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Ask Dave

Stop Investing

Cory needs to stop investing and doing anything except focus on his extensive debt.

QUESTION: Cory is deep in debt, and wonders if he should keep investing while paying on it. He has $300,000 in debt, including the house. He has a rental property and $100,000 in student loans, and makes $100,000 a year.

ANSWER: Stop your investments. Don’t clean them out, just stop adding to them. You’ve got to focus to clean up these debts. Put the rental property on the market and try to get rid of it. You’ve got lifestyle issues that you need to cut, and you need to stop doing anything except focus on the debt.