ACCOUNTANT EXPLAINS The FASTEST Way To Pay Off Debt in 2024 (With Live Tutorial)

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01:51 Step 1
03:43 Step 2
05:51 Step 3
08:22 Step by Step Live Tutorial & Free Template
18:33 Tips to Keep You Motivated
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.

Опубликовано:

30 июл 2024

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Комментарии : 133

@GabrielleTalksMoney 2 месяца назад

Get your FREE Conquer Debt & Budgeting Template → www.gabrielletalksmoney.com/resources

@nutech1810 Месяц назад

First step: find someone to hire you in 2024 😂

@racheludehjackson Месяц назад

I can totally identify with cutting down the lifestyle to tackle debt. I had to stop buying designer bags and eat at home instead of ordering out every week with friends. Then I took that money saved and made a payment arrangement to tackle my closed credit card to be paid off in just 12 months. Then I use “bonus money” that I accumulate through reasonably getting rid of my wants (and funding my needs) and put it in a high yield savings on auto pay. 👍🏾

@wryterzblock 2 месяца назад

Good grief, some people's children are just going to nitpick no matter what. I could hear and see you perfectly fine. And I am very glad I came across your content. Looking forward to checking out more.

@VexylObby Месяц назад

No need to belittle others. The volume on this video is just considerably lower than others. it is not negative criticism for sure.

@M_SC 5 дней назад

Yes poor hearing is a character failing, not a physical inability

@koreabboy 2 месяца назад

Getting a credit card that offers Balance Transfer @ 0% (with 1-3% fee) seems like a great option to keep all debts in one basket. It also forces you to not to use the card so it slots you perfectly for aggressive debt payments.

@inlinesix6694 2 месяца назад

This is what I did to buy some time paying off debt however I’m so bad at giving things a budget for random one off expenses such as our first baby shower 😅

@vturner Месяц назад

thats what im doing with my capitalone, theres always a balance transfer promotion so I never pay a fee or interest

23 дня назад

It does not exist where I live. Never found one. They’re only 0% if you pay in 30 days.

@Manihsi 12 дней назад

"High credit utilization (75%-90%) makes it tough to get approved for a balance transfer credit card."

@lulabloom4636 Месяц назад

Thank you! Great video, detailed and very encouraging!!

@Hairitage2023 Месяц назад

Very helpful content!! Thanks so much!!

@richthepup 2 месяца назад

Hello, well done video! Thanks for sharing

@Love-Is-Kind Месяц назад

Thank you for sharing this information and the resources to help others gain control of their finances. Stay healthy and take care.

@TheJuneYaj Месяц назад

Thank you for your advice.

@choosetoshine2610 Месяц назад

Excellent content and delivery! New subscriber. ❤🎉❤

@jessicarosario496 Месяц назад

This was a great video. Thank you

@TeahM 28 дней назад

Congrats!

@shanrathenam3105 Месяц назад

Omg...watching from cape town south africa....in your video at 0.18 sec u inserted a video from blouberg strand showing table mountain in Cape Town.....so awesome..m thk u...that's my city

@jangheedavidhan6253 2 месяца назад

I like your content!

@gineenspring855 21 день назад

Thank you!

@mecathompson9195 Месяц назад

Hi! This has been so helpful. Love how you explained everything. I've listened to W Buffet explain this numerous times but this was better. Thanks so much! Will check out your other videos!!

@safeandeffectivelol 2 месяца назад

Get a 0% interest card and pay all of your expenses with it. Pay off any debt with high interest with your income. Keep doing that until all your debt is paid off. It's the interest that is killing you. No balance transfer fees or interest. Get a gig job if you have to. Put any bonuses towards the debt with interest.

@M_SC 5 дней назад

Zero interest credit card??? What’s that

@mom2suns857 Месяц назад

Great video tfs❤

@kunalbabbar6430 8 дней назад

Great Information! Thank you for sharing!

@vulpixelful Месяц назад

The "debt avalanche" method is waaay more efficient and will save you more in interest. It's fine to prefer the "debt snowball" personally, but if you are paying off debt _especially with a low-income_ and high debt balances you can't really afford to pay more interest for the sake of your feelings 🤷🏾‍♀️

@Oneasianpersuasion Месяц назад

Agreed, when I tackled my student loans I paid off the highest interest one first down to the lowest interest. Because paying off the higher interest gave me a huge boost of confidence and motivation.

