Ben needs your help
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Here’s an email I just got. It’s a good one. Instead of just trying to answer it myself, I thought I would put it on IWillTeachYouToBeRich and see what other people think. Let’s try to get a few good responses up here.
Ben Clark writes…
My question is simple. You write so positively about people our age investing (and investing aggressively), and I’ve seen the calculations and it makes a truckload of sense. However, it has been my experience that most of us have student loans and credit card debt — in other words, we’re in the red, despite what little cash on hand we may have.
If I am paying interest on student loans (only about half of my total debt is the interest federally subsidized), and I’m paying interest on credit cards each month (despite your advice to pay it off, that’s harder than it looks), shouldn’t I take the money I would invest and instead try to pay down the debt?
If that’s the case, what advice would you give to someone who will likely be in debt for $30k-$40k in a few years? Am I just S.O.L. when it comes to any sort of financial security in the future, or can I still try to get a leg up?
Thanks for all your help, and thanks in advance for any advice you can offer regarding this. I’m sure I’m not the only one wondering this!
What do you think?