Hard Men Podcast

Unlocking the Secrets of Smart Debt Management with Joe Garrisi

Aug 30, 2023
Join Joe Garrisi, owner of Backwards Planning Financial and former army captain, as he demystifies smart debt management. Explore popular strategies like the debt snowball and avalanche methods, and discover the unexpected benefits of early mortgage payoff versus investing in a Roth IRA. Joe emphasizes the power of compound interest and offers insights into credit card management, including pitfalls and rewards. Learn how to navigate housing market dynamics and make informed choices for sustainable wealth across generations.
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ADVICE

Debt Snowball Method

  • List each debt with its balance, minimum payment, and interest rate.
  • Sort these debts by the smallest balance to implement the debt snowball method.
INSIGHT

Emotional Benefits of Debt Snowball

  • The debt snowball method, while not always financially optimal, offers emotional relief.
  • Crossing off paid debts provides motivation, especially for those feeling overwhelmed.
ADVICE

Debt Avalanche Method

  • List all debts, including balances, minimum payments, and interest rates.
  • Prioritize paying off the debt with the highest interest rate first, then move down the list.
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