@vulpixelful Месяц назад

@@Oneasianpersuasion I am doing this for my student loans as well, and it's working out great. It got easier to get to the principal of the loans over time, like the method intended.

@deval3596 Месяц назад

yeah, but both methods are really slow if you don't have a lot of free money to apply in the method. VB is faster than both and way more efficient as it will take less time to put in place and less of a hassle as once you're in the method everything becomes automatic for you.

@amandabaker7735 Месяц назад

@deval3596 what's is the VB method?

@ex_cathedra4237 Месяц назад

@@amandabaker7735could be referring to Velocity Banking. Not a financial advisor, but this is my thought process about it. Think of it kinda like debt consolidation with additional benefits utilizing a HELOC. It's controversial because you're essentially using debt to pay off debt, and you're hoping for better interest rates while doing it. Example: Income: $10k Monthly bills: $8k Credit card debt: $6k HELOC: $25k 1. Draw $23k from your HELOC, and leave the remaining $2k for emergencies. 2.Put all your monthly bills on the credit card. 3. With the $23k you took from the HELOC, pay off the entire balance of the credit card. Your existing credit card debt is paid off as well as your expenses for the month. 4. With the remaining amount you have, pay extra toward your mortgage, or pay down the HELOC. 5. Use your monthly income to pay down the HELOC. 6. Draw from your HELOC again to pay your monthly expenses and mortgage as well as making any extra payment toward your mortgage. 7. Repeat 5 and 6 until the mortgage is paid. The issue I have is that you're building interest off of both the HELOC and your mortgage, but I personally think it's situational. If you have 30% interest credit cards with high balances, it may not be the worst idea to consolidate with a HELOC. But, I'd just use the extra money in my pocket to pay the HELOC and then close it. Then just throw everything I have at the mortgage. Finances can be complicated, but you just have to be level headed and come up with a plan that makes sense for you.

@hunterandchavy 2 месяца назад

Thanks Gabrielle. I think debt costs. Missed opportunities bc we are busy paying debt and working like crazy to pay for a mortgage, car, or expensive clothes that does not move you closer to financial freedom

@DC-cd5tv 7 дней назад

Very good video and very generous with your free templates and advice.

@joyceawesome1705 2 месяца назад

Your video is very practical. Not just talk. Well done.

@GabrielleTalksMoney 2 месяца назад

Thanks Joyce!

@parthparth-qr9su 2 месяца назад

Hey Gabrielle, Thank you for the amazing content. Your videos are really helpful. I would be grateful if you could help me understand a bit about sole proprietor tax. I am working full-time and planning to day trade while making videos on RU-vid as a side hustle. Am I eligible for sole proprietor filing? If so, can I write off expenses for both day trading and content creation?

@VirtousStoic 2 месяца назад

Even though not all your content is for me. I truly respect and appreciate your great content. Keep it up❤

@GabrielleTalksMoney 2 месяца назад

Thank you!

@HRW33 Месяц назад

Thank you for your advice!!!

@moniquedunmore 23 дня назад

Omg omg! I CANNOT THANK YOU ENOUGH! This video was very informative and I love the documents you provided!! VERY MUCH HELPFUL! I am definitely going to execute and use the tools you provided! I already filled out monthly budget for July and my debt summary. I’m realizing I have so much money left over to save and to knock down debt! Thank you again like seriously!

@GabrielleTalksMoney 23 дня назад

you're very welcome!

@TheKrystolMethod 2 месяца назад

I have 6 figure student debt and some credit card debt. Looking forward to this video.

@Sneakysxn 2 месяца назад

from grad school?!

@masopha30201 Месяц назад

This way will have you paying 3x in interest. There is a faster and better way for you to get out of debt

@financialempowermentchannel Месяц назад

You are gorgeous. Great videos. 💗

@oreoluwasimire Месяц назад

I'm fascinated by these videos because where i am from, we barely use credit.

@mom2suns857 Месяц назад

I look forward to owning my own home 🙏🏾

@119jle 2 месяца назад

I rent. Always debt. Utilities. Car insurance. Maintenance groceries taxes. $2000-$3000 month at least for life

@curleneslifenyc Месяц назад

It’s so hard

@samantharowell9733 Месяц назад

Right? People say to cut back expenses so you can pay more off but, how many of us already don't go get coffee? Don't buy name brand, don't order takeout, and don't spend extra money and STILL can't save??

