Latest / The Table with Anthony ONeal / How to Pay Off Your Debt Faster: My 5-Step Plan to Become Debt Free

Transcript

How to Pay Off Your Debt Faster: My 5-Step Plan to Become Debt Free · The Table with Anthony ONeal

0:00
[SPEAKER_00]: Family, let me start with my saying is, your debt is charging you rent right now.
0:05
[SPEAKER_00]: While you sleep, while you're at work and even while you're watching today's episode, listening to today's episode.
0:10
[SPEAKER_00]: Now, if you're carrying more than $5,000 a more, I would say with the credit card debt, and you've said to yourself, you're going to wait one more year to deal with it?
0:21
[SPEAKER_00]: I'm talking about no new purchases, nothing extra, you're just going to simply wait.
0:25
[SPEAKER_00]: That waiting alone will cost you a little over $2000.
0:29
[SPEAKER_00]: And this is not because you purchase anything brand new, it's simply because you guessed it, you waited.
0:36
[SPEAKER_00]: You see, most people track their debt by the monthly payment, not by the daily cost.
0:43
[SPEAKER_00]: As long as the payment clears, they think they are absolutely fine, but the payment is hiding something.
0:51
[SPEAKER_00]: See, every single day you carry that balance, it's pulling from your future, it's pulling from your kids' future.
0:59
[SPEAKER_00]: So on today's episode, here's exactly what we're going to be covering.
1:03
[SPEAKER_00]: The real numbers on debt in America right now.
1:08
[SPEAKER_00]: The number two, exactly what weighting is going to cost you an actual dollars.
1:13
[SPEAKER_00]: The number three, what the same money could become.
1:16
[SPEAKER_00]: If it wasn't going to interest, if it wasn't going to somebody else's business, but if it was coming back to you, the number four, why we wait?
1:26
[SPEAKER_00]: Like, specifically, why we wait even when we know better, and they zap plan to stop it today.
1:35
[SPEAKER_00]: Today's episode is gonna be an important one.
1:37
[SPEAKER_00]: So I need you to get dowd in because it's time to go, let's get to it.
1:42
[SPEAKER_00]: I was doing some research before writing today's episode and according to the Federal Reserve Bank of New York's household debt and credit report, credit card balances hit 1.2 trillion dollars in the second quarter of this year, 2026.
1:58
[SPEAKER_00]: This is specifically a 54 billion dollars from a year earlier.
2:15
[SPEAKER_00]: Here's what should get your attention, because it sure enough did get mine.
2:20
[SPEAKER_00]: The average rate charge on credit card accounts actually assess interest was a little over 22%.
2:28
[SPEAKER_00]: Across all commercial bank card accounts, the average state stated rate was 20%.
2:35
[SPEAKER_00]: This is north of 20% compounding monthly
2:46
[SPEAKER_00]: And a little over 6% of credit card balances wrote into serious delinquency.
2:52
[SPEAKER_00]: I'm talking about 90 days or more past you, that quarter.
2:58
[SPEAKER_00]: Across every category of household debt combined 4.7% was delinquent.
3:05
[SPEAKER_00]: This is not some people problem.
3:07
[SPEAKER_00]: This is a U.S. problem at scale.
3:14
[SPEAKER_00]: At scale.
3:17
[SPEAKER_00]: But the balance, honestly, isn't a thing that's killing you.
3:21
[SPEAKER_00]: It's the waitingness killing you.
3:23
[SPEAKER_00]: And I'm gonna show you exactly what this looks like.
3:27
[SPEAKER_00]: This is simple, okay?
3:29
[SPEAKER_00]: This is simple, let me make this real, real, simple.
3:34
[SPEAKER_00]: I'm not going to give an example straight to the penny since we don't really have the real compound interest fees and actual numbers, right?
3:41
[SPEAKER_00]: But let's just say we're using the 22.15% average rate.
3:45
[SPEAKER_00]: Here's the order of magnitude, like here's how it really breaks down.
3:51
[SPEAKER_00]: Let's say you're carrying $3,000 for one more year.
3:55
[SPEAKER_00]: That's roughly $665 in interest.
3:59
[SPEAKER_00]: $5,000, that's about $1,100 and $8 in interest, but a lot of y'all are carrying $10,000.
