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Today I am talking about paying off debt vs. investing and saving for retirement. My husband and I are almost one year into our debt free journey to pay off over $369,000 of student loan debt, credit card debt, and a car loan. Now that we have paid off all of our credit card debt and our car loan, we only have student loan debt left. We recently refinanced our large student loans to get a SUPER low interest rate, so now we are wondering if we should keep focusing on debt pay off, focus more on saving for retirement, or do both! Comment below and let me know your thoughts!
Book I mentioned: The Simple Path to Wealth by JL Collins: https://amzn.to/2KggZPy
My Etsy Shop: https://www.etsy.com/shop/lomillsfinance
Here is my SoFi affiliate link if you want lower your interest rate, pay down your debt faster with me and get a $300 CREDIT towards your loan: https://www.sofi.com/share/1333184
Watch my other popular videos from this series here:
My Plan to Payoff $30,000 of Credit Card Debt in 12 months: https://www.youtube.com/watch?v=4_nIzfeWU7o&t=561s
August 2020 Debt Payoff Update: https://www.youtube.com/watch?v=xJ4iKi1aj8E&t=370s
September 2020 Debt Payoff Update: https://youtu.be/PIB7-LUE3F4
We owe $324,103 | Our Student Loan Debt Disaster: https://youtu.be/1VDwTFRp1Nw
We’re credit card debt free!: https://youtu.be/GtSfgE7XQuM
What is our income with $300,000+ of student loans?: https://www.youtube.com/watch?v=vseDJN57lUo&t=2s
October 2020 Debt Payoff Update: https://youtu.be/kSZfiuFeTlY
November 2020 Debt Payoff Update: https://youtu.be/E6L98hc2OQc
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**This video is not financial or legal advice. This is just me sharing my own experience with my debt and finances.
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Should I Be Debt Free Before Retirement, Should We Pay Off Debt or Invest/Save For Retirement?.
Low Interest Financial Obligation Combination Loan – 2011 Resolutions
Then your resources can go into tackling the greater balances. Is it a mishap that we live a carefree life and do not think enough about the future? Each time a loan is settled, your credit score will go up.
Should We Pay Off Debt or Invest/Save For Retirement?, Enjoy popular replays relevant with Should I Be Debt Free Before Retirement.
Money Loans – The Great, The Bad, And The Debt-Free
You already know that people use a cars and truck or their house to take these loans. People are over spending and living beyond their methods. The first thing you require to do is take a look at your debt.
There are 2 kinds of financial obligation the secured and unsecured loan. The protected loan are the for which you have to provide collateral to the bank. The lender can settle the outstanding financial obligation by selling your security. The unsecured loan is the financial obligation in which lenders do not take the interest however any security rate charged is very high. The unsecured debts can be gotten rid of easily due to lack of authority for the creditor to recover their money. This brings the settlement part. Then lender can not do much lawfully to recuperate their cash, if you are not willing to pay the whole amount. If you file for bankruptcy financial institution still have alternative to auction your collateral and recover their cost, in protected financial obligation. This part is missing out on in the unsecured debt.
Secured Debt combination loan can be taken providing any of your possessions. The possession can be your car, house, residential or commercial property documents and much more. The quantity you select can be used to consolidate your debts that may be your credit card financial obligations, individual financial obligations, business debts and numerous more.
Debtors with bad credit can also request these loans because there is a possession connected to the loan. By removing all the financial obligations with the aid of the loans, borrower can improve the credit history.
On the other hand there are substantial advantages to being Debt Free. Being debt-free permits you to take dangers in life that you merely couldn’t take being burdened by financial obligation. It is easier to begin a brand-new career, launch your own service or take a lower paying more enjoyable job if you aren’t saddled with financial obligation. When you are one paycheck from bankruptcy it is a lot easier to live by your principles.
The absolute best thing you can do to manage your Revolving Debt is to cut all of your credit card in half. Sound significant? Sure, it is, however it is one way to ensure that you stop adding on to the quantity that you owe.
You might ask your lending institution for a forbearance duration. This will provide you no month-to-month payment for an amount of time, however the interest will still accrue on the financial obligation.
It is also reality that personal loans financial obligation combination is hardly ever successful. Customers begin it with good objectives, however less than half succeed and eventually end up either in debt settlement or bankruptcy. At that point, difficult properties can be lost to default. Anyone considering this type of combination owes it to themselves to check out all the programs offered. In all possibility, something other than combination may work and be even more effective in the long run. For the one regular monthly payment, there is more available than just financial obligation combination. The other methods may deserve examining.
No one ought to need to hardly live paycheck-to-paycheck, or not pay one costs to cover another. You might likewise think about throwing out any existing credit cards that you have. These are six effective ways on how to live a debt-free life.
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