[0:00] The things I'm telling you is to help
[0:01] you try to avoid the problems and
[0:03] mistakes and issues that I made when I
[0:05] was trying to get out of debt. Paying
[0:06] off debt fast, it takes more than just a
[0:09] simple plan. It takes you being
[0:11] disciplined. It takes you being
[0:13] committed. It takes you being focused.
[0:15] It takes you focusing on a strategy, not
[0:18] just words and talk. It's a serious
[0:20] endeavor. It's not something that you
[0:22] can just do lightly or take lightly. Cuz
[0:24] if you take debt lightly, debt is going
[0:25] to hang around your neck for a long
[0:27] time. Now, with a low income, it means
[0:29] you got to be ultra focused, right?
[0:30] Because you don't have a lot of margin
[0:32] for error. You don't have a lot of extra
[0:34] money to play around with and joke
[0:36] around with and have fun with and make
[0:37] mistakes with. You got to be focused
[0:39] with the little bit of money you do
[0:40] have. Guys, can you really wipe out
[0:42] thousands of dollars worth of debt on a
[0:44] low income? The answer is yes. You
[0:47] really can. Now, on this quick video
[0:48] I'm going to show you exactly how. Now
[0:50] here's the kicker, though. You got to do
[0:51] a, few, things,, right?, It's, going to, be
[0:53] hard. It's going to be tough, but it's
[0:54] very, very possible. I know many, many
[0:56] people who've done it. They paid off
[0:58] thousands, tens of thousands of dollars
[1:00] in debt and didn't make very much money
[1:02] but they got focused and dedicated. So
[1:04] let's just jump right into it. The very
[1:05] first thing you got to do is take
[1:06] inventory of what you owe, right? You
[1:09] have to stop pushing the debt underneath
[1:11] the rug, right? You got to face the
[1:13] music. You have to list your debts, all
[1:16] the things that you owe on a piece of
[1:18] paper. Just list them. And you can list
[1:19] them. This is how I would do it. I would
[1:21] list them from the least I owe, the ones
[1:24] with the smallest balance, to the most
[1:26] that I owe in a straight line. Now
[1:29] listen, we're talking about on this
[1:30] video bad debt, right? Things that you
[1:33] owe money on that's going down in value
[1:35] depreciating items. We're not talking
[1:37] about real estate, rental properties
[1:40] commercial property, right? We're not
[1:41] talking about anything like that. We're
[1:42] talking about things that you owe that
[1:44] are going down in value. The credit
[1:46] cards, the student loans, the medical
[1:48] bills, right? the payday loans, the the
[1:51] personal loans, the bank loans. Listen
[1:53] the things that are not going up in
[1:55] value. If it's not going up in value
[1:57] that's what we're talking about on this
[1:58] video. So, first things first is figure
[2:00] out what you owe. Now, I don't really
[2:02] care about the interest rate, right?
[2:03] Listed them from the biggest interest
[2:05] rate to the lowest because if you're
[2:06] trying to pay off debt fast, the
[2:08] interest rate doesn't matter as much.
[2:11] The interest rate is not as important
[2:12] right? Whether it's 10%, 20%, 5%, if
[2:15] you're going to pay it off in a year or
[2:17] two or three, it doesn't matter. It
[2:19] really doesn't matter if you save a
[2:20] hundred or $200 over the course of a
[2:23] year or two, right? So, I don't care
[2:25] about you listing your debts highest
[2:27] interest rate. Just list them from the
[2:29] ones that you owe the least on to the
[2:31] ones that you owe the most on straight
[2:33] down on a piece of paper. Right? Part of
[2:35] the big problem is that some people
[2:36] they really don't even know what they
[2:37] owe. They're scared to look at it. They
[2:39] just know, hey, I owe some money and I'm
[2:41] not really sure how much. And you just
[2:42] have this fear of actually facing what
[2:45] you actually owe. But you got to get
[2:47] over that, right? You got to get past
[2:49] that point where you don't want to look
[2:51] at it. Okay, those days are over because
[2:52] anything that you want to fix, you have
[2:54] to understand what the issue is. You got
[2:57] to understand the problem. In other
[2:58] words, you can't fix a problem until you
[2:59] face a problem. That means you got to
[3:01] know what you owe. That's the very first
[3:03] thing, right? If me and you were having
[3:04] a conversation, I say, "Well, how much
[3:06] debt do you have that's on depreciating
[3:08] things?", You, ought, to, be able, to, tell
