Should You Stop Investing While Paying Off Debt? Order Everyday Millionaires today! + Order the Book: https://goo.gl/PX8z1j The Chris Hogan Show is also …

20 replies
  1. Andre Corniel
    Andre Corniel says:

    You should pay off your debt first and then invest later ! Duhh !! Unless your investment make more money than your debt payments !! I did a video on this in my YouTube channel 👍🔥🔥💰

    Reply
  2. Ghost
    Ghost says:

    You know I was thinking about doing what she was going to do, but im no where near the debt she has. The rates I pay are 3-7% and owe 28k between 3 items. She should pay minimum payments until those are paid off and see how much her investments climb to as opposed to how much richer her creditors get lol.

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  3. Kay
    Kay says:

    Yeah I never understood this idea.
    Because if a company matches what you put in, that is free money.

    The only time it makes sense is if you do not get a match.

    Reply
  4. Omonike Efunyale
    Omonike Efunyale says:

    While I was at baby step 1 and 2 I stopped the 401K for one year. I resumed my 401k and I am now on baby step 3. You have to be dedicated to your goal. I am not a fan of stopping the 401K, unless you are 20 years old.

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  5. Matt R
    Matt R says:

    Never stop company match- it is part of your compensation package at a job.
    Giving up company match makes as much sense as working 10 hours but punching out after 9 hours!

    Reply
  6. Brandon Kick
    Brandon Kick says:

    We have math, and then we have psychology.

    It's debt snowball vs debt avalanche. Avalanche method is the mathematically best, but for a lot of folks the "mental" power behind snowball method helps them to stay focused and on track. It's the "worse" method, but the one that more people are able to stick with. It's a mind trick. I had 4 credit cards, now I have one. Man I'm on a roll here… Even though I didn't end up with the best result mathematically. I didn't carry 4 cards through the whole process. I can personally accept the math, and be fine with something like an avalanche method. A lot of folks cant.

    The pure math says no reliable investment you make will even come anywhere ballpark close to the kinds of interest rates this caller is paying on the credit cards. None. The only thing that this caller should be doing, aside from an emergency fund, is going up to employer match on anything they offer. That's free money. EVERYTHING else investing wise needs to stop until this debt is gone. It's mathematically by far the smartest way to handle it.

    The other fact is that almost no millionaire ever went into unsecured debt to gamble on an investment. Taking out a million in credit to invest in the market IS NOT the same as taking out a million to buy an established business to run. Millionaires do not borrow money to play the stock lottery machine.

    Blast away the debt. Get focused. Then build wealth. It's not the only way. It's the best way.

    Reply
  7. Scott Cameron
    Scott Cameron says:

    People seem to misunderstand this step, because giving up a 100% return/match seems crazy; I also misunderstood it until I reached baby step 7. It's about shifting your MINDSET. This lady needs a shift in mindset, as do most people. Dave's way of handling money is a complete departure from what most of us were taught growing up. It isn't about numbers and 100% matches; it's about handling money the correct way, going forward one step at a time to erase bad habits and build new ones. People worry about missing the match for a little while; if they follow the plan the money will come (trust me), and you will never think about missing the match when you are way ahead, later on. It's about establishing a new mindset and new habits. Once you have done the plan for a while, you will laugh at your former self for worrying about piddly stuff like the match or credit card points, because you will be sitting on stacks. You just have to have absolute faith in the plan.

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  8. Amor Katia
    Amor Katia says:

    I tell people always invest, saving up your money for me it's like putting all your eggs in one basket, find different means to get money and trust me you won't regret it, my other basket is trading, even though I did have the experience then yet, but Harry Clark helped me out, I thank God for him till today

    Reply
  9. Average Joe on Money
    Average Joe on Money says:

    Come on Chris you can’t add Interest Rates together?!?!

    Setting up for the company match AKA Free Money, especially if it’s 100% up to a certain %, then forgetting about it and going CRAZY INTENSE on laying off debt is the approach you should take. If you find that you are unable though to pay off debt then it’s best to just stop ALL INVESTING and pay off the debt.

    Reply
  10. sage
    sage says:

    it’s funny when asked about the household income, women that make more money than their spouse love to throw it in. lol you were asked about household not individual income.

    Reply

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