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SVTPerformance's Chain of Restaurants
Road Side Pub
Paying off debt
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<blockquote data-quote="rborden" data-source="post: 16519253" data-attributes="member: 160221"><p>Honestly with Covid and potential Democrat takeover of the White House, I’d feel better with 12-18 months in an emergency fund right now. </p><p></p><p></p><p></p><p></p><p></p><p>Always better to start with the lowest debt first and do the Debt Snowball Method. </p><p></p><p>Reason being, you’re more likely to succeed. You pay your smallest one off and you get an emotional charge off it. You feel good, you’re like ok cool on to the next one. The more you knock out, the better your confidence and determination grows. </p><p></p><p>If you do it the highest interest first, you have less and less to look forward to and you dont get that emotional high and you don’t feel motivated to build upon it. In fact, you’re at a higher risk to relapse into debt spending. The goal is to break the cycle. Had you done the debt snowball, you wouldn’t have had to do the cashout refi (which Dave strongly recommends against). </p><p></p><p><a href="https://www.daveramsey.com/blog/debt-snowball-vs-debt-avalanche" target="_blank">Debt Snowball vs. Debt Avalanche</a></p></blockquote><p></p>
[QUOTE="rborden, post: 16519253, member: 160221"] Honestly with Covid and potential Democrat takeover of the White House, I’d feel better with 12-18 months in an emergency fund right now. Always better to start with the lowest debt first and do the Debt Snowball Method. Reason being, you’re more likely to succeed. You pay your smallest one off and you get an emotional charge off it. You feel good, you’re like ok cool on to the next one. The more you knock out, the better your confidence and determination grows. If you do it the highest interest first, you have less and less to look forward to and you dont get that emotional high and you don’t feel motivated to build upon it. In fact, you’re at a higher risk to relapse into debt spending. The goal is to break the cycle. Had you done the debt snowball, you wouldn’t have had to do the cashout refi (which Dave strongly recommends against). [URL="https://www.daveramsey.com/blog/debt-snowball-vs-debt-avalanche"]Debt Snowball vs. Debt Avalanche[/URL] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Paying off debt
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