Here is exactly how you can pay off debt fast, and how to save money as easily as possible - Enjoy! Add me on Instagram: GPStephan
Second Channel: https://www.youtube.com/channel/UCa-ckhlKL98F8YXKQ-BALiw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
We’re going to start this video off with some very scary statistics…you’ve been warned, I hope you’re sitting down…because this is getting out of hand:
FIRST: Understand EXACTLY what debt you have.
Make a list and write down ALL of your debt, and include the remaining balance owed and the current interest rate that your paying.
SECOND: Track all of your spending over the next 30 days
You need to figure out, DOWN TO THE PENNY, how much money is going IN your account each month - and then, how much is LEAVING IT
1. The first is Mint.com
2. My second recommendation that I’ve used is PersonalCapital.com
3. And third, you could also use a software called YouNeedABudget
The whole point of this is just to be aware of where your money is going, and from that, you can better figure out how to put best use to where it’s going.
THIRD: Make a NEED TO SPEND vs WANT TO SPEND LIST
Your “NEED TO SPEND” list might be the bare minimum food budget, your housing payment, your insurance payment, or anything else that’s absolutely ESSENTIAL.
Then, the other expense column will be your WANT TO SPEND…this could be anything else.
FOURTH: You need to REMOVE EVERYTHING you possibly can from your “WANT TO SPEND” category.
I also recommend, when doing this, that you consider SELLING some of the things you don’t need, or are costing you a ridiculous amount of money.
FIFTH: Look into debt consolidation
In addition to this, you could also look into getting a 0% interest credit card - and transferring the credit card balance to THAT card to save on the interest.
SIX: PAY OFF DEBT
The first method is called the SNOWBALL METHOD, popularized by the one and only…DAVE RAMSEY.
This method suggests that you pay off your smallest balance first, then slowly work up to your way up to the largest balance until it’s all paid off.
The next is called the avalanche method. Instead of arranging your debts by total balance, you arrange them from the highest interest rate first, to the lowest interest rate last. This ensures that you’re putting your money towards its best use, which will cost you the LEAST amount of money in the long term if you stick with it.
My recommendation is to check out the Vertex calculator…
https://www.vertex42.com/Calculators/debt-reduction-calculator.html
SEVENTH: Pick up a side hustle
Sorry to be super obvious here, but if you literally don’t make enough - it doesn’t matter how much you save, you need to make more money.
And with all of this, YOU MUST DO ALL OF THIS CONSISTENTLY!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
Second Channel: https://www.youtube.com/channel/UCa-ckhlKL98F8YXKQ-BALiw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
We’re going to start this video off with some very scary statistics…you’ve been warned, I hope you’re sitting down…because this is getting out of hand:
FIRST: Understand EXACTLY what debt you have.
Make a list and write down ALL of your debt, and include the remaining balance owed and the current interest rate that your paying.
SECOND: Track all of your spending over the next 30 days
You need to figure out, DOWN TO THE PENNY, how much money is going IN your account each month - and then, how much is LEAVING IT
1. The first is Mint.com
2. My second recommendation that I’ve used is PersonalCapital.com
3. And third, you could also use a software called YouNeedABudget
The whole point of this is just to be aware of where your money is going, and from that, you can better figure out how to put best use to where it’s going.
THIRD: Make a NEED TO SPEND vs WANT TO SPEND LIST
Your “NEED TO SPEND” list might be the bare minimum food budget, your housing payment, your insurance payment, or anything else that’s absolutely ESSENTIAL.
Then, the other expense column will be your WANT TO SPEND…this could be anything else.
FOURTH: You need to REMOVE EVERYTHING you possibly can from your “WANT TO SPEND” category.
I also recommend, when doing this, that you consider SELLING some of the things you don’t need, or are costing you a ridiculous amount of money.
FIFTH: Look into debt consolidation
In addition to this, you could also look into getting a 0% interest credit card - and transferring the credit card balance to THAT card to save on the interest.
SIX: PAY OFF DEBT
The first method is called the SNOWBALL METHOD, popularized by the one and only…DAVE RAMSEY.
This method suggests that you pay off your smallest balance first, then slowly work up to your way up to the largest balance until it’s all paid off.
