The Gazelle Intensity Framework
Get intense to get out of debt
The Gazelle Intensity Framework is a mindset and approach to getting out of debt. It requires individuals to be completely focused and intentional about becoming debt-free, making sacrifices and taking radical actions to achieve their goal. This framework is based on the idea that debt is like a predator, and one must be like a gazelle, running for its life to outmaneuver it.
- Total and sold-out commitment to getting out of debt is required
- Sacrifices must be made to achieve debt freedom
- Radical actions may be necessary to break the logjam of debt
- Increased income can help push the debt snowball
- Decreasing expenses by selling debt-ridden items can also help
- Stop BorrowingStop using credit cards and other forms of debt to finance your lifestyle. Make a commitment to not borrow any more money.Pro tipCut up your credit cards to avoid temptationWarningBe prepared for tests and challenges that will try to derail your commitment
- Create a BudgetMake a budget that accounts for all your income and expenses. Identify areas where you can cut back and allocate that money towards debt repayment.Pro tipUse the 50/30/20 rule to allocate your income towards necessities, discretionary spending, and debt repaymentWarningBe realistic about your expenses and don't underestimate the amount of money you need for necessities
- Sell Debt-Ridden ItemsSell items that are holding you back from becoming debt-free, such as cars or boats with high debt balances. Use the proceeds to pay off debt.Pro tipConsider selling items that you can replace with cheaper alternativesWarningBe cautious not to sell items that are essential to your livelihood or well-being
- Increase IncomeLook for ways to increase your income, such as taking on a side job or selling items you no longer need. Use the extra money to pay off debt.Pro tipConsider freelancing or consulting in a field you're knowledgeable inWarningBe careful not to overcommit yourself and burn out
The Hopkins family was able to become debt-free except for their house by living on a tight budget and making sacrifices. They were able to pay off their debt and build an emergency fund.
The Eller family was able to pay off $30,000 in debt by creating a budget and sticking to it. They also sold items they no longer needed to increase their income.
The concept of gazelle intensity was introduced by Dave Ramsey, who was inspired by a Bible verse that talks about delivering oneself from debt. He realized that getting out of debt requires a total and sold-out commitment, just like a gazelle running from a predator.