How to pay off six-figure debt?
Sources:
Brad Barrett discusses several strategies for paying off six-figure debt on the . Here are some key points:
-
Understand Debts: List all debts, including types, amounts owed, and interest rates. This helps create a clear financial picture 1.
-
Debt Repayment Methods:
-
Discipline and Sacrifice:
-
Continued Investment:
- Continue investing in retirement accounts even while paying off debt.
- Balance debt repayment with growth for long-term financial stability 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.
RELATED QUESTIONS-