4:03
[SPEAKER_00]: That's about $2,215 or $185 a month going before you touch the pressable.
4:06
[SPEAKER_00]: And for some of you who have, let's say a $20,000 balance, you're spending $4,430 a year on interest.
4:28
[SPEAKER_00]: I'm going to have to sit right there just four a minute.
4:35
[SPEAKER_00]: And I want to say it again.
4:38
[SPEAKER_00]: If you've got a balance of $10,000 with a 22% interest rate, you are handing your lender $2,200 before your actual balance moves $1.
4:51
[SPEAKER_00]: You are getting up every single freaking day.
4:56
[SPEAKER_00]: to give them $2200 of your hard earned money.
5:01
[SPEAKER_00]: For some of you, that's 30 days of work.
5:07
[SPEAKER_00]: 40 days of work, and it built nothing for your family, but it built something for them.
5:12
[SPEAKER_00]: But over in Proverbs 22 verse 7, it says, the bar where it's slave to the lender.
5:21
[SPEAKER_00]: I'm gonna leave it right there, because I don't wanna be offensive.
5:27
[SPEAKER_00]: But you're getting up, you're getting up to go pay back the master, but not your family.
5:37
[SPEAKER_00]: You see, I talked to people all the time with good income, good jobs, 40,000 hours, and consumed with that between the car, medical bills, and a car that quietly became their emergency fund.
5:49
[SPEAKER_00]: When I ask the plan, it's always the same.
5:53
[SPEAKER_00]: I'll get serious next year.
5:54
[SPEAKER_00]: I'll get serious when I get to pay raise.
5:56
[SPEAKER_00]: I'll get serious when my kids get out of school.
5:58
[SPEAKER_00]: Oh, I'll get serious, you know, next June.
6:02
[SPEAKER_00]: But let's be honest, fam.
6:04
[SPEAKER_00]: Things never really calm down.
6:08
[SPEAKER_00]: And I hate to say it, but it's true.
6:10
[SPEAKER_00]: Hope, and I'll do it later, it's not a strategy.
6:15
[SPEAKER_00]: It's not.
6:17
[SPEAKER_00]: And let's just say you're sitting with $5,000 or more in consumer debt.
6:21
[SPEAKER_00]: And you genuinely don't know where to start.
6:25
[SPEAKER_00]: I want you to do one thing before you end today's episode.
6:30
[SPEAKER_00]: It's a matter of fact, check this out real quick.
6:33
[SPEAKER_00]: Can you imagine what it would feel like to wake up tomorrow morning and not worry about anything around me?
6:40
[SPEAKER_00]: Not because you won the lottery, not because you suddenly became rich, but because you finally had a plan with structure and a plan that gave you more margin, peace and confidence.
6:53
[SPEAKER_00]: That's what exactly financial freedom really feels like.
6:57
[SPEAKER_00]: And this is exactly why I wrote my brand new book about the compatriot of Patreon, because if you're ready to stop surviving and start building the light youth and your family, your loved ones, actually deserve, I need you to go to anthonynew.com for a search book in order your copy today.
7:13
[SPEAKER_00]: As a matter of fact, order two copies, one for you, and one for your love ones.
7:17
[SPEAKER_00]: Again, as anthonynew.com for a search book and I promise you, if you read it and apply it
7:27
[SPEAKER_00]: You see, credit cards aren't the only thing fighting for your paycheck.
7:33
[SPEAKER_00]: The total U.S. household debt reached about $18 trillion in Q2 of this year.
7:38
[SPEAKER_00]: Inside of that, 1.7 trillion dollars is auto debt, 1.6 trillion dollars are student loans.
7:45
[SPEAKER_00]: So if you're carrying a car payment suit alone and a car balance at the same time, you don't have three problems.
7:52
[SPEAKER_00]: You have one paycheck being pulled three different directions.
7:57
[SPEAKER_00]: And none of those directions are for you, your family, your generation of family.
8:04
[SPEAKER_00]: And this is why people who make good money steal, feel stuck financially.
8:11
[SPEAKER_00]: It's not always about how much you earn is about how many hands touch your check before you do.
8:18
[SPEAKER_00]: Uncle Sam is already touching it.
8:20
[SPEAKER_00]: Now this bank is touching it.
8:21
[SPEAKER_00]: This lender is touching it.
