How to FINALLY Get Out of Debt | 7 Steps to Debt Freedom

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This video is for people SERIOUS about getting out of debt. We walk through the 7 steps anybody can follow get out of debt once and for all. Here they are:

Step #1: Say 'No' to New Debt

Step #2: List All Your Debts

Step #3: Get Rid of Debt

Step #4: Lower your interest rates

Step #5: Increase your income

Step #6: Reduce your expenses

Step #7: Use the Debt Snowball Method

#debt #getoutofdebt #financialfreedeom

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.

[imdoc]

Ive been following Dave Ramsey for the past few years snd yesterday I made my last house payment. I officially have no debt. I just turned 45 a few days ago 😊

[ChristopherAbelman]

The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.

[Raymondjohn]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[cattmahal]

For sure. I just feel for a lot of people. I’ve been there at $140k. You can’t breath. But I worked over 80 hours + a week and was grateful I was so tired I can sleep rather then my bills keeping me up. Fast forward I’m debt free, with 3-6 months emergency fund, own my own home and scared to spend $10 for lunch.

[dwlsn]

My daughter’s family & I moved in together after rent started rising because we realized as a family, separately, we’d be paying $4k. But TOGETHER we’d be splitting $1, 800! BIG DIFFERENCE! Then, they sold their car because we had mine & it was paid off! We are doing very well together, money wise. We also share chores & cooking, etc. It is nice to have cabinets and a fridge with food in them and money in the bank at the same time! Blessed!

[sandrachivel]

The economy is in disarray; without the RFUSA assistance checks, I'm not sure how I would have been able to provide for my family and pay my bills.such aching pains

[rayhill]

Paid off my house yesterday
Dave Ramsey works

[audio]

I had 250, 000USD IN DEBT from credit cards and personal loans, as of January 2018. I just made my FINAL PAYMENT TO ZERO DEBT JANUARY 2024. The first thing I had to cut off was RELATIONSHIPS OR GIRLFRIENDS. That kept me broke from the constant need to buy things we don’t need or “going out”. Now, I am finally CASH POSITIVE for the first time in my adult life. NEVER AGAIN!

[chessdad]

I’ve been debt free since at least 2010. I refuse to borrow anything. I went years where I put a wad of cash in my wallet at the beginning of the week, and would only spend that. And I only used the credit card to buy gas. Now I’ve lightened up and regularly use the credit card. But I always pay off the balance during the month. I paid cash for my most recent vehicle purchase.

[ytmvbergieb]

Becoming a minimalist made a huge difference for me. I culled and gave away what I really didn't use/need and learned to really really really appreciate what I already own.

[swingger]

I was $250k in debt, then I stopped spending money on stupid shit I didn’t need and started paying back my debts and now I’m debt free. Yea it’s that easy.

[bjworksit]

You know, your honesty about not achieving your goal and not giving up is so helpful. It is such a blessing to have the flexibility to adjust a goal date. Eventually you will achieve it.

[originalsixx]

What you said at the 2:30 mark is right on- you have to WANT to be debt free. You have to make it a priority every day. I made this decision back in 2020. I bought a car and my goal was to pay off by 12/31/21. I met that goal. We our currently working on our last debt, our mortgage which will be paid of May 2024. We are making 4 payments per month and we are able to do that because we have no other debt.

[BateserJoanne]

Basically, mortgage rates have reached their highest point since 1998, spanning 25 years. Considering inflation trends, there's potential for them to rise even further. Just a year ago, a 28year fixed rate was only 6%. This prompts the question: should I wait for a housing market downturn before buying or shift my focus towards the equity market?

[freedomring]

the best thing I ever did was follow a budget. It allowed me to see where all of my money was going and then the left over money after bills could be redirected towards savings, investments, debt etc. It took a good 3 to 4 months to have a solid foundation of a budget for me, but now about 10 years later I am rolling and things are running smoothly. You MUST know where every dollar you earn goes.

[angelrendal]

Thank you for such a great video! You have a calming presence which really helps the anxious nerves as I'm going through tabs of spreadsheets, statements, and YouTube videos about debt. This has been my favourite!

[marlajean]

That was so good 👍. Just what I needed to hear.

[halfunkbass]

There is no feeling like going to work knowing if you got laid off, you are not a slave to car notes, mortgages, student loans and credit cards. You are at Unicorn status of life when you are without obligations -- to any form of loans out here.

To me, being debt free to those things i mentioned, allows to enjoy walking through life instead of running through it. You can enjoy pure time that is an obligation to yourself instead of someone else.

[danielledillon]

Thank you for your kind and sensible advice!

[twilde]

I also don't listen to Dave Ramsey much, but listening to him several years ago was the "kick in the pants" I needed.