[3:09] me "Okay 40,000
[3:11] 23,000, 17,000." You should know that
[3:13] off the top, right? That's the first
[3:15] thing you got to do if you're trying to
[3:17] attack this debt fast. Now, the second
[3:19] thing that I suggest you do is to call
[3:22] your creditors and see if there's any
[3:24] way possible that you could settle. And
[3:27] when I say settle, I mean you owe $5,000
[3:30] on a medical bill. Maybe if you pay in
[3:32] the next 3 months or so, they'll knock
[3:33] that down to
[3:34] $3,500. Sometimes, specifically medical
[3:37] bills, sometimes you have a old creditor
[3:40] that's been hanging around for a while
[3:41] that you can actually settle with. for
[3:43] sometimes, you know, half the amount
[3:46] threequarters of the amount, right? I
[3:48] can't say really pennies on the dollar
[3:49] because that's going to be hard to come
[3:51] by. But you got to call them. So, first
[3:53] thing is list them and you have them
[3:54] listed. You know who they are. Then give
[3:56] them a call and say, "Look, can I don't
[3:58] have very much money. I don't make very
[4:00] much money, but you know, can I actually
[4:02] pay uh this amount on this instead of
[4:04] paying that amount if I pay it at a
[4:05] certain time?" Sometimes your creditors
[4:07] they will actually welcome that because
[4:09] it says, hey, we're going to get some of
[4:10] our money. They may not be able to get
[4:12] all their money, but maybe they can get
[4:13] some of their money. So, it's just an
[4:15] option that you should consider if you
[4:17] have these debts laying around, right? I
[4:18] know it's kind of far-fetched for some
[4:20] creditors, but you just never know. It
[4:23] could be a 5minute phone call. They
[4:24] could knock thousands of dollars off the
[4:26] debt you owe. I say it's worth a shot.
[4:28] If you got to spend 3 hours calling all
[4:30] of your creditors to see if you can
[4:32] negotiate a lower price or a lower
[4:34] amount that you owe, why not do it? It's
[4:36] not, going to, hurt, you., It's, just, it's
[4:37] just two or three hours that could save
[4:39] you thousands. Now, just to sort of get
[4:40] this out the way up front because people
[4:42] ask me this all the time. Should I
[4:44] consolidate my debt? Listen, my opinion
[4:46] is you don't really need to consolidate
[4:48] your debt unless you are you plan on
[4:51] this taking out four, 5, 6, 8, 10 years?
[4:54] If you try to do this thing fast and you
[4:56] pay off this debt quick, you're just
[4:57] playing a shell game really with your
[4:59] debt, right? You're moving it from here
[5:01] to here to here to here just so you can
[5:03] get a a quarter of a percentage off of
[5:05] the interest rate or half percentage off
[5:07] or two or 3%. Look, you're trying to do
[5:09] this thing fast. Again, the interest
[5:11] rate doesn't matter. And so therefore, I
[5:13] would not consolidate in most cases.
[5:16] Now, if you owe $300,000 in student loan
[5:19] debt and you know it's going to take you
[5:21] about four or five years, maybe you
[5:23] should consolidate in that instance
[5:24] because the interest you save over four
[5:26] or five years might be significant
[5:28] enough to make a difference. But
[5:30] otherwise, for most debts, just go ahead
[5:32] and pay them things off and don't
[5:33] consolidate it, right? Sometimes we like
[5:35] to kind of move things around and think
[5:37] we're really doing something different
[5:39] or special or wonderful. And not
[5:40] necessarily. Sometimes instead of making
[5:43] the thing softer and easy for you when
[5:44] you're trying to pay off debt, make it
[5:46] hard. The harder you make it, the more
[5:48] desperate you get and the faster you
[5:50] move and the more urgency you have. So
[5:52] psychologically, you want to force
[5:54] yourself to be in a hurry to pay this
[5:56] off, right? You want to force yourself
[5:59] to do this thing fast. And the best way
[6:01] to force yourself to do this thing fast
[6:03] is not worry about consolidating
[6:06] interest rates, putting this. No, just
[6:07] go ahead and pay it off. Get it done
[6:09] right. No excuses to drag this thing out
[6:12] further than you have to drag it out.
[6:14] That's just my opinion. You got to make
[6:15] it hurt sometime. If you don't make it
[6:17] hurt and it's too easy and you just
[6:19] chilling cuz you consolidated here and
[6:21] you move some there, you're going to be
[6:23] 5 years down the road, 10 years down the
[6:25] road, 20 and still struggling with debt.