The next is called the avalanche method. Instead of arranging your debts by total balance, you arrange them from the highest interest rate first, to the lowest interest rate last. This ensures that you’re putting your money towards its best use, which will cost you the LEAST amount of money in the long term if you stick with it.
My recommendation is to check out the Vertex calculator…
https://www.vertex42.com/Calculators/debt-reduction-calculator.html
SEVENTH: Pick up a side hustle
Sorry to be super obvious here, but if you literally don’t make enough - it doesn’t matter how much you save, you need to make more money.
And with all of this, YOU MUST DO ALL OF THIS CONSISTENTLY!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
I bet if you reposted this video with some updates I bet it would blow up!
This is what I needed. converted my cc to a bank loan at 6%. I did this AFTER seeing what caused my debt and removing bad spending hobbits and extra expenses like Doordash (this ate 80% of my monthly income) and I am now half way don't with my loan and have 0 CC debt to this day. half way through 2024 I can FINALLY start saving to put towards housing and investments and Im not even 30!
Thank you Graham and Mint
I’m 200k in the hole. 85k in business. Another 115 in personal. But it’s all business related. Bad buys. Bad hires. Been in business for 10 years. Not sure how to get out of it.
Рили? Это точно не шутка? Ну тогда я дописываю камент и залетаю пробовать))
I was with you until you mentioned eating the scraps from everyone else after they're done slobbering over their food. Just stay at home and cook your own food.
Tracking your spending is reactive rather than proactive. I have a bunch of different accounts. One for fuel, another for food, one for house bills and a walk around money account. Then I've got an account that I save up for things and a separate emergency fund. Segmenting everything definitely helps
What's your view on the Acorns app and the rest of that sort?
Eat from friends leftover?? what?? is that an advice??
lexington law has been a legit waste of time for me and my family. I've had tried different repair companies all to no avail untill i was referred to SolutionX and i'm grateful. I was a little below 600 but now I’m up 830 within a week,thanks to the agency expertise, my student loans,bankruptcy, business loan were also taken care of,thier Google chat info are 🎉SolutionXcatalyst
❤lexington law has been a legit waste of time for me and my family. I've had tried different repair companies all to no avail untill i was referred to SolutionX and i'm grateful. I was a little below 600 but now I’m up 830 within a week,thanks to the agency expertise, my student loans,bankruptcy, business loan were also taken care of,thier Google chat info are 🎉SolutionXcatalyst
@grahamstephan can you please do an updated version of this video,
pretty please 🙏 💗 😊
Graham, have you used Simplifi yet??
Dave Ramsey has the solution
As well as yourself. Imagine getting a portion of the transaction fees everytime someone swipes their Visa reward card .
Glad to see this video, thank you
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
Thanks for the video..
Bro im in $4000 in debt and im freaking out….but after hearing people are like in $10000 or more in debt, it makes me feel better about myself lol. Cant imagine owing that much.
may i ask how to make money fast and more?
You talking a lot but… Not much help.
Be like Graham
I am making it a goal for having my debts paid off in a years time starting april already made a chart on excel, going to take 1400 a month to pay off lol sucks but blessed to make enough to actually be able to do this.
why are you yelling though? please quiet down. Or I can't watch
I hope nobody does the debt consolidation. This dude doesn't know what hes talking about
I'm sure this comes from a place of love, but, the truth is that a HUGE amount of credit card debt came from buying needs and not wants. Sure. There are lots of people who get into debt because of…coffee…😣🙄 (Seriously – super cliche) But, most people seeking advice on financial well being are already acutely interested in their financial well being. A simple "check your budget for areas you can reduce" is sufficient. More practical advice would be to really assess if the incoming money is or can be greater than the expenses and, if not, speak to a insolvency trustee. If it CAN be greater, or you CAN increase your income, here's are some practical (most efficient) ways to get out of debt as soon as possible…
I love YNAB, but I’m going to start using a budget spreadsheet instead. (One time $22, rather than a recurring cost)
lol!!! a free meal!
Best way is to make more than minimum wage
What about high interest rates on credit cards
❤
Thank you so much! I needed this. ❤
The real problem is how you got into this debt in the first place. Identifying this and changing your habit without falling back into it will be the true challenge of getting out of debt for real.
I went form 30k to 3k in 10 years…. :/ yes 10…. but now its just not going down because my bills are more than half my monthly income.