8978]

very good but I cannot find the spreadsheet

[@FarhanSyedme]

#LauraPitko would you add interest PLUS minimum payment when you talk about the cashflow score (cuz they both are deducted from the bank for payment each month) and the cashflow saved would be the total amount of interest and minimum payment saved, correct?

[@laurapitko1805]

Trading has been more easier with janet I invested $10,000and got a return of $40,000

[@laurapitko1805]

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[@laurapitko1805]

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[@ThePowerOfCryptoCurrency]

Unfortunately this method is irrelevant to helping increase your credit rating. There was no focus on the finance rate with the credit cards which is very important.

[@JuguemosconSentido]

Simpler to start with lowest debt

[@AdrianaGonzalez-zj8xt]

I would love to see a video of how to invest in stocks. My husband and I have been talking about that for a while but we don’t know where to start.

[@terrim.602]

This is a wonderful way to start. Just turn off the TV, have the kids go do some reading time in their rooms and just start writing your debts and doing the calculation. Next evening put them in order of lowest to highest. Next only pay minimum amount on all of the highest scores. Don't stress at this point!!! While you are only making the bare minimum on all the highest debts, start paying extra payments on the one bill that is the lowest score. **I ALWAYS write 2 checks and call the debtor to tell them I want the second payment applied to PRINCIPLE ONLY. If you don't, they will often put your payment toward interest for them. Not good for you. Once that payment is paid off, move the second lowest score in first place and use all the money you paid for the first debt to pay this one off, and so on. ** Key: do not invite debt unless you have absolutely no choice, and pay medical bills last. You got this! least double the low

[@magikmaker]

Could you maybe elaborate a bit more on why a $150/mo payment for credit card #1 has more strain on the cash flow than for instance a $2000 mortgage payment? I'm struggling to see that. Thanks!

[@Molaleni]

magikmaker you need to work on increasing cash flow as soon as possible. Increasing your cash flow by $150 will happen a lot sooner that increasing your cash flow by $2000.

[@michaelcraig9227]

magikmaker increasing your cash flow is the key. More cash flow more debt elimination. It’s the quickest way to crush the debt and gives more financial flexibility

[@ayanaholder368]

Don't look at the amt of money of each payment, look at the number of payments remaining. That is what is used to determine which debts to focus on so that the cash flow is improved as quickly ad possible. Hence she advised to order nunber of remaining payments from lowest to highest. So focus of paying of the least amt of remaining installments first to free up that money u would have been paying, to add to ur cash flow. Hope that helped.

[@jeremywatson2579]

Was wondering what advice you can give for someone trying to renovate their home, I'm not handy at all so doing this myself isn't an option. What can be done from a financial standpoint? Thanks again, wonderful video.

[@fab2234]

I was doing it the way we've been told. I'm doing it your way, makes sense. Thanks, liked and subscribed

[@christopherdwatsonsr.8996]

Does this apply to car payments

[@KevinBoutin]

Yes and that is listed in the example spreadsheet.

[@julialeonard5915]

I don't understand where the score number on the left in the formula come from, can you clarify that?

[@julialeonard5915]

Never mind.... I just figured it out. :o)

[@sparrow7356]

i would like to have a copy of the document on google docs, because the one you shared cant be used

[@rlewis9032]

HELOC @ 4.19% vs. Home Loan @ 2.5% Which is better?

[@rbilardo47]

This is awesome, a no brainer, but most of us don't use our brains the way you do. lol... thank you for this, it makes perfect sense, most would think to do the opposite. You are amazing. Thank you again.

[@shareezmohammed7672]

Thank you

[@giovannagarcia1027]

Could you make a video of school loan debt 🙏!! I read if you have any remaining balance after 25 years of qualifying repayment your loan is forgiven? What do you think about that ? It seems if I pay the minimum I end up paying less if I do 25 years ... please help !!!

[@laurapitko1805]

Trading has been more easier with janet I invested $10,000and got a return of $40,000

[@laurapitko1805]

Text her on whatzapp

[@laurapitko1805]

[phone]

[@laurapitko1805]

Tell her I recommended you

[@gaureshthakare3129]

Hi, I learn from your video you seem like a training coach. Could you tell me about role of a home loan counselor.

