Tag: tommybryson

so let's say for example you have right now a $5,000 credit card okay that's the balance on this card you're paying 25% interest annually and that's about a $100 minimum payment every single month you're actually responsible for paying now all of a sudden by Magic you actually get an offer in the mail from a balance transfer credit card and you're like yo it must have been my luck it's not luck it's marketing your information has been sold thus the company knows about it and thus now they're sending you offers Direct offers to you now the offer says this we're going to give you 21 months to transfer your debt over to us and you get to pay it off in 21 months and we won't charge you any interest whatsoever for those first 21 months and you might say well this sounds like a great deal over here I'm paying for example a 100 bucks per month in interest but over here I'm going to be paying Z in interest for the first 21 months this saves me a bunch of money and the only catch is you have to pay a 3% fee for the entire balance transfer now that's not a big deal because right now you're paying $100 as a minimum payment and when you take 3% of 5,000 that's only about $150 or so so it's really not a big deal so why is this attractive what is the problem with it and what exactly is a balance transfer credit card I'm going to go into all the details in this video now do me a favor guys and ask you smash the like button I appreciate it a ton now the first thing is this guys okay a balance transfer credit card I'm not going to complicated it's basically just a credit card that is designed to actually get people that are in debt in some way to transfer their debt over to this credit card and potentially that company be the one that's actually going to get all that interest from you going further it's kind of like a long-term investment okay they're actually betting that you're not going to to pay it off in that introductory period and the TR going to keep the balance and you're going to continue to pay them and pay them and pay them and yes it could actually turn against them if you actually pay but for the most part they get 3% outright and if you don't pay them well you might become a customer for something else you might get another credit card with them or another product or a loan or a mortgage whatever it is okay they have a customer a prospect to get other things that is what a balance transfer is actually good for it now what is the problem here Tommy I still don't understand okay they're giving me an offer if I'm smart and I take advantage of it I walk away without paying any interest isn't that great well the answer is this okay you might think that you're actually going to walk away dilly dally free okay but what happens is usually this what's actually going on when you actually open up a Balan transfer credit card whether it's an offer whether you've been pre-approve approval whatever you just basically you basically just opened up another line of credit that is what's actually going on so let's say for example you have credit card a you owe $5,000 a year and now you actually get pre-approved for a balance for a credit card and then you basically apply and then say hey we're actually going to give you a balance of or a credit line of $7,000 and you say well that's awesome that's more than I had over here so now you say I want to transfer the balance from credit CR card a over to credit card B your new card the balance transer card and by the way it doesn't have to be a credit card it could also be for example Hospital loans it could be any debt overall even Collections and they could actually just basically pay that off by sending them a check and basically now you're in here and the debt is over here that's the whole idea okay so what happens is this okay you say I want to transfer balance from this card over to here they say okay just pay us a 3% fee you pay the 3% fee that's $150 they sent over a check to your credit card okay now that's fully paid off the balance on credit card a is basically zero the balance on your new balance crit card is basically um $5,000 or whatever the balance here basically was that's the idea now what actually happened here okay you went from having a credit line of $5,000 to having a credit line of basically $122,000 remember so if you got in value so far I'm going to ask for a favor subscribe to the channel because only like 20% of the people that watch or actually subscrib so go ahead and subscribe right now cuz I have a lot more content and having a credit line of basically $112,000 remember they actually gave you $7,000 and you have 21 months to pay that off okay without any interest and you might think this is awesome okay what I'm going to do is basically pay this off and never look back but what usually happens is this and I'm sad to say this okay but what usually happens is this okay you have credit card a now which is basically empty and you have credit card B all right and what happens is basically you say well this one is free you start using it again okay and before you know it this goes right back up to 5,000 or 3,000 or 4,000 and this one you're barely making any real payments or any Dent to it remember they gave you 5,000 the balance transfer credit card is still a credit card you can still use it to buy stuff and