Holistic Wealth | Paying Down Debt vs Saving and Investment

So today we’re going to be talking about the age-old financial discussion about what should I do, should I pay off debt or should I save and invest with the little I have left once I pay my bills and it’s an age-old discussion in the finance world and

different financial experts have different opinions on what you should do and I’ve been getting the question especially since I wrote my book holistic wealth and I want to bring that

perspective and my learning and my unique experience to tell you why I think you need to do both at the same time the best you can so remember these two concepts that I keep talking about financial resilience and financial losses or coolness we both need to be we have to embrace both of those concepts

at the same time and so being financially resilient means that you can bounce back after any setbacks and that you can bounce back and progress in your life and that’s what financial resilience means financial resourcefulness, on the other hand, means that you can leverage the resources that you have to create more and so it’s being resourceful and it’s a mixture of that knowledge your finances your money

and how you can draw those together to be financially resourceful so in order to do that it means that you have to do both you have to be in a situation where you’re paying down that as well as saving and investing no matter how small they are and it’s based on our unique circumstances as well and so for those who have lost jobs during this period what I would say is it’s important here during this time to set yourselves up to learn what you need to

do so that once you get back into a job once in economy

real things that you can leverage that knowledge that you gained from this experience to invest more y’all should

have emergency savings fund we all should have that pot of money that we call or-or-or resilience fund that helps us to get over any setbacks we might have and my unique experiences many of you know I was widowed at 31 with two

young children and luckily we had put measures in place to enable me to be financially resilient and financially

resourceful in that we had a life insurance policy which is part of the financially resilient and ensuring that there was an emergency savings from and so forth but it’s very important even during this period when we’re all at home we all have extra time on our hands to learn the things that we will

probably not you know taking the time to do like learn about investing you know learn more about our own personal

financial identity because once the economy starts to open back we’re going to be tempted to go out there and make

big purchases we’re probably going to be tempted to go out there and get together with our friends that we haven’t seen in a while and spend even whether it’s at restaurants even minor spending can add up and a greater implore you not to be tempted to get into that mindset I’m going to implore

you to channel the holistic wealth mindset and think about what is an addition to your personal holistic world bank account and keep filling that bank account because COVID 19 has shown us disruption can come it can come immediately we don’t get much time to prepare and so we have to live our lives daily in preparation of disruption you know ballistic work is the art of recovery from disruption and so that’s why I think in answering that question we have to be mindful that it’s

imperative to do both it’s imperative to both teardown debt and save and invest in order to live a holistically wealthy lifestyle and so as we go forth and you’re thinking about how to manage your finances you’re thinking about the best  way to budget the best way to save and I know for lots of us there’s not much left after paying the bills…

Paying Debt vs Saving

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