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Jwing01 t1_j6fo8r1 wrote

Yes, beyond a very modest emergency fund. If you want it gone, you need focus. This is a simple question of priority and not doing every step at once.

Note: I expect some counter-arguments, especially on car loans, but you stated your goal. If this is about math, yes it is possible to outearn interest paid elsewhere. If this is about freeing yourself from a debt ASAP, its a simple shovel and dirt problem. Make your shovel bigger to move the dirt faster, and don't use part of it to dump dirt elsewhere.

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julianorts OP t1_j6frg0b wrote

I’m not sure I get your shovel metaphor!

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NickatinaGold t1_j6fvgf2 wrote

Let's say you want to dig a hole. A small shovel will dig it in 100 scoops. A big shovel can move more dirt so it will dig it in 50 scoops, so it will take half as long.

Let's say you want to pay off your $10,000 car loan. If you pay $100 a month, it will take 100 months. If you pay $200 a month, it will take 50 months, so it will take half as long.

Bigger shovel = more money towards your car loan

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Maximus15637 t1_j6ib1rh wrote

As an archaeologist with a lot of real shovel time this one bugs me. There are diminishing returns for shovel size, at least for shovels operated by hand. If your shovel gets much larger than a regular shovel then it becomes too heavy and unwieldy. I can’t just show up to site dragging a 50 pound 8 foot wide shovel monstrosity and expect to dig any faster! Unless of course it’s attached mechanical excavator, but now the metaphor is really dying.

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