8:23
[SPEAKER_00]: This company is touching it.
8:24
[SPEAKER_00]: And it's not God and it ain't you.
8:32
[SPEAKER_00]: I'm trying to calm down.
8:36
[SPEAKER_00]: Because I want to start talking about now was really stealing from you.
8:41
[SPEAKER_00]: Was really stealing from your future.
8:43
[SPEAKER_00]: Was really stealing from your goals.
8:45
[SPEAKER_00]: Was really stealing from the desires that God placed on the inside of you.
8:50
[SPEAKER_00]: Was preventing you from from to go from paycheck to paycheck lifestyle to to freedom.
8:57
[SPEAKER_00]: Was hindering you, was slowing you down.
9:01
[SPEAKER_00]: You remember that $185 a month in interest on the $10,000 example that I gave you earlier?
9:08
[SPEAKER_00]: Let's put that same $185 somewhere else instead.
9:13
[SPEAKER_00]: This next part is an illustration only based on let's say an assumed 8% average annual turn.
9:19
[SPEAKER_00]: I'm going to go real, real, real low.
9:21
[SPEAKER_00]: So the same guaranteed, okay, because returns will move up and it will move down, but historically, that's a realistic long term goal.
9:30
[SPEAKER_00]: Historically, I could go to 10 to 12%.
9:33
[SPEAKER_00]: I'm gonna go with 8% for today's illustration.
9:36
[SPEAKER_00]: You see, 185 dollars a month invested for 20 years at an assumed 8% could grow to roughly 110,000 dollars.
9:48
[SPEAKER_00]: I have my hand up for the people who are listening on podcast too.
9:52
[SPEAKER_00]: Two decisions side by side.
9:54
[SPEAKER_00]: The decision one, keep the $10,000 in debt,
9:58
[SPEAKER_00]: You pay about $215 a year in interest every single year for as long as it lasts.
10:06
[SPEAKER_00]: Nothing built.
10:07
[SPEAKER_00]: Now decision two is you pay that crap off, redirect that same $185 and 20 years later, potentially you have $110,000 or more that belongs to you, that can pay off some of your debt, that can provide financial freedom for you and your kids.
10:26
[SPEAKER_00]: You see, debt doesn't just charge you interest.
10:29
[SPEAKER_00]: It changes your options.
10:34
[SPEAKER_00]: That doesn't just keep you in bondage.
10:38
[SPEAKER_00]: It prevents you from passing down freedom to your loved ones.
10:45
[SPEAKER_00]: You see, almost nobody calculates the interest and decides to keep paying it on purpose.
10:51
[SPEAKER_00]: What actually happens is avoidance.
10:55
[SPEAKER_00]: See, I'm gonna be honest with myself when I was in debt, it created shame.
11:01
[SPEAKER_00]: And shame made me not even wanna check my mailbox.
11:03
[SPEAKER_00]: Shame made me not even wanna pick up the call when I saw a 800 number, 80, 80 number.
11:09
[SPEAKER_00]: Shame made me not want to look.
11:15
[SPEAKER_00]: And this is the same reason why some of us won't check our bank accounts before we even swipe.
11:22
[SPEAKER_00]: We're hoping and praying at that car goes through.
11:26
[SPEAKER_00]: You see, I think about a married couple when I talked to both of them were working doing everything right on paper, 34,000 dollars in debt, and they quietly avoided that for two years.
11:39
[SPEAKER_00]: The real conversation wasn't about the dishwasher, that broke last month.
11:44
[SPEAKER_00]: It was about the number neither of them wanted to say out loud.
11:51
[SPEAKER_00]: Neither one of them wanted to face the truth that they were in.
11:57
[SPEAKER_00]: Waiting doesn't protect you from pain.
12:00
[SPEAKER_00]: It delays it and makes it more expensive.
12:03
[SPEAKER_00]: The interest doesn't pause because you're not ready to look.
12:08
[SPEAKER_00]: This isn't about how you got here.
12:10
[SPEAKER_00]: Life happens, medical bills happen, job loss happens.
12:14
[SPEAKER_00]: But from this point forward, waiting is a decision too.
12:20
[SPEAKER_00]: And it's the most expensive one on the table.
12:26
[SPEAKER_00]: It is the most expensive decision, some of us are making it right now.
