Which comes first, paying off debt or investing?
Here’s a not so easy question. Should I pay off debt or invest my money? In most cases, it’s not either/or. Find out why on this Queer Money. Start your journey to financial independence by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.
Pay off debt or invest first?
There’s a lot of success porn online around investing in the stock market and getting big returns. Some are even selling their investment strategies as a way to pay off debt. But there is a risk of loss associated with any kind of investment. And there are many factors to consider as you decide whether to focus on paying down debt or investing.
On this episode of Queer Money, we offer insight on deciding whether to pay off debt or invest your money, explaining why successful investing is about time in the market rather than timing the market. We describe how compound interest influences both investments and debt, challenging you to consider the Debt Lasso Method to pay off credit cards more quickly.
Listen in to understand how carrying debt may impact your mental health and learn how Fidelity’s 6% Rule can help you decide whether to focus on paying down debt or investing.
Listen in on our debate of paying off debt versus investing:
Topics Covered
- Developing a strategy around both paying down debt and investing
- How to decide whether to focus on paying off debt or investing
- The danger in chasing returns in the stock market
- Why successful investing is about time in the market vs. timing the market
- How compound interest influences both investments and debt
- What tax credits and deductions to consider when deciding whether to pay off debt or invest
- How carrying debt may impact your mental health
- Using the Debt Lasso Method to pay off credit card debt more quickly
- When to use Fidelity’s 6% Rule to decide whether to invest or pay off debt
- The risk of loss associated with any kind of investing
Previous 3 Podcast Episodes
Resources
- Savers Tax Credit on Queer Money EP311
- Debt Lasso Method
- Debt Lasso on Queer Money EP236
- Fidelity’s 6% Rule
- 7 Step Credit Card Debt Slasher
- CreditWise
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Debt Free Guys on YouTube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe to Queer Money on Apple Podcasts
- Email [email protected]
Connect with David and John
- Debt Free Guys on Youtube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on Apple Podcasts
- Email [email protected]
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.