Imagine you have loads of debts.
Different credit cards maxed out, loans, etc.
You may not need to imagine.
The standard advice for getting rid of them is to be paying off the one with the highest interest rate first.
Makes sense.
You’d be minimising the total ‘cost’ of the debt(s) over time.
But more and more nowadays, many advisers are starting to recommend something different.
What’s often referred to as a ‘Debt Snowball’.
You pay off the debts in order of smallest to biggest.
So rather than chipping away at that 10 grand on a card with the massive APR.
You pay off the lowest value debt first, regardless of any cost on it
Your overdue £50 phone bill for example.
This will, of course, cost you more money in the long run!
But, psychologically, it’s much more likely to work long term for many people.
It builds momentum.
You knock your total number of debts down from, say 7 to 6 immediately.
The Snowball begins.
Rather than that feeling of overwhelm of paying the 10k off.
That leads to not actually doing anything.
Imperfect action beats perfect inaction every day of the week.
Doing something will always get you there quicker than putting it off and doing nothing.
So, go do it, whatever it is.
It may not be perfect.
But you can correct course once you’re going.
Pointing a moving ship in the right direction is easier than moving a stationary one.
Go do it.
Now!
Much love,
Jon ‘
P.S. That thing may well be clicking this link, as it has been for every one of the hundreds of people that have transformed their lives and bodies with us –> myrise.co.uk/briefing-meeting
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