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Since I paid off
$82,000 in various debts to become debt free
I wanted to share with you this one thing that I wish I would have done
From the very beginning and stay tuned to the very end because I've got an action item for you
That could save you some money
Let's go if you're thinking about paying off your debts as soon as possible
Then you were probably like I was paying the minimum payments on my debts for 20 years did not sound appealing at all it actually
sounded like a prison sentence
I wasn't sure about this whole debt free method because it sounded a little absurd and
paying extra payments towards my loans every month I
Wasn't sure about that attempting to test the debt-free waters the first month
I threw an extra $50 towards my loans the second month an extra hundred dollars and the third month
I backed it down the fifth because I got scared I would almost compare it to when you go to a pool
You get to the pool
And you kind of start to put your body in the pool
One limb at a time one little piece of your body at a time
And it takes forever to get your whole body in meanwhile
You look over and you see those crazy people just jumping right in they don't test the waters
They just jump in while I was screwing around spending 20 minutes
Submerging little pieces of my body at a time those people who just jumped in they had already been enjoying the pool
because they got rewarded for what they did they got reward before just jumping in and
They got to enjoy their time a lot more than I did a lot sooner than I did after that third $50 payment
I just said screw it I said let me test this out. I'll throw an extra
$300 on top of my minimum payments towards my loans and let's see what happens and
$300 at the time was quite a bit of money for the income that I had coming in I thought to myself well
I'm gonna be paying this money anyway, so
Let's just see what happens what I didn't know at the time was that was the day that everything changed because in that moment
That's when I fully committed to the process of becoming
Debt-free getting past that fear of pain extra towards your loans is all that you need to get started
It feels really good after you actually do from there
I threw more and more towards my debts every single month whenever I could scrounge up some extra money
I threw it towards my debts. It was insane. It was fun to me
I think the most that I ever put towards my debts was
$2,500
$2,500 am I insane if you would have told me that when I first started this process. Hey Jerrod you're gonna be throwing
2,500 extra dollars towards your debts at one point I'd say that's 50 times that
Initial 50 extra dollars that I paid towards my debts. You're insane kick rocks get out of here
You've got to commit as soon as possible to start
Because the day that you commit is the day that you'll start to see your life change
Because early on in your debt free process a lot of your money is going to be going towards interest it stinks I know
So you won't be able to actually see the needle move
So at first you've got to focus on feeling the needle move and every time you pay an extra payment you're gonna feel that needle
move and then later down the line when you get over that hump and
more of your money is going towards the principal then you're going to be able to see the needle move and
Seen and feel in the needle move
Every time you make a payment is so important to this whole debt free process once you make that initial large extra payment
You're essentially pushing all of your chips in
You can't take those chips out once you push them in so that act in and of itself is a way for you to commit
It's a way for you to plant your flag into the ground and tell yourself
This isn't something that I have to do this isn't something that I want to do this is just what I do
Until all of those debts are paid off now
I've got homework for you
So the hardest part of doing anything is just starting so I want you to make a commitment with me
I want you to pick a date on the calendar and on that date is when you will submit one large
extra payment towards your debts
I don't care when it is the sooner the better of course
But I want you to do it
Commit to that and then take action on it and then report back to me and let me know how it went how much extra
Should you pay towards your debts?
Well, it's gonna be different based on your current situation your a specific situation
But one good rule of thumb is this if that
Amount that quanta that dollar amount makes you feel weird and uncomfortable and makes you question whether you should put that much
towards your debts or not that's your number don't play around and pay an extra $50 a month like I did I
Screwed around for way too long because I was scared
Learn from my mistakes and commit today. I really appreciate you spending your time with me
I hope you find it valuable and love you so much leave a comment. Hit me up if you have any questions videos