[6:27] Guys, if you're getting any value from
[6:28] this video, do me a favor. Smash the
[6:30] like button and most of all share this
[6:32] video with someone who you know could
[6:34] use this valuable information. Also
[6:36] please drop me a comment below and let
[6:39] me know your thoughts. Now, let's get
[6:40] back to the video. So, now you've taken
[6:42] inventory of what you owe. You know
[6:44] exactly what you owe. You've listed them
[6:46] out. You've called everybody to see if
[6:48] you there's a settlement amount that you
[6:50] could pay a little less on. And now you
[6:51] have to think about how much money do
[6:53] you have extra every single month to
[6:55] actually go towards the debt? Because
[6:57] now you want to start paying on the
[6:59] debt. And you want to pay as big a
[7:01] chunks as possible on the debt so you
[7:03] can pay it off as fast as possible.
[7:05] Listen, there's no uh magic formula to
[7:08] what I'm trying to explain to you.
[7:09] There's no uh uh special thing that you
[7:11] can invest in and do this and and try to
[7:14] No, you got to actually pay it off
[7:15] right? And to pay it off, you got to put
[7:17] as much money as possible towards it.
[7:20] And so that means you have to do a
[7:22] budget. And when you do a budget, you
[7:24] might have to do this for a couple of
[7:25] months so you can figure out how much
[7:27] you have. But when you do a budget
[7:28] income and expenses, you need to figure
[7:30] out how much extra each month that you
[7:33] have to go towards the debt. Right? So
[7:35] that's number three. Look at a budget.
[7:37] Look at your budget and figure out how
[7:39] much you have that you can dedicate to
[7:42] paying off your debt every single month.
[7:44] For some of you, it may be $150 you have
[7:46] left over. For some for others, it may
[7:48] be $1,000 you have left over, $2,000
[7:52] that you have left over every month that
[7:53] you can plow towards your bad debt. And
[7:56] again, if you've never done a budget
[7:58] before, you may have to do a budget so
[8:00] you can figure out what this amount is.
[8:01] And let me say this, once you figure out
[8:04] that amount of money that you have left
[8:05] over every single month to put towards
[8:07] your debt, you need to now take that
[8:09] amount and on your next budget, maybe
[8:11] the second or third month, the next
[8:12] budget, you need to put that amount at
[8:15] the top of the budget, right? So just
[8:17] under giving and tithes and food and
[8:21] rent, you need to have debt payoff. And
[8:24] then you need to take that amount, put
[8:25] it at the top of your budget, call it
[8:27] debt payoff, and that becomes a bill
[8:30] just like your lights, water, and gas
[8:33] just like your car payment, just like
[8:35] anything else you do. It becomes a bill.
[8:38] And so now you have a set amount because
[8:40] you figured this out over a couple
[8:41] months how much money you have to
[8:43] actually put towards debt. You take that
[8:45] amount and you don't just Here's what
[8:47] you don't do. You don't pay all your
[8:49] bills and then whatever's left, you pay
[8:51] on debt. No, I don't want you to do
[8:53] that. I want you because you're trying
[8:54] to do this thing fast and you got to
[8:56] have a sense of urgency, right? You got
[8:58] to hurry this thing up. So, take the
[9:00] amount that you have left every month
[9:02] put it at the top of the budget, just
[9:04] like a bill, and write it into your
[9:06] budget every single month because you're
[9:08] doing a budget that's zerobased. And a
[9:11] zerobased budget just means you spend
[9:13] all your money on paper first, right?
[9:15] All the money you know that's coming in
[9:16] for income, you spend it. One of those
[9:19] major expenses that goes at the top with
[9:21] your other needs is debt payoff. Now
[9:24] the fourth thing is this. You use the
[9:26] debt snowball. What is the debt
[9:28] snowball? The debt snowball is an easy
[9:31] way to pay off your debt. All you have
[9:34] to do with the debt snowball is take
[9:36] that amount that you put at the top of
[9:38] the budget that you have to put your
[9:40] towards your debts every month. You take
[9:42] that amount and you apply it towards
[9:45] your smallest debt. Remember, you listed
[9:47] your debts from smallest to largest. You
[9:49] take that amount. Let's say that amount
[9:50] is $500 every month. You take that $500
[9:54] and you put it towards your smallest
[9:56] debt. Let's say your smallest debt is
[9:57] paying $100 a month on a credit card.
[9:59] Now you pay $600 a month on that credit
[10:02] card until it's paid off. Then you take
[10:06] the $500 extra plus the $100 you were
[10:09] putting towards that first debt, $600.
