How To Pay Off Your Debt FAST
In this personal‑finance video, Rob Moore shares the six‑step system that helped him eliminate £50,000 of debt in under a year. He begins by reframing money as a liability that loses value unless turned into an appreciating asset, warning that fiat cash depreciates quickly. The core of the presentation is a practical, chronological plan: (1) stop spending on any depreciating liabilities, especially credit‑card debt; (2) set a concrete target date for becoming debt‑free and create public accountability and a celebration; (3) attack the highest‑interest debt first rather than using the traditional “snowball” method; (4) funnel any overtime, commissions, bonuses or pay‑rise money straight into debt repayment; (5) make the first payment on payday, before any other expenses; and (6) sell non‑income‑producing items or act as a reseller for friends and family to raise cash. Moore emphasizes allocating 10‑20 % of income to debt repayment, warns against lifestyle creep, and treats education and self‑investment as assets, not liabilities. He concludes by promoting his Moneymaker Summit, a multi‑day event offering deeper training on income streams, investing in gold/silver, tax reduction, and networking with entrepreneurs, and provides a link (robmoore.live/money) for tickets and sponsored seats.
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How to pay off your debt fast. I have 6 simple steps to pay off your debt in the shortest amount of time. Now, in 2008, I got myself out of a large debt hole, £50,000 in fact, and it took me less than a year. And I thought it would take a lot longer, but when you follow these 6 steps, you'll be surprised at how quickly you can get yourself out of debt. But it's also about understanding that this is a real asset and that money is debt. And, you know, when you earn money, you get paid, but the government have had their lion's share of it. So you get half of it if you're lucky, and then as soon as you have it, a fast stopwatch starts of it going down in value. So actually, the fundamental of getting out of debt is to turn the debt of money into an asset. So really, you know, cash currency isn't real money. This is real money. So your goal— of course, you, you earn fiat currency unless you can get paid in Bitcoin. You earn cash, fiat currency, but you get half of it if you're lucky, and then it's on a fast stopwatch going down in value. So your goal is to protect it from itself and to move it from depreciating liability into appreciating asset. So just for a bit of fun, I'll share with you the 6 steps, which is not fun, it's very serious and useful. But for a bit of fun, if you can guess how much gold and silver is here, I'll just give you some of it just for fun. Exact amount that I paid for this gold and silver, and I'll give you, um, some of it. Why not? Okay, so how to get out of debt fast. Number 1 is you need to stop spending money on all depreciating liabilities, especially getting into debt doing it. People say, oh, you shouldn't have a credit card. Well, actually, it's like anything. It's like a hammer. A hammer is a very useful tool um, but it can also end up smashing someone's skull in and getting you in prison for life. And a credit card's the same. It's a really good tool for building up your credit. It's a really good tool for building up air miles and other various benefits. It's good to get you out of an emergency at speed, but it can drown you in debt, and that's how it's designed. So stop spending on anything that goes down in value credit. They call it credit, it's debt on credit cards. You should only spend on credit to invest in appreciating assets, or within the 30 days you get interest-free. Okay, step 2 then is you need to set a target date of when you're going to wipe out your debt. It might be 6 months, 12 months, but you're going to set a target date so that it goes to zero. You're going to set up a celebration. You're going to tell everyone you know that that's your target so that you can— obviously don't publicize if you're in massive debt and you're losing a load of creditor money, but you want to have the most amount of accountability to hit that, um, target date as much as possible. Reward, um, celebration. And by the way, don't celebrate by getting back into 10 grand of debt again. But it's really important to set that target date. Okay, the third thing. Now Dave Ramsey, I believe, gets this part wrong. He says that you should equally pay off all of your debt. In fact, I believe he says you should pay off the smallest amount of debt first because you get a quick win. I don't think this is correct advice. You pay off the debt that costs you the most first. Because of the law of compounding, the highest amount of debt in terms of amount and interest will grow the most. So I believe you should cherry-pick the debt which is costing you the most because it ends— well, it's just a mathematical fact that that will cost you the least amount in interest payments. So pick off your debt that's costing you the most, maybe 25% or 30% APR, and chip that down first. Pay everything else on the minimum, but the, the most expensive debt you should pay down the quickest. It will cost you the least. Now, Carlos said here his only debt is his mortgage. You could argue a mortgage