DEBT TOUR UPDATE:

@notesbynathan

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Why it worked

The video provides a transparent and detailed look into personal finances, specifically debt, which is a topic many viewers can relate to and are interested in. The creator's willingness to share specific numbers and their progress in paying down debt creates engagement and trust.

Summary

The creator provides an update on their debt, listing five categories: four credit cards with balances totaling over $12,000, and a mortgage of over $374,000. They plan to pay off the credit cards immediately but will pay off the mortgage over 20 years. They also mention investing money in the market instead of a savings account and have reduced their total debt by $12,000 in four months.

Structure

1Introduction to debt update
2Listing credit card debts
3Discussing mortgage debt
4Explaining investment strategy
5Comparing current debt to previous total

Product placement

The video shows screenshots of credit card statements (Chase Freedom Unlimited, Chase Sapphire Preferred, CapOne Venture X, CapOne Savor) and a mortgage statement. The creator discusses the balances on these accounts.

On-screen text

DEBT TOUR UPDATE: (Married 30 yr old in Chicago) 1. 2. 3. 4. 5. 1. Chase Freedom Unlimited - $25.14 2. Chase Sapphire Preferred - $1,076.43 3. CapOne Venture X - $2,368.73 4. CapOne Savor - $9,016.61 5. Mortgage - $374,926.07 Total: $387,412

Original caption

🎶 Do you want the debt tour?🎶 this is how much I owe as a 30 yr old living in Chicago. #debtpayoff #Budgeting #PersonalFinance #money #transparency

More from @notesbynathan

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Transcript

Debt update on how much debt I'm in as a 30-year-old in Chicago. My current plan to pay it off. I posted this video for months ago, so we're going to do a comparison at the end. First up, we have the Chase Freedom Unlimited card, which is $25.14 and 14 cents on it. I plan to pay this off immediately. After that, I have the Chase Sapphire Preferred, which has $1,076.43 and 56 cents. I also have the Chase Freedom Flex card, but I have not used that card at all this month. After that, I have the Capital One Venture X card, which has $2,368.73 and 73 cents. This is the last credit card that I plan to pay off immediately. After that, I have the Capital One Savor card, which has $9,016.61. I do not plan on paying this card off until December, which is when the interest period is over. All of that money is sitting in a high-yield savings account earning interest instead of the bank. So far, it's earned about $86 by me doing this. After that, the biggest expense on this list is my mortgage, which has a balance of $374,926.07 and 7 cents. We plan to pay this off in 20 years, which is when the loan is over. I just refinanced back in February, so we are not planning on paying this off any sooner. Currently, we are putting all of our money in the market. Historically, the market returns higher than we would be losing on interest. So, in the last few months, this video, I was in $399,000 worth of debt. However, from today's video, we are at $387,412. In four months, we paid off about $12,000 worth of debt, which is a big win in my book. And those are the notes.