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Should I Save, Pay Down Debt, Or Invest My Money?


I say Yes, to all three.

It’s amazing when you look at the average person, the amount of savings they have is very minimal.

If something happened and you couldn’t go to work or you couldn’t earn income (Could I live a year without earning any income?) that’s a question you should ask yourself. But my thing is to pay off debt.

I think personal debt keeps people in bondage. I have personally been there before and it’s not enjoyable and not comfortable. Your life is miserable when you owe a lot of personal debt.

And if you look at credit card debt – people are getting charged 25,26,28% of interest.
If you need to use a credit card, use it and pay it off the next month. But my thing is I use a debit card most of the time. And because I’m spending my money, I’m not borrowing from somebody else at 28% interest to get something that I probably don’t need anyway.

When you’re spending your money out of your debit card account, you’re more careful with what you’re spending as well.
I have a lot of people asking me this: How do I get out of financial debt with my credit cards?

I have someone who told me that they had five credit cards and they owed like a hundred thousand dollars and I said: simply start paying off one and continue to pay what you’re paying on the other ones. And then once you get the one paid off, take what you’re paying for the first card and apply it to the second one, so you are paying more on the second one now and then when you get the second one paid off – pay the third and so forth. And that’s called double-declining paying the debt which I personally think will work.

Once you’ve cleared your debts you’re freed up to save more and faster.
Again personal debt is a curse. There’s good debt and bad debt but debt on a business for me is good but too much personal debt just about things that you don’t really need.

I heard someone say: Spending money on a credit card and running up debt to buy things to impress people who really don’t want to be impressed by us anyway is not a good idea.

 When to start saving?
Generally it’s fine to save and have some debt as long as:
 When to start saving?

As have been discussing this before and I would say, invest in things that pay you a return or save your money.

Put your money somewhere in a money market account or put your money in mutual funds or somewhere that makes a great return for you. Other funds that are available where their real estate funds that people invest in and they get a handsome return.

And multi-family deals, things of that nature and the company that handles the investments do all the work for you.

Those are all great investments to make.

But the question is: Should I save my money, pay off my debt, or invest my money?

The answer is: yes, do it all!

But get out of debt and don’t be in bondage to anyone. Save your money, invest your money and grow your money so that you have something one day when you’re ready not work as hard.

I had somebody. Tell me God willing, I want to do so-and-so will go. And I said, well, God is willing – you gotta be willing. And so when you’re willing to…

When you're spending your money out of your debit card account, you're more careful with what you're spending as well.

- Joseph Land