Category: Life hacks

9 Debt Payoff Hacks that Work and 3 that Don’t

 

payoff debt pen

These are 9 debt payoff hacks that actually work.

I did some research before writing this post.  I’m always horrified whenever I realize the amount of advice at the top positions in google search results that is bad.  The subject of paying off debt is no exception to this rule.

More on that later.

Every blogger writes an obligatory post on how they cut corners to payoff debt.  This is my attempt at that.  This is an updated post.  Originally, this was my third blog post.  It’s now reformatted.

Another thing about this research I did.  The stuff that tends to hold a lot of the top positions is easy Band-Aid solutions to paying off debt that doesn’t involve actually solving your problem.

It’s usually a matter of taking out a new loan or opening up a new credit card to transfer debt from one location to another.  You might save money on interest, but you aren’t fixing your problem.

These are ways to payoff debt without earning any money.  All your doing is replacing old debt with new.

The debt is still there!

The debt payoff hacks I talk about actually work.  They involve lifestyle changes and changes in thinking that enable you to payoff the debt you owe.

Nothing else will work.

It’s just clickbait.

Any success I’ve had with paying off debt is 99% attributable to my wife. She is Chinese and grew up in Taiwan. She has no formal training in investments or finance. She has never read a personal finance book in her life. But she came from a family and, to a certain extent, a society that frowns on debt.

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What the Hell is Chautauqua?

In October 2016, I returned from a week in Ecuador attending Chautauqua. It was a life-changing experience.

          Why would a military guy who lives in Germany fly all the way to Ecuador for a week?

Why of course, to attend a financial independence/retire early (FIRE) retreat hosted by three prominent bloggers!

Jim Collins, father of the world-famous Stock Series, organized this amazing event. There were three different weeks of Chautauqua this year, each hosted by a slightly different cast of famous bloggers.

Chautauqua has been going on for several years now, and seem to be gaining in popularity. These things sell out faster than a Taylor Swift concert!!

On the week I went, it was Jim Collins himself, Paula Pant, and the notorious Mr. Money Mustache.

Kind of awesome for me, as these are the three bloggers I admire most.

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Why I’m reading a Japanese book about tidying up

I just read an AMAZING book written by a 31- year old Japanese woman.  The book happens to be a New York Bestseller.

The author’s name is Marie Kondo, and she’s been obsessed with organizing ever since she was 5 years old.

marie-kondo

I think I have a crush on her.

          Rich, what do you care about organizing?

I’m always looking for better ways to organize my life.

          What’s so special about this particular way?

The book is called The Life-changing magic of tidying up.

marie-kondos-the-magical-art-of-tidying-up
Essentially, it’s about throwing away stuff you don’t use anymore, and then reorganizing your house.

          I do that every few years, big deal!!!

I bet you don’t do it like she does!

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