I have debt service and I have to figure out how to pay this off and so you balance the start-up life and how long you’re going to pursue that versus paying off debt. It all depends on your mindset, as well as, your personal circumstances: You may worry about the debt you already carry, and the new debt you may incur. You may or may not be afraid of investing more money into a new business, or leaving secured employment. Should you prioritize debt repayment?Īlex recognizes that everyone has a different risk tolerance level. But you may also be uncertain of your exact venture, even if you know for certain that you don’t want to work for someone else for the rest of your life. It’s a much more common endeavour than it used to be. His efforts paid off, as Alex now runs two business ventures – a payments app called Payclub, as well as, his own podcast.īeing an entrepreneur might be your desired lifestyle too.
And while he still had a significant amount of student debt already, he took the chance because he wanted to have a more fulfilling life. I really went on this, I guess you could call it journey, self actualization of kind of thing distinguishing between what makes other people happy versus what makes me happy.Īlex decided to quit his job and go to business school at UCLA. Rather than spending 100 hour weeks at work, he chose entrepreneurship: But, should you follow in his footsteps? Alex says it depends on the kind of person you are and if you’re willing to take risks.Īlex had a prestigious job, earning a six-figure salary at an investment banking firm but he soon realized that he could be doing more with his time. Still owing $75,000 in student loan debt, he left a stable job to follow his passion. This is exactly the decision that my guest, Alex Grodnik, made.
For example, if you are a recent graduate, you might not want to delay starting a business until you’ve paid off all your debt.
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While that is the most prudent course of action, not everyone wants to wait until they are debt free before pursuing their dreams. Why is it important to pay off debt first? So that you are no longer burdened by it. As a Licensed Insolvency Trustee, I’ll always advise that you prioritize debt repayment.
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