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That is preventing black people from Closing the wealth gap Listen let me be real i’m coming with Y’all from this heat from the very Beginning black people we gotta stop Blaming white people for our financial Mistakes The total consumer debt in the united States of america as of this year the Year 2022 is at 15.84 trillion dollars that’s 15.84 Trillion dollars let’s get straight into It cj uh turn me over to my ipad real Quick i want to break this down for my People here i want y’all to see this Um so 1.46 Trillion dollars are in auto loans this Is your mercedes Your bmws your bentleys you name it 1.1 Trillion dollars okay is in your credit Card debts Okay I ain’t tripping now here’s What i’m not really tripping on about Right 10.93 trillion Homes I’m not tripping about this like this I’m okay with i i am i’m okay but Actually I’m really excited about about this i i Really am excited about having 10.93 trillion dollars in home mortgages Now again the goal is to have this paid
Off eventually but i love seeing Homeownership especially Within the black community then we have 1.75 Now this pissed me off in student loans Okay this brings us to a total Of 15.84 Trillion Dollars now watch this so what is this Breakdown to the average consumer So the average consumer is going to have 92 727 In Debt Now watch this this is the average Excuse my excuse my handwriting okay Now let’s break this down now borrowers Who actually have it have a uh um like a Higher level of education let’s say like A doctoral degree or a master’s degree This goes To Where is that yeah 97 916 000 In debt now watch this gen x This is going to be your 42 to 57 year olds Right They have The highest amount in 140
643 000 in debt Do you see why i’m teaching what i’m Teaching Do you understand why The average person is going to be right Around 92 000 that’s that’s six thousand Dollars less than a hundred thousand Dollars in debt between student loans um Credit cards mortgages and all Then the average gen x My parents age bracket they’re at 140 000 In debt On average but i’ve mentored and tutored People who have two three four hundred Thousand dollars in student in debt Period outside of a mortgage And so society is telling us that debt Is a good thing But the truth is that holds us back from Really accomplishing our dreams from From building that dream home debt is Preventing black people from closing the Wealth gap Listen let me be real i’m coming with Y’all from this heat from the very Beginning black people we gotta stop Blaming white people for our financial Mistakes I know i’m a seed in the comments can Anthony i can’t believe anthony just Said i just said that Now yes there are certain things that Yes white people need to own up to
When it comes to how they treated us African americans But black people we got to stop blaming Our poor financial decisions On other people And start stewarding our money well and While we are fighting the fight to to End racism to end the stupid stuff That’s happening to people of minorities Let’s fix our homes first And we’re going to talk about that today I’m tired of tutoring and mentoring and Coaching people And they’re coming back to me and i’m Saying like well wait you got all this Debt but what are you doing Okay But what are you doing get out of debt You’re out here chasing wealth and Chasing money but you’re not being a Good steward of the money that god has Already given you up front So today today today today today y’all Better get your notepads y’all better Get your pins Y’all gonna share this video because i’m Gonna walk you through the basics this Is how Anthony o’neil got out of debt I was 35 000 in debt before i even Turned 20 years old before i even turned 19. i was 35 thousand dollars in debt Fifteen thousand dollars in credit card Ten thousand dollars in furniture bills
And ten thousand dollars in student Loans when i even need my student loans Because i have my father’s gi bill that Had a partial scholarship uh from the Nfl not the national football league the National forensics league I didn’t know how to play football I was too short I was a good debater and they gave me a Partial scholarship and i had my Father’s gi bill and i was able to go to School at palomar college but you know What i messed up i had to fool and i did Some stupid stuff And i borrowed money i borrowed money to Impress people i borrowed money to to Impress ladies and i forget the first 500 credit card i spent it within a Matter of 13 hours My first credit card 500 i got it my mom Was slapping inside my head you don’t Need that credit card i’m a grown man 150 is going within a matter of an hour Red lobster all you can eat biscuits Did another 150 on roses since there’s Two dozen of roses two boxes of Chocolates i was gonna send her third One but she already had me you know what They’re saying i’m sad I was all chocolate she needed Then i really wanted to impress her the Next day when we uh met up i said you Know what let me go let me go to the Mall i went to the mall by her dooney
And burke’s purse i don’t need a boat Spurs for 200 500 is going within a Matter of 13 hours i got the car like at Five o’clock that afternoon and by three O’clock the next day gone oh god god But i said exactly what everyone else Said you know i had this credit card Just for emergencies And it was an emergency to impress her So before we get into today’s uh um um Show on how do we literally what are the Basics of being a good steward of our Money what is the basics of getting out Of debt just two quick things number one If you like today’s show if you just Like rocking with me i want you to do me A favor hit that subscribe button join The family be a part of a growing Community that we are eliminating that We are building wealth and we’re real Ooh i’m gonna oh let me introduce y’all To something we’re we’re developing a Neat life i just launched a brand new Network called the neatness network Where we’re gonna be really focused on I’m helping you all grow a neat life you Need perfection You don’t have to be perfect in all your Aspects your money doesn’t have to be Messy messy it can be neat your Relationships don’t have to be messy it Could be neat your business doesn’t have To be messy it could be neat we’re going To be focusing on a neat life so if you
