Tagged With: debt

5 things about money that are strange when you start to think about them

I typically think about money in terms of what it can do for people, but sometimes, I think about money itself, in the abstract. Kind of like this guy: Okay, actually not at all like that guy. But sometimes it is interesting to think about money in the abstract. And the more you think about … Continue reading »

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How to potentially double your money’s impact via lump sum debt reduction

It can be hard to visualize how paying a debt off works. There’s an interplay between principal and interest. You pay money to reduce the principal, but during that time, interest on the debt has piled up, reducing the impact of your payment and adding to the amount you owe. You might think the a … Continue reading »

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If you’re still unsure about what method to use to pay off your debt

If you’re like most people, you’ve got some form of debt. It could be a car loan, it could be credit cards, or it could be “good debt” like student loans. No matter, it’s got to go. You need to get out of debt if you’re ever going to build any kind of wealth. Seriously. The … Continue reading »

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Captain Obvious Reports: How not to have more credit card debt

Sometimes I like to get deep into the rabbit role with details. The post I wrote immediately before this detailed the ins and outs of rebalancing your investment portfolio. An important topic to discuss, but it’s hard not to be too wordy about it. But everyone’s busy and has a short attention span. So I’ve … Continue reading »

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Should you get a loan to pay off your debt?

Paying off debt is hard. It can feel like you’re not even making progress. Sometimes this is actually true. If you make minimum payments on your credit cards, you’re basically never going to pay anything off. And if you’ve got an income-based repayment plan on your student loans, your loans may actually be growing each … Continue reading »

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The debt blunderbuss, or can you have an emergency fund and still pay off debt?

There is a financial cage match article that I can’t write: debt vs. the emergency fund. It’s not hard to see why there isn’t a one-size-fits-all answer to question of what comes first before the other. How much debt you have and how long it will take you to pay it off matters. If it will … Continue reading »

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If you feel like you have too much debt to ever save for retirement

I believe retirement is possible for us. But at the same time, I’m on record saying that student loans (and other debt) need to be paid off before starting to invest for retirement. “What gives, Mike? I have so much debt that I’ll never get it paid off, so I’ll never have any money for … Continue reading »

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Is it a good idea to get your student loans forgiven?

Like approximately everyone, I graduated college with student loans. If there was a way to get my loans “forgiven”, no one told me. At the time, all I knew was that I had to either pay what I owed, pay interest only, or ask for a temporary forbearance (which I did on occasion when times were … Continue reading »

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Financial cage match: Paying off student loans versus investing for retirement

  Recently, I made the bold claim that those who have debt aren’t ready to start saving for retirement. I added some relaxing caveats, but I really wanted to put them in an order. Debt first, investing later. I don’t think this advice is particularly contentious when it comes to credit card debt. I’m pretty … Continue reading »

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The mortgage: debt’s final boss character

  My friend Rami talks about many facets of life from the perspective of certain video games. And certain video game tropes do occassionally leak into other forms of art and even real life. For example, can anyone really read The Hunger Games series and not see it in the context of a video game? … Continue reading »

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