is good debt. Depends where you live, depends on how you see your house, whether you see it as an asset or a liability. Um, and I believe the rule with paying off your mortgage, um, is if interest rates— the higher the interest rates are, the, the more you'll want to chip away at paying that down. The lower the interest rates are, that's basically the cheapest cost of finance, and if you can leverage it better and get a better return, you may want to do that. Anyway, that's for another video. So you're going to chip away your highest debt first, and your goal should be 10 to 20% of what you earn. Now when I say to people 10 to 20% of what you earn should either be to pay off your debt or save or invest, they always say, I can't afford it. Yes, you can. You just need to change your spending habits. So what you do is you stop all spending on depreciating liabilities, you get rid of all non-essential direct debits, you get rid of all of non-essential spending, and that money that you save could easily be 10 or 20%, even if you're in a developing country. And then you're going to just pay off your debt, pay off your debt, pay off your debt, pay off your debt. And if you hit the highest interest one first, that will reverse compound. Then number 4, this is actually the big one and the one that people don't really think about. I don't know why they don't think about this. But do a bit of overtime, earn some extra commission, get any kind of pay rises, and all of that money goes into paying off your debt. Because what people do is they have lifestyle creep, where it's not like they're not earning much, it's just that as they earn a bit more, they spend it. They earn a bit more, they spend it. Imagine if each time you got commission, pay rise, any kind of extra money, a bonus, you used it to pay off your debt or you used it to invest in assets. In the midterm, you're going to probably get completely out of debt, and you could end up being financially free and independent. Okay, and that's, by the way, the way to get it done in the quickest amount of time. Let's say you want to be creative. Ask for money on Christmas and birthday and all anniversaries. Sell any depreciating liability items or anything you don't use on secondhand e-commerce sites— eBay, Vinted, Depop, etc. And remember, as you've got that goal that you're achieving, you'll end up chipping that down way quicker than if you haven't set the goal and if you haven't sold your items. You could also approach friends and family and say, look, I'll sell all of the items you don't want to keep in your house. I'll take a 30% comms, you take the 70%. You'll be amazed at how quick you could get your debt debt off. Like I said, I got 50 grand off in a year doing this. And then the, the 5th and 6th steps are ones I've shared, which is pay off the highest debt first. And the 6th one is sell all non-income-producing assets and items and use them to pay off the debt. And really important is on payday, pay the 10 to 20% to get rid of the debt first on day one. Don't wait to the end of the month because you'll have no month left at the end of the money, as opposed to money left at the end of the month. So quick summary then: how to get out of debt fast. I did this to get £50 grand out of debt. Okay, number 1, stop spending on all debt for depreciating liabilities. Number 2, set a target date to pay off your debt and have a reward, a bonus, some accountability. You get someone to hold you accountable. Share that you've got this goal that you're going to do with as many people as possible. Number 3, pay off your highest costing debt first and work the most on that because that will save you the most in interest. Despite what Dave Ramsey says about taking the quick wins and paying off the cheap debt, the cheap debt doesn't grow up much in value. The bad expensive debt does. And you want to target 10 to 20% of your income to pay off the debt. Number 4, overtime commission, pay rises, any of that goes into paying off the debt. Um, it'll, it'll save you a lot of money. And use that as a goal and a target to pay it off quicker. Number 5, pay off your debt first before any spending, day 1, straight after you have been paid. And by the way, I don't see assets as debt, and I don't see investing in yourself as debt. So, you know, if you're investing in your own education, books, you know, mentors, courses, events, seminars, I see that as an asset, not a liability. I'm not saying you should get into personal expensive debt to do that. I'm just saying I see that as an asset. Um, and once you've wiped off your debt, you've got that free 10 to 20%. Now you can start putting that into assets. You can put it into gold and silver. You can invest in your own education and knowledge. And if you want to speed this up, sell a lot of shit you don't need to impress people you don't even like, and sell that, and go and partner with people and sell their stuff and earn 30%. And bang, your debt's gone in 3, 6, or 12 months. And bang, you freed 20% plus to invest in assets that produce income. And bang, in year 1, 3, 35, you're moving towards financial security, freedom, and independence. And if you'd like to speed up that financial security, freedom, and independence, I invite you to Moneymaker Summit to get even better knowledge on