What Would You Do?

Hi Barefoot

,I am 35 and on a good salary ($190,000). My question is this: If you had an investment property that, if sold, would clear $80,000, and you had personal debt of $50,000 (credit card and car loan), would you sell the property to clear the debt?

Brad

Hi Brad,

How the hell do you earn $190,000 a year -- over $10,000 a month after tax -- and think the only way out of debt is to sell off the family silverware? You need to decide whether the investment property is a good long-term investment. If it is, you keep it, and you knuckle down and you pay off your debt comfortably within 12 months, cobber. The real question you need to ask yourself is whether or not you plan on continuing to piss your money up against the wall. It’s time to harden up, cupcake.

Scott