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I just shifted my focus to primarily pay down my debt as much as possible. I'm using the snowball affect and it's working really well (I pay one account off, then put that money toward the next, and so on). I just feel like I'm spinning my wheels if I'm trying to build wealth while simultaneously chipping away at debt. Seems counterproductive.
Yeah it’s tough. I feel like if I only focus on my debt, I’ll have no savings for like 15 years and that’s just not okay either
I get that, I feel the same way because paying off student debt feels like throwing money into a pit. That being said, any money that you save isn't really savings because the debt interest is accruing. For me, I decided to throw my entire savings account at my student loans a few years ago and took a second job to aggressively pay it down. Eventually I finally paid off my student loans and seeing the savings grow is very satisfying.
It really does feel like throwing money into a pit!
Work on paying your debt down/off. Once that is done, only increase your assets if you can pay for it without incurring debt. If you do incur debt, don't buy anything needing credit again until the last purchase is completely paid off. I hate using my credit card because I look at each purchase and add what the interest costs would be overall. That usually keeps me on budget.
I guess my issue is that if I only focus on debt and don’t save, it’ll be probably 5-7 years before I’m able to save
Am I wrong? Lol. I've set savings / investments rate to achieve what I'll need (conservatively) in retirement. I probably carry a higher debt load than I should, but still pay (slightly) more than minimums and put "extra" (OT, side work) on debt when it comes.
I am with you OP. I am the exact same way. It feels like no matter how hard to tackle that debt I will truly never get it paid off.