Should you save money when in debt?


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Question: Should you save money if you still have debt?

A question I’m frequently asked by my readers is if they should build their nest egg or save money while they still have debt.  As peculiar as it may sound, usually the answer would be ‘yes’.  In most cases I recommend using 10 percent of your funds for debt repayment and 10 percent for your wealth accumulation, even if you are losing a few percentage points in interest.  I call this the 10/10 payoff.  The reason for this is psychological. If you’ve been struggling with debt for some time, it is important, emotionally, for you to see the growth of your wealth. If you’re not seeing your wealth increase, you will be less motivated and, ultimately, less likely to succeed.

I can best explain this principle by sharing a true story.  I once had a friend who weighed more than 350 pounds.  After years of struggling with his weight, he decided to do something about it once and for all.  He put himself on a remarkably intense and painful diet.  All he could eat was a foul-smelling protein goop four times a day.  He was miserable but he stuck to it.  After the first thirty days he had lost close to 50 lbs.  Although this was a tremendous success, to him it didn’t feel like one.  He still weighed more than 300 pounds. No one (outside those of us close to him) was congratulating him or telling him how good he looked.  Women weren’t giving him a second look.  He still needed the seat belt extender on his airplane travel. With all the hunger and pain he had endured and with no positive reinforcement to inspire him, he quit.  I’ll never forget the day he said to me, “C’mon, Rick.  Let’s go get some pizza.”

Whether you’ve fallen a hundred feet or seventy-five feet deep in a well, it’s still dark and cold. If you’re a hundred thousand dollars in debt and manage, through great sacrifice and hard work, to pay off fifty thousand dollars, life doesn’t really seem all that different as you’re still deep in debt. However, if you were to pay off twenty-five thousand dollars and had twenty-five thousand dollars in an investment account earning interest, you would feel different.  Success fuels success.  Lack of success fuels nothing.

There are two other reasons to build your nest egg as you pay off debt.  First, I’ve noticed that many people develop what I’ll call a debt metabolism.  This is how one woman explained it to me; 

“It seems we’ve always had fifty thousand dollars of debt.  No more, no less.  Then, when my mother died, we were left an inheritance of a little more than fifty thousand.  The first thing we did was to pay off all our debt.  But within six months we were right back to fifty thousand in debt.  I guess it’s what we were used to. If we had put the money aside or gradually paid off the debt I think we could have changed our habits.”

The second advantage to simultaneously saving and paying off your debt is that it will help train your new lifestyle. Once your debt is paid off, just apply the extra 10 percent to your savings and investments to accelerate your wealth accumulation.  America’s millionaires save, on an average, about 20% of their income, so, if you do this, you’ll be saving like a millionaire.

The only time I don’t recommend that you simultaneously build wealth as you pay off debt is if you are trapped in a ridiculously high interest rate and have no means of escape.  But even in this scenario I would recommend that you save a minimal 1% – 2% of your income in a wealth account in order to build a habit of saving and reward yourself with a small sampling of hope.

Richard Paul Evans is a #1 New York Times bestselling author and the founder of the 5 Lessons Institute.  (5Lessons.com) His new book is called: The Five Lessons a Millionaire Taught Me for Women.  To order the book click one of the online retailers below:

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There is no transparency when it comes to the Biden administration, and Texas Republican Sen. Ted Cruz's recent exchange with the FBI’s Jill Sanborn is just another example. When questioned about alleged involvement the FBI had on January 6, 2021, Sanborn refused to answer almost every single time.

Do our government officials still work for us? Take a look at the latest headlines: The DOJ and U.S. Army are preparing for possible conflicts with "domestic terrorists," Biden's education secretary allegedly requested the NSBA letter that suggested treating upset parents like domestic terrorists, and President Biden said if you're not with him on the Democrats' voting bills, then you're with the Confederacy. Meanwhile, the FBI won't tell Congress whether it was involved in the the Jan. 6 Capitol riot and the corporate media insists that there's nothing to see here, especially concerning Ray Epps.

The American people are concerned, and it’s "extraordinarily disturbing" how far the federal government goes to avoid answering our questions, Glenn Beck said on the radio program. There's a very odd growing trend here: Our leaders, including the unelected ones, no longer answer to the people. This must stop now.

"The question that I have is, where is the transparency? And is anyone going to be held accountable? They are not afraid of our senators. They are not afraid of Congress," he stated. "This has got to stop. They have got to answer to the law. This is an oversight committee. Who is in charge, the FBI or the people? Once the people are not in charge and are not allowed to see the secret documents, we are toast. Toast!"

Watch the video clip below to hear for more from Glenn:

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On Wednesday's "GlennTV" special, Glenn Beck explains it all in this sneak-peek episode — a primer to his new book and the upcoming explosive, in-depth special: “The Great Reset: Joe Biden & the Rise of 21st-Century Fascism.” Co-author Justin Haskins joins along with Glenn’s head writer and researcher, Jason Buttrill, to answer audience questions about a topic that the media has tried to censor and “fact-check.” You will be equipped with everything you need to know about what the global elites of the world have planned for the transformation of society and YOUR life.

Watch the full episode of "Glenn TV" below:


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Sen. Paul joined "The Glenn Beck Program" Wednesday with his response and explained why he believes "people live in fear of what [Fauci] will do to them."

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"Look, I've been on the receiving end of semi-automatic gunfire. I was 20 yards away from Steve Scalise when he almost died. I was 10 feet away from a staffer that was shot. And, you know what? The guy doing the shooting was a Bernie Sanders supporter. But not one of us, not one of the Republicans on the ball field, said, 'Oh, it was Bernie Sanders' fault.' But that's the juvenile level of personal attack that Fauci is now stooping to. He is saying that the personal threats he gets are actually the fault of his critics."

Sen. Paul continued, "But the thing is, [Fauci] needs to answer the question. Everything he did in the committee yesterday was misdirection so he didn't have to answer the question. The question was, why did he smear three scientists from Stanford, Oxford, and Harvard? Why did he smear them as fringe epidemiologists? And why did he conspire against Francis Collins to take them down in a very public way? He wouldn't answer the question."

Watch the video clip below to hear more of Glenn's conversation with Sen. Rand Paul:


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The Heartland Institute's Justin Haskins joined Glenn Beck on the radio program to break down the results of this exclusive poll, including the disturbing revelation that roughly half of Democrats polled supported shockingly authoritarian COVID-19 policies. For example, nearly half of Democrats polled said they think federal or state governments should require unvaccinated people to live in "designated areas or facilitates," or essentially camps. Nearly half of Democrats supported a proposal "to fine or imprison individuals" just for questioning the efficacy of the existing COVID-19 vaccines on social media, television, radio, or in online or digital publications. And, when asked if people who refuse to get vaccinated should lose custody of their children, 20% of Democrats answered "yes."

But the poll showed some good news, too. Watch the video clip below for more details:


Glenn and Justin’s new book, ‘The Great Reset: Joe Biden And The Rise Of 21st Century Fascism’ is available to order now.

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