HOW THE DEBT SNOWBALL WORKS
IS YOUR FINANCIAL PLAN READY TO ELIMINATE UNNECESSARY PAYMENTS?
There is no perfect plan for how to spend your savings during retirement. But there is one very wrong way to go about it, and that’s mindlessly. However you choose to spend your savings, make sure you have a plan.
The path to financial freedom is paved with debt elimination. One tactic that can help get you there is called the “debt snowball.” Famous financial advisor Dave Ramsey illustrates this concept as a snowball rolling downhill. As the snowball continues to gather more snow, it gains more momentum, picking up more snow on the way until it finally reaches its destination. Start by attacking your lowest monthly payment. Once it’s paid off, you can then parlay that payment into your next smallest debt. The debt snowball grows when you reinvest into your payment plan rather than spending it. Once your second debt is eliminated, again, reinvest that money into the payment plan, and eventually, your debt snowball will turn into an avalanche, ultimately shedding debt in larger portions more quickly. Here’s an example: Let’s say your smallest debt has a payment of $20 per month and the second smallest has a payment of $50 per month. Once that first debt is paid off, you can then take that $20 and add it to the $50 payment. You’re now paying $70 per month to your second debt. Once that second debt is paid off, you can then take that payment of $70 per month and roll it into your third-largest debt and so on, until the balances are paid in full. The two keys to making this work are operating with a budget and committing to a lifestyle change. This doesn’t mean enjoyment ceases to exist and you turn into a hermit; instead, it’s about telling your money where it should go rather than your money telling you how it’s being spent. If you want to learn more about how a debt snowball or other strategies can impact your financial goals, contact us today. We are committed to helping you take control of your future, and that starts with eliminating debt.
BRUSSELS SPROUT HASH
INGREDIENTS
Inspired by Food Republic
• 4 cups Brussels sprouts, finely shredded • 4 eggs • 1/4 cup onions, chopped
• 2 cloves garlic, minced • 1 sprig fresh rosemary
• 2 tablespoons extra-virgin olive oil • Salt and freshly ground pepper
DIRECTIONS
1. In a cast-iron skillet or large sauté pan, heat oil to medium. 2. Once shimmering, add rosemary for 1 minute, then remove sprig. 3. Reduce heat to medium-low, add onion and garlic, and cook until onion softens, about 5 minutes. 4. Increase heat to medium-high, add Brussels sprouts, season with salt and pepper, and cook for 5 minutes. 5. Using a large spoon, create 4 wells for eggs. Pour 1 egg into each well and cook until set. 6. Carefully remove eggs and Brussels sprouts from pan and serve.
PATRIOT WEALTH | 919.322.4113 | P3
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