Latest / Earn Your Leisure / Cliff Notes: THE FASTEST WAYS TO PAY OFF DEBT

Transcript

Cliff Notes: THE FASTEST WAYS TO PAY OFF DEBT · Earn Your Leisure

• 0:00
  Speaker 1: Coach, the energy out there felt different. What changed for
• 0:03
  Speaker 1: the team today?
• 0:03
  Speaker 2: It was a new game day, scratches from the California
• 0:06
  Speaker 2: Lottery players, everything. Those games sent the team's energy through
• 0:09
  Speaker 2: the roof.
• 0:09
  Speaker 1: Are you saying it was the off field play that
• 0:11
  Speaker 1: made the difference on the field.
• 0:13
  Speaker 2: Hey, little play makes your day, and today it made
• 0:15
  Speaker 2: the game. That's all for now, Coach, one.
• 0:18
  Speaker 1: More question play than you Los Angeles Chargers, San Francisco
• 0:21
  Speaker 1: forty nine Ers and Los Angeles Rams scratchers from the
• 0:23
  Speaker 1: California Lottery. A little play can make your day. Peace
• 0:27
  Speaker 1: made responsibily. Must be eighteen years or older to purchase
• 0:29
  Speaker 1: plate or claimant to ask.
• 0:32
  Speaker 3: I want a question because I feel like we talked
• 0:34
  Speaker 3: about stock a lot on this show, but it's more
• 0:36
  Speaker 3: just a stock shows. It's a it's a business show financial.
• 0:39
  Speaker 3: So one of the things that's crippling on people the
• 0:41
  Speaker 3: most in this world is dead. Even on our podcast,
• 0:44
  Speaker 3: you Go, I talked a lot some different strategies to
• 0:45
  Speaker 3: pay off debt. I think is the avalanche approach? And
• 0:48
  Speaker 3: did of another approach? Can you talk about that?
• 0:50
  Speaker 4: Yeah?
• 0:50
  Speaker 5: No, absolutely, And I think that also too. I think
• 0:53
  Speaker 5: I want people to open up their minds about the market.
• 0:54
  Speaker 5: There are so many markets to invest in. I became
• 0:56
  Speaker 5: a millionaire and I invest in like stocks, but that's
• 1:00
  Speaker 5: that's not my main source. You know, I feel like
• 1:01
  Speaker 5: you should. A smart investor is an investor that's willing
• 1:04
  Speaker 5: to do the research in the thing they enjoy investing in.
• 1:07
  Speaker 6: So yes, that well.
• 1:08
  Speaker 5: And I'll say this too about black and brown people
• 1:10
  Speaker 5: in debt, that I'm gonna share with you ways to
• 1:13
  Speaker 5: pay off your debt, but I want you to set
• 1:15
  Speaker 5: it and semi forget it. That is not your focus.
• 1:17
  Speaker 5: A study was done that black and brown people focus
• 1:19
  Speaker 5: more on getting out of debt, where the larger population
• 1:23
  Speaker 5: focus more on on growing wealth. And it is why
• 1:26
  Speaker 5: we are here because debt is a is a goal
• 1:30
  Speaker 5: on the way to the destination. It's not the destination itself,
• 1:34
  Speaker 5: you know, Like it's not like, Yay, I'm debt free,
• 1:36
  Speaker 5: and I always say so is my four year old
• 1:38
  Speaker 5: nephew Roman.
• 1:38
  Speaker 6: He's still broke and you can go free.
• 1:41
  Speaker 5: Yes, de free, don't ego broke. Don't let people out
• 1:44
  Speaker 5: here fool you. Debt free, don't ego broke. Your toddler
• 1:46
  Speaker 5: is that free? They still broke the growth broke. So anyway,
• 1:49
  Speaker 5: here's some of the methods to get out of debt.
• 1:51
  Speaker 5: First method that I like is the snowball method. That's
• 1:54
  Speaker 5: when you pay off the debt with the lowest balance first,
• 1:58
  Speaker 5: and you can find snowball calculators online, do your googles,
• 2:01
  Speaker 5: and so the reason why you do that is because
• 2:03
  Speaker 5: people are emotional and they need early success. So if
• 2:06
  Speaker 5: you pay off the debt with the lowest balance first,
• 2:08
  Speaker 5: and then while you're paying off the debt with the
• 2:10
  Speaker 5: lowest balance, you are also paying the minimum to the
• 2:13
  Speaker 5: rest of your debt on your list because you're wanting
• 2:15
  Speaker 5: to give that debt it's minimum plus any extra you
• 2:18
  Speaker 5: can pull. So let's just say you can pull an
• 2:19
  Speaker 5: extra five hundred dollars a month from your budget. You know,
• 2:22
  Speaker 5: so first debt gets its minimum plus the five hundred.
