Do I Regret Investing Instead of Paying Debt? | Stick To Your Plan | Transfer Tuesday

Happy Transfer Tuesday! In today's video I address a question (and angry comment) I get a lot about whether I regret investing instead of paying off debt. I often get told I shouldn't be investing by angry debt free community members... so do I agree? Is it a mistake?

I also make progress on my current financial goals:

1) max out my Roth IRA with $6,000 for 2020
2) pay off the remaining student loan debt balance

This week I used my extra income from my side hustles toward debt payoff. I worked on both of our two current financial goals - paying off debt and maxing out my Roth IRA. Every single week I'm committed to working on both of these goals.

Thank you for joining me on my debt free journey while I’m paying off $43,000 in debt while also living life, saving and investing too.

Not every week will be a debt payoff milestone but it’s still worth the work to save, invest, and pay off debt! Instead of choosing either to just pay off debt or just invest we have found a hybrid method of investing AND paying off debt that works for us.

FREE STUFF:


Transfer Tuesday is the day of the week where I share our financial moves to stay on track and motivate others too. Y’all are amazing and have made this series something that is so motivating to me beyond what I could have imagined!

We have multiple financial goals so to keep things interesting and motivational for myself I contribute something every week toward these goals. The more important goals to me get a higher percentage of money going toward achieving them but I still contribute small amounts to all my goals during the month. We all have multiple financial goals and I've found small contributions add up and the consistency of putting money toward what matters to you matters more than doing things perfectly.

Stay safe! Wash your hands! Be kind to people!

#transfertuesday #debtpayoff #debtfreecommunity

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SAVE MONEY*

INVEST & EARN MONEY*

MANAGE YOUR MONEY*


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CONTACT ME:

Mary Thompson
P.O. Box 240981
Memphis, TN 38124

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**The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. I am not a professional and this channel is for entertainment purposes only. Do your own research!!

*Affiliate links. I get commissions for purchases you make through links shown here. It doesn't affect your purchase in any way and the commissions help support this channel. I only recommend items I personally use and appreciate the opportunity to share.

[PenniesNotPerfection]

What have you done to reach your financial goals in the last week?

[youyou]

Stick to your plan, I’ve paid off 2 credit cards this week. One was $4, 400 and the second $1500. Only $500 left to pay off and I’ll be credit card debt free. Can’t wait to put more towards emergency funds and investment

[MsDoglover]

I am totally impressed at a 17 year old would think to have an IRA much less max it out!

[dovilepauliukaite]

Just paid off a second personal loan!! And finally got under 10k! By all accounts next month should be even more exiting! 🥳

[bridgetlove]

I agree with you, I have invested up to my match even while paying high interest debt. Now we only have very low interest or zero interest debt that is maneagble and I have ramped up our investments. I am going to continue to slow pay those debts. We also paid off some other low interest debt before we "needed" to because the debt was emotionally draining (nothing serious just silly debt like furniture payment plans).So do what works for you as long as there is progress in the right direction.

[blendeddimes]

Finally have couple goals. We are focusing on having at least a $5000 emergency fund before beginning to aggressively knock out our loans again

[QuesttoFIRE]

Yessss Mary preach! It is SO important to actually look and see how to best make your money work for you! It’s always great to be debt free, but sometimes it’s so much better to take a look at the long term picture of financial freedom, not just debt freedom! 🙌🏻🔥🔥

[skkeech]

I love your Transfer Tuesdays because it prompts me to transfer money to my savings account.

[hfrankery]

Stick to your plan 🤟🏼 One way I “stick to my plan” is by putting all my grocery money in a different checking account (capital one 360). I always overspend when I put groceries on my credit card. I know my cap one 360 debit card is only for groceries and it really helps keep the credit card bill low! 💗

[meghanhurtado]

That is great advice... I think debt is more of a mindset that you have to overcome but once you have a handle on why you were in debt then it's a "math problem"

[avanipall]

I agree with you here Mary. I think debt is treated emotionally when it should be more practical. Tasha and Joseph from 'One Big Happy Life' has been consistently saying this for over 2-3 years. They are slow paying debts which have low interest rate and practically makes complete sense but following through is sooo difficult when you know you can pay it off in a month.

[lydiah]

I’m really bummed, I have to get some dental work done and I have to put around $750 on my credit card. 😔 Bummed but I’m really glad I can get my teeth done because they’re hurting! Planning to focus on paying that off ASAP.

[mrsbs]

Awww, thanks for featuring my question :) BY NO MEANS am I a Dave follower (some of his ideas are great, but overall not a fan). I'm impatient when I have goals & I tend to rush through to meet my goals :) LOVE your channel!!

[joannasmalley]

I've not had much spare cash to save recently but I managed to put £100 into my savings account this month😊

[bayyinahb]

I maxed out my Roth IRA this week! Looking to open a brokerage fund with Vanguard in two weeks :)

[bridgetteHD]

I agree with you! I’ve been investing smaller amounts than I would like to while paying off my debt, but still making small contributions feels like great progress for my future.

[peaceandshine]

Transferred $75 to my Roth IRA.

Last Friday when I got paid, I put $400 to savings, $240 to Roth, and $171 to towards debt. $1959 left to go before I’m debt free.

[brianparent]

The only thing I regret is that we did not have a consistent plan until we reached our mid 40’s. Consistency over time is key. We have chosen to refinance our mortgage and it looks like a stupid mistake I made 8 years ago finally dropped off my credit report so we are able to get a rate that is just shy of two percentage points lower than what we are currently in. So that’s going to be huge!

[kellystudders]

Honestly, nothing. I’m still put of a job but your videos give me hope that one day my mountain of debt will be gone.

[kaseyyoung]

No Mary, your not doing well, your doing STELLAR.... Great job, great content. Come here every Tuesday and root for you. Thanks for your channel.