Really are a part of this community Please hit subscribe please hit the Thumb up on today’s show if you’re Watching on youtube please leave us a Five star review on on our podcast Channels if you’re enjoying this podcast Here’s number two as we’re talking Through this I felt this on my spirit earlier That some of you are stressed right now Now some of you all with this recession With with the high inflation um the cost Of groceries going up the cost of gas is Going up um and then now we’re in this Recession and you don’t know what’s Happening some of you are under some Stress and i’ll be real with you i’ve Had some stressful days i’ve i’ve had Some days where i’m like well man Am i gonna make it you know i got a Staff now i got i got close to six People on my payroll Four of them full time I’m like god i god move jesus and i i Got a little like whoa whoa whoa whoa Whoa a little a little anxiety hit me i Was like well god wait wait wait wait And you know what i wouldn’t talk to my Therapist I just really started talking about Everything that’s on my mind and talking About What what’s going on in the world and i Started processing things
And i’ll be honest with you talking to My therapist actually gave me strength To go back and to not worry about Nothing and i’m gonna be real with you And it wasn’t just my therapist i talked To my therapist and to my spiritual Coach My spiritual business coach it’s like Hey these feelings are normal What you’re feeling what you’re Experiencing what you’re expressing is Normal Keep talking to your therapist and every Time i talk to my therapist i feel Stress just come off of me So today i want to encourage you to join My friends over at betterhelp you can go To anthonyo.com Forward slash better help them give you 10 off for your first month for the for You trusting them for you trusting me And better help with your mental health Listen there’s nothing sexier than a a Healthy uh woman who is mentally healthy There’s nothing sexier to ladies not to Me two ladies Than a man who is mentally healthy And right now We all even if you feel as if everything Is okay trust me better help Will make you even feel better they may Even point out some things in you that You didn’t know were kind of mentally Off a little bit to help you get better
So go to anthony.com forward slash Betterhelp so one of the questions that I am always uh asks is anthony you know Um what is good debt in your opinion or What is bad debt in your opinion and Y’all i want to break down the first Thing that i really want to talk about Today what is debt Like let’s let’s talk about that and Debt is something typically money that Is owed or due This is per the oxford dictionary let me Just tell you ao’s version if you owe Someone money you’re in debt If if i give you five dollars and i say Hey here you go here’s five dollars and I need it back By such and such date You are in debt to Me you are in debt to Me Okay so let me just address this up Front i’m about to really hurt some Feelings right now um and today’s just Gonna be that kind of day but it is what It is all right There is no such thing as good debt There’s no such thing as bad debt There’s just a thing called Debt Bottom line Good debt uh bad debt uh Debt yes Okay so so what are the types of debt
Out there anthony you’re talking about Since you don’t really believe in good Or bad debt let me tell you right now Number one credit cards Debt Student loans Debt oh my gosh I’ve been hearing people say this all The time but students that’s good debt How how is it good that that i met a Dentist that had almost a million Dollars in student loan debt and he was Only making a million dollars in student Loan debt you can go to borrowed future To watch what i’m talking about he had a Million dollars in student loan debt but He was only making maybe 300 000 a year With his dentist business This man will be in debt for the next 50 Years with that kind of payment and we Call that good debt No student loan debt is not good debt But neither is it bad debt it’s debt It is debt Anthony he got a job paying him three Hundred thousand dollars a year yeah but He got to pay his staff and and his People all for that Excuse me What is good about going to get a going Uh paying a hundred thousand two hundred Thousand dollars for a degree and you Come back and you’re only making forty Eight thousand dollars a year fifty two
Thousand dollars a year what’s good About that now i got it you got your Dream job you got a nice job but you’re Still in debt You’re still in debt what’s another one Car loans and well anthony i i can get It at zero percent shut up You’re still in debt I’m not saying it’s a bad or good thing What i’m saying is you’re still in debt Personal loans and any payday advances If i could say anything is just worse Than horrible i would land right here in The payday advances but it’s that it’s Not bad it’s not good it is debt that is Very Very very very expensive Especially these payday loan advances Mortgages y’all listen i have a mortgage I have a mortgage that’s debt That’s debt it is debt that is an asset Attached to it that is it should be Accumulating it should be racking up but You know at the end of the day i still Owe a debt i still borrowed money And it is still paying me i still got to Pay it Now yes is it is it rising a little bit Yes will i be able to sell it and make Some profit on it yes But y’all it is still debt Payment plans for phones And close debt Listen if you can’t afford the phone and
Pay for a cash you can’t afford the Phone what’s wrong with the phone you Have right now I know the apple iphone They just announced it and you’re Talking about oh my gosh i need to get It i need i need i’m gonna get it and Just put it over my payments for the Next two years what no what in the world Why Why why If nothing is wrong with your phone Right now stick to your phones you can Pay for cash Why why am i so passionate um about this Message is because man i remember being In debt And i was stressed that i had to go to Work i was stressed because i had to Have a boss i was stressed because i Needed That income plus other income now that i Am out of debt do you know how good it Feels now yes i still need income but i Don’t have to go to a job to where i am Being disrespected to where i am being Um overlooked to where i am being Classified as xyz because i need the Income so Because i need the income i’m going to Take the heat from the job that i really Don’t like No when you’re out of debt it gives you Options when you’re out of debt it gives
