Should I Stop Investing To Get Out of Debt?
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Published 2022-09-17
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All Comments (21)
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Should I Stop Investing To Get Out of Debt? No, you should reduce spending to get out of debt!
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Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
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Dave is like the AA of the financial world. Some people can have a glass of wine with dinner with no problem, others become addicted.
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No need to “focus” on the 401(k) contribution… It comes out automatically… So you can “focus” on paying off the debt while contributing to at least get 100% match.
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I paid off my car, bought my house and I am still financially responsible while taking the match the whole time. Just be smart about it.
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Never stop your matching
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What Dave doesn’t mention is that him getting the match for his 401K is an instant 100% return… it’s literally free money the guy is leaving on the table. He should contribute to the matched amount and pay off his debt with everything else IMO..
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Dave haven't changed in 30 years what you think he was going to say no matter how the world changes he keeps his same principles
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My friend asked me in the roaring 90's should he pay his house off or should he invest - I said, "Do both". I always did and I'm in good shape now. You need to KEEP putting money into your 401K. "Time" is your best investing friend.....so is dollar-cost averaging.
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The MBA and marathon analogy isn't that great whereas contributing to an IRA with a match requires virtually no distracting effort or focus. The man's income can tolerate both paying off the debt and the IRA contribution quite easily. Both plans seem to work, it's the going out to eat and vacations that are the only part of the plan that doesn't.
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dave triggered @4:57 😂
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I can’t believe this guy. 160 K and he can’t figure out how to pay off 85K? Please…
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Get the match and put the other amount at the student loans. They have masters degrees.
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With how young he is, it would be completely moronic to not at least do the 401k match.
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Great video!
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Awesome video guys!!
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It's ALL in behavior, the "how bad do you want it" approach. Discipline isn't easy.
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He just bashed people for being on TikTok when this is on YouTube lol. The younger generations deserve personal finance education too!
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Whoa, good timing
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I'd love to see the stats on how many millionaires in Dave's study kept contributing enough to their 401k to get the match while paying off debt. I doubt they asked this question because the answer would likely contradict Dave's teachings
