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by Mike Vestil 

How to Get Out of Debt Fast

For those that want to learn exactly how to get out of debt fast..

This guide is for you.

Growing up in an immigrant family, I know exactly how crushing debt feels like. And if you are suffering through the pain of digging yourself deeper into debt, then make sure that you watch this video to find out exactly how you can get out of debt FAST.

[embedyt] https://www.youtube.com/watch?v=rU2VuXWMuwY[/embedyt]

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Before I go over the actual steps on how to get out of debt fast, I wanna tell you guys a story.

It’s about my parents and why this topic means so much to me.

For those that have been following my blog and Youtube channel for quite some time, you know that my family were immigrants from the Philippines.

When my mom got a job as a nurse, she went all the way up to the suburbs of Chicago and  planted our flag there.

And in just one winter day in the early 1990s, your boy Mike Vestil was born.

The “American Dream”

Before you saw my Instagram, Youtube channel and my travel journey around the world, there were actually times where my family was just struggling with debt.

It was really bad…

Because the thing with immigrants is, they have this mindset of an “American Dream.”

Find out the 5 steps on how to get out of debt fast.

“When I go to America, I’ll get a job and I’ll have a good life.”

So lo and behold, my parents went over to find the American dream and luckily . .

I thank God they were able to get jobs.

And the thing that I appreciate the most is the fact that they made it. Guys, they came to America with nothing but each other.

So it’s super inspirational to see their stories up close and personal.

On the flip side, as you get more immersed in the culture, you start getting yourself more into debt.

Most of the time, it’s not even really your fault.

Because the way society tells what a “successful” individual looks like, is you have to have a nice car, nice house and a college degree.

And that’s exactly how my parents think when they came to the US, to “live out the American Dream.”

Let’s just say, they may have saved up a little but along the way, they started getting a mortgage until eventually, they found themselves in debt . .

Where now for the next 10 to 20 years of their life, they have to work hard in order to pay off their debt.

On top of that, we all know how the economic system works in America.

Most first world countries like the US wants you to get in debt.

They want people to spend more than they make which all the more fuels the corporate slavery that’s going on in America right now.

And guys think about that. It’s literally causing the middle class to get stuck there.

Not just that, it also creates a huge gap between the new lower class from the people that are successful in the middle class.

That is why there needs to be more people out there that talk about these concepts about financial literacy.

Topics that they don’t teach you in school.


Because if you learn how to start making money for yourself, then the corporate slavery, like that of a hamster wheel, will be broken.

And basically, it wouldn’t work for all the people that are on top of the giant pyramid called, “corporate America.”

It gets even worse especially with the people that are taking student loans.

Back in the day when college wasn’t that expensive, I was supposed to be a licensed dentist. And when I decided to not pursue it, my friends thought it was a stupid decision.

They all perceive they’ll make a lot of money out of dentistry…

But no one even realizes that even the dentists that were telling me those, when they were going to school, they were able to pay for their student loans because they had part-time jobs.

Now the private school that I went to was around $40,000 a frickin’ year. My parents didn’t have that much money to sustain which is why we had to take student loan.

Had I kept on going in that path, I wouldn’t have broken even in the “business of getting an education” until I’ll be in my 40s or 50s.

So what’s the point in having all the money if you don’t have the time and the energy to enjoy it?

That’s what I believe and that’s why I’m really eager to talk about this. I felt exactly what a lot of people are going through.

I wasn’t raised successful. I WAS RAISED TO BE POOR.

We were so broke back in the day that if I take a shower for more than ten minutes, my mum would yell at me because it’s gonna be a waste of water.

And if I leave the lights on for too long, she would yell at me for wasting electricity.

So growing up I had this scarcity mindset. The more you nurture it, the more that it will prevent you from achieving the life that you want.

Now since I was able to get over this limiting belief, I hope the following steps can also inspire you guys to get out of debt. .

So that you can start living the life you want, that deep down inside you know you deserve

Let’s break this down into FIVE STEPS:


The first thing that I would recommend is to stop buying things that you want.


If you’ve heard about this book, Cashvertising, it’s an amazing book!

And it presented this concept of understanding human psychology about the innate human need to “keep up with the Joneses..” or to “keep up with the Kardashians.”

For example, you’re hanging out with your friends and you noticed your friend got the new Yeezy, or a car . .

Now for a split second, did you feel inadequate inside?

Did you feel a little bit inferior where the only way to get back to your friend’s level was to buy something that was cool?

That is the problem with society and the way some of us were taught.