You freedom when you’re out of debt you Walk around different when you’re out of Debt you just feel good now watch this i Saw a video that a lot of you always Asking me to comment on but but i really Don’t like commenting on videos with People who are my friends right and i Understand a certain concept someone Said um there’s a video that went around Uh um and i totally get it it was like Hey debt doesn’t mean you’re wealthy Debt does not mean you’re wealthy and i Honestly agree with that tagline that Does not mean you’re wealthy being Having no debt doesn’t mean you’re Instantly wealthy no It is a part of being wealth because now You have freedom options and more Opportunities to really do things with Your money Debt i believe getting out of debt is The foundation of building true and Lasting wealth But getting debt-free and becoming Debt-free does not mean you are Instantly now wealthy no no no no no i Totally agree with that statement but Becoming debt-free is very important in My opinion and my expert opinion and my Personal opinion That is the foundation of building true And lasting wealth so when we talk about The basis of getting out of debt number One you got to really understand what is
That y’all got to stop asking me well Anthony what’s good debt what’s bad debt I don’t believe in neither i just Believe in in debt here’s number two Before you can really get out of debt You have to understand two things two Things two things two things first And it’s a simple question Ask yourself this Why do you want to get out of debt I really want you to ask yourself this Right now Why do you want financial freedom And i really want you to write it down i Need you to pause this right now i need You to put this on your phone i need you If you’re watching this and you’re Driving right now and listening to it as A role i need you to come back to this Point right now i really do Okay why do you want financial freedom Is it So you can travel the world Is it to relieve financial stress Or what about is it so you can break Generational poverty In your family Or Is it because you want to be the first Millionaire In your family Or what what about is it because all You’ve seen was dead all you’ve seen Your parents and and your friends around
You living paycheck to paycheck and You’re like there has to be something Different You see getting out of debt is going to Be hard work i’m not going to sit here In front with you it’s going to be hard Where it’s going to require Determination it’s going to require Sacrifices it’s going to require Dedication So having your why Will keep you motivated When you’re tempted to quit having your Why would keep you motivated when all Your friends are going out to mexico uh Cabo and cancun for spring break or for You know summer vacays or for just a Weekend to get away and you’re saying no I got to stay home because i’m in debt And i want to get out of that and i want To start really building true wealth Having your why will keep you motivated When the world is looking at you crazy For Choosing this decision You need that motivation one of my good Friends good friends pastor darius Daniel says if your why doesn’t make you Cry then the price of commitment will Make you cry you need to really pause This video Or come back to this video when you’re Home And you need to write down your why
Why do you want financial freedom And financial freedom is not just Getting out of debt financial freedom is Also having money in your bank account Having a fully funded savings account Having an investment account having a Couple hundred thousand dollars is sit In your bank account do you understand How you would feel how would you feel if You had no debt if you had a hundred Thousand dollars sitting in your uh Emergency fund then you had a couple Hundred thousand dollars to sit in your Checking account so you can do whatever You want to do and you got a few million Dollars sitting in your investments Account you got another two hundred Thousand dollars sitting in your cash um College fund how what what huh what Why do you want financial freedom Why do you want financial freedom I was Talking with a single mother And she came up to me and she asked if She can get Just 20 minutes of my time at this Particular event if i can just sit down With her and walk her through the Process i said sure talk to me she said Um Anthony i I really went home She said but i was just declined For a home because
Her dti her debt to income ratio was Extremely high Because she lost her One of her jobs And when i was sitting down talking to Her Um she makes good money for one and Honestly she should not have been Declined let’s just be honest she Shouldn’t have been declined because she Actually makes good money on her main Job and her dti wasn’t that high she had A lot of student loans yes But it wasn’t that high right And When it comes to getting a mortgage my First Request Is that if you could be debt free within The next two to three years Man pay off your debt And then go get a mortgage because you Want that peace but if if if all you Have are your student loans and Um and that’s it I’m cool you man get a mortgage you know Go get a mortgage i sent her over to my Friends over at churchill churchill Mortgage and i’ll tell you about them in A little bit Uh because they actually helped her out They actually got her into a real nice Home on a 30-year fixed rate and And she actually has some savings and
She let it put you know i think five Percent down and churchill took real Good care of her But when she came to me with this up Front she was like anthony I said but why do you went home And she said Because i remember growing up And we had a one-bedroom home Home Home not an apartment i never i didn’t Even know they made one bedroom houses She had a one bedroom house Her and her siblings would sleep on the In the living room On the floor on the hard floor Her mom and dad and the young baby Newborn baby would sleep in the bedroom And she said they did that for four Years And then she said social services came And got her and her sisters Because their living condition wasn’t Good because there was a leak in the Ceiling and it was sleep in Wetness every single time it rained And she said man i have two kids I’ve never lived in a home That is free i’ve never lived in a 2-3 Bedroom home i want to be able to give My kids something that i’ve never been Able to experience And she said i need help Getting my debt eliminated and getting
Into a home And when she started telling me her Story She started crying And because she was so convicted by her Personal why It made me get a little teary-eyed as Well You see my father grew up with 16 17 Brothers and sisters in one house a Three-bedroom home My grandmama and grandpa Grandfather couldn’t afford a home I think they may be paid fifteen Thousand dollars twenty thousand dollars For the home back then Sixteen seventeen brothers and sisters With two that’s 18 people living in one House three bedroom I i When she was telling me that story i was Like i get it i get it So immediately i sent her over to church I said listen you need to get into a Home You need to get into a home I know i know i know i know I know anthony she’s still in debt i get It But it would have took her about maybe Eight years before she paid off her debt And she only had like her student loans And i was like yo get into a home Get into a home send over to my friends
