Snowballing your way out of debt - Eps 98

The Money Exchange

You have probably heard of the snowball method but perhaps you are not certain about how it can be of value to your debt pay-off plan.

This is a debt pay-off strategy where you pay off your debt in order of smallest to largest, gaining momentum as you knock out each remaining balance. When the smallest debt is paid in full, you roll the minimum payment you were making on that debt into the next-smallest debt payment ADN you get to celebrate the success of your accomplishment as you go along.

Our guest in today’s episode is a testament to the snowball method. Tamika Richie has been able to pay off over $100K in debt over 8 yrs ago and has remained "debt free" except for the mortgage she is now working to pay off in 10 years after she purchased a home in October 2020. Tamika will share how she modified the snowball method to meet her goal.

Since June 2014, she has been a full-time entrepreneur and currently has a 6 figure business selling items on Amazon. In 2019 she started a black nutcracker brand and has just recently purchased her 1st semi-truck.

Tamika knows her way around passive income opportunities and this enabled her to smoothly pay off her debt with the snowball method.

Take a listen to her story and debt management tips in this episode.

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