hey what's up life masters this is
Stefan Jamison project life mastery
today I'm going to share with you how I
got out of fifteen thousand dollars
worth of credit card debt which by the
way credit card debt is the worst kind
of debt to be in it's very high interest
debt which makes it very challenging to
pay that off to get yourself out of that
situation but if you're in any kind of
debt right now but specifically credit
card debt you want to make sure that you
prioritize that to pay that off and
today I'm going to share with you the
steps that I took to pay off my debt but
more importantly to get myself on the
path towards financial freedom and
when I was in my early 20s and the first
thing I did and the first thing I'm
gonna invite you to explore is I really
looked at why I was in debt how did I
get into debt in the first place how did
I get myself in this situation and I
realized if I didn't first learn from
that and take ownership and
responsibility of my actions my
behaviors how I got myself in that
situation then I wouldn't grow from it
and I needed to grow from it to make
sure I avoided those mistakes to get
myself on the right path and to
formulate a plan to get myself where I
wanted to go so I identified there was
three reasons why and how I got myself
into debt and I'm gonna share them with
you number one the reason why I was in
debt is I was living above my means I
was spending more money than I had
coming in and anytime you do that you
pay us you know your your expenditures
are higher than your income you're gonna
get into debt and so that was the first
thing that I realized that I was making
a big mistake on the second thing is I
wasn't managing my money
I wasn't tracking my expenses and my
income and I didn't have awareness of
really where my money was going and so I
wasn't very responsible in terms of how
I was managing it and then number three
I was avoiding it I was a void I knew
that I was getting into debt I knew it
wasn't looking good but I just avoided
it and as getting these statements
coming in in the mail every month and I
was too afraid to actually acknowledge
the reality I was avoiding it because it
was uncomfortable it was painful to
actually embrace and look at actually
how much money I was in debt and it
wasn't until I actually embraced that
in just Saudi you know what I hit it I
hit a threshold I was like you know I've
got to just know what this number is
because if I don't know what the number
is then I can't formulate a plan to get
myself out of this situation and so that
was one of the most important things I
did is I realized how much how I got
myself in this situation and I started
to correct that and learn that my
behavior and my way of being was gonna
get it worse and worse and worse it's
gonna stack and I was just digging
myself a hole until I actually embraced
the reality of that so let me show you
some of the steps that I took the first
step that I took and I recommend for
anybody that's in credit card debt is I
did what it was called a balance
transfer okay a balance transfer what
does that mean well there's many other
credit cards that are available that
actually will incentivize you by giving
you a very low interest rate or even a
0% interest rate to transfer your
balance from one credit card the credit
card you might have 19 percent you know
interest rate on that you can transfer
that balance to this other credit card
and they incentivize you to do that
because they want to acquire you as a
customer right they're gonna give you a
very low interest or even 0% interest
for maybe six months or even a year or
even longer than that and so it's an
opportunity to save some money to make
sure that you're not paying that 19
percent or whatever the interest is on
on your credit card that you can at
least save some money on that interest
and kind of gives you like enough time
where you can kind of make a dent and
paying it off and to get yourself out of
that situation
so to find these credit cards what I did
was I just went to Google you know I
went to Google typed in credit card
balance transfer you know based on your
country or based on where you live there
might be different banks and different
credit cards available but I would just
explore and find all the ones and that
would actually promote and advertise the
credit card balance transfer and
whatever their their rate was and I just
made sure that it was a lot less than
whatever interest that I was paying and
in some cases you can even do that and
you transfer to one credit card for a
year you save a lot of money on interest
after that twelve months or whatever
that timeframe is then obviously it goes
up to a high interest rate but I'd find
another credit card and then
transfer that balance to the next one to
the next one for as many as I could
possibly do so that is something that I
did to take advantage of just saving
some of that interest to help myself get
ahead okay that would be the first step
the second step that I did is I learned
how to manage my money okay I learned
how to manage my money and specifically
what I mean by that
as I started tracking everything all my
income and all of my expenses so for
that what I did is I stopped paying for
things in cash because cash is very hard
to track and instead I used my debit
card on my credit card for every expense
more specifically my debit card because
I didn't want to I didn't want to spend
money I didn't have by using a credit
card although there can be benefits to
using a credit card because it can help
you build up your credit rating but you
got him the making sure that you
actually paying off her credit card or
at least paying that minimum the minimum
balance of that so what I did was I
started using my debit card my credit
card and then every week for me it was
on Tuesdays I don't know why Tuesdays I