Over at churchill y’all can check them Out over there at churchill as well you Can go to anthony o’neill.com fourth Churchill and churchill really got Behind her They gave her a fixed rate um within a Matter of 24 hours they gave her a Certified pre-approval and it started on Top of the certified pre-approval they Gave her an extra Five thousand dollars to put on top of Her earnest money to show that she is a Serious buyer And when she went to put down that on The home the seller said wait what’s This extra five thousand dollars Guarantee Um on his letter and she explained to Them like hey this is a guarantee that i Am a serious buyer churchill mortgage is Saying they have already put me through Manual underwriting and that if if we Were to back out for any reason you’ll Be able to keep my earnest money plus an Extra five thousand dollars That put her to the top of the list with Everyone who was trying to get a home at That time And y’all She got the home And today she is attacking her debt She is uh able to get a job and she’s Actually about to join one of my Programs and i’ll tell you all about in
A little bit to where she’s going to Actually make an extra 2 000 on the side Building her own personal brand sharing Her story sharing how god has been Really been working through her and She’s gonna take that extra two thousand Dollars a month which is gonna be twenty Four thousand dollars a year and put it All on her student loans inside of her Brand new three bedroom home in a beauty Beautiful community for her kids Her why is motivating her her why is Really really making sure that she is Able to eliminate debt So after you identify What that is You need to identify What is your answer What is your why What is going to motivate you to get out Of debt And number three The second thing is to understand how You got into debt in the very first Place number three How did you get into debt you know when I went off to college and i racked up These these these uh credit card debts i Didn’t walk into the college and say you Know what i want to get into debt I want to be in the next six months i Want to have 35 000 in debt i’m i’m not Um you know i’m i’m not that guy i Didn’t wake up saying i just want to be
In debt i went that that that that that That no that’s that’s not what anthony O’neil said I was following the ways of the world i Was following the people in the world And i was like yo let me just let me Just fall and do what everyone else is Doing You see as of may 2022 uh 58 of Americans roughly 150 adults 150 people Who are above the ages of 21 live Paycheck to paycheck this is via cnbc And lending dream 58 Of american people Are living paycheck to paycheck that is Roughly 150 million freaking people who Are waking up every single day having to Go to their jobs because if they miss One paycheck they’re screwed it sets Them back for years then when they miss One paycheck what happens they go to a Payday loan advance and they’re going in There and they’re putting money on top Of money they’re staying in this debt Ratness foolishness and it’s frustrating To me It bothers me when i hear people oh you Know what go get this dead or get this Credit card now wait wait wait why would You tell someone go get a credit card When they’re already living paycheck to Paycheck so now they’re gonna go rack up This bill now they’re adding another
Bill on top of their monthly payment Because you want them to get a get Credit No Frustrates the heck out of me It bothers me so much when i hear people Say you know what man you know you know You need to get a credit card and do This and do that so you can get 140 000 Credit limit now wait a minute you’re Telling someone who makes 40 000 a Freaking year Waking up every single day By wednesday before they get paid on Friday they’re already broke and you’re Telling them you’ll get a freaking Credit card so they can have a high Limit And let me tell you the crap that really Bugs me and i’m like oh i’m about to Piss some people off but it’s bothering Me This is what they say You know it’s a credit card Just foul fraud on it and never pay them Back What no No that’s not who we are And it bothers me when i hear people say You know what man um i got this credit Card and i don’t know why they’re Harassing me and calling me let me tell You this much right here if you if i Gave you twenty thousand dollars
And you ain’t paying me back you better You best believe i’m calling you it’s a Business If you borrow the money you owe it back If you have a business and you sell me Something and i didn’t pay you You would be calling me and harassing me Too We can’t get upset With our lenders Which is why the bible says it’s best to Be the what lender not the borrower The bible doesn’t say nothing positive About Debt because it robs us of everything Positive The average salary in america is about 54 000 But the average consumer debt is ninety Two thousand seven hundred seven seven Hey they put me back on the screen i Want them to see this all right so The average american Makes Fifty Four thousand dollars right Debt though here we go Debt Is Ninety two thousand Seven hundred and twenty seven thousand Dollars So watch this And get my calculators i wanna make sure
I get to see all right So we’re making fifty four thousand Dollars but we’re in debt ninety two Thousand seven hundred and twenty seven Dolla i mean thousand dollars that means We have a negative Net worth Of 38 727 Thousand dollars There’s actually more than that That that that just simply means i if It’s way more than that Probably because we add some more stuff Into it but if we’re making fifty four Thousand dollars a year but we’re in Debt ninety two thousand seven hundred Twenty seven thousand dollars that means We’re negative thirty eight thousand Dollars at the end of the year And this is because so many people are Living above their means and buying Things with credit buying things with Debt that they can’t afford So the more people live above their Means the harder it is and the harder it Will be to get out of debt And this is why i teach and this is why I’m so passionate about this message This is why i do what i do because i Want to help you get out of debt i don’t Want you i don’t want you broke i don’t Want you living your dreams i don’t want
