5 Steps To Be DEBT FREE By Retirement



Free Budgeting Tool:
Borrowell:

Debt is a stressful topic for some, and it is something that can spiral out of control quickly. Maybe you aren’t personally struggling with debt, but there is someone in your life that most definitely is. Be a resource to them, and help them get back on track so that they don’t have to be weighed down by their debt anymore.

If you have any further questions about this video’s topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at or email Info@Parallelwealth.com

OUTLINE:
0:00 – Introduction
1:35 – Step One: Identify Your Debt
2:18 – Step Two: Create A Budget
3:58 – Step Three: Create A Plan
6:37 – Step Four: Consolidation
9:21 – Step Five: Don’t Take On More Debt
13:05 – Other Resources
13:59 – Summary

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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations – those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

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13 Responses

  1. Sean Frank says:

    It has been my experience that people don't want to hear tips and tricks on how to manage their money. One friend of mine absolutely insists that you need debt to live in modern society. I can understand mortgage debt but beyond that you're just giving your hard earned cash away.

  2. Sar A says:

    Would you please provide some advice about retiring in a less expensive country? Especially regarding how to avoid a potential higher tax rate, cons and pros…etc. thanks

  3. tekz says:

    Totally agree with this video and very doable as long as you’re disciplined. When I got a good high paying job 15yrs ago, started tracking our expenses using excel and after getting a mortgage on a brand new built house of course with nicer cars came add’l debts but also tried saving, investing and making add’l principal payments on the debts. Stayed the course and paid off mortgage and car debts in total 12yrs! We became debt free 2yrs ago during our mid-40s and continuing to live “frugally” until we retire in 12yrs time!

  4. Derek Lafreniere says:

    I never consider my car lease as debt.Every 3 or 4 years we get a new SUV. Thoughts

  5. Derek Lafreniere says:

    Great video again. I have tried so many times to help people with their finances. Most times they are not willing to put in the work. My monthly budget is done 24 months in advance. When we started getting out of debt we used the cash method. Once a month we would withdraw our money and place in envelopes. Example $800 groceries, $200 walmart. When the money was gone the spending was done..

  6. MG says:

    Consumer proposal!!!

  7. johnnyboyvan says:

    I have no debt but I fear as I get older I will take some on. I am already exhausted from returning to work. Our present society revolves around debt, especially our governments. We are consumers of endless crap. Credit score 871!

  8. Judy Hebert says:

    Please tell me the secret to get the wife to spend less ☹️

  9. FemBot says:

    I am debt free but I pay City tax. My City charges me $650 a month just to live here and I don’t see an end in sight. By the time I retire I will be paying $1000 a month in City tax which is essentially a monthly payment you can’t get rid of and keeps increasing.

  10. Nuno says:

    Hey Adam, Don't all the big banks offer free credit score tracking on their apps nowadays?

    I know the score they give you isn't the same score banks see but your right about fraud detection. We also set up an extra security step with the credit bureaus, so any time new credit is requested, the underwriter would need to call the our number on the report first before approving.

    It's a free service and worth its weight in gold nowadays with so much online shopping.

  11. I E says:

    Adam I totally agree with creating a budget. Since January 2000 I have created, on Excel, amonthly budget, that have weekly breakdowns. 21 years later and I still do this every month and it has helped me stay on track and pay off debt. Every now and then I look back at a budget from 10-15 years ago and I was astounded on the debt and bills I had but having a monthly budget helped me overcome the debt. I recommend this to everyone. Curretnly I have not debt, house paid off, good investments, and "hoping" to retire in 3 years at age 59

  12. earthsteward9 says:

    Speaking of getting a part time job for extra money, my company offered 9 hours/week overtime which I did for about 5 months but had to stop because I was exhausted. My job is very stressful so is like why. Lesson learned is make sure part time job isn't too physically and mentally demanding that it interferes with your main job and other aspects of your life. Any suggestions for part time jobs that are manageable?

  13. Michel Devost says:

    Thanks Adam. Great tip of online grocery shopping to avoid impulse buying. Also, I’m glad that your YouTube account was not compromised. Cheers!

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