I learned about the Snowball Effect the first time we were in debt up to our eyeballs.
It is a strategy where you pay off the debt in order of the smallest to the largest.
This slowly gains momentum as you pay off each balance. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance.
We were able to be debt-free in 16 months using this principle.
When we first started doing this, I thought it would never end because, in the beginning, the process […]
