- Some experts say you should wait until you’re debt-free to start investing in crypto or stocks.
- But personal finance expert Dominique Broadway says you can do both at the same time.
- The key to balancing investing and debt payoff is knowing your loan interest rates.
- Read more stories from Personal Finance Insider.
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.