Fact: We all want to increase our income and pay off all our debt.
Truth: Our priority should be to build wealth, then gradually retire the debt.
Reason: As you invest and build wealth, you can begin to use some of your profit to retire your debt.
Advantages:
- It provides you freedom and control of your life.
- You live within your means and save more because you have a goal.
- You can retire your debt with your profits or gains.
- You can plan and budget for big expenditures.
- You can plan well ahead for your retirement.
Disadvantages:
- It takes time but it is worth it.
- It might take a longer time to fully retire your debt.
Let’s rethink our strategy and focus on wealth building as this will give us financial rest!