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His debt is a 10 year loan at a 4 interest rate with monthly payments of 350.
Pay off debt or invest. By crunching the numbers its easy to see whether paying off debt or investing is the smarter choice. The dilemma of this choice comes from the want of investing and the need of paying off debt. You are getting the same return on your money.
The sooner you eliminate debt the less interest you will have to pay on that debt. When you receive some extra money it may be difficult to determine whether you should invest the funds or use them to pay towards liabilities. The first is that there are very few investments available right now that will earn you a return in the high teens.
Paying off debt may seem like a good idea but there are some things you may want to consider before you do. Some people hate debt. Those still wondering if they should pay off debt or save should consider the benefits of maintaining a liquid financial position.
This will likely be your credit cards. If the interest rate of your loan is higher than the anticipated growth of your investment you should always pay off your debt first. That 12000 alone compounded over 35 years in a market seeing 6 return will turn into 92000 by the time Adam is 62.
Paying off low-interest debt sooner may not be best especially if you expect to earn more elsewhere. If you know the rate your investment portfolioor an investment such as a mutual fund or stock youre considering if you dont already have a portfolioearns use it as a benchmark to determine which debts to pay off before you invest. 7 Principles That Determine Whether You Should Pay Off Debt or Invest 1 Attitude Toward Debt.
Even though hell pay an extra 1000 in interest because Adam is paying off his loans so fast taking advantage of some investing while paying off his debt would net him an extra 90000 in the long run. In general the rule of thumb is that you should both pay debts and invest. If you have a low interest rate on your debt this may be something to think about investing more instead of trying to pay off your debt as soon as possible.
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