You not driving your dream car i don’t Want you not living in your dream home i Don’t want you not going on the Vacations you want to be going on to i Don’t want you not starting that Business i don’t want you not doing the Things that you desire to do i want to Make sure the things that you have the Things that you do the things that you Own don’t own you I want to make sure that when you make Up monday through friday and you’re Putting on all this labor you god gets The first fruit of your labor then you Get the second fruit of your labor then Your bills get the third fruit and i Ain’t talking about you bill clutter so I’m talking about you know the the the People your electricity your your Insurance your your phones i’m not Talking about you know the credit card Companies no i’m talking about hey Listen God gets his first 10 Because i want you to be blessed and Prosperous then you and your family and Your loved ones get the next you know Percentage of the money that you need to Uh get in your savings account and doing Stuff like that then after that The bill collectors Now Now that that that you know why you want To get out of debt
And most importantly what you got and How you got into debt I’m going to tell you how to get out of It okay How to get out of it Another way of getting out of it is Making sure that you at least have A savings account And right now my friends over at prize Pool are giving away an extra 10 000 Tickets 10 000 tickets for people in my Tribe who actually opened up a savings Account there they’re going to open up a Savings account you can go to anthony O’neil dot com forward slash prize pool Um it is a Fdic insured savings account and you’re Going to open it up and you’re going to Open it up with some money if you’ve got A hundred dollars in your savings Account put it over in the price pool Account 500 1 000 put it over there but As soon as you open it up They’ll give you extra 10 000 uh tickets at 10 000 tickets just From being a part of my tribe you’re Gonna type in the code t-t-a-o-t-t-a-o And they’re gonna take good care of you Um over there now watch this okay Um you gotta open up a savings account Because the average person in america Can’t even afford A thousand-dollar emergency nearly 50 of People in the world can’t afford a 400
Emergency but my tribe we’re going to be Able to afford a thousand dollar Emergency because we’re going to put a Thousand dollars in the um savings Account all right so when we move over Here uh number three thing is you’re Gonna make a monthly budget all right Okay it’s gonna be a zero Based budget all right so cj put me on The screen real quick so i’m gonna want To show people this as well So when i say a zero Move this up some a0 Budget right This is what i mean you’re gonna list All your income All your income so this is going to be Child support This is going to be Your job This is going to be a side Hustle okay uh this can be Um I don’t know if you’re artist uh you This could be royalties i don’t know Hopefully i’m spelling it right don’t Know i’m just writing down um this could Be um alimony this could be anything Right so you’re gonna list all your Income So let’s just say all your income Is for simple math Ten Thousand dollars right then from there
You’re going to list all of your Expenses Okay This is going to be Debt Rent Status mortgage Food Shopping Um Um apps that you’re paying for Anything right Everything that you spend money on a Month i don’t care if it’s 99 cents You’re gonna list that up over here so Let’s just say for an example That is Eight thousand dollars so this means now Ten thousand dollars minus the eight Thousand equals what Two thousand dollars That’s not a zero based budget so we’re Going to go back up here to our expenses And let me tell you when it comes to Expenses let’s say that you’re saving For a down payment on your home or Saving for a down payment for a car or Saving for a down payment for anything Saving for anything is actually an Expense because you’re deducting it from Your income so if you’re saving anything That’s going to be added All right and let’s say you’re saving Anything to save the same for a home
That takes off a thousand dollars cool Great you have a thousand dollars left Boom cool great you’re gonna take this Extra thousand dollars you’re gonna put It towards your debt So A zero based budget Is you’re gonna list all your income You’re gonna minus All your expenses And then from there That Should equal Zero Bottom line And you’re going to be tracking your Spending throughout the entire month It’s simple Track it throughout their entire month If you go to mcdonald’s you buy a burger Today and it costs five dollars you’re Gonna take five dollars from your booth From that food from your food allowance That you put on there if you go out There and you spend you know five Thousand dollars on debt this month then You’re gonna go back to your zero based Budget and you are going to put the five Thousand dollars you spent in there um You’re gonna prioritize paying off your Debt first that’s the very first thing You’re gonna prioritize paying off debt Once you get a thousand dollars into Your prize pool account okay um we’re
Gonna walk through the baby steps that i Really do believe that dave ramsey has Has really mastered um That’s what you’re really really really Really really going to focus on okay so Number number three is you’re gonna make A monthly budget it’s a zero-based Budget i personally use every dollar app I’m going to link um Ramsey plus in today’s show description Uh for a very minimum amount you can get Access to their financial peace University curriculum and you can Honestly get access uh to their Zero-based budget all right um and then When it comes to a monthly a monthly uh Budget i really want to break this down This simply means that you have to Uh really focus and stick to this And when you stick to this this also Means this number four you got to live Below your means This will free up more of your money so You can throw it at your debt and here Are some tips number one use cash okay When you run out you can’t spend any More okay use cash There’s nothing wrong using cash i i Don’t really use that much cash because Of where i’m at in my life i do use my Actual debit card uh but if you are Drowning in debt if you’re on your debt Free journey you’re really focused and Determined about it i’m very big on the