[10:12] You take that $600 and you put it
[10:14] towards the second debt until the second
[10:17] debt is paid off. How however many
[10:19] months that could be, right? And then
[10:20] you take all the money you was paying on
[10:22] debt number one, $100 a month. The money
[10:25] you were paying on debt number two, and
[10:27] plus the extra $500, whatever that roll
[10:29] up amount was is going to be, maybe $7
[10:31] $800. You take that $7, $800, you put it
[10:35] towards the third debt, and you keep
[10:37] going down the list of all of your debts
[10:40] and putting all the money you have, the
[10:42] extra money you got at the top of your
[10:43] budget, plus the regular amounts you
[10:45] were you were actually paying on those
[10:47] the monthly amount you were paying on
[10:48] those, debt number 1, 2, and three, and
[10:50] you roll it all over to the next date.
[10:52] And you keep doing this until you pay
[10:53] all the debts off. That's the debt
[10:55] snowball. Right? Now remember with the
[10:57] debt snowball, you're still paying the
[10:58] minimum on all of your debts. As you pay
[11:02] them off, it's pretty cut and dry
[11:03] right? But it also begins to move very
[11:05] quickly once you get through a few of
[11:07] these debts. It goes starts going fast.
[11:09] Next thing you know, you're putting
[11:11] 11200 13 $1,400 towards one debt until
[11:15] you pay it off. It works. It really
[11:17] really works. Now, why is it called the
[11:19] snowball? Just like a snowball rolls
[11:20] downhill and gets bigger and bigger and
[11:22] bigger as it picks up extra stuff, extra
[11:24] money in this case. That's the same
[11:26] thing the debt snowball is doing. The
[11:27] debt snowball is giving you a faster way
[11:29] to get some momentum to pay off your
[11:32] debts. And when you start doing this
[11:33] thing fast, guys, interest rates doesn't
[11:35] matter, right? Because you're going to
[11:37] be doing it. You're going to be paying
[11:38] $1,500, $2,000 a month towards a credit
[11:40] card eventually, and you're going to pay
[11:42] it off quick. Now during this whole
[11:44] process you got to be looking for extra
[11:46] ways to make additional money that you
[11:48] can put towards the debt snowball right
[11:50] so maybe it's a side gig a side hustle
[11:52] and it also means that during this time
[11:54] you're not spending extra money on
[11:56] vacations right you're not for this two
[11:58] or three years you're getting out of
[11:59] debt fast on this low income you don't
[12:01] have a lot of extra money to go kick it
[12:03] you don't have a lot of extra money to
[12:04] eat out all the time you don't have a
[12:06] lot, of, extra, money, to, go, do, some, of the
[12:08] leisure things you really enjoy and love
[12:09] doing right you just don't have $2,000
[12:11] $3,000 to go hang out in Cancun. You can
[12:14] do that when you finish getting out of
[12:16] debt fast, right? Cuz you got to be
[12:17] dedicated to this process. Paying off
[12:20] debt fast, it takes more than just a
[12:22] simple plan. It takes you being
[12:24] disciplined. It takes you being
[12:26] committed. It takes you being focused.
[12:28] It takes you focusing on a strategy, not
[12:31] just words and talk. It takes you taking
[12:33] and trying to get extra money to pile on
[12:36] top of this debt. Right? It's a serious
[12:38] endeavor. It's not something that you
[12:39] can just do lightly or take lightly
[12:41] because if you take debt lightly, debt
[12:43] is going to hang around your neck for a
[12:45] long time, right? So, you got to have
[12:46] the mindset and you got to develop the
[12:48] habits along the way. It's difficult
[12:50] right? You got to have these habits that
[12:52] are going to get you to the next level.
[12:54] You can't do what you've always done
[12:55] with your money. If you're trying to get
[12:56] out of debt fast, you got to do
[12:58] something different. So, you got to be
[12:59] determined and not be discouraged. You
[13:01] have to be patient. But at the same
[13:03] time, while you're being patient with
[13:05] yourself in the process, you got to be
[13:07] urgent in terms of what you're doing.
[13:08] You got to be in a hurry to pay off debt
[13:10] fast. You cannot afford to be uh
[13:13] distracted and lolly gag and take your
[13:16] time. You got to ignore what other
[13:17] people are doing and what other people
[13:19] are buying or the vacations that other
[13:21] people are going on. You got to sort of
[13:22] ignore that and have some tunnel vision
[13:25] so you can stay laser focused on the
[13:28] goal of getting out of debt fast even
[13:30] when you're on a low income. Now, with a
[13:32] low income, it means you got to be ultra
[13:33] focused, right? Because you don't have a
[13:35] lot of margin for error. You don't have
[13:37] a lot of extra money to play around with
[13:39] and joke around with and have fun with
[13:40] and make mistakes with. You got to be
[13:42] focused with the little bit of money you
[13:44] do have. But it's about a a growth
[13:46] mindset. It's about understanding and
[13:48] embracing a process, right?