it still gave you $2,000 extra dollars and you actually need it so now you might use that for some things else okay and before you know it the 21 months have gone by and now you owe over $110,000 overall you owe credit card a you also go owe credit card B credit card B is saying yep we got them now we're actually collecting interest payments every single month from you and credit card a is saying well he paid it off but now he's back to pay now so I guess we win also so what is the right way to go about this and Tommy how have you ever done this the answer is I owed about wait for it $133,000 in credit card debt and I actually used balance transfer credit cards to actually help me clear all the debt now I was not one of the people that actually went ahead and basically clear credit card a transfer to credit card B and then build up a balance back in credit card a what I did was this I follow this three step system okay the first step is you want to set for yourself some really real istic goals based on how long they're actually going to give you interest free so overall let's say I actually owe $5,000 right that's how much I actually owe I'm going to divide this number by how many months you're actually going to give me so divided by 21 in this in this case by the way what credit card am I actually talking about I'm actually talking about the city Simplicity balance transfer credit card that offer 21 months to pay interest free 0% APR and even 12 12 months to actually buy things and not get charged any interest obviously they're doing this for a reason you transfer the balance over you get 21 months to pay it off but you also get 12 months to buy other crap and actually build up even a bigger balance don't be stupid don't fall for that okay so now I know that per month I need to pay about $240 to be debt free in21 months okay that's the idea and that's how I would actually do it now for me personally I would say well if if this is actually very doable I would stick to it if it's actually a little bit less than I can basically do I would actually lower it and basically even if I end with the balance okay at least I was actually realistic okay now for me personally I actually paid more towards it to be able to pay it off a lot faster I actually paid off $133,000 in credit card debt in 12 months okay because I actually fell for that trap where discover sent me a credit card and they were like Hey we're going to give you I think 18 months of purchase free interest and I went crazy okay I went crazy and what happened is I maxed out everything then it was like um I think it was 18 months right so I spent like 6 months doing some crazy stuff and then I had 12 months and I was like yo I need to pay all this in 12 months and I basically was able to cover everything in 12 months I think at a point I to transfer balance over to the balance transer card but I was actually able to do it which actually saved me a ton of money but it was only because I was smart so step number two is basically once you transfer the balance well close credit card a all right close it because you don't want to be at risk at rebuilding this actual um credit line and to actually get into double the debt you actually want to clear that and then lastly all right the balance CH credit card don't use it to get into more debt only use it to actually pay off the debt fast and be done with it and once you're done with all the debt my advice would be a 100% just close to to credit cards overall and don't get back into those problems okay ever since I became debt free and I don't have any credit cards I have no method no way of getting into debt anymore so it's not something I worry about but as long as you have that possibility that availability to watch you say I'm going to use this credit card for this or that for this emergency or that emergency you're always going to be going back into debt and going right back into where you landed I think the Bible says a dog is always going to return to his vomit and that's just disgusting okay so if debt is actually getting you into trouble over and over again and you're going back to it well that's just stupid and nonsense okay you actually want to avoid that so yes okay understand what they're trying to do they're trying to get you to bring your balance over to hopefully spend more money to be trapped with them and to pay them a bunch of interest but if you're smart what you're actually going to do is say I'm going to use you and I'm going to take advantage fully I'm going to close credit card a and once I'm done with you I'm also going to close you and I'm going to be done with it so set for yourself achievable goals so you're actually able to do this as fast as possible guys thanks for watching as always like subscribe hit the Bell sh notified there are obviously other balance of credit cards out there so if you know a few of them comment them down below if you want a full video on the offers out there let me know and I'll actually get to work up here is another video and this video is actually made possible by the supporters over at patreon here is a list of their names I appreciate it a ton if you actually want to join us on patreon support the channel the link is going to be down below thanks for watching as always like subscribe hit the Bell so you get notified peace

