Dave Ramsey
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Podcast Appearances
That has to happen tonight.
That's thing number two.
Thing number three is are you investing money out of your paycheck?
We do want you to stop adding to it for a short period of time until you clear these debts.
There's no reason to put money in investments while you're sitting on $10K in debt.
And the reason why Dave is saying it, but even for the listening audience, your biggest wealth building tool is your income.
The biggest tool that's going to help you get out of debt is your income.
As long as you're putting your income in lots of different places, it's going to take you longer to
to do the thing that you ultimately want to do, which is get out of debt and build wealth.
You've got to have focused intensity with that income.
So just temporarily pausing your retirement is going to give you 8% of your paycheck back into your hands that you can use to quickly pay off the $10,000 of debt.
And also then to turn around and save up three to six months of expenses.
And before you know it, you'll be right back to investing.
But at this point, you'll be investing 15%, not just 8%.
And you can, you'll have the money to do that because you'll have no payments.