Quote:
Originally Posted by maat55
people take on more debt because they make larger incomes, when they could have lived on less to pay off debt.
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I agree with you here. Most people allow their income to dictate their lifestyle. More money = more stuff. What should really happen is that as income rises, debt should get paid off and savings should get built up. Sure, you want to enjoy some of the fruits of your labor, but you don't need to spend all the extra you are earning. You'll be a lot better off in the long run if you keep living lean and get rid of debt and build savings rather than elevating your spending to match your rising income.
That said, this is not the topic of this thread. Debating what OP should or shouldn't have done in the past isn't really of value to the OP (though it might be helpful to others reading this who are at a different stage of life). OP is already paying an extra $20,000/year to debt repayment, which is great. The question is if he should continue to do so or slow down the debt repayment and put more in investments.
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