@robbielynmccrary872 Месяц назад

@@samantharowell9733me

@Embrxceyourdemons 20 дней назад

@@samantharowell9733sell things. You probably have crap sitting in your apartment you can sell. Don’t need 4 chairs? Sell 3 of them. Don’t use your living room? Sell your couch. Go door dash. Pick up a 8 hour shift on Saturday or Sunday at a local place. $15 x 8=$120 extra per week. Or $480 per month. That’s more than enough to start killing your debt.

@Embrxceyourdemons 20 дней назад

They WANT YOU to not pay off your debt. The funniest thing is when you file bankruptcy you get a million applications for loans and cards after you do. There’s balance to everything in life. Anything that was easy to get into will most likely be hard to get out of.

@DC-cd5tv 7 дней назад

Peace of mind was my biggest why as well. It is amazing what debt can do to your psyche; a constant concern. 1. Schedule Uninterrupted Time: Definitely a great idea, remain consistent and on top of things 2. Create a Plan: I like the Snowball method as well. The Avalanche method did not keep me inspired 3. Take Action: Getting out of debt CANNOT be done without a Budget. No ifs, ands, or buts. Good, basic, Get Out Of Debt video. The most frustrating thing for me was the length of time it can take and staying motivated. These steps will help you as you see your credit score go up and your debt go down. Ugh, a lesson to never get in debt again (if you can control why you got into debt in the first place.)

@InfinityGroupTV День назад

Love your channel and love your tutorials. No debt, but want to tighten my budget. How do I input amounts that I've spent, but that my company reimburses me for on my budget sheet? Trying to save up as much as I can now for investments and paying off the mortgage before retirement. I'm spending more than I realise because I'm not tracking as closely as I should. Love the Canadian content! I watch other financial channels as well, but I always come back to yours to find the Canadian way of executing their idea -- you never disappoint! Keep up the great work. You're a wonderful instructor and example.

@dm_uncut 14 дней назад

But can I do everything you traditionally need a credit score for without a credit card?

@georgetaylor2819 Месяц назад

I still owe about $47K on our house and am eager to see this paid off - our loan is a HELOC and I pay the interest every single day --- am 78 and am not getting hired. Am not going to quit - we have 3 children and I want to leave the family with a home that's paid for. I know it will happen, I just don't know when nor how --- my HELOC is a fixed 3.5% I owe nothing else -- no car - no credit cards - but the home insurance jumped from $1,800 annually to over $5,500 dollars.

@fitglamsquad5669 Месяц назад

What about life insurance? The money can be used to pay off the house. Also, check to see if your kids want the house. My parents left us a mess with a old house (copper pipes, needs new roof and AC, pool maintenance, floors need replaced, etc, costs so much and I would have rather them have sold it, downsized, and used the money while they were alive.

@laviolist 19 дней назад

Check out videos on Velocity banking - they’ll teach you how to use your heloc to pay off any your house faster

@OzlemFerda 8 дней назад

I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full a

@rachaelgoldstein6134 Месяц назад

Same peace of mind and buy house

@lashmebabebyyaz491 6 дней назад

saving and changing my spending habits to purchase a home

@indiakxoxo Месяц назад

I want to bc I’m starting a dental hygiene program soon and I won’t be working as much because of that. S d to improve my score. Peace of mind as well

@breannajones2161 Месяц назад

Why: Peace of a mind +freedom + investing

@laurarobertson1107 Месяц назад

Gabrielle love this video.... I have a question though. I have a home and have homeowners insurance as well as property tax... what is the best way for me to save throughout the year for this. Should I put aside an amount each month and include this in my budget... maybe put the money I'm saving into a separate bank account? Thank you for the budgeting template I'm going to get it printed off :) Oh yes, I love your name ;)

@CharlisDailyDiary 3 дня назад

You can pay monthly towards them.

@mamasherbalkitchen9045 7 дней назад

So basically you've just regurgitated Dave Ramseys baby steps. Gotcha. 😂

@valerysanchez Месяц назад

i am looking for a a clear conscience

@bayskismith3720 Месяц назад

It's a vicious cycle 😢 debt free is the answer.

@he770z1 2 месяца назад

Debt doesn't bother me. There is good debt and bad debt. Federal student loans are interest free (not the provincial one), so pay the minimum!

