Richard Young Associates’ Post

Transcript

Hey guys, Justin here with your prescription of the week. This week we're going to bring back an oldie but a goodie and talk about the debt snowball. So I know a lot of you are probably familiar with the Debt Snowball if you listen to Dave Ramsey, but I think the principles are important and easy to follow. So I think it's worth bringing back. In short here, the debt snowball says we're going to list out all of our debts from lowest to highest. We're going to pay the minimum on everything except for the lowest. And as we pay that debt off, we're going to move that debt payment over to the next and then to the next until we are. Completely debt free. I think this is important if you haven't heard about the debt snowball or if you have found yourself in debt, it's a great way with easy principles to pay off your debt. And as Dave says, you can wander into debt, but you can't wander out. So this has been your prescription of the week.