Money advice?

notreallybeingme · 2019-03-26T16:37:16+00:00

Pay the highest interest loan first and move on from there.

Crazyclockwork · 2019-03-26T16:42:12+00:00

Well, just like spending within your means is important, paying off your debts responsibly is important too, and that goes both ways.

Paying off a debt responsibly means two things;

1 Paying in a timely manner, no matter what.

2 Ensuring you are always in a position to pay off that debt.

Failing either of these means you are at risk of damaging your credit. If you're worried you might need your cushion, then keep the payment schedule and both you, and the creditor are happy.

Even if you have to naake the minimum payment, as long as you're making a payment, they can't do shit.

Yeah interest sucks, but it's better than getting behind on it.

Keep your cushion, throw a little extra payment when you can, and you'll do fine.

CiceroVoltaire · 2019-03-26T16:44:00+00:00

if you can get a return > than your interest, do that.

if you don't have interest, pay it off before it starts and accrues.

you still have debt, with or without a job.

IMO.

Mecha_Hobbit · 2019-03-26T16:51:39+00:00

Bump your cash reserves to $5k (but at least put it in a Money Market fund).

Then pay off those loans.

Build credit with a credit card. Pay off each month. Put stuff like your recurring services (Netflix, Spotify, utilities)

I use www.ClearCheckbook.com ... it has desktop & Android sync.

originaldutchcow · 2019-03-26T17:51:58+00:00

Some men gave some good advice already. Be sure to pay off loans fast, priority 1. I maintain a 80-20 rule in which i pay off 80% of monthly savings to debt and keep 20% for emergency expenses. Always keep a little 'fat on the bones'.

I was too stupid in my blue pill days and instead of paying off debt for the last 10 years, i spend the full amount of the loan (5k) on interest. MGTOW set my priorities straight.

RiverSound · 2019-03-26T18:59:26+00:00

Become debt free, you'll sleep better, and you won't become a slave to your boss.

anonfrom8chan · 2019-03-26T22:23:29+00:00

Depends on interest but generally no. You'll feel much better when you have that pile of cash as opposed to pile of debt.

flee_market · 2019-03-26T17:40:01+00:00

Absolutely get rid of your debt as fast as humanly possible. You want to make compound interest work FOR you, not AGAINST you (except where there is benefit to do so for example reasonable levels of student debt).

Title	Money advice?
Author	ItWillBeOkay_Hope
Upvotes	7
Comments	16
Date	March 26, 2019 4:30 PM UTC (7 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/b5ruxn/money_advice/
Archive Link	https://theredarchive.com/r/MGTOW/money-advice.492253 https://theredarchive.com/post/492253

Comments