I’m a big fan of the concept of going HAM on your debt with 100% focus, then when you’re debt free you FLIP THOSE PAYMENTS right over to investing. If you go hard at that debt early on it has a huge magnification effect on your future wealth. Every day, week, or month you’re EARNING interest instead of PAYING it, there is an amazingly big impact on your future wealth.
It doesn’t have to be complex. Simple is better. I think too many people get wrapped up in trying to do 20 things at once, or trying to figure out tricky ways around the problem instead of running right at it.
You can do this. Cut some expenses. Grow your career. Work some overtime. Sell some stuff. When you get raises, resist the urge to let that money leak into your lifestyle creep. Treasure the simple. Get debt free, then convert those payments to investing. Work the numbers before the numbers work you. Keep it simple and execute, and you can go from deeply in debt to millionaire status!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
– Jeremy