12:35
[SPEAKER_00]: So I don't believe in just creating this fear without providing a plan to change.
12:45
[SPEAKER_00]: So I'm gonna give you a plan.
12:46
[SPEAKER_00]: I wanna give you a plan.
12:47
[SPEAKER_00]: How, how do you change this real quickly?
12:50
[SPEAKER_00]: Here's a very first thing I'll tell you.
12:52
[SPEAKER_00]: You gotta calculate your own waiting text.
12:57
[SPEAKER_00]: Balance, get all your balances, times your rate and you divide that by 12.
13:04
[SPEAKER_00]: That's what one more month is costing you.
13:09
[SPEAKER_00]: And what I want to highly encourage you to do is write it down.
13:13
[SPEAKER_00]: When you get that math, when you get your calculation, A-B-A, every single month, this is what we're paying out.
13:21
[SPEAKER_00]: I guarantee you, when you see that, if you don't get pissed off, something is wrong with you.
13:27
[SPEAKER_00]: When I calculated how much I'm paying to someone else, I said, oh no.
13:36
[SPEAKER_00]: When I made that calculation, I did this step number two.
13:40
[SPEAKER_00]: I jumped on a desk no ball.
13:41
[SPEAKER_00]: You got to use a desk no ball.
13:43
[SPEAKER_00]: This is not the highest interest rate first.
13:45
[SPEAKER_00]: I don't know, there's where you list every desk smallest of largest ignore the rates for right now and throw every extra dollar at the smallest one while paying minimums on the rest.
13:57
[SPEAKER_00]: And when it's gone, you don't spend that money.
13:59
[SPEAKER_00]: You roll that whole payment into the next one.
14:03
[SPEAKER_00]: because we need momentum and momentum finishes the plan.
14:07
[SPEAKER_00]: Math alone doesn't finish.
14:12
[SPEAKER_00]: Math alone doesn't.
14:14
[SPEAKER_00]: Momentum, excitement and a scene, freedom coming and we're getting further and further away from bondage.
14:26
[SPEAKER_00]: Who's least willing to step three?
14:28
[SPEAKER_00]: Y'all, hear me clearly.
14:30
[SPEAKER_00]: stop making excuses.
14:33
[SPEAKER_00]: Don't wait for extra income.
14:34
[SPEAKER_00]: Don't wait for a prayer pay raise.
14:36
[SPEAKER_00]: Don't wait for your tax return.
14:39
[SPEAKER_00]: Do not wait for extra income.
14:41
[SPEAKER_00]: Find whatever margin exists inside of the vision for your money aka a budget right now.
14:47
[SPEAKER_00]: Every $25 every $50 and put it to work today.
14:55
[SPEAKER_00]: Got to.
14:57
[SPEAKER_00]: And I'm talking about when you go to your budget, if you single, stop dating for a season, get creative with your days.
15:05
[SPEAKER_00]: Ladies, some of y'all need to do your hair from the house.
15:10
[SPEAKER_00]: Do your nails from not do your own nails.
15:13
[SPEAKER_00]: Brothers, you may begin to haircut every week.
15:16
[SPEAKER_00]: We may gotta go to every other week.
15:18
[SPEAKER_00]: The greatest enemy to our financial success is our excuse.
15:22
[SPEAKER_00]: The excuse we make up to stay in the bondage
15:33
[SPEAKER_00]: When I got done making excuses, I started seeing freedom.
15:40
[SPEAKER_00]: When I got a taste of freedom, I wanted to wake up the freedom every single day.
15:47
[SPEAKER_00]: Step four.
15:49
[SPEAKER_00]: You need to get at least one month if you take home pay into a high yield savings account before you go all in on your data tag.
15:59
[SPEAKER_00]: So that this way, the next flat tire, the next cell phone or a brace or the next time you gotta go to the hospital, it doesn't turn into new debt.
16:09
[SPEAKER_00]: We gotta create,
16:12
[SPEAKER_00]: a buffer to her as we're moving forward win and an emergency comes now which is the inconvenience man I think I may I might I'm going to ask my team first but I think I may share something with you all
16:40
[SPEAKER_00]: that an emergency came that I had no idea it was coming.
16:46
[SPEAKER_00]: No idea it was coming.
16:49
[SPEAKER_00]: And that emergency caused me 20,000 dollars.
