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RE: 5 Personal Finance Lessons That Changed My Life

in LeoFinance2 years ago

If you have a number of debts (loans, medical, car repair, credit card, etc.), prioritize the largest debt first even while paying down the others. Once the largest debt is gone, what had been the 2nd largest debt becomes the largest debt; this one gets prioritized.

It becomes easier to pay down debts this way, and then what money had been going to pay down debt can be diverted toward investment (including HIVE & LEO).

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Yes Magna. That's the best way to go. Hit the biggest one first to release the pressure on yourself.

I won't follow this as a hard rule though. Everyone's situation is different but yours is the most apt way to do it. 🔥

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There are debts which take higher priority than those with large amounts. This is how I handled mine in the past:

Failure to pay...leads to...
taxesjail
renthomelessness
big-ticket merchandisereposession
the restbad credit

Even this can vary from person to person, but within a category of debt, pay down the largest first.

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