[@terrim.602]

Is Laura still managing this channel? I haven't seen any new content except for the recession and stimulus content. There is so much more I would like to learn! It feels like she was going along about credit, budgets, Interest comparison, a couple vids on velocity banking ... then NOTHING. What is next after the first house is paid off? How do we handle biller bills that require time to pay off? If there's an emergency and we have to dip into the cash flow that's earmarked for the next chunk payment, how does this play into the scheme of things? If anyone knows of another easy to understand channel that deed dives into the what if's as defined above (or more..), please respond! Thank you in advance!! 😊

[@elichavez4568]

Wow! Don’t know where to start! I went through all of your videos on debt and I’m going to try out your ideas. I have a mortgage and school loan I need to pay off. If the system is what you say it is, which I don’t doubt given your logic that you presented, I’d like to thank you so much for getting this valuable information out in the ether! I watch your video around 11pm and couldn’t go to sleep because you had my wheels turning in anxiousness to implement velocity banking. Financial freedom is one of the most important factors in well being. So I can’t thank you enough, btw I’ve also seen the evolution on how you present your videos as well, this one is the most professional you’ve done. Your confidence and the way you articulate yourself about the subject is night and day! Do you do one on one advice..? If not no worries, glad you put the foundation out there!

[@laurapitko6404]

Thank you so much I am happy to hear my videos are helping you, thank you for the feed back, much appreciated! & I do not do one on one advice for anyone interested in getting more help on Velocity Banking I refer them to the course that I took because after taking it you will have full understanding of how to implement the strategy that you will not need my advice :D, but if you have a quick question I am happy to help!

[@lprestin55]

I would like to know what some of the best investments you have encountered while still keeping the money liquic.

[@Starboy23-c8s]

i cant find the Xcel SSheets

[@Tommylee1242ATGMAILDOTcom]

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[@TengizAdamashvili]

quick and simple, thank you!! I don't have any debt though. Is it good to be paying off credit card balance in full every month? Or am I missing out on something? Please let me know.

[@KevinBoutin]

What you are doing is safe and controlled. Well done! Just make sure you keep your credit lines 'active' by using them periodically. Auto-paying your cable bill via one card and paying it off every month is perfect. We don't want those lines of credit to close due to inactivity thus hurting our score.

[@SP-mg3li]

Where can I find this spreadsheet at? I can't find it.

[@Tommylee1242ATGMAILDOTcom]

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[@luisortegon6508]

Great 👍

[@laurapitko1805]

Trading has been more easier with janet I invested $10,000and got a return of $40,000

[@laurapitko1805]

Text her on whatzapp

[@laurapitko1805]

[phone]

[@laurapitko1805]

Tell her I recommended you

[@salvadorcastellanos1089]

Pay off your smallest debt first then use snowball effect pays debt quicker

[@laurapitko1805]

Trading has been more easier with janet I invested $10,000and got a return of $40,000

[@laurapitko1805]

Text her on whatzapp

[@laurapitko1805]

[phone]

[@laurapitko1805]

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[@DavidSmith-vo3nd]

Thank you. I have shared this :-)

[@ThePowerOfCryptoCurrency]

Unfortunately this method is irrelevant to helping increase your credit rating. There was no focus on the finance rate with the credit cards which is very important.

[@anturodrig7772]

I need a wive like you for moral support. However I already paid 5 home and I am hammering down 4 more mortgages. debt free in maybe five more years or less, I love your videos, thank you sweetheart

[@txdragon22]

Love the video... it will help a lot of people with their debt... but I would not use the credit cards in this cause I would use your other video with the line of credit to pay those off.. but that's just me...

[@Nigromancy]

Gosh your beautiful and super clever, talk about having it all! Thank you for the advice!

[@gautambajracharya9074]

That’s not correct! Pay debt that have highest interest rate first. Say you pay 100 for a loan that has 20% interest, so roughly you would not be paying 20 dollars interest in one year. But if you pay 100 on a loan with 10% then you are saving only 10 dollars in one year. I know the savings change if you make a monthly payment but is still in same proportion. The ratio you mentioned does not work if you payment period is different. For instance you pay less money per month if your loan term is longer. You should not pay your credit card with 10% interest by taking another 30 year loan with 15% interest just because you will pay less each month. You would be paying that money for 20 years more.

[@KevinBoutin]

Think of it this way: I have 10k of debt on one card at 18% interest with a monthly payment of $400. I have 2k of debt on another card at 11% interest with a monthly payment of $100. If my extra cash flow is $350. I should use it to pay off the 2k debt first rather than the 10k debt. Continue to pay the monthly payments of $400; however, that extra $350 should be combined with the $100 minimum payment for a total of $450/month. This will mean it is paid off in 4.4 payments thus freeing up that $100 payment for a $450 total cash flow. Then instead of paying $750 against the 10k debt, you now have $850. Doing the interest math is wise, but in this example, cashflow is very helpful.

[@ThePowerOfCryptoCurrency]

Correct! Unfortunately this method is irrelevant to helping increase your credit rating. There was no focus on the finance rate with the credit cards which is very important.

[@Tony-Montreal]

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