Time To Stop Investing?
Stopping investing during the debt snowball is all about bringing an intensity and focus to paying off the debts.
QUESTION: Jessica and her family are stuck. They are working their debt snowball, but they can’t get their brains off of stopping the investing. How can they do that? Dave sees through their eyes on this.
ANSWER: I’ve discovered that intensity is more important than math. I’ve learned that there is a power to focusing when we deal with behavior modification regarding personal finance. When you stop investing and pay off debts more quickly, that fires you up and keeps you working the Baby Steps hard. Things like attitude, behavior and hope can’t be measured by numbers.
Plus, we’re only talking about a year or two. I would never suggest that you miss a company match or something like that for 10 years. But stopping investing it for a year or two to get focused on getting out of debt; it supersedes the math. Laying into this and busting it will make you win.