Lewis HowesYour Personal 24/7 Greatness Coach

How To ACTUALLY Get Out Of Debt

13 Jun 2025 · 0 min

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In this segment, the speaker outlines a practical roadmap for moving from being in debt to achieving financial freedom. The process begins with envisioning a concrete, time‑bound future (12‑month, 3‑year, 5‑year goals) and articulating a deep personal "why" behind those goals to sustain motivation. Next, the speaker advises gathering recent credit‑card statements and three months of bank data to create a detailed budget that lists every debt and monthly expense. The budgeting exercise often reveals that debt exceeds income, which serves as a reality check. Finally, the speaker stresses the need to develop an income‑generation strategy—whether a new job or side hustle—to bridge the gap between earnings and debt obligations. The overall tone is conversational yet instructional, encouraging listeners to confront uncomfortable truths while staying motivated by a compelling personal purpose.

What is the exact.
Process you would take from going from broken in debt to creating a financially free life?
Very first things. I'm stepping back and before I even look at my debt, I'm talking. Okay, where do I want to be within the next 12 months? After 12 months, next three years, five years, I want to be in California, living in my dream home, debt free. Whatever that vision is. I'm writing down the why? Why do I want the home? I don't want the home just because it's nice sitting on the beach. I want the home probably because you know what, man? Growing up, me and my siblings had to share a room. I'm getting a deep enough why that when it gets hard, when I feel like giving up, it's going to make me cry and make me push through. That's number two, day number three, I'm pulling credit card, I'm pulling the last three months of my bank statements and I'm getting on a very detailed budget. I'm going to list out all the debt, I'm going to list out all of my monthly expenses. Then I'm going to take that information and I'm going to put it on this budget. And here's the truth. If we're going to be honest, it is going to frustrate you because what's going to happen is you're going to see you have more debt than you have income. That's going to be my number four. Once I see that I have all this debt, I'm going to measure, okay, what is the income strategy that I need to come up with that is going to create market charging to help me pay off my debt And I tell everyone that's going to be a job.