Get Out of, and Stay Out of, Debt Forever
The American people have been conned. For decades now, they have been conned into believing that living life under the crushing weight of debt is just how it’s done.
The truth, however, is that we don’t have to live life like that. We don’t have to be a slave to the debt that we’ve incurred.
Today, we’ll talk a little bit about how easy it is to get out of debt. But also touch on the fact that being in debt isn’t always bad.
You can watch the video, or keep reading for more info.
The Simple Math Behind Getting Out of Debt
Money is numbers, and numbers are logical. There shouldn’t be any emotions here. When you merely look at the numbers and not what they have bought or could buy, this stuff goes a whole lot easier.
For this example, we’re going to use some nice round numbers. The math isn’t terribly complicated, but can get overwhelming. If you stick it out and don’t let yourself get overwhelmed, it makes sense. If you throw up your hands and say “well, I’m in debt, I’ll just deal with it.” Then you’ll always be in debt.
So, let’s say you have $60,000 in debt, and you’re paying about 5% interest on it with a plan to be out of debt in 20 years.
This debt will cost you $400 every month, and in the end you will repay $95,000; that means your $60k cost you $35k over those years.
Now, our goal is to get out of debt. So let’s put an extra $100 per month toward it paying it off faster.
Now, you pay $500 per month, and over the next 14 years you pay almost $24,000 in interest. Your debt goes away 6 years sooner, and you save $11,000 in interest charges.
Let’s put $250 extra toward it. Now the debt is gone in 10 years, and interest payments drop to $16,000; the time is cut in half and the savings is almost $20,000.
Straight up double the monthly payments to $800/mo and you wipe that debt out in 7.5 years, and spend just over $9,000 in interest.
Wiping out debt is just math. And with a dedicated plan, you can wipe it out really quickly when you have the funds coming in to get rid of it.
BTW, I used this calculator to figure out these numbers.
Make Extra Money to Wipe Out Debt Faster
Of course, to earn that extra money you need a plan on where it’s coming from. That’s what No to Grow is all about.
Using the principles and techniques I teach you, you can easily have an additional $400 coming in to wipe out that debt. Then, when it’s gone, you still have $400 coming in to splurge on whatever you want.
You can get started by clicking those big red letter down below.