A while back, MD of Studenomics wrote an awesome post about investing in yourself. It is a theme he is very into and has written about a few times, such as last week’s post on the worst way to save money. It is an important topic, but it has created a certain dilemma for me.
When I launched my $3000 challenge in February, I pledged to use all income from online endeavors towards paying off the remaining balance of a credit card I closed in 2006. So far, I’ve kept that promise.
In the next few weeks, one of my sites will be hosting my first ever sponsored post (I’m not telling you which one, G!). I’m very excited about it. While I can’t reveal how much I’ll be making, it is larger than other payouts I’ve received thus far (sadly, not at all difficult). It could take out a nice piece of that debt. Very helpful, because I’m not at all close to my target.
On the other hand, there are a lot of things around here competing for my attention (and money). I still really need to move my hosting, I’ve been wanting to hire a consultant to give me some SEO help, and I’ve got a couple projects on the back-burner waiting for their chance. The money I’ll be receiving could cover all of that. But there won’t be anything left over for paying debt.
In essense, the dilemma is this: do I use the money to pay off debt, like I said I would, or do I use it to invest in projects that could produce more money to pay off the debt?
If you were in my shoes, which option would you choose?
- How can you Get Rid of Your Debt with These Debt Defying Strategies (helpwithdebtnow.com)
- Controlling The Four Letter Word…Debt (autofinancenews.org)
- Debt dilemma – should you be paying it off now? (simplybusiness.co.uk)