Envelope system Rachel cruz even has a beautiful wallet Out there to where you can honestly put Uh money inside of different envelopes It’s a beautiful idea that she came up With but the philosophy is like yo if You have a hundred dollars in your Envelope for You know um the next two weeks while You’re living specifically for food you Can put it inside of that particular Envelope slot inside of your wallet if You are doing a hundred dollars for Whatever you i think comes with several Different slots but the whole mindset is Once you once you use all that cash you Can’t use it again like you you can’t go Get something else out because you’re Sticking to the budget all right and You’re going to save for big purchases You’re going to ditch the payment plans Save up for big purchases ain’t going to Pay cash i just recently bought my Bentley and i paid cash for it i saved i Saved to save the save to save and i Paid cash for it then you’re gonna have An emergency fund you’re gonna have it Parked at your prize pool account um and Like i said you can go to anthony o’neil Dot com forward slash prize pool uh this Will get you a free checking account With no minimum balance you need to open Up if you’re starting the whole debt Free journey you want to go ahead and
Put a thousand dollars into that savings Account and it will bless you and then Here’s next thing man um as you’re Getting on this debt-free journey You guys you want to you know you want To get off of social media for a while Because it’s tempting to spend money When you see your friends or going to Mexico cancun cabo uh going to the Bahamas going to jamaica You’ll get tempted they just bought a Brand new car now all of a sudden you Want a brand new car No You may need to get off social media i Mean for me i try to really get off I try to get off you know on the Weekends y’all see me post monday Through friday i have an amazing team That helps me post that but even on Saturdays and sundays you won’t see as Much for me because even sometimes i Just want to unplug And just regroup and refresh And if you’re the type of person where You know mentally you’re getting trapped In this race and you are being tempted To purchase things because the same Things on social media number one There’s nothing wrong with you admitting That because we all have been there we All i have been there Unplugged for a little while And then here’s something else when it
Comes to um how do you really get out of Debt you know how do we live below your Means sometimes living below our means Means expanding our means Picking up a side hustle picking up a Side job This month i am releasing A brand new course called the Entrepreneur’s blueprint 7c is the guide To building a six-figure impactful brand And i’m going to be showing people how To Um how to build A brand from home how to make an extra Thousand dollars two thousand three Thousand dollars a month From home on the side And these six uh these these five c’s I’m gonna be teaching inside this course Has has been able uh has allowed me to Go ahead and build a company that’s Making six plus figures a month and i Want to show you how to make an extra Thousand dollars a month So if my team and i can do six figures a Month we can easily show you how to do Extra thousand two thousand three Thousand dollars a month and if you Really want to scale it to The next big level um i am actually Going to be mentoring 20 people and Inviting 20 people into my home To sit down with me and my team here in The studio and we’re going to be
Teaching them how to really build an Impactful a brand that makes them extra 10 15 20 100 000 a month so if you want To be a part of that text aware 6 brand Worth 6 Brand b r a n d 2 6 1 5 9 3 0 3 four Three one again that is six one five Nine three zero three four three one Test square six brand um and when we Release this course i’m going to send it To you The course is gonna be extremely cheap I’m actually gonna do a free master Class coming up here soon to where you Can really dive in and learn something For free and maybe the free stuff may Help you but then the course will be Extremely cheap and then from there i’m Only allowing 20 people to sit down with My team so if you really want to learn How to really start something on the Side to help you eliminate your debt That’s going to help you build true Wealth And help you put some money in your Pocket especially in this recession and Um and high inflation time text the word Six brand to Um 615-930-3431 number five and the last Thing we’re going to talk about is our Here here’s the system That i followed to get out of debt and These were dave ramsey’s uh seven baby Steps
And the debt snowball method so his baby Steps is very simple number one is You’re going to save a thousand dollar Starter emergency fund this is very Important with nearly half of america Can’t even afford a thousand hour Emergency but you can so you’re gonna Put a thousand dollars in there and Honestly i would stretch it you know um You know i i’m this is what dave says And and here’s my thing with inflation Going up with the recession uh here i’m Cool with you putting two three thousand Dollars on the starter emergency fund Now i don’t want it extremely high i Really don’t i really don’t want it Extremely high uh because like dave Teaches your starter emergency fund Is not made to To to be Cushioned it’s just made to be an Emergency fund an emergency fund you Just broke your phone that’s an Emergency go get you another refurbished One you just got a flat tire that’s cool Go get you another tire you just got Into a car accident and you need to pay Your deductible to get it to get it Repaired that’s an emergency um you just Met a woman and she is fine as good god And body and you want to take her out The red lobster and get that all you can Eat biscuits that’s not an emergency You know what i’m saying you just met
This good-looking brother got the right Chest got the nice little arms you could See the six packs through his fitted Shirt and you want to go get your weave Done your hair done you know i’m saying That’s not an emergency but while you Were out on that date and you came out And you saw that someone broke your Window and they stole something from Outside of your car and they cracked They were trying to steal your car and They broke your ignition and you can’t Start your car that’s an emergency Because you get that car towed now to The dealership or to your home do you See what i’m saying the date is not Important but your car is an emergency So basically number one is not made to Feel comfortable it is made to make sure That you can handle the basic most Important emergencies that come up so You want to put the minimum of a Thousand dollars an emergency fund to The max i would say two to three Thousand dollars depending on where You’re at then number two you want to Attack your debt using the debt snowball Method okay now you all are asking like Some of y’all have asked me i think can You break down the debt snowball method Um for me and so we’re going to do that Right now cj go to the screen for me and So what you’re going to do is list all Your debt from smallest to largest all
