Should you pay off your debt or invest?

You’ve got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They’ll also share their advice on what steps to take if you’re unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money.

Time Stamps:

00:00 Pay off debt on your credit card
02:53 Pay off debt or put money in an RRSP?
04:54 Pay off your mortgage or invest in an RRSP?
06:16 Investing may be better than paying off debt for first time home buyers
07:03 Investing makes sense when you inherit a lot of money
08:08 RISK
11:42 The smart way to pay off your debt
13:17 Is there an advantage to paying off a secured debt vs an unsecured debt?
16:19 If you can’t pay your debts you can file a consumer proposal
21:29 Receiving a lump sum of money during a consumer proposal
27:18 Final thoughts

Related Links:

#debtfreein30 #Debt #Invest #PayDebtOrInvest #investing #savings

[nicolaskim]

I am an aspiring CPA in Texas, USA and I love this conversation!

[_Delta]

Pay off debt unless the interest rate is less than the investment's rate of return minus applicable tax.

[glennmorris]

Always pay down debt unless it's a reasonable mortgage.

[ivobiancucci]

My only choice would be to pay off CC debt