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so let's say for example you have right now a $5,000 credit card okay that's the balance on this card you're paying 25% interest annually and that's about a $100 minimum payment every single month you're actually responsible for paying now all of a sudden by Magic you actually get an offer in the mail from a balance transfer credit card and you're like yo it must have been my luck it's not luck it's marketing your information has been sold thus the company knows about it and thus now they're sending you offers Direct offers to you now the offer says this we're going to give you 21 months to transfer your debt over to us and you get to pay it off in 21 months and we won't charge you any interest whatsoever for those first 21 months and you might say well this sounds like a great deal over here I'm paying for example a 100 bucks per month in interest but over here I'm going to be paying Z in interest for the first 21 months this saves me a bunch of money and the only catch is you have to pay a 3% fee for the entire balance transfer now that's not a big deal because right now you're paying $100 as a minimum payment and when you take 3% of 5,000 that's only about $150 or so so it's really not a big deal so why is this attractive what is the problem with it and what exactly is a balance transfer credit card I'm going to go into all the details in this video now do me a favor guys and ask you smash the like button I appreciate it a ton now the first thing is this guys okay a balance transfer credit card I'm not going to complicated it's basically just a credit card that is designed to actually get people that are in debt in some way to transfer their debt over to this credit card and potentially that company be the one that's actually going to get all that interest from you going further it's kind of like a long-term investment okay they're actually betting that you're not going to to pay it off in that introductory period and the TR going to keep the balance and you're going to continue to pay them and pay them and pay them and yes it could actually turn against them if you actually pay but for the most part they get 3% outright and if you don't pay them well you might become a customer for something else you might get another credit card with them or another product or a loan or a mortgage whatever it is okay they have a customer a prospect to get other things that is what a balance transfer is actually good for it now what is the problem here Tommy I still don't understand okay they're giving me an offer if I'm smart and I take advantage of it I walk away without paying any interest isn't that great well the answer is this okay you might think that you're actually going to walk away dilly dally free okay but what happens is usually this what's actually going on when you actually open up a Balan transfer credit card whether it's an offer whether you've been pre-approve approval whatever you just basically you basically just opened up another line of credit that is what's actually going on so let's say for example you have credit card a you owe $5,000 a year and now you actually get pre-approved for a balance for a credit card and then you basically apply and then say hey we're actually going to give you a balance of or a credit line of $7,000 and you say well that's awesome that's more than I had over here so now you say I want to transfer the balance from credit CR card a over to credit card B your new card the balance transer card and by the way it doesn't have to be a credit card it could also be for example Hospital loans it could be any debt overall even Collections and they could actually just basically pay that off by sending them a check and basically now you're in here and the debt is over here that's the whole idea okay so what happens is this okay you say I want to transfer balance from this card over to here they say okay just pay us a 3% fee you pay the 3% fee that's $150 they sent over a check to your credit card okay now that's fully paid off the balance on credit card a is basically zero the balance on your new balance crit card is basically um $5,000 or whatever the balance here basically was that's the idea now what actually happened here okay you went from having a credit line of $5,000 to having a credit line of basically $122,000 remember so if you got in value so far I'm going to ask for a favor subscribe to the channel because only like 20% of the people that watch or actually subscrib so go ahead and subscribe right now cuz I have a lot more content and having a credit line of basically $112,000 remember they actually gave you $7,000 and you have 21 months to pay that off okay without any interest and you might think this is awesome okay what I'm going to do is basically pay this off and never look back but what usually happens is this and I'm sad to say this okay but what usually happens is this okay you have credit card a now which is basically empty and you have credit card B all right and what happens is basically you say well this one is free you start using it again okay and before you know it this goes right back up to 5,000 or 3,000 or 4,000 and this one you're barely making any real payments or any Dent to it remember they gave you 5,000 the balance transfer credit card is still a credit card you can still use it to buy stuff and it still gave you $2,000 extra dollars and you actually need it so now you might use that for some things else okay and before you know it the 21 months have gone by and now you owe over $110,000 overall you owe credit card a you also go owe credit card B credit card B is saying yep we got them now we're actually collecting interest payments every single month from you and credit card a is saying well he paid it off but now he's back to pay now so I guess we win also so what is the right way to go about this and Tommy how have you ever done this the answer is I owed about wait for it $133,000 in credit card debt and I actually used balance transfer credit cards to actually help me clear all the debt now I was not one of the people that actually went ahead and basically clear credit card a transfer to credit card B and then build up a balance back in credit card a what I did was this I follow this three step system okay the first step is you want to set for yourself some really real istic goals based on how long they're actually going to give you interest free so overall let's say I actually owe $5,000 right that's how much I actually owe I'm going to divide this number by how many months you're actually going to give me so divided by 21 in this in this case by the way what credit card am I actually talking about I'm actually talking about the city Simplicity balance transfer credit card that offer 21 months to pay interest free 0% APR and even 12 12 months to actually buy things and not get charged any interest obviously they're doing this for a reason you transfer the balance over you get 21 months to pay it off but you also get 12 months to buy other crap and actually build up even a bigger balance don't be stupid don't fall for that okay so now I know that per month I need to pay about $240 to be debt free in21 months okay that's the idea and that's how I would actually do it now for me personally I would say well if if this is actually very doable I would stick to it if it's actually a little bit less than I can basically do I would actually lower it and basically even if I end with the balance okay at least I was actually realistic okay now for me personally I actually paid more towards it to be able to pay it off a lot faster I actually paid off $133,000 in credit card debt in 12 months okay because I actually fell for that trap where discover sent me a credit card and they were like Hey we're going to give you I think 18 months of purchase free interest and I went crazy okay I went crazy and what happened is I maxed out everything then it was like um I think it was 18 months right so I spent like 6 months doing some crazy stuff and then I had 12 months and I was like yo I need to pay all this in 12 months and I basically was able to cover everything in 12 months I think at a point I to transfer balance over to the balance transer card but I was actually able to do it which actually saved me a ton of money but it was only because I was smart so step number two is basically once you transfer the balance well close credit card a all right close it because you don't want to be at risk at rebuilding this actual um credit line and to actually get into double the debt you actually want to clear that and then lastly all right the balance CH credit card don't use it to get into more debt only use it to actually pay off the debt fast and be done with it and once you're done with all the debt my advice would be a 100% just close to to credit cards overall and don't get back into those problems okay ever since I became debt free and I don't have any credit cards I have no method no way of getting into debt anymore so it's not something I worry about but as long as you have that possibility that availability to watch you say I'm going to use this credit card for this or that for this emergency or that emergency you're always going to be going back into debt and going right back into where you landed I think the Bible says a dog is always going to return to his vomit and that's just disgusting okay so if debt is actually getting you into trouble over and over again and you're going back to it well that's just stupid and nonsense okay you actually want to avoid that so yes okay understand what they're trying to do they're trying to get you to bring your balance over to hopefully spend more money to be trapped with them and to pay them a bunch of interest but if you're smart what you're actually going to do is say I'm going to use you and I'm going to take advantage fully I'm going to close credit card a and once I'm done with you I'm also going to close you and I'm going to be done with it so set for yourself achievable goals so you're actually able to do this as fast as possible guys thanks for watching as always like subscribe hit the Bell sh notified there are obviously other balance of credit cards out there so if you know a few of them comment them down below if you want a full video on the offers out there let me know and I'll actually get to work up here is another video and this video is actually made possible by the supporters over at patreon here is a list of their names I appreciate it a ton if you actually want to join us on patreon support the channel the link is going to be down below thanks for watching as always like subscribe hit the Bell so you get notified peace