16:53
[SPEAKER_00]: While I was pissed.
17:00
[SPEAKER_00]: That emergency turned into a uncomfortable inconvenience.
17:08
[SPEAKER_00]: I made sure.
17:10
[SPEAKER_00]: I'm going to share her stuff off.
17:16
[SPEAKER_00]: I need you to set a real dead line and tell somebody.
17:21
[SPEAKER_00]: Tell somebody, hey, after doing my calculations, after looking at my income, I should be at a debt by this time of 2026, 2027 and 2028.
17:34
[SPEAKER_00]: Every single month, I need you to text me, call me, send me a DM, do something, ask me how is my journey coming?
17:45
[SPEAKER_00]: One of the things that we're doing here with our community as ma'am, I feel this often.
17:53
[SPEAKER_00]: And before I get to the next thing, I want to share this, something that's on my heart.
17:58
[SPEAKER_00]: I feel often that we'll have these money conferences and we'll have so many different influence.
18:05
[SPEAKER_00]: It's talking about I made a million dollars and paid me for this course of followed as planning.
18:11
[SPEAKER_00]: While I understand some of that, because I do some of that, I've never bragged about making millions
18:23
[SPEAKER_00]: but I understand that everything can't be for free.
18:29
[SPEAKER_00]: But we are starting the freedom circle community to where I'm going to accept a small group of people who truly want to change their life in the year of 2012 to say it's going to be in the 2017.
18:43
[SPEAKER_00]: And I'm going to be personally coaching these individuals and holding these individuals accountable and reading through my books, not living in a paycheck to paycheck.
18:53
[SPEAKER_00]: It's going to be a small group of people that I really want to see change.
18:57
[SPEAKER_00]: We did a soft launch, got like 25, 30 people in there, and we're really about to take this thing serious.
19:03
[SPEAKER_00]: If you want to learn more information about it, I wasn't even going to mention this today, but I just really felt the need to let you all know that.
19:10
[SPEAKER_00]: And I want to serve my community deeper.
19:13
[SPEAKER_00]: I'm going to link that in the show notes to where you can.
19:19
[SPEAKER_00]: be a part of this community.
19:20
[SPEAKER_00]: There is a fee, because I mean, it's a very cheap fee, $39 a month, and side of that, it's going to be my skate plan, course, and curriculum.
19:28
[SPEAKER_00]: We're going to have, I got a coach.
19:30
[SPEAKER_00]: That's going to be coaching us every single week.
19:32
[SPEAKER_00]: His name is Coach Jeremy Wright.
19:34
[SPEAKER_00]: I'm going to be in there, and we're really going to serve these people and hold each other accountable.
19:40
[SPEAKER_00]: So if you want to do that, go to anthonyoneau.com for slash freedom circle and the links to be inside of the today's show notes, but I think this is going to be very, very, very, very, very important for us because I want to go deeper.
19:55
[SPEAKER_00]: And so we're going to kick off by read in my book answering your questions, personal questions.
20:01
[SPEAKER_00]: All right.
20:03
[SPEAKER_00]: As we in today's show, I want to bring it back to the same couple that was 34,000 dollars in debt.
20:10
[SPEAKER_00]: Find and sit down and found their smallest balance.
20:13
[SPEAKER_00]: I think it was right around $1,100.
20:15
[SPEAKER_00]: They killed that in six weeks.
20:18
[SPEAKER_00]: It wasn't the $1,100 that changed them.
20:21
[SPEAKER_00]: It was proving that they could win at something with their money for the very first time in years.
20:28
[SPEAKER_00]: 18 months later, they are consumer debt free.
20:32
[SPEAKER_00]: Sitting at the same kitchen table talking about buying a home instead of just surviving the month.
20:41
[SPEAKER_00]: They have the exact same income, same starting dead, but a completely different future because one family stopped letting the math intimidate them and to doing nothing.
20:56
[SPEAKER_00]: And they said, we no longer want to be a slave, we want to have freedom.
21:03
[SPEAKER_00]: And they went after it.
21:05
[SPEAKER_00]: And they are a part of the freedom circle.
21:10
[SPEAKER_00]: And inside of that circle, I'm going to be bringing up people, sharing their testimonies who look just like you, who are single mothers, who are couples making a household income of $70,000 combined income, couples who are working every single day, but they're still experiencing freedom.
