Is eliminating personal debt a high priority for you?
What is your strategy for eliminating personal debt?
Yes! The heavy weight of students loans is a gigantic pain! Payments every month for more than the required amount. Get rid of it as soon as possible! And pay off the interest first, which is possible depending on the payment plan you have. The sooner it's paid off, the more you save.
Though I do not have any personal debt, if I did I would definitely consider the elimination of it a top priority. Besides being a severe financial drain, debt is hard on emotional and relationship health. How can someone save for various goals in life if he or she is regularly sending a large chunk of money to the debt collectors? If you are in debt, my advice would be to live as cheaply as possible in all other areas of life until you have paid off the debt.
Most definitely. Eliminating my personal debt is at the top of my priorities list because it going away leads to so many things- the ability to pay for my wedding, to purchase a home, and begin a family.
My strategy is to assess your debt, and then begin to pay off things that either a) have the highest interest charges, or b) are small debts. I like to do the latter first, because then the money I save from paying off the smaller amounts can be applied to the larger amounts. It's a gradual, lengthy process but it works!
Yes! Yes! Yes! In Dave Ramsey's words I am living like no one else so I can live like no one else! Rice, beans, noodles, and home grown veggies are the menu. No steaks in the near future! No eating out. No trips to the mall. Until I am debt free I will not be spending on anything frivolous.
Not so much for me, but for many of the clients I advise. There are times when it does not pay to eliminate debt from a tax perspective. But this is rarely the case for the average American saver/investor. The debt burden needs to be looked at not just from the perspective of how it reflects on a balance sheet, but all the impact of behavioral finance. In my experience, investors make poor decisions during periods of great volatility when they are saddled with high debt levels. In fact often times, the lack of debt allows one to be even more aggressive in their investment strategy and makes up for the lack of leverage. But more importantly, it creates more disciplined savers and investors.
One simple strategy worth looking at...If you have a typical 30 year fixed mortgage, only one extra payment annually towards the principal will reduce your mortgage length by 7 years, and save you a fortune in interest payments.
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