How Im Paying Off Debt

Published: March 3, 2019, 8 p.m.

b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/how-im-paying-off-debt\\\\/#arve-youtube-tpux7b6bpfy659a0b2c3efc5951989162","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/TPuX7B6BPFY?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\n\\n\\n\\n\\n\\n\\nIn this episode of Quick Money Mondays I talk about my 7 step plan to get on top of and pay off my debt in the next 12-24 months.\\n\\n\\n\\n0:00 - Welcome to Quick Money Mondays\\n0:38 - Step #1: Don\'t Get Deeper in the Hole\\n1:38 - Step #2: Reduce My Expenses\\n4:09 - Step #3: Prioritise My Debt\\n5:57 - Step #4: Create a Cash Flow Plan\\n7:36 - Step #5: Work Hard To Increase My Income\\n10:38 - Step #6: Create a Cash Flow Buffer\\n12:24 - Step #7: Methodically pay off my debt\\n\\n\\n\\nRecommended Videos Paying Off Debt vs Investing Money - https://www.youtube.com/watch?v=eicozV3mK0k\\n\\n\\n\\nTranscription:\\n\\n\\n\\nHi everybody and welcome back to another quick money Monday where we talk about finance and money because we absolutely love it. I\'m Ryan from on-property, helping you achieve financial freedom. And one of the things that you may need to do to achieve financial freedom is pay off debt. And that\'s something that I\'m focused on this year, maybe into next year as well. And so in this episode I want to talk about exactly what I\'m doing and the process that I\'m taking in order to pay off my debt. So I\'ve kind of written it down step by step the way that I decided to go about it. So the first step is not to get deeper in the hole. So when it comes to paying off debt, my number one goal is to not acquire any more debt in the process. So to be earning enough money and be living within my means that are not using debt that I\'m acquiring in order to pay for old debt that I have.\\n\\n\\n\\nSo I want to live within my means. I want to not be expanding my debt and then I want to have excess on top of that in order to pay off debt from the past. So step number one is definitely to not get into any more debt. And so that\'s a really big part of my process and something that I\'m really, really focused on and doing everything within my power to not do that. So that means no credit cards, no personal loans, no business lines, no anything like that. So we\'re not going to get into any more debt. We\'re going to just focus on living within our means and pine of the day. Step number two was to reduce my expenses. I\'ve talked about this a few times on the channel. I did an episode with Ben Everingham on some things we did in our lives to reduce our expenses and to improve our budget.\\n\\n\\n\\nI\'ll link that up in the description down below, but the me reducing my expenses is absolutely key for step number one, which is to not get into any more debt. So I run a business, I\'m relying on the cashflow of the business that can fluctuate from time to time. I can have good months and I can\'t have bad months. I don\'t have a stable employee income like some people out there. So for me, reducing my expenses to the absolute minimum, both in my life as well as in the business has been absolutely key. So that means just cutting back on anything frivolous, anything that was kind of excessive that I wasn\'t really using. So I\'ve lowered my phone bill. I\'ve lowered my Internet bill and currently staying with family in order to save money on rent for the short term, I\'d definitely want my own place.\\n\\n\\n\\nI wanted so badly. It is great living with my dad. My Dad is awesome, but I have three kids that I have half the time. I want them to have their own rooms. I want to have my, my own space and my own place, but short term, while income stabilizers, I\'m reducing my expenses as much as possible so that the money that I would\'ve spent on rent can now go towards paying off that debt faster. Also when it comes to day to day budgeting, I\'ve been spending less than I earn and less than my...'