Welcome to Awe-Inspired and Retired! Caleb and Riley discuss whether an individual with some ‘extra cash’ should pay off debt or invest. Often people are divided into two camps in how they think about this question. Some people are mathematical about it, they will choose the option that maximizes their wealth. Others approach it emotionally and choose the option based on how investments and debt make them feel. Which camp do you think you fall into? Do you know how to calculate which option is mathematically better? Let us share with you a framework for helping you make the best decision.
Learn more about:
- A framework to help you decide whether investing or paying off debt would be best for you
- An appreciation for the complexity of this decision and why each persons circumstance is unique
- The trade-off’s between investing and paying off debt
Memorable Quotes:
- “First of all, if you are asking yourself this question you are winning already. Choosing between investing and paying off debt is already so much better than upgrading your phone or some other consumable.”
- “ I think if you come at this question with the framework and thought process we went over today, then there is is no doubt in my mind that you will be making a winning decision.”
Resources:
Hosted by Caleb Miller and Riley Anderson of InvestorDNA
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