21:30
[SPEAKER_00]: Here's what I need you to remember, over $1.2 trillion in credit card debt in America, with
21:41
[SPEAKER_00]: waiting one more year on $10,000 going to cost you a little over $2,000.
21:47
[SPEAKER_00]: That same money invested instead could roughly bring you in a $10,000 or more over 20 year.
21:57
[SPEAKER_00]: Some of us wait because of shame, not because of Matt.
22:02
[SPEAKER_00]: And the plan is five steps.
22:04
[SPEAKER_00]: Calculate your waiting tax.
22:06
[SPEAKER_00]: Snowball the smallest of the largest to get out of consumer debt.
22:10
[SPEAKER_00]: Find the margin right now.
22:13
[SPEAKER_00]: Be a little bit smaller buffer and set a deadline and tell somebody, I'm gonna be free.
22:21
[SPEAKER_00]: Me and my wife, me and my spouse are gonna be free by this date.
22:27
[SPEAKER_00]: As a matter of fact, it's a matter of fact, email me, Anthony at AnthonyOnell.com that date you plan to be dead free.
22:40
[SPEAKER_00]: No, no, no, better yet.
22:41
[SPEAKER_00]: Put it in the comments section.
22:43
[SPEAKER_00]: And what I'm going to do is I'm going to wait to about life seven days.
22:48
[SPEAKER_00]: And I am going to be praying overall of this.
22:52
[SPEAKER_00]: And I want to highly encourage you to join the Freedom Circle.
22:57
[SPEAKER_00]: because we bought a code neighbor.
22:59
[SPEAKER_00]: Every month you wait, your lender wins.
23:02
[SPEAKER_00]: Every month you decide you win.
23:05
[SPEAKER_00]: I'm saying it one more time.
23:06
[SPEAKER_00]: Every month you wait, your lender wins.
23:12
[SPEAKER_00]: Every month you decide you win.
23:17
[SPEAKER_00]: Well, I think I've really been sticking to, and I'll talk about this in my book that financial freedom is a decision before it is a destination.
23:25
[SPEAKER_00]: And it's available to you right now.
23:28
[SPEAKER_00]: Not next year.
23:30
[SPEAKER_00]: Go to www.anthinoneo.com for slash book to grab your copy of Stop Living Page at the Paycheck where the full plan is in there.
23:40
[SPEAKER_00]: We're diving in deeper now.
23:42
[SPEAKER_00]: This book is out, man, I'm working on something else that's even amazing, that's going to be amazing.
23:48
[SPEAKER_00]: Cause honestly, and I'm gonna say it's respectfully without saying no names are hinting to anybody, but I'm sick and tired of these end floors who blew up only during COVID, selling freaking choruses.
23:59
[SPEAKER_00]: But really ain't got no substance.
24:01
[SPEAKER_00]: Really are not helping people.
24:02
[SPEAKER_00]: I was just telling it to a friend.
24:05
[SPEAKER_00]: We was talking about how she had an amazing month last month financially.
24:09
[SPEAKER_00]: And I told her it was one thing, I said,
24:13
[SPEAKER_00]: continue serving people.
24:17
[SPEAKER_00]: Don't chase the dollars, chase the impact, and impact will reward you with income.
24:26
[SPEAKER_00]: To this day, I don't know how my company is making the money that is making.
24:32
[SPEAKER_00]: But one thing, anyone who has worked with me will tell you, if it's not
24:43
[SPEAKER_00]: I don't want to do it.
24:46
[SPEAKER_00]: I don't want to do it.
24:49
[SPEAKER_00]: Because I never want this brand to be known as what Jason Nencom.
24:54
[SPEAKER_00]: I want this brand to be known as what make an impact.
24:58
[SPEAKER_00]: Do me a favor if you made it to the end of this video please hit the thumbs up so we can trigger the YouTube algorithm.
25:03
[SPEAKER_00]: Share today's episode with someone to help them get out of debt quickly and make sure you grab the copy of my latest book.
25:10
[SPEAKER_00]: Stop live on page at the paycheck by going to amptonion.no.com for a size book or go to any bookstore locally within your community.
25:17
[SPEAKER_00]: I'll see you soon.
25:18
[SPEAKER_00]: Peace out.