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So paying off debt, it's
gonna sound stupid, give me a chance. Paying off debt is
not just about having some money and sending it
over to pay off debt, right? It kind of sounds
like that is what it is, but paying off debt is
also about staying out of debt. Having a system so
when you pay things off, you pay them off
efficiently because a lot of folks, they pay something
off, they go back into debt. They start paying things off and then
they'll be like, "Hey, it's not going down.

I'm not understanding it. I pay this, this, this, this, but the balance every month
is going up and up and up." And it doesn't make sense, okay? So in this video, I'll
teach you how I was able to pay off $13,000 in credit
card debt in about 12 months, okay? And not just that, I
paid off a total amount in my debt-paying career
of about $70,000, all right? So in this video, you
know exactly all the techniques I used to be able to pay
that off as fast as possible. And if you guys don't
know me, my name is Tommy Bryson. If you know me,
welcome back to the channel.

Now, as always, do me a
favor and also smash the like button. Now, the very first
thing, guys, is going to be this. If you want to pay off
debt, it's not just about grabbing the extra money you have left
over and putting it towards debts. No, it's about budgeting and finding
all the money possible to pay the debt off. And here's what I mean, you know? A lot of folks, they
live paycheck to paycheck.

I get paid $3,000, I spend $3,000. Next month, I
can't wait for that paycheck. And if I can find $100 or
$200, I'll send that over to my debt payments, but that's
why you never actually finish. So what you actually want
to do is you want to get a budget. The budget is
going to help you find money to actually pay the debt off even faster. Here's what you want to do. You want to open up or
start up right now a baseline budget. It's my little budget
that I actually made up and it's very functional
and it makes a lot of sense. Okay. You want to have
basically, write this down. You want to have an account for
your shelter costs, utilities, groceries, transportation, healthcare, and also fun. Those are usually going
to be the six most important expenses and the ones
you can't really negotiate on. But it's not just that, okay? Because that would just
basically liberate you from saying, and justify, because I spend
so much money on rent or whatever.

