Millions of people have successfully used this plan to become debt-free! But what is the debt snowball method? And how does...
3 Minute ReadTopic: debt
J.P. and Beth Taylor know what it’s like to persevere when life delivers hard hits. Those hits have taken many forms for them over the past few years:
- Their daughter Harley was diagnosed with leukemia at age seven and needed chemotherapy.
- A fire destroyed part of their house.
- Harley’s cancer returned and she had a second round of chemo.
- They had $64,000 in consumer debt. "It was staggering," Beth says.
Although they earned as much as $75,000 a year, this Missouri couple had "no emergency fund, no nothing," J.P. says. "I think the turning point for us was when (Beth) went to the grocery store and was using a credit card to buy basic necessities—things that we need, and we’re not even using our own money."
Then, one day, Beth heard Dave on the radio and thought, Who is this crazy guy? One thing led to another, and by April 2009, the Taylors had a plan. They got their starter emergency fund in place and paid off $10,000 in debt.
Things were chugging along—then they got the scary news about Harley, the oldest of their four children, in September of that year.
Thankfully, she went into remission within weeks. And when the cancer returned in 2013, it didn’t last long. The Taylors were able to concentrate on their daughter’s health because, as Beth says, "We had a plan. Money just took a back seat. We knew what we had to do, so it could take a back seat. We didn’t have to worry about it. We could focus on other things."
"I couldn’t even imagine adding financial woe to that at the same time. It would have been horrible," J.P. says.
Things are a lot different today. After six years and one month, the Taylors paid off $130,000 in debt, including their house! They did their debt-free scream for Dave on the radio—one day after Harley’s last chemo treatment.
"We knew that our financial life was going to be okay," Beth says. She adds that even though a family’s obstacles may seem insurmountable, "it can be done if you just focus and do what Dave teaches."
Dave’s advice is available in all sorts of ways. Listen to his show live, watch it, or download his app or podcast by clicking here or selecting one of these options:
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