Rich and Marcus are answering a question from a listener whose inquiring about the best strategy to pay off some debt. The listener has 3 credit cards and a car note he’s working on. In the listener’s debt payment arsenal, he has a general savings account, an emergency fund, two jobs and an Airbnb that produces cash flow. He’s looking to Rich and Marcus for some advice and the best place to start hammering down this debt.
In today’s episode, you’ll hear the guys discuss some different perspectives on getting a debt payment plan in order to put the listener in a good place to aggressively start making some smart money moves.
- The debt snowball effect
- Using a portion of work–related bonuses to pay off a chunk of debt
- Holding on to your emergency fund and not using it for debt
- The mental bliss of seeing a debt balance go down
- Using an interest-free credit card
Key Takeaway: There are a few approaches to paying off debt that depend on your personality type and lifestyle. The important thing to remember is that you have to get a plan in place as soon as possible so that you don’t get eaten alive by interest and you can take your life back
This Week’s Sponsor
Gusto – offers modern, easy payroll benefits to small businesses across the country — they were even named best online payroll by PCMag. And as a listener, you’ll get three months free when you run your first payroll at Gusto.com/paychecks.
Our Favorite Tools
Available exclusively to our email subscribers, see why 15-minutes can change the next 15 years with our free 15 Minute Paychecks & Balances Money Plan: Your Guide to Financial Freedom.
Raise Your Credit Score!
- D.E.B.T. Free: A 4-Week Starter Kit – Get Paychecks & Balances, LLC. signature course today! Based on our popular book, Debt Free or Die Trying: How I Buried Myself in $30,000 in Debt and Dug My Way Out, this actionable 4-step program helps you create a debt free plan you’ll actually follow.
- SoFi – offers a full range of financial services, from personal loans to refinancing to investing. Marcus has used SoFi twice and has nothing but good things to say about their easy to use services. Use our referral link and get $100 when your loan is funded.
Break the Paycheck-to-Paycheck Cycle
- Digit – Struggling to save money? Sign-up for Digit at paybal.co/digit to automate your way to saving hundreds or more! Digit analyzes your spending and automatically saves the perfect amount every day. Read why Rich loves Digit and how much it’s already saved him.
- Tiller – The only spreadsheet templates powered by an automatic feed of your finances directly into Google Sheets and Excel. Easily budget, track expenses. Get started here!
- Freshly – Behind only housing (33%) and transportation (16%), food-related expenses (13%) is the largest expense category for the average household. Freshly delivers chef cooked, healthy, wallet-friendly meals that fit any budget. Use our referral link to take 2-weeks off from cooking with $20 off your first two orders.
Increase Your Income Streams
- Trade Your 9 to 5 with Investing Made Easy – Tela Holcomb, shows you How to Trade Your Way to Financial Freedom and Build a Legacy of Wealth – All Without Working 40+ Hours a Week in her course bundle. Learn how she does it here.
- Start Your Amazon Side Hustle – The result of Sandy of YesIamCheap.com nearly two decades of experience is a 5 module course that is designed to get you up and running and selling on Amazon. Modules include videos, ebooks, checklists, live video classes, templates and Periscope videos designed to help you get online and profitable, fast. I teach you how to put everything together so that you can begin earning side money from your first month in business.
- Visit TheMarcusGarrett.com to get your FREE chapter from the upcoming Second Edition of Debt Free or Die Trying. Official release date coming soon!
- LIKE us on Facebook.com/PaychecksandBalances or FOLLOW us @PayBalances and Instagram.
Get Our Money Plan
Get our FREE 15-Minute Money Plan today! You'll also receive actionable work and money tips and interesting reads that'll keep you professionally and financially woke.