ilmscore | Prediction Details
"Dave Rams is going to tell you to do something called the snowball method the smallest first to the biggest because you're building momentum right right uh e financial advisor may tell you the opposite do the debt Avalanche which is now pay the highest interest rate first and then go down because now you're going to pay off the most interest first so it costs you the most money the long term the reason why Dave Ramsey Recomends the snowball method is because psychologically when you get those small wins of paying something off you feel like you're winning and you can pay it off faster yeah a advisor is going to look at the math and say hey look these numbers are telling me that pay off the higher interest rate first because it's going to save you the most money over the long term which one's right again I'm not going to say which one do what's best for you because I know if I was in a situation I'm not I like the idea of paying down the heavy interest rate first because that's how my brain works I don't need the small wins like that I can work for the long term I think you know the entrepreneurial mindset where you know I know how my mind works so I understand myself and this is just honestly being open and honest with yourself if you can't stay true with it then do the snowball it does not matter screw paint it off for a few months early just get it away and paay off as fast as possible cut out cut the financial bleeding and have a $2,000 base"
By Minority Mindset | August 20, 2024 | Pending
From video
The System is Keeping You Poor - Here’s the Blueprint to Break Free 00:10:36 - 00:11:52
Interpreted Prediction
The speaker outlines two common strategies for paying off credit card debt: the snowball method (smallest balance first for psychological wins) and the debt avalanche method (highest interest rate first for maximum financial savings). The choice depends on individual psychology and risk tolerance, but the ultimate goal is to pay off debt as quickly as possible.

Prediction Details

Topic
Credit Card Debt Payoff Strategy

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