Use the debt snowball method to pay off debt faster from "summary" of The Total Money Makeover by Dave Ramsey
The concept of the debt snowball method is a powerful tool to help you get out of debt quickly. It involves paying off your debts from smallest to largest, regardless of interest rate. This method is based on the idea that small wins can provide motivation to keep going, even if it means paying a higher interest rate in the short term.
By focusing on paying off your smallest debts first, you can gain momentum and see progress quicker. This can help you stay motivated and continue working towards your goal of becoming debt-free. As you pay off each debt, you can roll the amount you were paying on that debt into the next smallest debt, creating a "snowball" effect that accelerates your progress.
While some may argue that it makes more financial sense to pay off debts with higher interest rates first, the debt snowball method prioritizes psycholo...
Read More
Continue reading the Microbook on the Oter App. You can also listen to the highlights by choosing micro or macro audio option on the app. Download now to keep learning!
Now you can listen to your microbooks on-the-go. Download the Oter App on your mobile device and continue making progress towards your goals, no matter where you are.