Right so here’s your here’s your debt Okay Um and let’s just say right here Is your first debt actually make it a Little bit smaller Let’s say this this is your first step And then this is your next debt And then this is your next debt And then this is your next that and then This is your oof And i’m gonna bring this down a little Bit so i can see it And i’m blown that’s your That’s your big one right so let’s just Say this is a credit card let’s say this One’s a credit card And then let’s just say this is a Personal loan okay and then let’s just Say this one right here Uh let’s say this one over here is going To be your mortgage okay Actually no i don’t want your mortgage On this one because you don’t add your Mortgage to the debt snowball so let’s Just say this one and these last three i Know this one is a student loan this one Is a student loan And this one is your car all right car All right so what you’re going to do Let’s just say this one right here for An example let’s just say your first Credit card is 50 A month let’s say this one right here is
75 a month let’s say this personal loan Is 250 a month they say this car loan is 600 A month and let’s just say these student Loans which the majority of them are on Pause right now let’s just say uh Between these two student loans you’re Paying about Fifteen hundred dollars a month um This one let’s just say Is at uh 700 And this one is at 800 so what you’re Going to do is let’s say if you’re Making extra income you’re going to make Your minimum payments on all of these so These are your minimum payments You’re going to make these minimum Payments every single month but let’s Just say you have an extra 100 That you can add on to it so this means Every month you’re paying Hundred And fifty dollars on this first one Right okay you follow me so you’re Paying 150 on this first one now once You Get done paying this 150 You’re going to come down here you’re Going to add 150 To the 75 which push you at 225 That you’re going to be paying so now You’re paying 225
A month on this one while you’re still Paying 250 on this one six hundred Dollars uh on this one uh seven hundred Dollars on this one and then 800 on this One so you’re making your minimum Payments and all these but now you took The 150 And you added it over here to the 75 You’re paying 225 right so now once you Pay off this 225 you’re gonna take that 225 And you’re gonna come over here Now you’re paying 400 On this one and you’re slowly but Gradually Knocking this one out while you’re still Making your minimum payments over here You’re still making your minimum Payments over here but your focus now You always actually went over here to 475. now you take that 475 And you come over here And you add it on top of the 600 on your Car note And now you’re paying 1075 On this right on your car note watch This now you’re saving yourself from From paying any extra interest on it Because now you’re almost doubling your Car note So while you’re paying off your car note You’re still making your minimum Payments over here for 700 for 800
And you’re still aggressively attacking This 175 you know what wait a minute Wait a minute we just got an extra 1 000 From somewhere what are we gonna do We’re gonna put that one thousand Dollars on top of the car Okay Now We paying two thousand Seventy five dollars And we’re still making our minimum Payments over here now we’re debt-free Now that was a one-time gift that we got For you know what i’m saying for forty Thousand dollars but we’re gonna take That extra thousand and seventy five Who’s paying We’re gonna add that to the 700 so now We’re paying 1 75 On our student loans while still making This 800 payment over here and we’re Steadily settled instead of sadly going Over oh you know what we just got a tax Return we just got a tax return for five Thousand dollars Oh my goodness so are you telling me Anthony got to put on top of my debt i Sure did Now you’re paying six thousand Six thousand seven hundred and seventy Five dollars and you’re still making Your minimum payment Now you just not that out real quick now
We’re taking that 1775 putting that over Here 1775 Plus 800 Is 19.75 now we’re paying 19 75 on this student loan And you guys Wow Wow wait a minute Wait oh wait wait wait wait what Happened It was my birthday and i got i got like An extra 500 for my birthday anthony can I go enjoy it nope Put that 500 on top of uh your student Loans now you’re paying 2 475 one month you just knocked out a Little bit more And you keep going you guys and you keep Going until you’re debt-free Now what just happened now watch this We were paying what 1975 a month In debt So now we have Night a positive cash flow of 1975 dollars that we can add back Back to our investments So now you got 1975 there now you’re Going to go into which is baby step uh Number three and you’re gonna save a Fully funded money emergency fund you’re Gonna part this inside your prize pool Account okay Now you’re gonna save three to six
Months if you’re single You don’t have you know and you have a Real solid job you don’t have another Major responsibility that means your Your average payment you know uh Emergency or your monthly budget should Be right around let’s say about right Around 25 2500 bucks when you look at Your rent and we look at your car Insurance we look at your stuff like That so 2500 Times three is gonna put us at 7 500 7 500 divided into 1975 Extra that’s gonna take you about three Three and a half months to get to three Months of emergency fund Take three months Three months Because what we’re going to do now is We’re going to make sure that we go from Babysitter number one and babysit number Three we’re going to take that money and Just make a fully fund emergency fund Now here’s something that i have done That you can do this as well if you want It really depends upon you um i’m very Big on because i i want to make sure That my lifestyle doesn’t have to change So here’s something that you can do You can go in ahead and just put three Months of your average salary So if the average person in america what They make what how much uh they make Fifty four thousand dollars and fifty
