While we should live within our means, most people would make very different choices if money wasn’t an option. Having said that, money should never be the end goal.
We know we play this tune like a broken record, but paying off your debt as fast as you can is one of the most effective ways of having Money Earned through Money Saved.
The trick with paying off debt at a faster pace than your loan term lies in the fact that any extra you pay goes directly toward the loan balance and not to interest.
Many people make the mistake of waiting to invest. They usually have many expenses (lots of debt), little savings, and things they’d rather spend their money on.
The only possible explanation for this finding is that people are spending way more than they should be on unnecessary things, and often the more money you make the more you spend it.