Save or pay debt ?

dogwoodcat · 2018-05-14T04:33:40+00:00

Paying down your debt will save you money on interest not spent.

2018-05-14T04:34:46+00:00

[deleted]

ManReggie · 2018-05-14T06:14:41+00:00

Pay down that debt brother. Your housing market is so over cooked right now that it’s not worth it.

1-2 cheap hobbies, tons of exercise and healthy eating to create a healthy mind, cheap place to live with only the bare minimum, then head down and work like spartan until that debt is paid. I’d also be inclined to throw a few 100 a month into some index funds to sort that retirement.

It’s easy to get disheartened when the climb is so long and endless. So get an action plan going to get your health, mind and life in order to knock over this little hill. After that, reassess.

Best of luck.

MGTOWards · 2018-05-14T04:24:04+00:00

What do you do for work?

Are you sure you want to stay in Canada? Can you move? (Dependent on job)

Any more detail?

misandrists_hate_him · 2018-05-14T05:14:45+00:00

It's complicated. Paying off debt seems like the obvious choice, the simple math is you're paying more in interest on that debt than you'd make with money in savings, but if buying a house now is an option you should consider doing that too, but run must the numbers first.

Mortgage interest rates are on the raise, if you wait 4 years to buy you're going to pay a lot more in interest on that property. Also, prices. Yes 2008 housing crash, but generally house prices only go up over time. The property value is likely to go up more over the 4 years than the money you would have saved by paying down debt today. On top of that, for 4 years you weren't paying rent/someone else's mortgage but you were paying down your own - that's money you were paying to you, so, not really spent.

Ohboohoolittlegirl · 2018-05-14T14:20:39+00:00

I would personally always choose to try to get rid of the debt. Even though the highest amount for me was 5k after my college, It felt like such a relief when that weight dropped off my shoulders..

Ohboohoolittlegirl · 2018-05-14T14:22:39+00:00

3k. Get yourself a van, strip it, make it a vandweller van and you'll be fine.. Cheap, mobile and on your own terms..

https://vandwellers.org/

Afab67 · 2018-05-14T15:11:51+00:00

Eliminate debt first.

meMGTOWlongtime · 2018-05-14T17:07:32+00:00

Go read up on what Dave Ramsey has to say on this, smart guy when it comes to being debt free. You can take his religious portion of his teachings however you like, but his plan will make you debt free.

Following his basics, save an emergency fund, and don't touch it... Which looks like you have done, then pay, pay, pay off that debt!

I used this after my second divorce and have been essentially debt free for a very long time.

I jumped off his teachings a bit, letting some of my debt go to collections. I would then save up a wad of cash and then start calling the debt collectors and playing "let's make a deal."

Some literally took pennies on the dollar for lump sum payouts. I would call them up and say basically "Look, I owe you $5K. I have $2k cash in hand right now. I'll pay you off today, right now on the phone, if you accept $2k to close out this debt."

They always say no at first, then it gets jumped up to their manager. Manager will usually cave on the payout to get the debt cleared from their books. If they balk my patent response was always:

"Look, I have this cash on hand, and I'm paying somebody off today. If you don't want it, I have X number of other debt collectors I can call and see if they will take it to close out a debt. I'm fine sending you $50 a month in regular payments if you don't want to close this out today."

Most of the time, that would get them on the hook.

In one day after saving up several bonus checks from work I paid off $15k of divorce tax (her debt I got stuck with) (Why are divorces so expensive? Becuase they are WORTH it!) for about $7k. Total of about 8 different debt collectors.

The point is, pay off the debt after you have an emergency fund.

cryptotim70726 · 2018-05-14T18:20:06+00:00

Rent a small cheap apartment until you paid off the debt and saved enough to pay outright for a condo. You'll thank yourself later. Put every available dollar into doing both. A condo can be taken in a bankruptcy. Work on being debt free first.

Title	Save or pay debt ?
Author	bettermyself1
Upvotes	8
Comments	24
Date	May 14, 2018 4:18 AM UTC (8 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/8j9kp4/save_or_pay_debt/
Archive Link	https://theredarchive.com/r/MGTOW/save-or-pay-debt.557543 https://theredarchive.com/post/557543

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