Pay Off Debt Or Invest [From A Millionaire]
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- Опубликовано: 7 сен 2024
- Pay Off Debt Or Invest [From A Millionaire]
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Pay off debt or invest? It’s the age old question of what to do with our extra money. In this video, I’ll explain how to figure out if you should invest first or pay off debt first so you can make the most of your money. Enjoy!
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DISCLAIMER: Content is for informational purposes only and should not be considered personal financial advice. This video and description may contain affiliate links. The content in this video is accurate as of the posting date. • Pay Off Debt Or Invest...
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Thanks for watching! 😘 Comment below, are you paying off debt or investing first??
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Adelinde-Isabell That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Adelinde-Isabell I will give this a look, thanks a bunch for sharing.
Relocate. Study a very low cost city or country with close to zero tax, and with potential of starting a business and go to. Don't allow your mind keep you at a spot
I paid off my credit card debt first, and then opened my first brokerage account! It felt so good to be debt free! Good video!
Love it!! Great work Lynn!! :)
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin
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I'm debt free as of 12/2/2021!
Thanks Tiffany!
Now its time to invest and keep saving for at least 9-12 months of living expenses!
Love it!! Great job!! 🎉
I'm always a fan of doing both. Nothing wrong with investing small amounts while you takle debt.
Awesome CS PC!
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin
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My preferred general recommendations:
1. Save a min of 10% regularly until you have 3-12 mo worth of expenses.
2. Invest a min of 15% each payday / month.
3. When you have a fully funded emergency account add the 10% savings to the investing amount for a new min 25%.
4. Use the 75% or less for all other expenses and to save up for purchases.
I like getting started with a general brokerage account for the versatility it provides. Of course also consider tax advantaged and retirement type brokerage options to, including 401k’s with company matches. Maybe a combination of account types will be right for you.
If you are largely occupied paying off debts but want to begin the financial discipline of investing and inhabit the mindset of thinking of yourself as an investor you may elect to still invest something while paying down your debts; such as 1% or maybe 3-5% for investing.
Great breakdown! ✅✅
I have a small mortgage with a low interest rate , so I am investing to increase my wealth and would be able to pay the mortgage off if necessary.
Thanks for the information.
Awesome Anthony! You're welcome. :)
Just today, I started up the tractor and oil was leaking out. Now I can dip into the emergency fund to fix it. The more food I grow, the more stocks I can buy. Happy investing!
Way to go!! ❤️
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin
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Thanks Tiffany for sharing this calculator link! It’s just what I needed to make some important financial decisions. BTW, love your hair! 😁
You’re welcome Kalen! Thank you ☺️
Do you Buy, Invest and trade in crypto currency especially Bitcoin
So..... little bit of column A and a little of column B. Just had a deal on another rental property come up. Buying that one then I'll focus on paying down debt some more.
Congrats on the new rental Jeremy!
@@WealthyTiffany thank you, super excited! As my units begin turning over I'm looking at taking a page out of your book and rent by the roon.
@@jeremygaal9946 You're welcome Jeremy! Yes, awesome! :)
@@jeremygaal9946 Do you Buy, Invest and trade in crypto currency especially Bitcoin
@@jeremygaal9946
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Nice video Tiffany - btw your hair looks nice wavy, it really suits you !
Thanks Becky! It's my natural wavy hair, glad you like it 😀
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin.
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Great point about reducing your debt increasing your credit score, which may allow you to refinance debts into better rates.
Very true! 😀
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin
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You broke it down so simply, thanks Tiffany!
You're so welcome Bertha!
Do you Buy, Invest and trade in crypto currency especially Bitcoin
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I Normally agree with anyone pay debt off. But if you're like me 38 and a half low income under 30k but full benefits with state pension. But 80k student loans, it really hurts you not to be investing along the way. Number one by the time you hit your 30s most of us is close to half dead. And most of us couldn't pay 80k off in 10 years. My point is do both. Invest. I've always said when I hit 500 a month divided that I was going to put 250 on my student debt, than when I crossed 1k month 250 for real estate investing. I'm super far away from achieving that as I'm just not hitting 2k invested. But that my road map for now
Love that you’ve got your road map Steven!
@@WealthyTiffany not saying it's the best road map
@@sshumkaer Better than not having any plan at all 😃
@@WealthyTiffany true. I'm trying to challenge my self to put $100 dollars a week for the next 13 weeks.
@@sshumkaer That's a great challenge! :)
I do all three! I divide my salary between savings, investing and debt. Maybe it's easier for me since I have a side business that I plan on doing full time so I can leave my day job soon beautiful! 💖
That's awesome RB Colbert, love that you've got your plan!
@@WealthyTiffany - Thanks!!! 💖
@@EvangelistRBColbert You're welcome! :)
Great Video !!! I am going to pay my Mortgage off end of year and i will have about 30k cash.... what should i do with Cash ? Do i now put the extra Money i would have Paid in Mortgage Payment into a Mutual fund, into my Roth ? You make my Day !!! Keep up the Great Advice !!!
Thanks Joe! Make sure you have your emergency fund and I personally like the Roth and index funds. Here’s my favorite index fund, ruclips.net/video/9Hx16VYuxLI/видео.html 😁
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Nice video Tiffany!!!
Glad you liked it!!
Do you Buy, Invest and trade in crypto currency especially Bitcoins
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Thank you!
You’re welcome! 😊
Doing little of both is good in my opinion
👍👍
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin
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Thank you
Welcome Tamara!
Do you Buy, Invest and trade in crypto currency especially Bitcoin
I like money.
Me too!
Thank you Tiffany!
@@ChellBell1328 You're welcome! :)
I'm going to build up my emergency fund first LOL
👍
Yes save an emergency fund first. Iwas a Dave Ramsey follower until I realized he's a dud.
If your investment interest rate is greater than you debt interest rate, then you’re better investing
You got it!
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoin
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@@pengjoon834 we’ve had this conversation already 😂
You know crypto currency is a profitable investment that yield a good profit to investor.
Many of my investors are making a good profit in bitcoin investment
I am a German, all Health Cost can only be 900 Dollar a year, the rest pays the insurrance. Thankfully
Nice 🍀
Does paying off debt include mortgage debt ?
Hi Vanna! Usually mortgage loans are at a lower interest rate, so you can invest your money while paying off your mortgage and make more money that way rather than paying off your mortgage before investing.
What if you are age 50 and no nest egg?
Start doing everything you can right now to build your nest egg. 😄
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Pay off my debt first.
Nice Jose!!
Pay off all your Debt before, then create an emergency fund, sort your retirement, sort your kids scholarship, then invest, invest & invest like a maniac!
Love it! 😁
Thanks for your comment; Do you Buy, Invest and trade in crypto currency especially Bitcoins
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