High-interest debt like credit cards at 27% drains money faster than most investments can earn it back. Pay off debt before chasing returns, even on promising opportunities like property deals yielding 15%.
Some of you know the debt that is hooking around your neck. Like you buy a car and it looks nice and you can tell everyone that you bought this car, but you're paying like 12%. Or you've got like your credit card is draining your blood, it's draining your future. You don't even know how much interest you are paying on the credit card. You know, you're paying 27% on your credit card and then someone comes to tell you, give me 10,000, let me invest in this property business to give us 15%. You can see your maths is a little bit off. You are paying 27% for the credit card. You want to invest for 15%. If you have high-interest debt, you want to pay it off because there's no way that you can have that high-interest debt and be building wealth.
