Paying Off Debt vs Investing Money | Quick Money Mondays

Published: Feb. 24, 2019, 8 p.m.

b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/paying-off-debt-vs-investing-money-quick-money-mondays\\\\/#arve-youtube-eicozv3mk0k659a0b2c5355c704918875","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/eicozV3mK0k?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\n\\n\\nWhen it comes to trying to improve our cash flow position and trying to achieve financial freedom is it better to pay off debt or invest money? Which is going to be the better option for you?\\n\\n0:00 - Introduction\\n0:28 - I love love love talking about money\\n0:55 - This is something I\'m wrestling with in my life\\n1:50 - How does paying off debt vs investing affect our cash flow?\\n3:14 - Thought experiment using $100 to pay off debt vs investing\\n5:45 - Investments have potential unforeseen upside, but debt doesn\'t\\n7:48 - What I\'m focusing on this year\\n8:50 - The bigger the numbers get the more significant the decision is\\n10:24 - Don\'t only think about money logically\\n10:57 - What do you think you\'re going to do?\\n\\nRecommended Videos:\\nSaving Money vs Making More Money - https://www.youtube.com/watch?v=NFXMGtscAyo\\nTranscription:\\nWhen it comes to trying to improve our cashflow position and achieve financial freedom, often we still have some debt in our lives. So we want to invest, we want to grow our wealth, grow our passive income, but we also want to pay off our debt. So it\'s a better to invest our money or is it better to pay off our debt? That\'s what we\'re gonna be talking about in today\'s quick money Monday episode. Hey, I\'m Ryan from on-property, helping you achieve financial freedom. And every Monday we sit down and talk about a new money concept because I love talking about money and there\'s a lot of people out there who love talking about money, but there\'s a lot of people who don\'t and you might not have anyone in your life that you can talk about this stuff with. So just feel like we\'re having a chat today to talk about these concepts around, is it better to invest or is it better to go ahead and pay off your debt?\\n\\nAnd this is something that I\'m wrestling with and thinking about in my life as 2019 is going to be a big year of getting Alison debt that I accumulated through some stuff I went through last year. So getting out of debt and getting in a position where I can really begin to build my wealth again and work towards a financial freedom. So we then do some thought experiments today, look at the pros and cons of paying off debt versus investing. Look at how can it, how it can affect our cashflow. And there\'s some really interesting things in there that you might not have thought about or might not expect and how dramatically different scenarios can basically double your cash flow benefit. So we\'re going to look at that and then obviously you can decide what\'s going to be best for your life. This is for general educational purposes only and not a financial advisor.\\n\\nSo you do what\'s best for you. Speak to professional if you want to about this sort of stuff. So let\'s get into the thought experiment about the benefits in terms of our cashflow for paying off debt versus actually investing the money. And for me, when it comes to making financial decisions, I\'m all about the cash flow effect that financial decision has. I think this comes from listening and reading so much Robert Kiyosaki and understanding that in order to be financially free, you need more passive income coming in than you have expenses going out. So the way to move towards financial freedom is to grow the passive income, but at the same time, reducing those liabilities and reducing those fixed costs in your life so that you have less than you need to pay for. So for me, when it comes to thinking about debt reduction versus investing,'