George Kamel

And as far as the plan to get rid of this debt, you and your wife are going to sit down tonight and you're going to make your first budget. And we're going to gift it to you. It's called EveryDollar. It's an app that you both can log into, have total transparency into what's going on with their finances. You're going to list your take-home pay for the month.

So you're going to list your paychecks that are coming up, right? You'll kind of have a ballpark of what those are. And then beneath that, you're going to list all of your expenses. And to make this easy, you can look at your bank statement from the last month to show you, hey, here's what our light bill normally is. Here's what our mortgage is. Here's our insurance bills, all the things.

So you're going to list your paychecks that are coming up, right? You'll kind of have a ballpark of what those are. And then beneath that, you're going to list all of your expenses. And to make this easy, you can look at your bank statement from the last month to show you, hey, here's what our light bill normally is. Here's what our mortgage is. Here's our insurance bills, all the things.

So you're going to list your paychecks that are coming up, right? You'll kind of have a ballpark of what those are. And then beneath that, you're going to list all of your expenses. And to make this easy, you can look at your bank statement from the last month to show you, hey, here's what our light bill normally is. Here's what our mortgage is. Here's our insurance bills, all the things.

And then what you're going to do is judiciously cut every single thing that you do not need for survival. Do you understand what I'm saying? Yes. So if it's not food, utility, shelter, transportation, insurance, it goes out the window, which means we're not eating out. We're going to cut subscriptions.

And then what you're going to do is judiciously cut every single thing that you do not need for survival. Do you understand what I'm saying? Yes. So if it's not food, utility, shelter, transportation, insurance, it goes out the window, which means we're not eating out. We're going to cut subscriptions.

And then what you're going to do is judiciously cut every single thing that you do not need for survival. Do you understand what I'm saying? Yes. So if it's not food, utility, shelter, transportation, insurance, it goes out the window, which means we're not eating out. We're going to cut subscriptions.

We're going to cut everything out of our life that we don't need for survival because right now we are in survival mode. And I want to get you out of that. And at the bottom of that budget, you're going to list your minimum debt payments, and that's going to give you a really clear view of where you're at. You can list the balance and the minimum payment.

We're going to cut everything out of our life that we don't need for survival because right now we are in survival mode. And I want to get you out of that. And at the bottom of that budget, you're going to list your minimum debt payments, and that's going to give you a really clear view of where you're at. You can list the balance and the minimum payment.

We're going to cut everything out of our life that we don't need for survival because right now we are in survival mode. And I want to get you out of that. And at the bottom of that budget, you're going to list your minimum debt payments, and that's going to give you a really clear view of where you're at. You can list the balance and the minimum payment.

And then you're going to follow what we call the debt snowball method, where you systematically knock out the smallest debt first while making minimum payments on the rest. And that allows you to do something you haven't been able to do in a long time, which is just focus. Focus on one thing at a time. Do you guys have any savings right now?

And then you're going to follow what we call the debt snowball method, where you systematically knock out the smallest debt first while making minimum payments on the rest. And that allows you to do something you haven't been able to do in a long time, which is just focus. Focus on one thing at a time. Do you guys have any savings right now?

And then you're going to follow what we call the debt snowball method, where you systematically knock out the smallest debt first while making minimum payments on the rest. And that allows you to do something you haven't been able to do in a long time, which is just focus. Focus on one thing at a time. Do you guys have any savings right now?

So you're down to just paycheck to paycheck on the checking account, nothing in savings? Nothing in savings. Okay. So your step one is baby step one, which is the $1,000 starter emergency fund. And that's going to happen in the next paycheck or two, right? You guys will have $1,000 flow through your hands. Yes. Okay.

So you're down to just paycheck to paycheck on the checking account, nothing in savings? Nothing in savings. Okay. So your step one is baby step one, which is the $1,000 starter emergency fund. And that's going to happen in the next paycheck or two, right? You guys will have $1,000 flow through your hands. Yes. Okay.

So you're down to just paycheck to paycheck on the checking account, nothing in savings? Nothing in savings. Okay. So your step one is baby step one, which is the $1,000 starter emergency fund. And that's going to happen in the next paycheck or two, right? You guys will have $1,000 flow through your hands. Yes. Okay.

What you're going to do is set aside the $1,000 before you start attacking this debt snowball. And what you're going to do is ignore the interest rates. You'll know what they are, but you're going to ignore those and just focus on the smallest balance. Can you tell me what the smallest balance is? $1,000. Perfect. So that's your next goal.

What you're going to do is set aside the $1,000 before you start attacking this debt snowball. And what you're going to do is ignore the interest rates. You'll know what they are, but you're going to ignore those and just focus on the smallest balance. Can you tell me what the smallest balance is? $1,000. Perfect. So that's your next goal.

What you're going to do is set aside the $1,000 before you start attacking this debt snowball. And what you're going to do is ignore the interest rates. You'll know what they are, but you're going to ignore those and just focus on the smallest balance. Can you tell me what the smallest balance is? $1,000. Perfect. So that's your next goal.

So now you free up $29 to apply to the next debt. And you see how the snowball starts to roll and gain momentum?