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Author Topic: in debt but want to invest.  (Read 921 times)
Alisha-k
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October 31, 2022, 05:59:38 AM
 #101

Investing when in debt is a sign of wickedness. The loaner should have made their own budget on the loan you took. If it will be difficult to invest after paying the debt then at least the loaner should get upto 80% of the amount then the remaining 20% can go for investment with the mind of balancing the 20% as soon as some profit are made.

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October 31, 2022, 10:44:14 AM
 #102

right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?

The problem with investing is that there is a win or lose aspect to it, which means if things don't go as planned... You will not only lose money on the investment capital, but also have unrepaid debt which could get you in bad books with the creditors.

My advice is you need a clear mind for best investment decisions which can start with settling your debt, those investments you have going can be put on hold for now.

R


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October 31, 2022, 09:33:52 PM
 #103

Go clear up your debt.
One major rule in Bitcoin investment, is not investing borrowed money and always invest what you can afford to lose. Investment in crypto should be done with money we aren't wanting to use anytime soon. If you're in debt and still want to invest, you should know that you're not doing the right thing as you might be making financial decisions under pressure and might want to grab every opportunity presented to you which might even include some scam opportunities as well.

R


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November 01, 2022, 12:10:35 PM
 #104

right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?

The problem with investing is that there is a win or lose aspect to it, which means if things don't go as planned... You will not only lose money on the investment capital, but also have unrepaid debt which could get you in bad books with the creditors.

My advice is you need a clear mind for best investment decisions which can start with settling your debt, those investments you have going can be put on hold for now.

Agree, but it would be best if you should pay half of your income for your debts. I saw that you want to invest and are very eager to earn money but what I suggest is if you don't want to wait until you have paid off your debt, try to manage your income or earnings, half of it for debt, half of it for investment. Trading, investing, or business has a real risk of losing money; I don't know if you are thinking of the downside that you can lose all your money in an investment and don't have a backup plan. You should always think of both sides and play safe on it.
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November 01, 2022, 02:03:49 PM
 #105

Investing when in debt is a sign of wickedness. The loaner should have made their own budget on the loan you took. If it will be difficult to invest after paying the debt then at least the loaner should get upto 80% of the amount then the remaining 20% can go for investment with the mind of balancing the 20% as soon as some profit are made.

There are some people who do that, but they can succeed. I don't think it can entirely be considered wrong. There are people who have understood his abilities and they are able to pay off their debts. But I know not everyone has that expertise. You have to understand how much you are capable of, if you believe you can then it's not wrong.
But people who are in debt have an obligation to return then if they don't have the expertise to invest then it's better to pay off your debt with some of the money you can gradually.

R


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November 01, 2022, 08:13:03 PM
 #106

There are some people who do that, but they can succeed. I don't think it can entirely be considered wrong. There are people who have understood his abilities and they are able to pay off their debts. But I know not everyone has that expertise. You have to understand how much you are capable of, if you believe you can then it's not wrong.
But people who are in debt have an obligation to return then if they don't have the expertise to invest then it's better to pay off your debt with some of the money you can gradually.
This is a very dangerous path, if there are still debts, then the first thing you need to do is change the reasone, which led to debts (need to change mindset and habits). After that, you need to think about creating capital and investing. I read in some book, I don’t remember the name now, that there is a way to get out of debt and invest at the same time. It is necessary to agree that you will repay the debt in equal parts (possibly smaller if necessary) and at the same time you will invest part of the money of 10% of your income, and repay another 10%. I do not entirely agree with such a strategy, because the bank may not agree to extend the term of the debt, or this will lead to an increase in the amount that will have to be paid. I am a proponent that the debt should be closed as quickly as possible and then fully focused on investing.

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November 03, 2022, 06:56:08 AM
 #107

First and foremost, figure out how to make money and pay off your debts. After that, you can put your money into the market. It won’t be a wise choice to invest in the market while being in debt.
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