just that was the day that I was
motivated hit that threshold and I said
you know what I got to start tracking
things but I log into my online banking
and I created an Excel spreadsheet or a
Google spreadsheet and I tracked
everything so I looked at how much money
do I actually have coming in every
single month okay maybe you have your
job you get your paycheck every two
weeks maybe have a business for me there
was some level of consistency and how
much money that I was making and I made
sure that I tracked that every single
week to be aware of how much I have
coming in for that week and for that
month then I started tracking all my
expenses and so I'd go through my online
banking and how to categorize every
expense and put it into my spreadsheet
so how much money was i spending for
rent okay that was the amount okay I'm
gonna put in a category rent the month
is January this is how much I spent on
rent for this month okay how about my
car payments okay that's how much it is
I transfer that to my spreadsheet how
much am i spending on entertainment how
much was i spending on groceries and
dining out and my gym membership and my
cell phone and my internet and my cable
and gas all of that I would track
everything to categorize it and every
single week I'd update it because number
one I needed to
needed to actually be aware of what was
going on where was my money going it
wasn't enough for me to just kind of be
in my head wondering I actually had to
know the facts and the reality of it and
that was part of the mistake that I made
is I knew that money was coming in right
every month I I knew that I had a
certain amount of money coming in but
because I knew was coming in I just
started spending my money thinking oh
you know there's more than enough I made
this month I'm out of money this month
but not unless you're actually tracking
it and you actually have awareness
you're gonna get caught up in making
impulse purchases and that's where it's
gonna get you out of hand so every week
I had to make sure I was tracking
everything and then when I totally
totaled up everything this is my total
income this is my total expenses I was
able to see what was going on is able to
see okay I'm spending too much money
here and I'm at a negative I'm gonna
deficit and this is how I'm getting in
debt because I don't have enough money
coming in to pay off all of these
expenses and so it wasn't until I had
the awareness of that and I took
responsibility and I started to develop
the habit of being a good money manager
which by the way all people that are
millionaires and multimillionaires and
billionaires that's one one common habit
and trait they all have in common is
they're great money managers so if you
want to change your finances you got to
get into the habit of managing your
money and for me it was actually very
freeing I was actually very empowering I
felt more in control of her over my
finances which was a really great thing
okay so it tracked everything now the
third thing I did it was I started to
create a budget and I started to
eliminate expenses okay eliminate
expenses so once I realized that I was
in a negative deficit every month I it
was a negative cashflow I wasn't I was
you know spending more than what I had
coming in I realized I had to change
something I had to change my lifestyle I
had to set a budget and create some
discipline for myself to not overspend
so what I started to do is I started to
look at every single expense that I had
in my spreadsheet and I asked myself the
question how can I either reduce this or
eliminate this expense altogether reduce
or eliminate okay and I looked at
everyone I did not
any limitation any excuse stop me from
exploring the possibility of reducing or
eliminating a certain expense so for
example I looked at my rent and I looked
at where I was living the apartment that
I was living in and I really liked my
apartment I was living in downtown
Vancouver which is something I always
wanted to do but the reality was I
couldn't afford to live there and I did
accept and embrace that and so I looked
at what options do I really have to
reduce this or eliminate this and so I
said you know well I could I could
downgrade you know I could do it
temporarily just to get out of debt to
change you know get more responsible
because this as far as I was concerned
lit you know living the lifestyle was
living was a luxury that I hadn't yet
earned yet I was jumping ahead in terms
of thinking that I could afford this
lifestyle and I really hadn't earned it
yet so I didn't really humble myself in
that way and say you know what I haven't
earned this yet so I've got to humble
myself and dig myself up you know get
myself out of this hole so when it came
to my rent I was like I could either
downgrade I could live somewhere else
live out in the suburbs maybe somewhere
else that you know might not be as nice
of an apartment might not be as great
location but that was something I had to
embrace the possibility of the other
option was I can move back in and live
with my mom you know take a few steps
back so I could take a few more steps
forward in my life long term and then
the other option which I actually
decided to do was to move in with a
friend with a roommate and I had a
friend that was looking to save some
money and he invited me to live on his
couch in his living room and I paid him
$500 a month to do that and I did that
for about a year and that was a way for
me to save money it was a lot less than
getting my own place by having a
roommate and it was very challenging it
was embarrassing at times to live in a
living room and sleep on a couch but I
accepted the fact that I have to embrace
that and I have to make this as a
sacrifice so that I can pay off my debt
and get myself out of this situation and
in some ways I was actually kind of fun
