His tips for others who are working to pay off big debt are:
- Be aggressive. Paying just the minimum won’t do the job, he says. “If people can pay off a $35,000 car loan in five years, why do they just pay minimums on student loans? If you just pay the minimum, it will never go away.”
- Automate it. Don’t give yourself the opportunity to spend money that is earmarked for debt. (Also don’t risk a late payment or oversight.)
- Use windfalls. A birthday check, a bonus or a tax refund can help you reach your goals faster, he said.