@VirtousStoic 2 месяца назад

Your biggest competitors in this space are Minority mindset Humphrey yang Ofc they are US creators ur CDN But tbh i am not a fan of humphrey persona, and his videos are too long and full of layman fluff Minority mindset is good, but for the masses, the general public. And he releases too many videos its like spam Wish you more success❤

@amiiiiiiiiiiiii Месяц назад

How do i find out how much debt i have? Ive brushed my finances under the rug for so long i no longer know what i owe exactly (some have gone to collection etc how do i chase it down to pay it)

@surferboi2005 Месяц назад

Check your credit report. It certainly has a lot of your debts there.

@amiiiiiiiiiiiii Месяц назад

@@surferboi2005 i checked but it only has like 2 credit cards and it says closed with $0 due. Im pretty sure it moved to collections. I also know i owe parking tickets and toll fees (my ez pass broke and they started charging me $50 each way)

@JourneyJustine 8 дней назад

Don’t ever pay collections. Pay the debt with who it is for. Collections is a scam they paid your bill to get your information

@amiiiiiiiiiiiii 8 дней назад

@@JourneyJustine thanks

@masopha30201 Месяц назад

What is the limit on the Personal Line of Credit?

@meanodustino9563 Месяц назад

That’s depending on your credit score and your income and bank

@jacobbenivamondez4460 Месяц назад

I want to be debt free for my children

@ctgeblue17 Месяц назад

Weird how these concepts are still new to most. I mean just think logically what can be done and why, you'll cone up with the same plan un this vid.

@Oneasianpersuasion Месяц назад

So basically follow Dave Ramsey's baby steps. 😅 Your video and editing was awesome and I could hear you fine. You did a great job at explaining and breaking it down. But you're just saying what someone else who is more popular (Dave Ramsey) already says.

@OnlyDuckSauce Месяц назад

I want to be deft free cuz I made stupid mistakes when I was debt free lol

@ShanajayeandEric Месяц назад

Unfortunately, this is not the fasting way. The velocity banking method is!

@Chris-hp2gg Месяц назад

Assets- Liabilities= owner's equity.😂

@leoavila915 Месяц назад

Wow your are pretty

@yomeamo3886 29 дней назад

I am in debt as a result of counting my eggs before they hatched. I charged on my cc with the expectation that my raise, bonus and tax return will cover it. The bonus wasn’t as expected, I ended up OWING taxes and my raise was equivalent to a loaf of bread. I am disgusted with myself.

@vickiemcintyre7902 Месяц назад

What is notice of adverse action?

@TamieVlogs Месяц назад

I want a house 😅

@Mourik131 2 месяца назад

I think the only debt that is acceptable is a mortgage. Maybe a small student loan for a profession that pays well. Not for liberal arts. The reason why these debt are okay is because they will be worth more. If you sell your house ten years later it will be worth more. A car or something else not. I have made a mistake long ago and hath debt. Never again. I have zero debt.

@VexylObby Месяц назад

Sometimes, debt is something we had to take on.

@forthepeople-r4p 2 месяца назад

You need a mic

@samoanirwin Месяц назад

Check your microphone settings as your recording volume is really low when listening... Thanks for the great info...

@VexylObby Месяц назад

Is it just me, or is 90% of people in debt? How can interest rates that keep people like that be legal?

@daniellepomerleau5245 Месяц назад

Yes, unfortunately debt is something we are socially taught is the way of life. 1

@giantpune 2 месяца назад

Time to go into debt putting a microphone on your credit card.

@GabrielleTalksMoney 2 месяца назад

lol im working on it! look forward to the next video!

@jml9550 Месяц назад

I can hear her just fine. It is your hearing?

@giantpune Месяц назад

@@jml9550 Yes. Its just me and the other hundred people that came down to the comments section to let her know the audio was too low. We all collectively got hearing loss at the same time.

@VexylObby Месяц назад

@@jml9550 The volume was definitely very low at least.

@yapmouxun7487 Месяц назад

good content, but the low sound quality is very distracting.

@QueenRo Месяц назад

I wanna feel some freedom and not this lingering feeling of owing money.

@VirtousStoic 2 месяца назад

One tip, the lighting is a little dim in this video. And the thumbnail would benefit from some graphics besides you so people know to click of not by knowing the topic without reading the title. I know it sounds odd, but check garry vee. Thumbnails are 90% of a channel success