No. You want to limit your shelter
expense to 33% of your monthly income. On top of that,
utilities, only gas, water, electricity, internet
bill, and also your phone bill. Your phone bill should not be more
than 30 bucks per month and your internet bill should not be more
than 80 bucks per month. Okay. That is it. Tell me how. I pay $6 for my phone bill. They exist. I have a video on it. The link is going to be down
below or just search up on YouTube. Tommy Brice and phone
bill, and you will find a video. When it comes to food, no
more than 200 to 250 per person max. How do you do this? You cook at home and you don't
spend money on trash on the streets. Tragitation. If you have a car,
make sure it's paid off. If it's not paid off, well, you
consider selling it because that's important, but you're only paying for
gas, insurance, and maintenance. And some car washes every now and then. Those are going to be your core expenses. Then you also have health insurance. If you have that,
if you don't consider it.

And on top of that, you're
also going to have your fun expense. Okay. Take at least five to 10% of your money every time you get
paid and have fun with it. Tommy, I'm trying to pay off debt. I don't have fun for this. I want it to be exciting every time
you get paid because you look forward to it because you get money
for fun, but you also look forward to it because
you're actually getting debt free. It will be slower. You can cut this out,
but I highly recommend you don't because it actually helps
make the whole journey a lot more bearable.

So basically, if you make 3000, now
you're only spending about $2,000 with this budget and you
have $1,000 left, that's the money you're going
to use to pay off debt. But obviously, I'll
give you the system later. Number two is going to be this guy's. Okay. You actually want to
get extra cash or paying off debts by selling things
you don't need around your home. This is the most fun I had. And it's also the most
embarrassing part of this entire system. Okay. Because so if you got a value
so far, I'm going to ask for a favor. Subscribe to the
channel because only like 20% of the people
that watch our actions scribe. So go ahead and subscribe right now
because I have a lot more content and it's also the most embarrassing
part of this entire system.

Okay. Because for me, my identity
for a long time was what I wore. The sneakers I
had, the clothes I had, and when I wanted to get
debt free, I sold everything. I sold, I had 23 pairs of sneakers. At the end of it, I
kept about like nine to eight pairs and I sold my
consoles, my gaming consoles. I sold basically everything I had and
I use all the extra money to pay off debt. That's how I did it. Okay. So if you can sell the things around
your home and you can keep, for example, 500 or 200 bucks, that's money
you're going to use to pay debt.

And by the way, going back up when I
told you about that baseline budget, whatever is not included in that,
you obviously want to cut it out. If you want to buy,
for example, something that you don't need, use your
fund money to actually do it. I think that's clear, but I
wanted to make it even crystal clear. Now, number three guys is you want to
get extra cash to pay off debt by hustling. Now, the good thing is
I'm only asking you to get a job or hustle with a minimum
pay of at least $15 per hour. Okay. If you can't get
that, then try to find someone else, but I recommend
like at least 15 bucks per hour.

And you might say, Tommy, I
don't have the time, but you do. And here's how you sleep eight hours. You work eight hours. You spend on showering food
and driving about three hours a day. That's a total of about 19 hours a day. You still have a free
five hours every single day. So if you do the math, okay, if
you're able to actually make $15 an hour and you work five extra hours per day, I
don't let you know, like a hustle or whatever. The answer is about like 75 bucks a day. Time is five, only
like five times a week you actually do this because
you rest on Saturdays and Sundays. The answer is going
to be every single month. That's an extra $1,500 to pay off debt. I mean, that is awesome. That is a lot of money to pay that off. You can basically be done with 10K
in a short amount of time, just with this. Okay. $10,000 divided by 1,500. That's going to be like in
six months, you're almost debt free. That's the idea. Now here's the fourth part.

Tommy, okay. I budgeted, I sold things, I'm hustling. How do I pay the debt off? There are two methods. One I did, and I don't recommend. What I did not do, and I do recommend, sounds strange,
sounds crazy, but it's very true. The one I did was
basically the avalanche method. Okay. Avalanche method says this, okay. You want to organize your debt from the highest interest rate
to the lowest interest rate. You want to pay
the minimum balance on all of your debts and
grab all the extra money you actually have and pay the
debt with the highest interest rate.

