Epic Real Estate Investing - How to Pay Down Debt Faster (and build wealth, too) | 640

Episode Date: April 26, 2019

If you are wondering how to pay down debt faster than you are doing it right now, stay with us because we’ll give you the answer! We have been teaching people how to do it for almost a decade now and the bottom line is to get someone else to pay it for you. Learn how to do it, what the difference between good and bad debt is, and why you should be managing it instead of paying it off. Learn more about your ad choices. Visit megaphone.fm/adchoices

The secret to paying down your debt faster is getting someone else to pay it down for you. Now, I've been walking people through this process for almost a decade now, and it works so well that we really go deep into this now at the Epic Intensive. But by the end of this video, you're going to know how to get someone else to pay down your debt and get you a little better sleep at night too on today's episode of Financial Freedom Friday. All righty, so before I share with you how to pay down debt faster by getting someone else to pay down for you, it's got to be said, all debt isn't bad. Some debt you just might want to hold on to, meaning if that debt is paying you more than it's costing you, then that's good debt. You don't have a

problem. But if you're underestimating how much you owe, if you find yourself doing that, or you're not answering the phone when you suspect a collection agency is calling, or you're leaving your bills unopened or just stuffing them in a drawer, you're opening up a new credit card when your old one is maxed out, or maybe you're telling yourself that everyone is in the same situation. That's how you're rationalizing it. If you can relate to any of those, then you've got some bad debt, so we've got to deal with it. So let's go through three steps and how to pay it down faster by getting someone else to do it for you. We're going to build some wealth along the way and we're going to give you some peace of mind all at the same time. All right, step one,

you've got to shift your focus, shift your focus from paying down your debt altogether to making more money. You see, if you're focused on your debt, you're going to experience all of those things I just mentioned. You're going to be afraid to answer the phone. You're going to be watching your open bills stack up. You're going to going to be opening up new credit cards to pay off the old ones. If you're focused on paying off the debt, anxiety is going to build and it's going to impact everything around you. You know, professional and personal aspects of your life, they're going to suffer. And you can't pay down your debt faster unless you've actually got some money to do it with. So shift your focus from

paying down your debt to making more money. Your finances, it's a game of offense. So you've got to play to win. All right. So that's number one. Number two, buy an asset. The big secret to paying off your debt faster is don't pay it off at all. Here's what I mean. Once you're making more money, don't pay off your debt. Certainly manage it, make your payments, stay current, but don't pay it off. Use your money to buy an asset that pays it off for you. And no surprise to you, I'm sure, I prefer investment-grade income real estate. But it doesn't have to be real estate. But it does have to be an asset that pays you more than you pay it. And then you use the difference, the cash flow, to pay off your debt. Here's why I like real estate for this.

Shelter. It's a basic human need. And tenants, they need shelter, and they'll pay you for it each month. So you take their rent. You pay the property's expenses, and what's left over pays your debt. So you're not paying off your debt. Your tenant is. And once the debt is paid off, you still have a cash flowing asset that will continue to pay you. And it's an asset, when managed correctly, that will contribute to and lead to your financial freedom. Understand this. Nobody ever experienced freedom by paying off debt alone. You still need assets after your debt is paid off to be set free. Now, you could do one before the other. You could do them independently, but if you can take care of them both simultaneously, why wouldn't you? Together,

your debt gets smaller and your wealth gets bigger. All right, now I'm going to show you in step three, how to make this even smoother, easier, and liberating even. But if you're picking up what I'm putting down right now, type the hell yeah in the comments below. Let me know that you're hearing me. All right? Step three, automate the process. Set up a separate bank account just for your asset or your assets and have the cash flow deposited each month directly into that account. I mean, don't let it touch your hands. Don't let that deposit depend on you in any way. And then set up automated payments from that same account to pay your debt. That way, your mind, it stays clear as you focus on making more money all the way back up to step one. And around and around and around

she goes until your debt is gone and your freedom is yours. If you'd like some help with this, you can go to R-E-I-Aase.com where my team and I will set up your own real estate investing business so you can make more money and buy cash-flowing assets and will support you along the way too. All righty-I-Ais.com. I'll see you next week for another episode of Financial Freedom Friday, right here on the Epic Real Estate Investing Show. This podcast is a part of the C-Suite Radio Network. For more top business podcasts, visit c-sweetradio.com.