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Updated over 8 years ago on . Most recent reply

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7
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1
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David Buell
  • Reno, NV
1
Votes |
7
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What would you do in my shoes??? 14000 in debt.

David Buell
  • Reno, NV
Posted

I currently have been working as much as I can and am paying off 14,000 of credit cards. Dumb decisions but that is the situation. I am 26. Making just about 32000 a year. 

Would you pay off all debt before investing? 

Pay of some and invest? 

Invest right away? 

would love to hear your thoughts. 

David 

Most Popular Reply

User Stats

87
Posts
55
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Jim Y.
  • Real Estate Investor
  • Tacoma, WA
55
Votes |
87
Posts
Jim Y.
  • Real Estate Investor
  • Tacoma, WA
Replied

David, congratulations on awakening to the slavery of bad debt. Spend some time here, read books, find a guy named Del Walmsley and listen to his podcasts. All these things are free.

Educate yourself on the correct course of action for you. This won't happen overnight, but also shouldn't take years either. If you pursue wisdom, it will change your mindset and entire world.

Having said that, I suggest you focus all possible income to pay off bad debt. Having zero bad debt will allow you to acquire good debt, which will itself produce value and income.

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