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A Free Man's Slavery

Updated on February 13, 2015

Are you able to follow your passions because you are debt-free and have enough passive (non-working) income to support your lifestyle? Or are you working at a job you hate for a paycheck that is too small to pay your auto loan, mortgage, student loans and credit cards? If you answered yes to the second questions then you are like most of Americans. According to nerd wallet American consumers are $11.74 trillion in debt. If you are a part of the $11.74 trillion I cannot stress how important it is to pay off the debt ASAP. Debt is like a financial leech that is slowly sucking the life out of your financial future every time you make payment. Instead of investing in yourself you are investing in someone else who is already rich. So if you are ready to stop investing in the rich here's how you do it.

Avalanche versus Snowball

There are two methods you can use to get out of debt-Avalanche and Snowball. The avalanche method pays your debts off in order from highest interest rate to lowest interest rate. This method is good for people who want to pay the debt as fast as possible with least amount of interest paid. If you can stay focused without seeing progress quickly then this the best option for you. The snowball method pays the debts from highest balance to lowest balance regardless of the interest rate. This method is good for people who need to see quick progress to stay motivated. Statistics show that snowball method is more effective because people are able to see the results quickly; however, you should choose the best option for you based on your personality.

You may be thinking “I am already broke. How am I supposed to find extra money to put towards paying off my debt faster?” My answer to that is sell things, get a second job, start an online business-BE CREATIVE!!! It is imperative that you pay off your debt ASAP by any (legal) means possible. The only money you do not use to pay off your debt is your retirement savings. If this is your only option then you need to file bankruptcy as money in a retirement fund is protected against bankruptcy. The only two debts that will (in most cases) never be discharged in bankruptcy are student loans and past due child support which even more reason to pay these ASAP.

When you tell you broke friends that you are doing this they will think that you are crazy. (Hence why they are broke.) They will say things like:

“Everyone pays their student loans for years.”

“Carrying a balance on your credit cards are okay as long as you pay the minimums.”

“Keep your mortgage for the life of the loan as you can get tax deductions.”

“Everyone has a car payment.”

Just ignore them and continue on your way. When you are debt free and they are up to their eyeballs in debt they will wish they did this with you.


1) Write down all your debts with the balance and interest rates. Input them into the calculator at and compare the snowball and avalanche method. How long and how much extra money you need to pay off your debts aggressively?

2) Think of ways you can bring in extra income.

3) Join me tomorrow.


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