Which Debts Should You Pay Off? | 601


Manage episode 326145805 series 2535964
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I came up with a formula that can help you better manage your debts and pay them off one by one the smart way, and that’s what we’re talking about today! Listen now to learn about the cash flow index, how it works, and how you can use it! Key Talking Points of the Episode [01:43] Invest with PreREO! [02:37] Is debt bad? [03:46] What is debt? [05:13] Why is it important to track your money? [06:10] How did the cash flow game help me? [08:40] How do you figure out which loan to prioritize? [10:28] Why shouldn’t you worry about interest rates? [12:15] How do you use the cash flow index? [15:24] How can you use the cash flow index for mortgages? [19:19] What makes the cash flow index effective for paying debts off? [20:25] What is the point of using the cash flow index? Quotables “The truth is, it depends on who you are. If you’re someone who’s gonna blow money, you’re gonna gamble it away by doing speculative types of investments, using debt is not for you.” “Cash flow opens up options and when you have options, you have more freedom.” “In fact, the interest rate for banks are really just smokescreens. They’re really used to manipulate your human behavior to do what they want you to do.” “You take that amount owed, divide it by the minimum monthly payment, and that gives you the cash flow index.” “Don’t go for the highest interest rate, don’t necessarily go for the lowest balance, go for the lowest cash flow index loan that you have, and remember, go off the minimum monthly payment. Not what you’re paying, but what they’re actually requiring you to pay.”

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