Waiting with David Lee Roth for the Debt Payoff Snowball to Start Rolling

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It’s somewhat maddening, because I have to wait until September to make everything happen, but it will feel awesome once those floodgates open. Until then, my tangible results are quite limited and my payoff numbers hardly move at all.

Starting Credit Card Debt (01.01.19): $126,310.77
Current Credit Card Debt: $109,570.87
Total Paid Off: $16,739.90
Income Going to Savings: 2%

I used to read a lot of Stephen King books. When I wasn’t reading horror books, I loved a good Rockstar memoir or something by Patrick F. McManus.

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Tangent: The most difficult book I’ve ever read was Van Halen lead singer, David Lee Roth’s autobiography, “Crazy from the Heat.” That book was like reading the sideways babbling of an insane person.

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Tangent to the Tangent: How messed up is it that I’m not even a full paragraph into this blog post and I have already hit you with my first tangent? AND THEN… I’m not even done with the first tangent and I tangent my own tangent. Lame.

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Tangent (Continued): Seriously though… by the time I finished DLR’s book I wasn’t sure if he was a coked out lunatic who spent far too many nights free-basing this and drinking that and in the process had pickled his brain beyond repair, OR if he was a certifiable genius speaking on another wavelength that I simply couldn’t comprehend.

I’m still not sure.

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These days if I have any free time for reading, I concentrate on financial and self-help books. After all, if I’m looking for a way to scare myself, I don’t need a book about a clown with a red balloon. I just needed to look at my bank statements!

If you haven’t heard of Dave Ramsey and you’re in any kind of situation similar to mine, I highly suggest you check him out. He takes a no-nonsense approach to recovering from debt, and he seems to be a genuinely good human being to boot. One thing Mr. Ramsey often refers to is his “Snowball Plan” for digging out of debt.

Effectively it just means you pay as much as you can on the debt you owe the least on while making minimum payments on the rest of your debt. Then once you have paid that first one off you take that old payment, add it to the payment of the next card in line, and so on. Eventually you get a massive payoff snowball rolling down the hill, decimating any debt in its path!

Read more about The Plan on Dave Ramsey’s Website

In my case though, the trick is getting that snowball rolling. My lowest debt has a payment of only around $27 a month. If I pay that thing off, the extra $27 really won’t do much at all.

So instead I’ve decided to take one of my largest debts that carries a substantial ~$700 monthly payment with it, and pay that one off as quickly as I can. I don’t want to go into details of how I’m going to do it just yet (I’m not robbing a bank or doing anything illegal I promise), but if my plan works I’ll pay it off in September. This will then free up that $700 a month, and I’ll use that to really get the snowball rolling by applying the entire amount to the next debt in the list.

It’s somewhat maddening, because I have to wait until September to make everything happen, but it will feel awesome once those floodgates open. Until then, my tangible results are quite limited and my payoff numbers hardly move at all.

That being said, I think if David Lee Roth was in my house right now and I explained my entire plan to him, he’d nod his head, smile, and then say, “Man, the journey of existential wealth is only confounded by the hyperbole of interplanetary existence in the mind of the Texas two-stepping honey with the low cut shirt and the binary support of knowing the ramifications of her actions.”

That’s how I know I’m doing the right thing.

Keep digging!

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2 thoughts on “Waiting with David Lee Roth for the Debt Payoff Snowball to Start Rolling

  1. An area Dave’s Method and I disagree was on this thing exactly. The logic makes far less sense from a financial standpoint, of course — you approach this the same way I thought made more sense too. BUT Ramsey calls his steps “baby steps” for a reason.

    From what I’ve read here, you’re properly motivated to get out of debt; but I think most people need the incremental habit-forming approach of the “vanilla debt snowball”. While we’re attacking ours in a more vanilla style, we also did something similar to what you’re doing and were able to knock off a couple of things at a whack which really gave our snowball some momentum, so I can’t blame you for being antsy toward getting that big club swinging. Hopefully you have some stuff that you can knock out quickly with an extra $700 bucks a month.

    I have no insights into DLR’s mental state. As a cynic, I’d say the coked out suggestion was the likelier option… occam’s razor would suggest that as well.

    Liked by 1 person

  2. Yeah, I mean obviously Mr. Ramsey has a proven track record of helping people to get out of debt, but we just tweaked the formula a bit. Once we hit that first one, then we’ll settle into watching the snowball roll on its own.

    I wonder what Dave Ramsey’s middle name is. It would be some kind of cosmic trip to know his initials were also DLR. 🙂

    Like

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