• 2:25
  Speaker 5: Once that debt is paid off, you roll over that
• 2:28
  Speaker 5: full amount to the second lowest step. Second lowest stet
• 2:31
  Speaker 5: gets first lowest sets minimum it's minimum plus that five hundred,
• 2:35
  Speaker 5: pay off that debt you roll it over. So imagine
• 2:38
  Speaker 5: like a snowball rolling down the hill that the more
• 2:40
  Speaker 5: it rolls, the bigger it gets. So the premise of
• 2:43
  Speaker 5: the snowball method is as you get to debt with
• 2:45
  Speaker 5: bigger and bigger balances, you have more and more money
• 2:48
  Speaker 5: to put toward it because you're collecting minimums along the way.
• 2:51
  Speaker 5: The other method is the avalanche method. For those of
• 2:54
  Speaker 5: you who are really linear and the avalanche that are
• 2:57
  Speaker 5: really logical. The avalanche method actually makes more or sense,
• 3:01
  Speaker 5: not emotional sense, but makes more mental sense. And that
• 3:04
  Speaker 5: you pay off the debt with the highest interest rate
• 3:05
  Speaker 5: first because that's the debt that's the most expensive, and
• 3:08
  Speaker 5: the same thing to pay off the debt with the
• 3:10
  Speaker 5: highest interest rate, they roll it over to the second
• 3:12
  Speaker 5: debt with the with the second highest interest rate. I
• 3:15
  Speaker 5: believe him doing a mix, start with the snowball and
• 3:18
  Speaker 5: when it makes sense, not out debt with the highest
• 3:21
  Speaker 5: interest rate. So but honestly, you said it, and Sai,
• 3:24
  Speaker 5: I forget it. Like I call him Jake the thief.
• 3:26
  Speaker 5: When I was like twenty seven, a friend of mine
• 3:28
  Speaker 5: who had like a lambbou a penhouse in New York.
• 3:31
  Speaker 5: So I thought he was rich and I was like, yo,
• 3:32
  Speaker 5: teach me how to invest, and he promptly stole my money.
• 3:35
  Speaker 6: But he's in jail.
• 3:36
  Speaker 5: Now, and so he left me and left me thirty
• 3:41
  Speaker 5: five thousand dollars in debt. And I remember that I
• 3:45
  Speaker 5: put all my energy for two and a half years
• 3:49
  Speaker 5: and to pay.
• 3:49
  Speaker 6: Off that debt.
• 3:50
  Speaker 5: And I remember when it was finally paid off my
• 3:52
  Speaker 5: credit card debt, I was like so excited, and I
• 3:54
  Speaker 5: was like, yes, I paid up the debt. I did it,
• 3:56
  Speaker 5: and I looked around and I was still living in
• 3:58
  Speaker 5: the room. That's when the light bar went on, like
• 4:01
  Speaker 5: the hell are you doing to me?
• 4:03
  Speaker 4: All this time?
• 4:04
  Speaker 5: You did all this and yes, you're you paid off
• 4:06
  Speaker 5: the debt. Because the next I head of my list
• 4:07
  Speaker 5: was my student loan debt. And I said to myself,
• 4:09
  Speaker 5: you know what, I'm gonna pay just the minimum to
• 4:12
  Speaker 5: the student loan debt because that's fifty thousand dollars. I
• 4:14
  Speaker 5: don't want to spend another three years working on getting
• 4:17
  Speaker 5: debt free just to be still in this room. And
• 4:18
  Speaker 5: I'm gonna spend the next three years working on my
• 4:20
  Speaker 5: business investing and so. And then it took the three
• 4:25
  Speaker 5: maybe I want to say, maybe four years, and then
• 4:27
  Speaker 5: one day I was able to write a full fifty
• 4:29
  Speaker 5: two thousand dollars check to my student loan debt like
• 4:32
  Speaker 5: it was nothing.