you know is actually kind of fun to have
some roommates again and to connect with
friends and create some great memories
together as well so that's what I did I
made a sacrifice
thing I did was I looked at my car and I
had a beat-up 1989 Honda Civic and I
realized you know what I can sell this
and by the way when I moved out of my
apartment I lived on my friend's couch I
sold a lot of furniture sold my couch
sold my desk sold a lot of things that I
ended up making some money that I could
then pay off my credit card debt a
little bit but I ended up selling my
1989 beat-up Honda Civic and I got
$1,500 for it and instead I took the bus
and I got a bus pass and I saved a lot
of money there on fuel and all that and
yes it was more inconvenience but I
looked at the positives I looked at you
know what I can read a book on the bus
or on the train I can listen to
audiobooks and you know get ahead and
feed my mind of positivity
I looked at my cell phone and even that
I was like you know what you know maybe
I can downgrade this maybe I'm you know
I don't need the plan that I have and I
can save a little bit of money by
downgrading on my cell phone or maybe
there's another carrier that I can
instead switch to that I could save some
money with I looked at my habits of
eating out my habits of entertainment
and I said you know why I got to cut
this back I got to set a budget for
myself and not overspend I'm gonna have
to if I go out you know I basically got
to eat beforehand and cook my own meals
and I often you know prepare meals and
Tupperware and take them out with me or
whatever it is I had to be willing it
opened to do those things to save some
money every month I looked at my gym
membership and I said hey you know what
maybe there's another gym I could go to
instead that might be a little bit
cheaper I looked at everything I looked
at my TV I had a TV and I eventually the
society you know what that's a luxury I
can't yet afford and that's actually
something that's wasting my time so I'm
gonna sell my TV and I'm not gonna pay
for cable anymore and I'm gonna save
some money there and I didn't have a TV
for many many years so I I created a
budget and I made sure I stuck to it and
I eliminated a lot of those expenses so
that I could be in the green I could
have some positive cash flow and I
formulated I formulated a plan and
determine okay if I cut out a couple
hundred bucks every month of expenses or
five hundred dollars or whatever that
amount is and I have this amount of cash
flow coming in now and pause them I
stick with this plan how long it's going
to take me
for me to pay off this debt and I
figured that out and I said okay it's
gonna take me two years that's I can't
man that sucks maybe I could sacrifice
more and it might take a year and a half
I try to figure things out so that I
could pay it off even sooner now the
last piece that I did is really one of
the most important ones because the
first parts of it okay eliminating and
budgeting that's kind of more defense
okay that's a more defensive more
conservative stance I think we should
all embrace it should all do but I
really realized if I'm only focused on
defense and I don't have any offense
then I'm not really gonna get ahead and
it's gonna take so much longer and I
know some of you might be in amounts of
debt where it's just so so high it's
just so it's just so hard to even
imagine it can take you several years to
get yourself out of that situation but
for me I realized that if I want to
accelerate this then the way to do that
is to go on offense
and my offense was finding ways to make
more money
okay finding ways to make more money you
know yes be smart eliminate budget view
all of that but if I'm willing to
sacrifice my time and work even harder
and to make more money I can get myself
out of debt even faster and more
importantly I can create financial
wealth and financial freedom which is my
ultimate goal so what did I do well I
looked at number one ways that I could
start trading my time for money so I
already had you know my own business my
own job I was already making some money
from that but I said what if I get a
second job a third job you know what if
I work doing construction work on the
weekends which is what I ended up doing
I can get paid twenty bucks an hour and
I don't like doing construction it sucks
but again beggars can't be choosers I
don't have that luxury right now to pick
and choose what I'm gonna do whatever
can get myself out of this situation
I'll embrace it and I'll do it even if I
got to be a janitor or a garbage man I
would do that so I looked at doing
construction work physical labor and I
looked at it as a good way to get in
great shape and I never ended up taking
the the SkyTrain an hour each you know
morning an hour back and I demolitions
and we would tear down a kitchen we'd
tear down drywall and I was gonna be so
dirty and exhausted by the end of the
day but I just pushed my cell
and learned how to embrace that hard
work and that you want to give up my
weekends to do that cuz most other
weekends I'd spend just spending money
you know going out with friends drinking
partying you know spending my money on
liabilities but I if I instead put that
time into making more money you know I'd
get further ahead and not be spending
that money partying with my friends so
that's what one thing that I did I
looked at also doing some freelance work
online so you know online I wanted to
build I wanted to learn internet
marketing and build an online business
and I knew I needed sort of skills to do
that and I saw there's many
opportunities for jobs I can get online
that can allow me to make money from
home and I can also develop my marketing
skills and learn how you know how to use
the computer better so I did that made
some extra money doing that and then
