Debt Snowball vs. Avalanche: Which One is Better?
Debt Snowball vs. Debt Avalanche ... which debt paydown strategy is better? We dive into each method to help you choose what's right for you!
Prefer to Read? Here's this video as a written article: marriagekidsandmoney.com/podc...
CHAPTERS
00:00 - Intro - Achieve Family Financial Independence
01:39 - The Debt Snowball vs. Debt Avalanche Methods
02:29 - The First Step to Tackling Debt
03:40 - Get a Clearer Picture of Your Debt
05:02 - What is the Debt Snowball Method?
06:54 - How does the Debt Avalanche Method Work?
09:28 - Final Thoughts - Achieve Family Financial Independence
#debtsnowball #debtfree #debtfreejourney #FamilyFinance #PersonalFinance
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Пікірлер: 11
Which do you prefer? Debt snowball or debt avalanche?
Im doing the debt squeeze Paying off the highest and lowest
I pay off what is my biggest monthly payment. Which is my car. Once I pay my car off.I'll have more money to pay off other debts.
@MarriageKidsandMoney
Ай бұрын
I like your plan! Recently, I had the chance to interview Jade Warshaw about paying off $460k in debt. She had some excellent advice if you want to check out our interview: kzread.info/dash/bejne/d3l4mZSaY6uvpNo.htmlsi=sOx4pPh-w0ivSTVb
@shar1202
Ай бұрын
@@MarriageKidsandMoney thanks I would love to listen.
@MarriageKidsandMoney
Ай бұрын
@@shar1202 I appreciate you checking it out! Thanks!
These questions are interesting because personal finance is an empiracle field - meaning there is always a mathematically correct answer. Paying off your highest interest debts first is the 'best' way mathematically to tackle debt. However, the emotional aspect of turning small wins into bigger wins is SUPER important. I think is a total case by case type of question as it will vary based on someone's financial position and their emotional relationship with money and debt
@MarriageKidsandMoney
8 ай бұрын
Agreed! There's no one right answer ... only your own personal "right" answer.
@MrKlawUK
3 ай бұрын
My counter to that would be - if you have more than one high interest debt (which you do if you’re choosing what order to attack them) - then the ‘technical’ best may be less applicable because if that is your preference, you’d arguably be less likely to be in that position in the first place. There is no ‘right’ answer but I think snowball for people with 3 or more high interest debts is close to a ‘right’ answer
Debt snowball unless similar balances and a big difference in interest rate. Debt snowball simplifies your life and is easier to stick to.
@MarriageKidsandMoney
6 ай бұрын
Great points!