making, managing, and multiplying your income streams. If you'd like to build multiple streams of recurring income or start a business like I did 18, 19 years ago, um, you know, build wealth and freedom, take control of your finances, pay yourself first and pay tax later. If you'd like to learn how to do all of this and get the personal financial education that you should have been taught in schools and you weren't, I recommend you come to the Moneymaker Summit. I have just 2 date choices left. I've reinvented the event based on the budget and, you know, what people are struggling with right now. And I'm still celebrating my 7-year anniversary of my best-selling global book, Money. You know, my personal mission is to help as many people on this planet get better financial knowledge. So go right now to robmoore.live/money. That's robmoore.live/money. You'll see there I'm giving away some sponsored tickets I do my best to give back every year because I became financially independent, what, 15 years ago. So I often use my foundation to give back and sponsor people, or I just pay for, or, you know, I pay for you to attend some special events with me. So if you go right now to robmoore.live/money The first 15 of you can actually get a sponsored ticket by me. So it's robmoore.live/money. Rob Moore dot live forward slash money. You can see there I've got many successful entrepreneurs, decades in experience. Helping you get tighter control of your finances, helping you move towards financial security and independence, helping you invest in assets, helping you get your tax bill down, helping you get your income streams up. So it's all there on the page— the dates, the locations, the details, the speakers. I've pulled in many of my friends and experts who've been doing this for 15 years teaching you the best business models for 2025, um, low cost, high speed, um, no matter where you are in the world, no matter what challenging situation you've been in in your life. You'll also see on the page that I've got some special VIP upgraded tickets. Natasha has said the Moneymaker Summit's a great networking event. If you want to meet great people who are on their journey towards wealth and freedom you know, who are disruptive entrepreneurs like you, or like you'd like to be. And Moneymaker Summits are the great place to do this. Um, you can get upgraded tickets to come and have dinner with the multi-millionaire entrepreneur experts. You can gain access to a 15-module, 18-hour How to Raise Money Masterclass, because people always say to me that money is the biggest challenge. So I've done an, an 18-hour deep dive school um, on raising money. Um, you can get, um, money mindset sessions in the mornings with the millionaires. I can see lots of people are going now to the page because the numbers are dropping. So go to robmoore.live/money. Um, David said he enjoyed the last one, um, and he's now converting a holiday let and coming to another one in the future. Leanne has booked to come to the Moneymaker Summit to come and join these disruptive action-taking entrepreneurial people. You need to be like this in the wake of the budget and what's going on in the world economy, certainly in the West, and what's going on with Labour and the government. So remember, you are your best asset. Invest in yourself wisely, you pay yourself the best return. The details are on the page, robmoore.live/money. If you enjoyed my 6 steps of getting out of debt, I've got 3 days with the keynote speakers and speeches, and I'm doing 5 of them on how to make, manage, and multiply more money. And my personal 20 years experience being an entrepreneur, becoming financially free in my early 30s, I'm going to share with you the strategies and tactics on how you can do this too. So I'll see you there. All the details are on the page at robmoore.life/money. Quick summary of how to get out of debt fast: step 1, stop spending. On debt, stop spending on depreciating liability. Step 2, set a target date to pay off all your debt and create accountability and commitment to do that. Step 3, pay off your highest debt first and work that down because that has the highest interest and the highest compounding. Step 4, get overtime, commissions, bonuses, pay rises, and use all of that to pay off the debt. Don't have lifestyle creep. Step 5, pay off the debt on day 1 of you getting the money so you don't end up spending it. And step 6, sell any non-income-producing assets or liabilities to pay off the debt. You could even go to friends and family and say, look, I'll sell your stuff on secondhand sites if you give me 30% and I take 70%. And then that 10 to 20% that you're going to use to pay off the debt, once the debt's gone, you've got that spare 10 to 20% to invest in assets like that— gold, silver, real estate. Obviously you've got to get yourself educated on how to invest. We have a section at the Moneymaker Summit on how to invest. We have a section at the Moneymaker Summit on getting your tax bill down. We have a section at the Moneymaker Summit on learning about investing in gold and silver, real money that doesn't depreciate in value. So it's the go-to place to learn how to make, manage, and multiply multiple streams of money. Thanks for tuning in, and remember, if you don't risk anything, you risk everything.
