In the past couple of years since writing “How To Be Debt Free Fast!” I have seen money experts give really stupid advice on different talk shows about growing savings while paying off debts. They say you should put away some of your paycheck every month. This is stupid advice for someone wanting to pay off debts. The only exception would be if your employer matches your contributions to your retirement fund. As I wrote before, only contribute up to the amount the company will match and no more.
I’ll say this again to make it as clear as possible; your bank will pay you less than three percent interest; the stock market will return 10% on average over any twenty year period. On both of these you will pay taxes at the end of the year.
If you invest your extra money into pre-paying a sixteen percent interest credit card, your return on investment is sixteen percent and it is tax free.
If you have an emergency that requires money you will still have the available credit on your credit cards. If you don’t have an emergency (which is most likely) you will have paid off much more debt and saved much more money than you could have gained by saving money in a bank or anywhere else.
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