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102. Should I Pay Down Debt or Invest
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Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we discussed whether to pay down debt or invest surplus money. We highlighted that with higher interest rates, people are paying more attention to their debts and also their cash flow. In turn, people are questioning whether they should be putting more money towards these debts or if they should be putting money towards investments.
We mentioned considering deductible versus non-deductible debt and factoring in the retirement time frame when making decisions about debt repayment. Additionally, it's crucial to consider risk tolerance and comfort levels when deciding whether to prioritize paying off a mortgage or investing money into growth assets.. Understanding the importance of having a strategy, seeking advice, and considering long-term goals when making financial decisions is a critical aspect to determining the right strategy..
By tuning in, you'll grasp the nuances of risk tolerance, comfort levels, and how they influence prioritizing mortgage payments over investments. Gain valuable insights into crafting a financial roadmap, seeking expert advice, and aligning choices with long-term goals. Don't miss out on this episode, where financial wisdom meets actionable steps towards a secure future.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
Considerations for what decision you should make
The ‘sleep test’ as a starting point
Exploring different options and scenarios
Tax implications
Shaving off years from the mortgage
Balancing debt repayment and wealth creation
Emotional responses
Debt recycling strategy
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