LETTER

Saving for Retirement with $152K in Debt

Ben Le Fort
Nov 1 · 3 min read
Photo by Christian Erfurt on Unsplash

Happy Friday,

I just finished sections 4 and 5 of the online course which will deal with debt repayment (section 4) and retirement savings (section 5). I have purposely placed these sections of the course back-back because the reality is that a lot of people these days are having to find a way to save for retirement, while they are still carrying debt.

It’s no easy task and even if you choose to focus on paying off your debt before saving for retirement, you still need to be aware of what you will need in retirement and have a plan in place you can begin moving towards the second your high-interest debt is paid off.

To that end, the first of the three stories I share with you today focuses on one families struggle to save for retirement while still holding substantial debt.


Saving for Retirement with $100,000 in Student Loan Debt

Photo by NeONBRAND on Unsplash

A 40-year old couple with two young children recently posted in Reddit’s FIRE subreddit looking for some help with their financial situation. They describe themselves as “not good with money” but they don’t want to find themselves working into their 70’s with no real retirement plan.

They have over $150,000 in non-mortgage debt and are looking for help.

Read the Full Story Here


Should I Leverage My House To Invest?

Photo by Jarek Ceborski on Unsplash

Staying with the theme of debt and investing, I give my take on the concept of using your house as leverage to invest. This usually means refinancing your mortgage or taking out a Home Equity Line of Credit (HELOC) to invest.

I overview the potential benefits and the increased risk you expose you and your family to when engaging in this type of scheme.

Read the Full Story Here


Should I pay off my Mortgage or Invest?

Photo by Precondo CA on Unsplash

Finally, another angle on the pay debt or invest question. Should you focus extra money on paying off your mortgage early or investing? In this article, I run through the numbers and give my take on when it makes sense to pay the mortgage and when to invest.

Read the Full Story Here



This article is for informational purposes only, it should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions

Making of a Millionaire

Stories about money, personal finance and the path to financial independence.

Ben Le Fort

Written by

Sharing the lessons I’ve learned on my journey from debt to Financial Independence. Email me for freelance inquiries: makingofamillionaireinc@gmail.com

Making of a Millionaire

Stories about money, personal finance and the path to financial independence.

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