Thank you to everyone watching these videos!
In this video I cover the topic of PAYING OFF YOUR DEBTS and explain to you the best methods to pay off your debt as early as possible!
When it comes to paying off debts it all starts with your budget and how much extra income you have to put towards your debts. If you haven't created a budget yet, now would be the time! Refer back to my budgeting video to learn how.
Debt Elimination Method #1 Is the Shotgun method, this is the practice of spreading extra payments across all your debts at the same time similar to a shotgun blast. This is what most people use when paying down there debts, and it is quicker then the minimum payment, but slower then other methods.
Debt Elimination Method #2 Is the Snowball method, in this method you organize the debts from least to greatest in the amount that you owe, focus on the first one on the list, and roll that payment into the next one once it has been payed off. This method is a great for people that want to see immediate progress, its benefits are paying down your debts quicker than shotgunning and saving money on interest.
Debt Elimination Method #3 Is the Avalanche method, this method is exactly the same as the Snowball method, however the only difference is you order your debts from greatest to least interest you owe, this method is faster than the snowball and saves you more interest but you wont see as immediate results as you would the snowball.
Debt Elimination Method #4 Is the Rail Gun method or Velocity Banking Method, This method is by far the fastest and saves the most money on interest, however, is not for beginners as it requires complete confidence in your spending and budget. A dedicated video will be produced later as we progress from beginner finance to advanced!
What I Use for Budgeting:
https://www.personalcapital.com/
https://www.mint.com/
https://www.truebill.com/
http://refer.amex.us/WESLECF6jM?xl=cp15
If you want FREE help setting a budget or want recommendations on what to do in a certain situation, feel free to comment or message me using one of the links bellow!
@InvestwithWesley (FB)
@WesleyCaruso (IG)