• 4:33
  Speaker 6: And so that's why I say I want you to
• 4:35
  Speaker 6: focus on growing.
• 4:35
  Speaker 5: Wealth and investing and allow debt to happen as a
• 4:38
  Speaker 5: result of growing wealth.
• 4:41
  Speaker 7: Ernest, what's up? You ever walk into a small business
• 4:43
  Speaker 7: and everything just works like the checkout is fast, the
• 4:47
  Speaker 7: seats are digital, tipping is a breeze, and you're out
• 4:50
  Speaker 7: the door before the line even builds Odds are they're
• 4:54
  Speaker 7: using Square. We love supporting businesses that run on Square
• 4:57
  Speaker 7: because it just feels seamless. Whether it's a lot, local
• 5:00
  Speaker 7: coffee shop, a vendor at a pop up market, or
• 5:03
  Speaker 7: even one of our merch partners. Square makes it easy
• 5:06
  Speaker 7: for them to take payments, manage inventory, and run their
• 5:09
  Speaker 7: business with confidence, all from one simple system. If you're
• 5:13
  Speaker 7: a business owner or even just thinking about launching something soon,
• 5:17
  Speaker 7: Square is hands down one of the best tools out
• 5:19
  Speaker 7: there to help you start, run, and grow. It's not
• 5:23
  Speaker 7: just about payments, it's about giving you time back so
• 5:26
  Speaker 7: you can focus on what matters most Ready. To see
• 5:29
  Speaker 7: how Square can transform your business, visit Square dot com, backslash,
• 5:33
  Speaker 7: go backslash eyl to learn more that Square dot com backslash,
• 5:38
  Speaker 7: go backslash eyl. Don't wait, don't hesitate. Let's square handle
• 5:43
  Speaker 7: the back end so you can keep pushing your vision forward.
• 5:49
  Speaker 7: This episode is brought to you by P and C Bank.
• 5:52
  Speaker 7: A lot of people think podcasts about work are boring,
• 5:55
  Speaker 7: and sure they definitely can be. But understanding a professionals
• 5:59
  Speaker 7: routine us how they achieve their success little by little,
• 6:03
  Speaker 7: day after day. It's like banking with P and C Bank.
• 6:07
  Speaker 7: It might seem boring to save, plan and make calculated
• 6:10
  Speaker 7: decisions with your bank, but keeping your money boring is
• 6:13
  Speaker 7: what helps you live or more happily fulfilled life. P
• 6:16
  Speaker 7: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
• 6:21
  Speaker 7: Boring since eighteen sixty five is a service mark of
• 6:24
  Speaker 7: the PNC Financial Service Group, Inc. P and C Bank
• 6:27
  Speaker 7: National Association Member FDIC.
• 6:31
  Speaker 8: Trying to lose weight, It's time to try hers. At
• 6:35
  Speaker 8: forhurst dot com slash for you, you can access affordable
• 6:39
  Speaker 8: doctor trusted weight loss treatments taylored just for you. These
• 6:42
  Speaker 8: include oral medication kits or compounded GLP one injections through Hers.
• 6:47
  Speaker 8: Pricing for oral medication kits started just sixty nine dollars
• 6:51
  Speaker 8: a month for a ten month plan when paid in full.
• 6:53
  Speaker 8: Up front, no hidden fees, no membership fees. You shouldn't
• 6:56
  Speaker 8: have to go out of your way to feel like yourself.
• 6:59
  Speaker 8: Hers Rings ex expert care straight to you with one
• 7:02
  Speaker 8: hundred percent online access to personalized treatment plans that put
• 7:05
  Speaker 8: your goals first. Reach your weight loss goals with help
• 7:08
  Speaker 8: through Hers. Get started at for hers dot com slash
• 7:12
  Speaker 8: for you to access affordable doctor trusted weight loss plans.
• 7:16
  Speaker 8: That's for hers dot Com slash for you, f O
• 7:19
  Speaker 8: R H e ers dot com slash for you paid
• 7:22
  Speaker 8: for by HIMS and her Health Weight Loss by Hers.
• 7:24
  Speaker 8: It's not available everywhere. Compounded products are not FDA approved
• 7:26
  Speaker 8: or verified for safety, effectiveness or quality. Prescription required restrictions
• 7:30
  Speaker 8: at for hers dot com apply not for it to
• 7:32
  Speaker 8: be the goal itself.
