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Why Paying off Debt is More Important than Saving or Investing
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[QUOTE="Jasmine, post: 265663, member: 49159"] Paying off your debt means you are actually building your income and wealth. Imagine, you are paying $300 for your student loan, once you pay back your entire loan, you will have additional income of $300 that you were using for loan repayment. Imagine, you have a home loan, once pay of your entire home loan, the house will be entirely yours, and your wealth will increase. Investing does not give you immediate returns, it will take years before you can reap the benefits of investment, however, when you start paying off your loan, you will see immediate improvement on your finances. If you regularly pay your debt, your principle amount will reduce, therefore, your repayment amount will also reduce. However, if you have multiple debt it will be very difficult to start paying debt. In such condition, you might even have to sell your asset to repay your debt. [/QUOTE]
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Why Paying off Debt is More Important than Saving or Investing
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