More with David

Don't Make The Mistake Of Paying Off Your Credit Cards!

January 12, 2021 David Bradford
More with David
Don't Make The Mistake Of Paying Off Your Credit Cards!
Show Notes

When you listen to Dave Ramsey and throw large chunks of money (a big bonus or a big commission or money from a house flip) at consumer debt -- like credit card debt, student loan debt, auto debt, etc -- you are LOSING YOUR OPPORTUNITY for that money to build wealth!

Here is a better way to both BUILD WEALTH and PAY OFF DEBT.

1. Refinance your consumer debt (nerdwallet.com or sofi.com)
2. Buy an income producing asset with your 'chunk' of money
3. Use the income from the asset to pay down the debt over time.
4. When you are debt free, you can enjoy the monthly income from the asset for years to come!

So don’t take a chunk of money and use it only to pay off debt. Instead restructure the debt and buy assets that create income for you that can then pay  off the debt and continue to put money in your pocket year after year.