• 7:33
  Speaker 7: That's that's incredible because you know, we just had this
• 7:35
  Speaker 7: conversation maybe three hours ago when we in our Booklubs
• 7:38
  Speaker 7: shot everybody that was in the book Cup yesterday about
• 7:40
  Speaker 7: that scarcely mindset. Whereas like whatever we lack, we focus on, yes,
• 7:45
  Speaker 7: whether if I lack money, I'll focus on trying to
• 7:48
  Speaker 7: get money. If I lack food, all I can think
• 7:50
  Speaker 7: about is getting food.
• 7:51
  Speaker 6: If I if I'm trying.
• 7:53
  Speaker 7: To be different. All I can think about is a
• 7:54
  Speaker 7: debt you're saying, and I agree with you. Was like, yo,
• 7:58
  Speaker 7: we should focus on the investment piece and that will
• 8:00
  Speaker 7: take care of the other part everything else.
• 8:02
  Speaker 3: I'm gonna let you ask you a question, but I
• 8:03
  Speaker 3: going to make a statement too, because I feel like,
• 8:05
  Speaker 3: especially black people, a lot of telling me feel like this.
• 8:07
  Speaker 4: There's no such things as credit jail. Like I used
• 8:09
  Speaker 4: to have.
• 8:10
  Speaker 3: Terrible credit when I was in college. I got out
• 8:12
  Speaker 3: of college, I ran up credit cards and I actually
• 8:14
  Speaker 3: I think I had a lean on a judgment.
• 8:16
  Speaker 4: On one of the credit cards I couldn't pay back
• 8:17
  Speaker 4: when I was like in my early twenties.
• 8:19
  Speaker 3: And eyl one of my eyl nives shout out to PTG.
• 8:24
  Speaker 3: They just dropped the car off for me. We'll reveal,
• 8:26
  Speaker 3: we'll do a whole revealing. But what was my credit score?
• 8:29
  Speaker 4: A fifty two? A fifty two. So it's like, you
• 8:32
  Speaker 4: know what I'm saying, don't ever let somebody tell you that, yes,
• 8:35
  Speaker 4: if you got that credit credit.
• 8:37
  Speaker 6: I don't sweat credit.
• 8:38
  Speaker 5: I just want, honest see, if all the things to
• 8:40
  Speaker 5: worry about, it's the least you should worry about. All
• 8:42
  Speaker 5: your financial because it's the easiest thing to trick, right,
• 8:45
  Speaker 5: Like you're like, oh, hey, hey Graham, I you could
• 8:47
  Speaker 5: put me on your credit card as an authorized user.
• 8:49
  Speaker 5: Boom some points, you know, hey, let me pay off
• 8:52
  Speaker 5: a credit card. If this is what I when I
• 8:54
  Speaker 5: lost my job and I my credit score fell from
• 8:57
  Speaker 5: like a oo two to a five forty seven after
• 8:59
  Speaker 5: I couldn't for my mortgage and when it's a foreclosure,
• 9:02
  Speaker 5: I put a debt. A debt lawyer told me, Tiffany,
• 9:06
  Speaker 5: get a credit card, put Netflix on it, or the gym,
• 9:09
  Speaker 5: your gym membership on it, and paid off every month
• 9:12
  Speaker 5: in full.
• 9:12
  Speaker 6: Boom boom boom. I did it for two.
• 9:14
  Speaker 5: I used to call my jump like Jordan card. Right,
• 9:16
  Speaker 5: I'm like, yo, this credit card is about to jump
• 9:18
  Speaker 5: like Jordan. I did it with two, and in like
• 9:21
  Speaker 5: two and a half years, my five forty seven became
• 9:24
  Speaker 5: a seven fifty with an active foreclosure. Some of y'all
• 9:28
  Speaker 5: don't have no foreclosures, still don't have no seven fifty, right,
• 9:31
  Speaker 5: And I was just like, no, so credit. I don't
• 9:34
  Speaker 5: swear credit. Like now my credit score is probably like
• 9:36
  Speaker 5: I don't know, eight oh seven. I think last time
• 9:37
  Speaker 5: I checked quite honestly, I don't care I can raise
• 9:39
  Speaker 5: credit like this. I'm focused on growing wealth. I'm focused
• 9:43
  Speaker 5: on managing debt. I'm actually debt free like four year rold,
• 9:45
  Speaker 5: but I'm focused on managing debt. I'm focused on increasing
• 9:50
  Speaker 5: business opportunities. I'm always like my mentee always tell me, like, yo, Tippy,
• 9:54
  Speaker 5: you wait on a coin. I'm like, I will yo.
