You may have heard that you should wait until you’re completely debt-free to start investing in the stock market or cryptocurrency, but that couldn’t be further from the truth, according to financial literacy coach Dominique Broadway.
“You shouldn’t let debt stop you from investing, because I’ve seen a lot of people who successfully start investing and then use the money from their investments to pay off their debts a lot quicker,” says Broadway, the CEO of Finances Demystified.
According to Broadway, leveraging an investment that grows quickly is an overlooked debt-repayment strategy. “There has to be a little dance to make this happen, but I think it’s doable,” she adds.
Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.
