How My Friends & I Paid off 420k Debt in 6 Months (Copy & Paste Our Debt Strategy)

Struggling with debt? We were too, but we found a way out. Introducing the DEBT STOCKVEL—a unique twist on the debt snowball strategy that helped us pay off 420,000 in just 6 months. In this video, I'll walk you through the process, the structure, and the rules we followed to achieve financial freedom.

Here's what you'll learn:

Background (0:00) Our journey through debt and the inspiration behind the Debt Stockvel.
Debt Stockvel Structure (1:20): How we set it up the #debtstockvel for success, and .created a supportive system for accountability and rapid results
The Rules (1-4) (3:37): Our guiding principles for efficient, aggressive debt repayment, incorporating a #modifieddebtsnowball method.
What We Achieved (7:19): The successes, challenges, and our incredible journey to debt freedom! Plus, how we built emergency savings and invested for the future.
Reflections (8:02 ) What worked for us and what did not
Other Resources (9:51): Tools and resources to help you start your debt-free journey and work toward financial independence.
Disclaimer: This video is for entertainment purposes only. We're not financial advisors. For personalized financial guidance, please consult a professional.

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[YvonneFreely]

Would you try this with your friends, family or colleagues? Let me know what you think of this debt management solution below 🙌🏾

[thandosdance]

On our stokvel we didn't have to meet. We were all professional and had integrity in that regard as some were in Cape Town and another in KZN. Money was just transferred by each person to the one receiving that month. I am planning to start again next year.

[YvonneFreely]

Every Stockvel has to have a strict rules and a way to hold each other accountable/liable otherwise this falls apart, so what I didn’t mention which is critical is you will need to have a simple, binding agreement which details all your debt stockvel rules and how you will deal with issues, that you all sign.

Since these are common community and trust based schemes in our African culture please remember that you have to do it with people you know well (trusted friends or family) otherwise you will risk loss of your capital.

[hilenikullakapepo]

Our Stockvel work a bit different. We are 6 professionals who each contribute 2k monthly. The 12000 goes to the recipient of that month, allowing the individual to pay their debt off by saving monthly. Some people don't really have debt So, when it's their time to receive, they either save this money or buy stuff cash. Either way, a Stockvel is a great way for saving as one feels obliged to commit😊

[bernadinemolale]

This is actually more effective. Love it

[Nwakaego_]

This is amazing. I’ll do it by myself lol. I would love to do this in the USA, but I don’t trust anyone enough or the USA companies/economy not laying people off from their jobs to do this together.

[AmeliaMyKnight]

Just discovered your account, liked & subscribed🙌🏾 very informative

[keamogetsoeipeleng]

For risk, I always worry what would happen if someone dies while they haven't paid back to the stokvel.

[abigailshongwe]

I really love how everyone got equal amounts😅, I thought at first the ppl with the most debts benefited the most but that was just me making assumptions 🙈 Good idea to quickly get debt out of the way. Really needs all stokvel members to be super motivated though ❤

[demetriusturner]

Yvonne you give me hope on getting out of debt! I am interested

[paballomotsumi]

I was excited of the idea, until i realised it actually works if they start with you😢 because if you are drowning in debt and can only pay minimum required amount and you dont have any extra money left, where & how are you going to get that money to contribute until its your turn? If they start with me yes i will pay off my debt and have money to contribute for others.

[ChristianJacquet]

I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1, 000, 000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?

[olwakhekanityi]

Hello , very interesting channel.
The strategy I like. Is there a way I can join the stockvel for next year.

In a journey of settling my debts, is there a group you know that I might join.
Thanks

[bakangmereekae]

How did yal apportion the money to the debts? Because R10k for 6 months is R60k right? Hence you said you were about R103k in debt.

[EsihleKgasibe-eypn]

I don't even have friends nor siblings

[tavaresjwilliams]

Thats cool imagine if you kept going for another 6 months. Yall could have had about 70k saved up for each of yall. Just pretend the debt was still there 😂

[zazzleq]

If you hadn’t used the stockvel method, how many months would it have taken you to clear the debt? Your 100k to be specific?

I want to know how impactful this has been for you.

[londekazondi]

We have this with my friends as well. Together we collectively contribute 65k and we call it umholiswano

[Phyllisjordan]

This is such an awesome plan. Thank you.