Tommy, how do I
find out my interest rates? You call the debt people. Okay. Who do you owe money to? Call them and ask
them what is my interest rate? Okay. Why do you do this one, Tommy? Because it saves you the most money mathematically because
you're paying the debt that's costing you the most money. Okay. Why don't you recommend it? Because it can take a long time to see progress because your
highest interest debt could be the one with the highest balance and it can take a long
time to actually pay that off and it can feel like
you're not making progress. That's why I recommend the one I
didn't do, which is basically the snowball method. This method says this, okay. You organize your debt from the
lowest balance to the highest balance, not the interest rate,
doesn't matter, and you pay the minimum on all
the debts and you put all of the extra money towards
the debt with the lowest balance. Okay. That means on your first run, your first month, you can
easily be debt free on one of these accounts.

You can pay something
off and you will build momentum. That's why I recommend it because
you're more likely to keep going as you're seeing progress. Okay. Now it doesn't save you money like
it does, for example, with the Alan's method mathematically, but it does
build momentum and it can get you there. And that's what I'm interested in. Okay. I'm not worrying about you saving money because you'll do
that anyways, but I'm more worried about it. You actually get
into the goal in the end. All right. So that's why I say I
recommend the snowball method. Now in the end, if
you made it all the way to the end of this video, and if you make it all the way to the end of this
entire journey of paying off your debt, the next question is going to be, tell me,
what do I do once I'm actually debt free? Once I paid off $10,000 in 12 months or six months, you
know, you can use this whole formula, this whole strategy to pay off a lot more money, a
lot less money, a lot more time or a lot less time.

It doesn't matter. But what happens when
you actually get to the end goal? The answer is very simple. What I did was this. The first time around,
I kept my credit cards open. I kept some debt that
was actually low interest around. That was a mistake because I eventually went back into some
more credit card debt and I still had debt that I
carried around like a puppy or whatever. Okay. My second time around when I paid off all my debt again,
which was like last year, I paid off about $40,000 in debt. I went ahead and I closed down
every single credit card I actually have. So I only deal right now on a cash
basis or a debit basis, which is also just cash. I don't have any credit cards. Now there is a benefit to this
and there is a disadvantage to this.

Okay. Benefit is you don't have any debt. You can't go into debt because you
don't have any way of getting into debt and you actually have a lot more peace. Um, the, the disadvantage in the
senses that you're no longer making, for example, two to 3% on cash back and all this
other stuff, but in reality, those are just incentives for you
to actually get into debt.

So it's like a little hook you
sent to a fish and you are wishing you actually get hooked on it. Okay. So I don't worry about it. Okay. But for the most part, that's my system. That's how I got debt free. And that's how I was able to pay off
$13,000 in about less than 12 months or so. I think it was like about six months. Okay. Cause I was very crazy. Um, so yeah, there's that guys. Good luck around your journey and
do me a favor before you ask you leave this video, not just
smash the like I do want that. Okay. I do appreciate it, but
it's also comment down below this. Okay guys, what
method are you going to use? Avalanche or snowball? How much money do you ask you? Oh, okay. And how much money were you
able to free up from your budget? How much money do you plan on
making and how much money do you plan on making from selling all
the stuff you don't need? Okay. And once you sum up all those
things together, well, tell me what's your deadline? Okay.

And it's very simple. It means basically if you owe
about $10,000 and you have basically a thousand dollars, basically pay
off your debt, just divided by 10, well, a thousand dollars, basically
it means that, Hey, in about 10 months, you're going to be debt free. That's the idea. Okay. So comment down below. Let me know. It's not just for the algorithm,
although it does help with the algorithm, but it's also because I want you to leave
this video with actions that you actually took and you know
what you're going to do next. Okay. And come back to this video in six months or four months or
two months or one month. We were done with it. And I want to hear some success stories. Okay. That's why I do this for, right? So thanks for
watching as always, like subscribe. Hit the bell straight
notified up here in another video. And thank you for everyone on
Patreon that helps with the channel.

Here you guys are. I appreciate you guys a ton. If you want to join us on
Patreon, the link is going to be down below. Peace..

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