Four thousand dollars divided into Twelve That’s forty five hundred dollars so i Mean after taxes if you’re single it’s Going to be about three thousand if You’re married with some dependency Maybe it’s gonna be right around maybe Thirty five hundred bucks that you’ll Get so if you want to go from the Average um of 2500 and if you want to go Ahead and just put you know 30 3500 of What you’re averagely making you know Net wise into um an emergency fund just Three months that’s fine too so for me i I just i’ve been aggressive with me i’m Not saying you have to do this but for Me i put a year’s worth of my average Income Okay i put a year’s worth of my average Income into my personal account Um when i got debt-free And so i i feel comfortable knowing that Man if something was to happen my Lifestyle doesn’t have to change i don’t Have to stop golfing unless i choose to Stop golfing so i can have some more Cushion for emergencies But i can survive if i wanted to a year And not change my lifestyle My only debt that i have right now Is non-consumer debt which is a mortgage Right My mortgage payments is very affordable I’m good
So once you get a fully funded emergency Fund you’re gonna move on to babysitter Number four you’re gonna save 15 for Your retirement You’re going ahead and put 15 of your Retirement you guys are going to stay For your future once you do that you’re Going to save for your kids college fund Number six you’re going to pay off your Home early we’re going to talk about That why is it so cool to pay off your Home early okay when you really have the Opportunities and options to have no Debt my friends from his and her money Paid off their mortgage a few years ago And i’m actually going to be Interviewing a young lady here within The next couple of weeks should be on The show She is less than 30 and she paid off her Mortgage She’s less than 30 and she already paid Off her mortgage oh this is going to be A show you do not want to miss then Number seven is become wealthy and just Give generously Listen you guys When it comes to getting out of debt This is the basics this is the basics of Eliminating your debt Okay I’m going to make sure to drop financial Peace university which is inside of Ramsayplus
I’m gonna drop that link in today’s show Notes uh because i do believe um that When it comes to getting out of debt Ramsey solutions has developed a proven Plan that has worked for millions okay The key thing i really want to focus on Is getting out of debt and eliminating Your debt the biblical way Now once you get out of debt you get to Fully fund the emergency fund man i i Really do believe that your what you Want to do with your money as long as You’re not borrowing other people’s Money it’s it’s up to you you want to go Out there and buy bentley go buy bentley Because i did if you don’t want to buy a Bentley you just say you want to buy a Nice honda accord but then you want to Go build a nice farm home or um or Whatever it is that’s fine go do your Thing I’m here to help you with the foundation Of building true and lasting wealth I’m here to make sure That you can really do the things that You desire and live the dreams that are On the inside of you and do everything That god has given you Before we close i was at a My very first mastermind Pete vargas Does this and He invited me in with a bit a bunch of Christian believers who believe
In building wealth and they said Something to me that was so good said You cannot build the kingdom if you are Broke you cannot build the kingdom if You are broke You cannot build the kingdom if you’re Drowning if the kingdom is drowning in Debt Why is it kingdom people Have this this the scarcity mindset that Oh man i shouldn’t have a lot of money i Should i shouldn’t have a lot of money No Had an opportunity to sit down with tim Tebow at this event and because i mean i Want you to make a lot of money do you Know why Because every time you can give away Twelve hundred dollars You save a young lady for being raped You say we let you save a young lady for Being killed every So so so if you’re broke if you’re Living paycheck to paycheck You can’t help people You can’t serve people You can’t serve your own family Your family can’t impact others If you’re broke He’s like go make a lot of money It’s not about the money that you have It’s about how are you making your money Work for you and the kingdom And you can’t make your money work
You cannot make your money work if You’re giving it all away to debtors to To build collectors to to creditors You can’t You can’t build a kingdom if you’re Building the world We can’t help people You can’t leave a legacy if you’re Building someone else’s legacy You can’t build your world if you’re Building somebody else’s world My children’s children will be wealthy My wife and my kids will have financial Options we will be able to do whatever We desire So listen to me if you follow this Advice You’re guaranteed to get out of debt And that means you’re closer to Financial freedom And establishing generational Wealth for you and your family bottom Line Bottom Line So listen I appreciate you And i love you And i want to leave you with today’s Scripture Psalms chapter 37 Verse 21 The wicked borrow and do not repay But the righteous give generously
I want you to repeat this affirmation For today i’m going to repeat this all Week I will get out of debt and achieve Financial freedom for myself and my Loved ones I will get out of debt And achieve financial freedom from Myself And my loved ones I love you I’m praying for you And let’s do this If you are in debt I just want you to write down in the Comments if you’re watching this and Listening to this on podcast come over To the comments And just wave your hand at me Let me know you’re in debt i’m praying For everyone who’s in debt today because I do believe in the powers of miracles Um i do believe that if we pray like it All depends on god and work like it all Depends on us that god will match us And i do believe that god has power to Miraculously wipe some debt so i’m going To pray for miracles today I’m going to pray that god one day you Could just wake up and i don’t know if Something happened While you’re working on your debt-free Journey while you’re living below your Means and while you’re paying off your
Debt hey i want to challenge god to help You I want to challenge god to give you Money give you some extra money so you Can put towards your debt i want to Challenge god to where if you want to Wake up and just miraculously is going I want to pray for miracles signs and Wonders i want to pray that god will do His part as long as you are doing your Part drop your name wave at me if you’re Still in debt wave at me if you still Want to build build wealth because watch This god is going to do it for you and i Promise you it’s your boy [Music] [Music] [Music] You
