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Posted on 3/19/15 at 2:13 pm to Croacka
Yea, I got a problem with taking money out of a mutual fund making 10% interest to pay off a loan with 5% interest.
Maybe I'm not seeing it right, I know the Idea is to be debt free, but that seems like giving away money.
Another one is, I have say $25,000 cash on hand in the bank, Now he says I should draw that down to $1000 and use the rest to pay off any debt, then start to built it back up? That's my emergency fund. I'm screwed if I lose my job or blow a car up after doing that. IDK it scares me not have that safety net.
Maybe I'm not seeing it right, I know the Idea is to be debt free, but that seems like giving away money.
Another one is, I have say $25,000 cash on hand in the bank, Now he says I should draw that down to $1000 and use the rest to pay off any debt, then start to built it back up? That's my emergency fund. I'm screwed if I lose my job or blow a car up after doing that. IDK it scares me not have that safety net.
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