[13:50] Self-improvement, being encouraged
[13:52] being motivated, right? Being inspired
[13:54] to do something different. And if you
[13:56] mess up, because we all mess up. It's
[13:58] true. We all make mistakes when we're
[14:00] trying to get out of debt. Now, it took
[14:01] me a long time to get out of debt. Like
[14:03] a long time. The things I'm telling you
[14:05] is to help you try to avoid the problems
[14:07] and mistakes and issues that I made when
[14:09] I was trying to get out of debt, right?
[14:11] I don't want it to take you 30 years to
[14:13] get out of debt. I want you getting out
[14:14] of debt in three years. So, don't do
[14:16] what I did, right? So, if you mess up
[14:18] don't quit. Get back on the right path
[14:20] and keep going going. Don't look back
[14:22] and don't wallow in your past and worry
[14:24] about what you did and didn't do. Learn
[14:26] from your mistakes. Make the adjustments
[14:28] and just keep moving forward. So, it's
[14:30] all about behaviors if you want to get
[14:32] out of debt fast, especially on a low
[14:34] income, right? So, you're listing all
[14:36] your debts from smallest to largest.
[14:39] Smallest at the top, largest at the
[14:41] bottom. And then you're doing a budget
[14:43] to figure out, okay, how much extra
[14:45] money do I have every month that I could
[14:46] dedicate towards this debt. Then you're
[14:48] taking that amount, putting at the top
[14:50] of your budget for the next month or
[14:52] month and beyond. You're putting that
[14:53] money at the top of the budget. Call it
[14:55] debt payoff, whatever you want to call
[14:57] it. Put it up there next to food. At the
[14:59] same time, make sure that to get to that
[15:00] figure, you're cutting your expenses as
[15:02] much as possible as well, right? And
[15:04] then in the process of doing the debt
[15:07] snowball, do what you can to boost your
[15:10] actual income, extra money, and take
[15:12] that extra money, include it in the
[15:14] amount that you put at the top of your
[15:16] budget if you have extra money or extra
[15:18] income. And on the way, be sure to
[15:19] celebrate some small wins. Man, listen
[15:22] this is a process. It's a long process.
[15:24] It can be stressful. It can be hard. It
[15:26] can be tough. It can be difficult. But
[15:28] guess what? When you pay off that first
[15:30] debt, maybe you take and and take
[15:32] yourself out to out to eat somewhere.
[15:33] Maybe you go to a movie. Maybe you do
[15:35] something special for yourself. You
[15:36] know, spending a little bit of money to
[15:38] do something for yourself so you can
[15:40] celebrate these small wins because it's
[15:42] a small win every time you pay off a
[15:44] debt. It's a small win. And so if you
[15:47] pay off four, five, six debts, you need
[15:49] to be celebrating because every time you
[15:51] pay off a debt, you get one step out of
[15:53] that matrix and you also get that same
[15:56] step towards financial freedom, right?
[15:58] Just make sure you celebrate wisely and
[16:00] keep your energy high. Listen, this is
[16:02] how you get out of debt fast. It's no
[16:05] special miracles. There's no special
[16:07] thing to that you got to make sure you
[16:09] do. There's no pay off debt tomorrow
[16:11] special thing. It's a process and you
[16:14] got to buy into it and you have to focus
[16:16] on it, but it can be done. It just takes
[16:19] strategy. So, yeah, you really can wipe
[16:22] out tens of thousands of dollars of debt
[16:24] on a low income and you can do it fast.
[16:27] But it's up to you, right? You got to do
[16:29] it. Hey guys, do me a favor. Share this
[16:31] video with somebody who you know needs
[16:33] to hear it. Somebody that may be in debt
[16:36] and wanting to get out of debt or
[16:37] needing to get out of debt as soon as
[16:39] possible because these principles
[16:40] actually work for anybody. whether you
[16:42] own a low income or not a low income.
[16:43] So, please share the video. Smash that
[16:46] like button below and drop me a comment.
[16:48] Let me know if you're out of debt. How
[16:49] did you get out of debt? Did you do it
[16:51] fast or did it take a long time? Let me
[16:53] know in the comment section below. Guys
[16:54] if you want to be rich, you don't have
[16:56] to start a business. You don't have to
[16:58] be an entrepreneur. Everybody doesn't
[16:59] want to have their own business. Totally
[17:00] understandable. So, if you want to build
[17:02] wealth instead of starting a business, I
[17:04] recently did a video talking about what
[17:06] you can do instead of starting a
[17:07] business if you want to get rich. Check
[17:08] out that video right here. Next base.