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re: Paying Down Debt Vs Saving
Posted on 2/6/16 at 8:12 pm to gobuxgo5
Posted on 2/6/16 at 8:12 pm to gobuxgo5
quote:
I'm currently losing money monthly in 401k & Stocks.
I wouldn't think about it like that. I would consider this the magic of dollar cost averaging.
quote:
I almost feel like I should pull out and focus on cleaning out debt and then re-focusing on saving?
I would definitely balance out saving versus debt reduction. You can't replace time in the market, but you also cannot lose money on interest you don't pay on money you don't owe.
quote:
The amount of interest I'd save versus make seems to far outweigh it, if I can pay off quickly (IE next 3 years)
FWIW, financial guru Dave Ramsey pushes this exact philosophy - paying off the debt on everything (except the mortgage on the primary residence) to the exclusion of all savings beyond a $1000 emergency fund.
1
Posted on 2/6/16 at 9:44 pm to Ace Midnight
quote:
$1000 emergency fund.
Sounds low to me. I like to keep at least 4 months worth of bills in reserve.
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