• 9:57
  Speaker 5: I will have an idea that I know probably won't
• 10:00
  Speaker 5: see the money for for five to ten years.
• 10:02
  Speaker 6: I'm good on that because if you start planning.
• 10:05
  Speaker 5: Seeds now, like I'm forty, I'm reaping my thirty year
• 10:10
  Speaker 5: old seeds. Well, people don't get That's why I don't
• 10:12
  Speaker 5: mind planning seeds at forty. I'm not going to see
• 10:14
  Speaker 5: the fifty because I'm like, I'm good. I'm reaping millions
• 10:16
  Speaker 5: of dollars because of seeds I've planned at thirty thirty one,
• 10:19
  Speaker 5: thirty two, thirty three. If you continue to plant, you
• 10:22
  Speaker 5: will continue to reap. And that's the issue is that
• 10:25
  Speaker 5: most people, the reason why they don't achieve the wealth
• 10:28
  Speaker 5: and the success that they want is that at some
• 10:31
  Speaker 5: point they don't see the seed grow fast enough, so
• 10:34
  Speaker 5: they stop right and then five years later, one of
• 10:37
  Speaker 5: those seats sprouts up and they're like, oh snap, that's
• 10:39
  Speaker 5: from five years ago.
• 10:41
  Speaker 6: And you realize, like, dang, had I kept going?
• 10:43
  Speaker 3: You will?
• 10:44
  Speaker 6: I will always read. Not only will I always read,
• 10:47
  Speaker 6: my kids will read. My kids' kids will reap.
• 10:49
  Speaker 5: My kids kids will read because I have set it
• 10:51
  Speaker 5: up that I am depositing every day. I'm planting every
• 10:54
  Speaker 5: single day, So I don't mind waiting on the corn.
• 10:57
  Speaker 5: I have ideas that I'm like that that's a billion dollars.
• 11:00
  Speaker 5: This is in about fifteen years. The way the market
• 11:01
  Speaker 5: is going, like I was just watching, like I don't know.
• 11:04
  Speaker 5: I mean, I'm sure you guys have been following, like
• 11:06
  Speaker 5: what's happening with Joe button pudding?
• 11:08
  Speaker 2: Right?
• 11:09
  Speaker 6: Let me get my jersey, my fellow jersey writing.
• 11:11
  Speaker 5: Right, you can put the s on it right, right right,
• 11:15
  Speaker 5: and so like even Kanye, I mean, you know Kanye,
• 11:17
  Speaker 5: but still right right.
• 11:20
  Speaker 6: I know.
• 11:22
  Speaker 2: My graduates from my school being forced back.
• 11:26
  Speaker 4: Drop bag drop Mike, drop bag drop drops.
• 11:41
  Speaker 9: An illegal alien from Guatemala charged with raping a child
• 11:45
  Speaker 9: in Massachusetts. An MS thirteen gang member from El Salvador
• 11:49
  Speaker 9: accused of murdering a Texas man of Venezuelan charged with
• 11:53
  Speaker 9: filming and selling child pornography in Michigan. These are just
• 11:57
  Speaker 9: some of the heinous migrant criminals caught because of President
• 12:01
  Speaker 9: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 12:04
  Speaker 9: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 12:09
  Speaker 9: crossings are at the lowest levels ever recorded, and over
• 12:13
  Speaker 9: one hundred thousand illegal aliens have been arrested. If you
• 12:16
  Speaker 9: are here illegally, your next you will be fine nearly
• 12:20
  Speaker 9: one thousand dollars a day, imprisoned and deported, you will
• 12:24
  Speaker 9: never return. But if you register using our CBP home
• 12:28
  Speaker 9: app and leave now, you could be allowed to return legally.
• 12:32
  Speaker 9: Do what's right.
• 12:33
  Speaker 6: Leave now.
• 12:34
  Speaker 9: Under President Trump, America's laws, border and families will be protected.
• 12:39
  Speaker 8: Sponsored by the United States Department of Homeland Security.