1965: [Part 1] Debt Snowball Vs. Debt Avalanche: The Showdown by Scott Rieckens

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 19 July 2022

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scott Rieckens of Playing With Fire compares the debt snowball to the debt avalanche. This is part 1 of 2. Episode 1965: [Part 1] Debt Snowball Vs. Debt Avalanche: The Showdown by Scott Rieckens A successful entrepreneur living in Southern California, Scott Rieckens had built a “dream life”: a happy marriage, a two-year-old daughter, a membership to a boat club, and a BMW in the driveway. But underneath the surface, Scott was creatively stifled, depressed, and overworked trying to help pay for his family’s beach-town lifestyle. Then one day, Scott listened to a podcast interview that changed his life. Five months later, he had quit his job, convinced his family to leave their home, and cut their expenses in half. Follow Scott and his family as they devote everything to FIRE (Financial Independence Retire Early), a subculture obsessed with maximizing wealth and happiness. Filled with inspiring case studies and powerful advice, Playing with FIRE is one family’s journey to acquire the one thing money can’t buy: a simpler — and happier — life. The original post is located here: https://www.playingwithfire.co/blog/debt-snowball-vs-debt-avalanche-the-showdown Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 1965, debt snowball versus debt avalanche.
0:07.6	The showdown, part 1, by Scott Rickens of Playing with Fire.co.
0:13.2	And I'm your host and personal finance enthusiast, Diana Merriam.
0:17.8	I have a bit of a longer post today, so I'll read the first half and then finish the
0:22.6	rest for you tomorrow.
0:24.6	So with that, let's dive into part 1 and start optimizing your life.
0:33.2	Debt snowball versus debt avalanche.
0:35.8	The showdown, part 1, by Scott Rickens of Playing with Fire.co.
0:42.3	What is the debt snowball method and is it better than the debt avalanche method?
0:48.1	Debt plays an important role in our society, but it's a double-edged sword for many who
0:52.9	don't wield the sword carefully.
0:55.5	It can help us jumpstart our lives, or it could financially cripple us for years.
1:01.3	If the latter happens, there are two popular methods to help us get our finances back
1:06.4	on track.
1:07.7	The debt snowball method and the debt avalanche method, but which is better?
1:13.6	The debt snowball method involves paying off the debt with the lowest remaining balance
1:18.2	first.
1:19.2	The debt avalanche method involves paying off the debt with the highest interest rate
1:23.7	first.
1:25.0	The debt avalanche method can save the most money, though the best method is dependent
1:29.9	upon the user.
1:31.9	If the debt avalanche method saves the most money, doesn't that inherently make it the
	...

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