Quote:
Originally Posted by Nlkko
You guys really advising him to "invest" first before paying off his debt? There is NO guaranteed investment outside of GIC and a Savings Account. You can and may very well lose money investing.
Pay off your debt, invest when you're balance sheet is clean. Ditch the $17,000 car, which by the way, is a depreciating asset.
You are sitting on 55k debt AND paying interest monthly with the power to instantly pay off 70% and enough income to pay off your debt within a year easy. You don't need a 3 year plan.
Be debt-free first and invest only after.
|
Selling his car and placing everything on his student loan isn't a wise move either.
What happens if he loses his job? has no savings? Food? Rent?
And I think everyone knows his car is a depreciating asset. But it's not just a car for him, it's pretty sentimental. He's not in dire straits from a loan shark to pay his loan.