Hi Money Minder,
So, here’s the deal – I’ve got about 12k in debt because of moving and school expenses. The good news? I should be getting around 8-10k back in about 3 months. Right now, I have just enough in my stock market account to cover the 12k debt. I’ve stopped all my savings and deposits to the stocks to focus on paying off this debt.
Do you think I should pull out all the money from the stock market to pay off the debt in full or most of it? Or should I wait a bit and see how things go? Any tips, tricks, or ideas you have would be awesome. Thanks a bunch!
Keep rockin’,
Moneywise Marissa
Response from THE MONEY MINDER:
Hello There,
Hello,
I understand the dilemma you are facing with your current financial situation. It’s always challenging when unexpected expenses accumulate, especially to the tune of 12k in debt. However, it’s promising to hear that a significant portion of that amount will be reimbursed in three months.
Considering your circumstances, it seems like a practical approach would be to utilize the funds from your stock market account to cover the outstanding 12k debt. By halting your savings and stock deposits for the time being, you are already taking steps to address the issue head-on.
Given the uncertain nature of the stock market and the immediate need to clear your debt, it may be advisable to pull the money from your stock account to either fully or partially cover the 12k debt. This way, you can avoid accruing any additional interest or fees associated with your debts.
Ultimately, it may be beneficial to prioritize financial stability and debt repayment over potential stock market gains at this moment. Once the debt is cleared, you can resume your savings and investment strategies with a more secure financial foundation.
I hope this advice provides some clarity on how to tackle your current situation. If you need further guidance or resources, please don’t hesitate to reach out. Best of luck with your financial endeavors.
Farewell from THE MONEY MINDER.
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