Whether you take debt head-on with the debt snowball or the debt avalanche method while choosing not to add as much to your investments while you do this. Or you strategically pay down your credit balances with some other method. Or a different plan: while still investing heavily, you can head to success financially. Everyone has their debt cruncher that works for them and their debt digger that deepens their debt burden.
Wherever your headed with the practice of tackling debt you face your balances they are not going to disappear. That debt is not your money. It is negative money. Where are you headed? Are you headed to millionaire status with your debts? For some, I might be right in the money with that one.
But maybe you are actually headed to millionaire status. You assets and investments could be on their way to a large sum. Paying down debt however is very important to some people while others might disregard it as a blockage or hindering the growth of wealth. If you have debt and do decide to pay it off, you can add to your wealth faster once you’ve paid off your debt as a potential option. Where is your debt headed financially?
Some thoughts: Maybe you won’t be off your credit card debt for years. Or you could be DEBT FREE!!! YEAH! Or possibly on a good debt pay off plan. If you invest while you pay off debt that is your choice, but it is said it is better to have a plan in doing so. The thing is ‘those with a retirement plan will be more successful in retirement‘, it is said by Noel Swain, a CFP. Just as ‘those with a debt pay off plan will likely be more successful in paying off their debt’, as stated something to that extent by Dave Ramsey.
Written By: Rosette Jones
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Originally posted on fire2retire.blogspot.com 04/04/2021
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