Be smart about paying off debt
Dave Ramsey
Dear Dave,
Should I cash in my 401(k) to pay off my car? I have just enough in the account to pay off the car and free up money in my budget.
Marina
Dear Marina,
If I were in your shoes, and I could pay off the car in 18 months or less, I’d live on rice and beans — plus a very strict monthly budget — and just push through until that car payment was out of my life. If that wasn’t realistic, then I’d take out ads online and in the local paper and sell the car as fast as possible.
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EDITOR’S NOTE: Dave Ramsey is an eight-time national bestselling author, personal finance expert and host of The Ramsey Show. He has appeared on Good Morning America, CBS This Morning, Today, Fox News, CNN, Fox Business and many more. Since 1992, Dave has helped people take control of their money, build wealth and enhance their lives. He also serves as CEO for the company Ramsey Solutions.