4.8 • 1.3K Ratings
🗓️ 11 April 2024
⏱️ 16 minutes
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Get out of debt THIS YEAR by following these steps! Today, I’m going over the best advice from top financial gurus on getting out of debt. Not only will these practical tips help you tackle your debt, they’re also the key to making as much money as you want. I’ll share a variety of advice you can apply to whatever financial season you’re currently in to start increasing your wealth + raising your financial IQ. Tune in to learn what the best financial experts say about bringing your income to the next level!
Highlights
00:45 The snowball method and why it works.
01:45 Using your negotiation power to get out of debt.
03:20 Increase your financial IQ in order to increase your income.
05:30 The benefits of paying yourself first + investing back into yourself.
08:05 The best ways to increase your income with extra money.
09:50 Weighing the pros & cons of using cash versus credit.
13:10 Finding a plan that works best for you and your finances.
Links + Resources:
Get my framework for more abundance, meaning, and connection in my book - What Do You Really Want?
Get executive coaching with Cayla Craft! - Submit Here!
Increase your INCOME, PORTFOLIO, and IMPACT!
Check out the program to Rewire YOU for Business & take your business to the next level!
CONNECT WITH CAYLA!
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0:00.0 | Most people pay everybody else first, right? We pay our rent first, we pay our cars next, we pay for our groceries, we do all of these things without going, okay, how am I going to get ahead? |
0:14.0 | Today we're going to tackle advice from some of the top financial experts out there, |
0:24.8 | specifically around getting out of debt. You're going to see whether I agree with them or disagree, |
0:30.6 | and hopefully you're going to take away some practical tips for yourself. |
0:34.6 | Even if you're not struggling with debt today, let's make sure that you become wealthier |
0:41.6 | and that you're constantly adding to your net worth. |
0:44.4 | So number one, you know I'm going to talk about Dave Ramsey. |
0:48.2 | He says use the snowball method. |
0:51.1 | So he says that listing your debts from smallest to largest and paying them off in that order. |
0:58.0 | This strategy known as the debt snowball method allows you to gain momentum as you knock out each debt one by one. |
1:05.8 | Okay, I actually like the snowball method because I believe when you're making money moves you need momentum. |
1:15.3 | Money like speed, money likes momentum. |
1:19.2 | And so if you could go and knock out |
1:21.4 | you know a thousand dollar credit card that you have and knock out a $1,000 credit card |
1:23.0 | that you have and you feel a little wind beneath your cell. |
1:27.2 | You're feeling a little bit more confident |
1:29.3 | about your wealth growing game. You're more likely to move on to the second, you know, area |
1:36.1 | of debt that you need to tackle. So I actually, you know, I'm going to say good |
1:42.2 | job Dave Ramsey on coming out with the snowball |
1:44.6 | method I like it. Next one we got sues oorman. Sue says negotiate lower interest rates. She encourages people to call their |
1:57.0 | credit card companies to negotiate lower rates and this helps you get significant savings and help you pay off your debt |
2:06.2 | faster. I have to agree with Sue's here too. I don't even know if that's how you say |
... |
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