An article by Dayana Yochim at The Motley Fool gives the reader license to invest in the market while in debt — as long as the debt is good debt and not bad. Even if the debt is bad debt (credit cards), she suggests investing what you can while keeping to a plan to get out of debt in six months to a year.
My thoughts on debt came mainly from my father, who was in debt most of his life despite taking in a significant amount of income. He’s completely out of debt now and is a strong advocate for staying out of debt.
Speaking of debt, an article on MSN Money features a young woman who managed to rack up $12,000 in credit card debt in four years after having none when she gradutated from college. She says:
“You have this conflict that young people face. . . . They’re supposed to have a certain material status, but there’s a huge gap between reality and pop-culture depictions of young people’s lives. They grew up thinking that a waitress and a sous chef (on the TV show ‘Friends’) could afford a huge two-bedroom in SoHo, which is ridiculous.”
It’s more difficlt when I look around and I see more and more people close to me able to afford buying condos and such. They may be getting a little help from somewhere, but once they buy their condos, they’re in a good position to let their property appreciate and they get the benefit.
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