• How to pay off six-figure debt?

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    Brad Barrett discusses several strategies for paying off six-figure debt on the . Here are some key points:

    1. Understand Debts: List all debts, including types, amounts owed, and interest rates. This helps create a clear financial picture 1.

    2. Debt Repayment Methods:

    3. Discipline and Sacrifice:

      • Stick strictly to a repayment plan.
      • Avoid accumulating more debt and cut unnecessary expenses.
      • Use any extra funds (e.g., tax returns) to pay down debt faster 4 5.
    4. Continued Investment:

      • Continue investing in retirement accounts even while paying off debt.
      • Balance debt repayment with growth for long-term financial stability 5.
    5. Emergency Fund:

      • First, build an emergency fund to avoid additional debt in unexpected situations.
      • Budget essential expenses and include small allowances for essentials like entertainment to avoid burnout 4.

    Key to success is choosing the strategy that best fits your lifestyle and maintaining a disciplined approach without adding new debt 1.

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