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Ep 177: Choosing a debt payoff strategy and why it matters how you approach it

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Manage episode 436318590 series 2988856
Contenuto fornito da rich & REGULAR and REGULAR. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da rich & REGULAR and REGULAR o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

You've heard of the Snowball and Avalanche methods, but which one is right for you? In this episode, we discuss the nuances of these popular debt payoff strategies, exploring the psychology behind each and how they might affect your financial journey.
We're not here to shame you about debt. Let’s be real, in this economy, it's practically a badge of honor to have survived the last few years without getting buried in debt. But, when you're ready to take charge, knowing the right approach can be the difference between a successful debt-free journey and a cycle of frustration.

We'll break down the pros and cons of each approach, sharing insights on how your mindset can play a crucial role in success. Because let's face it, sometimes even the best strategy falls short if you're not mentally prepared for the challenges ahead.

Takeaways

  • The snowball method involves paying off the smallest debt first, providing quick wins and motivation
  • The avalanche method focuses on paying off the debt with the highest interest rate, resulting in less interest paid over time
  • Your mindset is just as important as the math. Choosing a debt payoff strategy depends on personal preferences and financial goals
  • Using windfall money and balance transfers can accelerate debt payoff
  • Think of it like chicken soup. Do you want to pop open a can of Campbell's? It's quick, easy, and gets the job done, but lacks the depth and soul of homemade. Or, are you willing to invest a little more time and effort to craft a broth that will simmer in your heart (and stomach) for days?
  • Focus on making progress over the next 90 days to reduce debt before the holiday season
  • Reassess, adjust, and celebrate. Don't get stuck in a rut. If one method isn't working, switch it up. And remember to celebrate every milestone, even the small ones.

Links:


Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list
to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes
If you would like to learn more about investing, check out our newest class, Making Money Grow

  continue reading

188 episodi

Artwork
iconCondividi
 
Manage episode 436318590 series 2988856
Contenuto fornito da rich & REGULAR and REGULAR. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da rich & REGULAR and REGULAR o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

You've heard of the Snowball and Avalanche methods, but which one is right for you? In this episode, we discuss the nuances of these popular debt payoff strategies, exploring the psychology behind each and how they might affect your financial journey.
We're not here to shame you about debt. Let’s be real, in this economy, it's practically a badge of honor to have survived the last few years without getting buried in debt. But, when you're ready to take charge, knowing the right approach can be the difference between a successful debt-free journey and a cycle of frustration.

We'll break down the pros and cons of each approach, sharing insights on how your mindset can play a crucial role in success. Because let's face it, sometimes even the best strategy falls short if you're not mentally prepared for the challenges ahead.

Takeaways

  • The snowball method involves paying off the smallest debt first, providing quick wins and motivation
  • The avalanche method focuses on paying off the debt with the highest interest rate, resulting in less interest paid over time
  • Your mindset is just as important as the math. Choosing a debt payoff strategy depends on personal preferences and financial goals
  • Using windfall money and balance transfers can accelerate debt payoff
  • Think of it like chicken soup. Do you want to pop open a can of Campbell's? It's quick, easy, and gets the job done, but lacks the depth and soul of homemade. Or, are you willing to invest a little more time and effort to craft a broth that will simmer in your heart (and stomach) for days?
  • Focus on making progress over the next 90 days to reduce debt before the holiday season
  • Reassess, adjust, and celebrate. Don't get stuck in a rut. If one method isn't working, switch it up. And remember to celebrate every milestone, even the small ones.

Links:


Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list
to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes
If you would like to learn more about investing, check out our newest class, Making Money Grow

  continue reading

188 episodi

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