Why I Paid Off All My Personal Debt

For those of you that know me, know that I am a huge fan of Grant Cardone's advice about money.

I have followed his advise for over half a decade and believe in it strongly.

So why would I now pay off my car, student loans, credit cards and upcoming taxes when Grant says not to?

I did follow his advice on the main come up. I leased a car for 3 years then bought it for an immediate profit, rented, owned close to nothing and invested as much as I could.

When I got started into real estate investing, I joined the Sumrok multifamily group as a foundations member around a year out of college.

On a bus tour I sat next to an investor named Iven who asked me how much I had to invest.

From being a realtor, and other summer jobs, I had saved up $36,000 (with around $25,000 student debt).

Back then making a single $50,000 real estate investment or even smaller amount was a massive deal to me at the time.

It would have been everything I had. I would have felt like I was risking it all.

Around half a decade later (2023), my net worth now exceeds $500,000.

$50,000 is around 10% of my net worth. It would be like investing $1,100 back in those days.

I took this concept of ratios and looked at my personal debts.

Ultimately they were around 10% of my net worth as well.

For the peace of mind it was worth it for me at this stage.

The benefit now is that my cash flow from my deals accumulates in a separate bank account instead of immediately being spent on bills.

This adds a sense of growing your bank account and making progress.

Each month feels like a win instead of getting by.

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