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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On the radio program this week, Glenn Beck and Pat Gray discussed a series of recent polls that suggest presidential nominee Joe Biden's expected lead may be slipping with traditionally Democratic voters.

A new poll conducted by the Jewish Electorate Institute shows that two-thirds of Jewish voters still plan to vote for the Biden-Harris ticket in November. However, President Donald Trump's support within the Jewish community is also the highest among any Republican candidate in recent history.

In more bad news for Biden, a CNN poll (yes, CNN) released last month showed growing support for President Trump among black voters in swing states. Meanwhile, his support among Latino voters remains at roughly 33%.

"I don't think it's going to go the way the Democrats hope that it will," Glenn said of the election. "If you look at the groups that the Democrats have carefully fostered ... that's falling apart. If Donald Trump can grow that by 5%, and hurt the Democrats by 5% ... that alone could swing the election."

Watch the video below to catch more of the conversation:

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We're being set up for a civil war. The Left is grooming us for an Eastern European-style revolution this election, and they're not even trying to hide it any more. The playbook for Mainstreet USA is the exact same that has been used in places like Ukraine, initiated by the same people in order to completely upend the American system.

On his Wednesday night special this week, Glenn Beck takes us through a tale of three chalkboards that will connect the dots: the Obama admin in Ukraine, the State Department's relationship with George Soros, Black Lives Matter and Antifa riots, the Great Reset, public school indoctrination, mail-in voting. It all points to something dangerous happening in November if we don't act now.

Watch the full video below:


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The left has already determined that the wildfires raging across the West Coast were definitely caused by climate change and Big Tech is determined to silence anyone who dares suggest otherwise. Facebook even announced a sweeping policy on Saturday to remove posts that claim the fires were caused by arson from far-left activists.

But on his radio program Wednesday, Glenn Beck revealed multiple arrest records for suspected arsonists in California, Oregon, and Washington — and several of those charged and arrested were also instigators in Black Lives Matter rallies, violent protests, and Antifa riots. He also called out the "news gods" in Big Tech, daring them to try to censor his video.

"I asked my staff, to see if there was any evidence [of arson] on the fires. And I don't mean evidence from Twitter. I mean evidence. Is there anybody who has been arrested for arson?" Glenn said. "Well, here they are. And YouTube and Facebook, go ahead. I want you to demonetize this clip. I want you to somehow or another say that we're lying. I want you to throttle this. Go ahead. Because then you're going to have to explain what we got wrong. And I happen to have all the documents right here. So my attorney is really ready for that throttling or demonetization. You say you're a protector of the truth? Great, here it is."

Glenn read off the first 10 arrest records, which combined allege the destruction of more than 120,000 acres and 700 structures, as well as tens of thousands of people evacuated from their homes.

"You want to tell us, PolitiFact, how you came to the conclusion ... that there was no arson in these fires?" Glenn asked. "Can you tell me how you came to that conclusion? Because your fact-check seems to be entirely false."

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Former White House press secretary Sarah Huckabee Sanders joined Glenn Beck on this week's podcast to share her unique perspective as a trusted adviser and confidante to President Donald Trump for two and a half years, which she also details in her new book, "Speaking for Myself: Faith, Freedom, and the Fight of Our Lives Inside the Trump White House."

Sarah described the unprecedented levels of corruption she saw firsthand during the Russia probe and shocking lengths to which Democratic leaders and the mainstream media would go to "take the president down."

Sarah said she often saw sides of Donald Trump that the media never covered. Recently, she went on the record denying the Atlantic's claims that the president mocked our military during a 2018 trip to France. She was on that trip, she told Glenn, and her account of what really happened paints a very different picture.

"The people who are making this outrageous charge are such cowards for doing so in an anonymous way. If you really believed this, and believed it was wrong, one, why did it take you so long? And, two, put your name on it the way the rest of us have," Sarah said.

"He didn't say those things. Not only was I there that day, Glenn, I spent two and a half years traveling all over the world with the president, watching him interact with men and women of our armed forces almost every single day during that two-and-a-half year period," she added.

"This is a person who loves America and loves the people who allow the rest of us to live in America, free, and have prosperity. And I got to see that a lot. I think it is shameful that people are trying to distort who he is and what he has done, particularly when it comes to the men and women in the military."

Watch a clip from the full interview with Sarah Huckabee Sanders below:

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