really for me the big one excuse me was
look was building my own business and
that was more of a long-term journey but
I realized that if I if I start putting
effort every week into learning internet
marketing and to start building a
business and even you know put some
money into that too even though it's
kind of counterintuitive I'm trying to
pay off my debt but I was willing to
invest money into assets that could
appreciate and for me that was my
education and a business which is
something that over time can help make
me more money so I started exploring
different avenues of how I can make
money online and I knew it wasn't gonna
be immediate but if I just chip away at
it chip away paying off the debt and
slowly you know moving in the right
direction with building a business
whether that's publishing books on
Amazon or whether that's building a blog
there's a lot of things you can do you
know affiliate marketing things I could
do that don't cost much money and I can
learn and gain experience and it can
lead to money down the road I started
doing that and before you know it you
know I was paying off the debt I was the
more in control of my life of my
finances but I was also building a new
stream of income on the side and
eventually I started making more money
to pay off that debt even faster from
that because I had that mentality and so
that is a key piece as well as don't
just go on defense because otherwise
it's gonna take forever have offense put
your foot on the gas a little bit and do
you want to sacrifice them to get ahead
and have that long term horizon and
business is great also sales I think is
great as well because I realize sales is
such an important skill to have in life
whether you build your own business
whether you want to attract a man or a
woman it's your life whether you have
kids right let me how to influence
learning how to communicate sales is so
valuable and I with sales you can make
as much money as you want based on your
results if you're getting paid a
commission for that and for me building
a business was great because you get
rewarded for what you put into it and so
I knew that the more I put in the more
that I hustle the more I got more
clients or so you know sold my services
a lot more than the more money I could
make from that and I was developing
these really valuable skills that would
help me down the road because everybody
that I know that successful millionaires
multi millionaires billionaires they're
really incredible with sales sales is a
lifeblood of any business and will allow
you to make as much money as you want as
long as you have that skill set so
that's what I did and I was able to get
out of that debt and I'm not sure what
situation you're in right now how much
debt it is but hopefully what I've
shared these steps can resonate with you
to help yourself get out of that
situation and for me ultimately I
learned I learned from my mistakes and
part of my why part of my motivation was
to make sure I never again got into
credit card debt and I haven't sensed
that you know since that time in my
early 20s and I look back at that time
is such a blessing because it really put
me on the right track of managing my
finances and learning how to be
responsible with money and it motivated
me to build my business in so many great
ways and so look at it look at your debt
as a blessing as a gift as a valuable
lesson you're gonna grow from it you'll
get past it you'll be a better person
for it and it can really propel your
financial freedom your financial
abundance and you're gonna make sure you
don't realize that not all debt is bad
so there's some low-interest debt that
can be beneficial to leverage the money
of a lender or a bank you know basically
debt that has a very high interest like
credit cards but basically you're paying
for liabilities things that don't make
you money that's not good but if you get
a mortgage and it's a low interest rate
and you're buying a property with that
money and that is an asset that
appreciates over time then that can be a
worthwhile part of debt even having a
business
can be worthwhile as well there's a low
interest rate on that and you've got an
asset and it's appreciating something
that can make you more money in the
future then that could be a valuable
source of debt as well so it's learning
the difference between good debt and bad
debt and avoiding the bad debt and being
smart about how you use your debt in the
future from there on out otherwise
credit cards can still be useful to
build your credit rating which allows
you to borrow more money in the future
if you want to get a mortgage or if you
want to get a loan or whatever that
might be so hopefully this is helpful
for you thank you so much for watching
and by the way if you enjoyed this video
and you want more content from me on how
to improve your life how to improve your
finances build a business online your
health your relationships or spiritual
your mental your emotional well-being
that's what project life master here is
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if you enjoyed this please give this a
thumbs up and if you're interested in
some guidance and some mentorship and
how to actually build an online business
and that's something I specialize in and
I'll link below in the description to a
quiz that you can take for free that can
help you identify which online business
is the right fit for you there's many
different opportunities out there but
you know it might not be quite sure
which one to pursue and so if you go to
WWF mastery comm slash quiz or click the
link below then you could take a free
quiz to help you identify the right path
for you and I can provide for you some
more resources to help you get started
thank you so much take care and God
bless
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