There’s a lot of hypotheticals on Money Twitter like

“What if $50,000 landed in your account tomorrow, how would you spend it”

What if tomorrow you found out you OWE $50,000 (7% interest let’s say)

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">What would YOU do?https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Here’s how I would attack it https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">

(A Thread)

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇🏻" title="Rückhand Zeigefinger nach unten (heller Hautton)" aria-label="Emoji: Rückhand Zeigefinger nach unten (heller Hautton)">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇🏻" title="Rückhand Zeigefinger nach unten (heller Hautton)" aria-label="Emoji: Rückhand Zeigefinger nach unten (heller Hautton)">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇🏻" title="Rückhand Zeigefinger nach unten (heller Hautton)" aria-label="Emoji: Rückhand Zeigefinger nach unten (heller Hautton)">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇🏻" title="Rückhand Zeigefinger nach unten (heller Hautton)" aria-label="Emoji: Rückhand Zeigefinger nach unten (heller Hautton)">

First,

Set payment date https://abs.twimg.com/emoji/v2/... draggable="false" alt="📅" title="Kalender" aria-label="Emoji: Kalender">

Best case scenario, what’s a realistic date to choose?

Things to keep in mind when making this decision:

- Upcoming Big Purchases
- What’s your Expected Income over this Period
- Current Expenses

Obviously “tomorrow” would be the ideal date to have a debt paid off https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">

But let’s choose a more realistic date of say 2 years from today, 9/16/2022

Second

We need to make a payment planhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">

Items used:

- Number of Months
- Total Owed
- Calculator

With the payment date 2 years away at a 7% interest rate, you’ll need to pay $2,238 / month to achieve your goal

$2,238 / month for 2 years to pay back $50,000 at 7% interest

Sometimes it’s very hard to conceptualize large tasks, like paying down debt

With a little math and some planning, you can be well on your way to get back into the game and eliminating your debt

Now that you have your plan, you have no other excuse than to execute ! https://abs.twimg.com/emoji/v2/... draggable="false" alt="💪" title="Angespannter Bizeps" aria-label="Emoji: Angespannter Bizeps">