Destroy Your Student Loan Debt by Anthony Oneal

Author:Anthony Oneal
Language: eng
Format: epub
Tags: Keywords
Publisher: Ramsey Press
Published: 2020-07-15T00:00:00+00:00

Why This Works

At this point, it’s probably clear that the debt snowball isn’t rocket science. It’s basic math and common sense. The truth is simple like that. You might even be thinking, Why do we need a whole book for this? And the answer is: because most people don’t realize they can do it. Getting out of debt fast takes determination and living with intentionality. It’s only going to happen if you’re willing to make some sacrifices now for a big payoff in the long run.

Way too often, people get used to having what they want when they want it, so they’re not really into the whole sacrifice thing (no judgment—I’ve been there too). Or they’ve told themselves that getting out of debt is impossible, so they don’t even try. Or they’re just so overwhelmed and panicked that they can’t see the answer to their problems is a lot closer than they think. But this stuff really works!

It works because the debt snowball is about your behavior, not math. We say all the time at Ramsey Solutions that winning with money is 80 percent behavior and 20 percent head knowledge, and it’s totally true. Once you decide to change your behavior, something happens. The snowball starts rolling.

Momentum is actually the secret ingredient here. The adrenaline rush that comes from paying off that small debt makes you excited and hopeful that you can pay off the next one. Before you know it, you have so much money freed up from paying your smaller debts that the big one doesn’t seem as intimidating anymore. The success keeps you motivated and makes you want to keep winning. I mean, let’s be real. Who doesn’t like to win?

My friends Alexis and Brian are right smack in the middle of Baby Step 2 right now, and they swear by the power of momentum. Their debt snowball started out at $20, and over time it’s grown to $1,400!

Alexis and Brian have done a lot of the things most people do to power through their debt fast. They cut back on how often they eat out, got rid of cable, go to the library, commute to work together, and find free ways to spend time together. But they took things to a whole new level by living in a 290-square-foot tiny house! That helped them cut their living expenses even more. It’s not unusual for their electric bill to be around $14 during the summer months. Sure, the tiny house life might not be for everyone, but we can all be inspired by their sacrifice and choice to live with less.

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