How to Pay Off Debt Quickly, with Adam Carroll

January 26, 2022

Episode 41:

This week I welcome Adam Carroll to the show. Adam is a financial literacy expert, speaker, author, and the founder of the Shred Method, who has dedicated himself to helping people build a bigger life. Adam discusses how to pay off debt quickly using the Shred Method. This works to help leverage the cash flow through your personal economy to radically eliminate your debt in record time. Hear insights about:

How Craig discovered velocity banking and evolved it into the Shred Method
How the Shred Method helps the average person with a mortgage
How Craig accelerates the process of paying down debts by leveraging short term debt against compound interest with a large balance
What a HELOC is and how it can help you save money
How Craig and his wife paid off their house twice over between 2012 and 2021
Why the key to financial security is understanding wealth acceleration
Steps to leveraging the Shred Method
Who the Shred Method works best for
Why the method works equally as well for property investors
Ways to cleverly squeeze the juice out of your finances

Save Yourself Thousands of Dollars

When you understand how to leverage a Home Equity Line of Credit (HELOC) as a debt repayment model, you can potentially save yourself tens if not hundreds of thousands of dollars in interest over the life of that loan.

We all want to be as financially educated as possible to manage our finances cleverly. My guest this week on the Progressive Agency Podcast, Adam Carroll, joins me to explain just how we can save money and pay down a considerable amount of debt by using the equity in our homes to minimize the debt held against it.

Completely Pay Off Debt in 5 Years

And I mean completely — mortgage, car loan, tuition all paid off in full. Adam, who is a financial literacy expert, speaker, author, and the founder of the Shred Method, explains how the average person can make their money work for them in the most efficient way possible. We discuss how the Shred Method works and how Adam’s previous role as a Mortgage advisor gave him the insight and impetus to research why owning a home can keep you in perpetual, long-term debt and how to get out of it.

Did you realize that a homeowner will pay the bank back as much as 2½ times the amount of their original mortgage on average? People are often laboring under the misconception that their mortgage is the cheapest debt they’ll ever have, but as Adam explains, there are ways to bring the interest they’re paying off to under 1%; you just have to know the right steps to take. We discuss why keeping on top of your financial housekeeping is essential if you want to save money and why to check your financial statements to ensure that your payments are allocated to bringing the principal debt down.

Squeeze the Juice Out of Your Cash

Getting a little bit more juice squeezed out of your finances is something that everybody would love to do. When you get right down to it, though, it’s as much a matter of mindset and financial education as clever money management. When you think about how your best life looks, you are probably factoring in time spent with the people you love as well as having enough money for a few of life’s luxuries. Understanding that you can make your time more valuable by creating financial systems that you can rely on is key to getting the most out of your money.

When you flip the narrative on saving money and understand how to see things differently, you start to notice the business systems you could create to generate recurring savings. One of the ways you can do that is to realize that when you outsource, you’re actually making savings — in other words, don’t spend time doing the $20 an hour activities 20 hours a week, Because there’s no way that you’re going to make six figures when you’re doing activities that are beneath your paygrade. And when you don’t leverage what you have to save significant sums of money it’s exactly the same principle. When you optimize the time you spend on a task or the money you invest, you need to be as efficient as possible.