A human need to “try to keep up” with everyone else around us.


And this is the first thing that you need to understand…

You can track all your expenses but innately, it’s hard to get over this human need of trying to keep up with the Joneses.


And literally stop buying things that you think you want or you think you need . .

Because most of the time, you don’t really even need them, which leads me to the second point.


If you’ve never watched the movie, Fight Club yet, I do recommend it. It’s a phenomenal film.

What Tyler Durden said (played by Bradd Pitt) really struck me the most.

He said,

“The things you own ends up owning you.”

Guys, this is what we should always remind ourselves about our material possessions.

And that’s the same reason why I only own less than 100 things.

The number one thing that I would like to highlight about this is FREEDOM.

I’m talking about the liberty to move wherever the hell that I want to go.


Because I’m not weighed down by a mortgage or Netflix and car bills. Those are luxury stuff, but they’re not necessary.

If you want to minimize to maximize, go over with the first step and stop buying things that aren’t really necessary.

Then for the things that you have right now, minimize everything.

You can try doing what I do. This helps especially if you start traveling.

Try to keep everything that you own in at least one or two backpacks. Have less than 100 things and if ever it gets over 100. .


Believe it or not guys, you’ll get a sense of freedom coming alive inside of you.

Especially when you come to realize that the things you own, don’t really define you.

And here’s the BIGGEST THING guys…

Stop letting other people judge how successful you are by what you have or what you’re wearing.

At the end of the day, our goal is not to look rich.

Our GOAL is to be rich inside in experiences, memories, opportunities in life and in business. .

To be rich in TIME and FREEDOM.

The problem with some people that are making money is that they don’t have any time.

They work day and night but they’re still broke. They’re time-broke.

And this is what you gotta understand guys…

In order to get there, you have to minimize to maximize all the things that you have in your life that aren’t allowing you to survive right now.

Not just in your personal life but also in business.

Maybe you’re making a lot of money, but then 5% of that net worth are being spent on a bunch of the dumb stuff that you want.

So begin to minimize to maximize!

There’s a reason why Warren Buffett still lives in the same house, drives the same beat-up Chevy and still eats at the same restaurant. .

Because he understands that all the things that he buys to maximize his life won’t give him a return in his investment.

That leads me to the next step…


It’s time to decide for yourself to shift your priorities.

Most people are so busy about looking rich and trying to convince their friends that they’re rich, but deep down, they know they’re not.

Because the truth is, they aren’t TIME-RICH.

This brings me to a story that I learned from one of my friends that I grew up with.

His dad built a business which later on became very successful. However, even though his dad was already making millions of dollars a year . .

The crazy thing is, he was still getting haircuts at home courtesy of his wife.

Instead of going out to fancy restaurants, he prefers to eat at home and the like.

And the reason behind that is, rather than spending the money on luxury, they prefer to reinvest their money back into their business and to other investment vehicles

They keep investing to a point where they could easily get a faster return.

That’s why you see Steve Jobs or Mark Zuckerberg wearing the exact same thing every single day..

Here’s what you ought to know guys. .


  • The Successful
  • The Rich
  • The Wealthy

Before my friend’s dad moved to Asia to do real estate, he first started off in the suburbs of Chicago.

They sold tarps for trucks before they made millions. And interestingly, they found a need in the marketplace

Let’s say an ordinary businessman reaches up to ten to twenty thousand dollars a month…

Most rich people, once they get to that point, they start blowing it off on dumb stuff which keeps them in this category.

But what Johnny’s dad did, which was really smart, is he then moved over to the rich side.

He invested that money into a bunch of investment vehicles to get an initial return in his investment.

But here’s the craziest thing guys…

Johnny still lived like a freakin’ monk.

One time, I was hanging out with him. And guys, you wouldn’t even know just how much money they had because of the fact that they’re super humble people.

They are always filled with gratitude and very generous to everyone around them.

They’re the type who don’t really buy lavish things until they got to the third thing that I told you about…

The Wealthy.

This is when you start changing your paradigm from the instant gratification to long-term legacy that will last a lifetime.

This happened when they moved over to Asia.

Johnny’s dad started buying banks which made them ingrained in the economy of Laos.

So when Laos’ economy goes up, so does their business.

As long as they keep on doing what they do and staying there, they could literally buy all the stuff that they want to buy.

And it’s because of the fact that they live like a monk. .

They prioritize their spending to a point that they didn’t buy things even though they’re already in the successful zone.

