Solomon D. Oh asked 8 years ago
Hi David-
I saw your article in Bigger Pockets and let me tell you, I was impressed!
I believe in Part 5 you talk about saving money which is what I am currently doing.
However My DTS (Debt to Income) Ratio is too high and I am wondering what you would do in a situation where you have some savings, but little cashflow per month.
Would you pay off the debt (car loan 2.5%) and free up money or would you keep getting minimal cashflow per month and “wait it out” over the next 3 years (car will be paid off Feb ’19).
Thanks!
SD
Hey there SD,
So right off the bat, I think you’re correct in knowing you want to pay down debt.
However, even more important than that, is the need to start making more money. If you have opportunities at work to promote, earn more, work overtime, etc., you need to be taking advantage of them. Don’t leave money on the table because you’re scared to push yourself, take on new responsibilities, or risk rejection.
The risk is worth the reward!