Daniel RosenCredit Repair Business Mentor | Insights from 250+ Podcasts

Dave Ramsey Explains How to Get Out of Debt in 18 Months! - FOR GOOD!

27 Apr 2023 · 0 min

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0:27

Short excerpt from a YouTube video (Daniel Rosen interviewing Dave Ramsey) about rapid debt payoff. Dave Ramsey prescribes stopping all investing temporarily, focusing all resources on the smallest debt (debt snowball), rolling payments to the next debt, and asserts that people who follow this intensely typically get out of debt in about 18–24 months; Daniel Rosen corroborates from personal experience.

Questions this video answers

About 18 to 24 months.

All investing (stop investing temporarily).

This guy is hard to listen to, hard to look at. I don't agree with all of his advice, but I agree with this. This is exactly what I did. Here we go.
Take 16 extra jobs.
Here we go.
Right now, we're.
Getting out of debt.
Everything. You stop all investing temporarily. Completely. Focus all your emotional, spiritual, financial, relational energy on that smallest debt.
That's right.
Everything goes on that. When that one's gone, you take the payment that used to be there and any other money we squeeze out of our budget and we throw it at number two. And when that one's gone, we take the payments from 1 and 2. The snowball rolls over again. It picks up more snow, and you attack number three. Yep. The average person for the past 25 years that has done that with great focused intensity, gone crazy to the point that broke. Friends and relatives thought they needed counseling. They shaved their head. They drank the Kool Aid. They get out of debt in about 18 to 24 months.
I did it, and that's what it took me.