Not just that, they didn’t even spend a bunch of their money when they were in the rich zone..

Instead, they invest their money on other investment vehicles where now, from that 5% or 10% that they make on a yearly basis . .

They can take a fraction of that and then buy the nice cars or the nice stuff.


This fourth advice is one of my favorite part and the one which I love to talk about.

This is a game-changer, guys!Find out how you can get out of debt fast.

To be one of those who produce rather than just being in the consumer side of the economy.

As we all know, it’s already common for a lot of people to “want” to just buy and consume things. ALL OF US DO THIS.

Given that, you gotta understand that this is a lower form of the paradigm.

Now here’s where the shift comes in guys…

Instead of being the person that buys things, try selling more things that you buy.

Here’s an example from Gary Vaynerchuk . .

This is on an extreme level, but I know you get it. Gary Vaynerchuk has produced more books than he’s read, and that’s crazy, right?

I used to consume a bunch of books myself and I still do until today.

But until recently . .


And now, that book makes a bunch of money which pays for all the books that I want to buy for the rest of my life!

Looking at the long term effect of that decision to write my own book, it created a cash flow business right there.

Here’s another example guys:

I used to consume a bunch of softwares and I still do.

But guess what?

I now moved over to the producer side of things!

Instead of just being the consumer, now, I’m selling softwares on my blog which gave me a bunch of affiliate commissions that I can live passively if everything else in my business dies.

The fact of the matter is, I could just live off of those affiliate commissions from just my blog alone.

Economy just does something crazy when you switch yourself from a consumer to becoming a producer.

Which is why you need to be aware that with every single thing that you consume, there is a hidden business opportunity waiting to be unraveled.

For example, I used to consume a bunch of YouTube videos. Now I make a bunch of YouTube videos!

I used to consume a bunch of blog posts, but now I could produce more blog posts than I read.

Whatever it is that you’re consuming, I’m not telling you to consume less.. (and heck, I still consume a bunch of YouTube videos)


And that difference will be the little seedling that will create massive amounts of wealth for you that will get you out of debt. .

And eventually will change you from the indebted paradigm to the abundance mentality.

Because the truth is, everything else in this world is yours for the taking as long as you switch that paradigm!

So guys, I need you to switch your priorities.

That happens when you start becoming a producer instead of a consumer.


Let’s go back to the example when I was almost about to become a dentist.

In order for me to do that, I had to spend $40,000 a year.

If you can remember, my mom  was a nurse and my dad’s an engineer.

Even though you could categorize those as “good jobs,” they still don’t make that much money enough to pay for my education.

On top of that, my little sister is also about to go to the exact same school. And even though I would graduate, I’d be a quarter million in debt and then I’d have to go to the bank and try getting another quarter million to buy a practice.

So I asked myself why should I take that route and trade my time for money.

You see, it would be so inefficient to get over my debt that it would take years for me to fully pay it.

Now let me ask you a question…

Are you planning to get out of debt when you’re 40 or 60?

Or can you strategize today and get out of debt while you’re young?

While you still have the energy, the time and the passion to pursue the goals that you were meant to pursue in your life. .

The best way to do that is to PRODUCE A CASH FLOW BUSINESS.

You’ve probably noticed on my blogs how I’ve produced so much cash flow businesses in my life.

That’s because it separates your time from your earning potential.

What that means is, for me to be a dentist . .

The only way I can make money is if I clock in, fix some teeth for the day and then I go home.

But the point in cash flow businesses is that I can just stop making videos and blog posts for a month or a year, and guess what?


My time is not a constraint to the money that I make.

Because of that, I can leverage my time to get into more businesses so that I can further create the lifestyle and the legacy that I want.

Now for you guys that are in debt, the best way to get out of debt is NOT by saving your way out of debt.

It’s good, remember how you need to minimize to maximize. .

But the best way for you to get out of debt is for you to create a cash flow business that will literally break the TIME and the MONEY FACTOR…

Where now, you can make a bunch of money wherein you’re in a position where you don’t have to trade hours for dollars.

Because at the end of the day we only have so much of it before we die.

So you gotta ask yourself, what’s the point in making all these money if you don’t have the time, the energy or the age to enjoy.

So guys, hopefully this helps.

If you have any more questions on any one of these topics, there’s a bunch of links below.

See you guys on my next blog!

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About the author 

Mike Vestil

Mike Vestil is the author of the Lazy Man's Guide To Living The Good Life. He also has a YouTube channel with over 700,000 subscribers where he talks about personal development and personal finance.

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