Yol · 12 Stations · 12 days · Money
Get Out of Debt
Someone who knows exactly what they owe, pays it down on a plan they chose, has stopped adding new debt and knows what the money will do once the last payment is made.
Twelve Stations, one a day, from five books on money: seeing every debt on one page, a small cushion first, the snowball and the avalanche, calling the lender, stopping new instalments, one plan at home, and what to do after the last payment. The road ends with a one-page debt exit plan you review every month.
The road, station by station
01See the whole number
~5 minfrom The Total Money Makeover
Today’s Station — start →
02Know where it goes
lockedfrom Your Money or Your Life
03A starter cushion before the attack
lockedfrom The Total Money Makeover
04The debt snowball
lockedfrom The Total Money Makeover
05Rate, order and one phone call
lockedfrom I Will Teach You to Be Rich
06Dabasir's plan: keep a tenth, live on seven, repay with two
lockedfrom The Richest Man in Babylon
Milestone
The debt plan is running
Every debt is on one page, a small emergency cushion is set aside, the payment order is chosen and at least one lender has been asked about the rate or terms. The first extra payment has gone out.
07Stop digging
lockedfrom The Total Money Makeover
08One plan at home
lockedfrom The Total Money Makeover
09Save, even without a reason
lockedfrom The Psychology of Money
10After the last payment
lockedfrom The Total Money Makeover
11Spend without sliding back
lockedfrom I Will Teach You to Be Rich
12Your debt exit plan
lockedfrom The Total Money Makeover
Milestone
Destination: a debt exit plan
Your one-page debt exit plan is written: the list, the cushion, the order, the no-new-debt rule, the plan at home and what happens after the last payment. Reviewed every month for two months.