VIDEO: Pay down debt, build wealth simultaneously — ‘it doesn’t have to be either or’
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CHICAGO — In this Healio video exclusive, Brittne Halford, MD, MPH, and Altelisha Taylor, MD, MPH, both from Wealth Minded MD Podcast, discuss key tips on how to leverage debt for financial freedom at Women in Medicine Summit.
In their talk, Halford, internal medicine physician at Emory University Hospital, and Taylor, family medicine specialist at Emory University School of Medicine, highlighted key ways to tackle debt.
“Oftentimes when we think about building wealth, we’re thinking about investing our money. And, yes, that’s one way to build wealth, but paying down that debt — especially high-interest rate debt — is another way to build wealth,” Taylor said.
Halford said, “You can actually utilize debt to grow your assets faster,” adding that “you have to think about the biggest expense you will have as a high-income individual, which is taxes.”
In closing, Taylor posed the question, “Should you invest, or should you pay down debt?”
“It doesn’t have to be either or,” she said. “You can make a lot of progress by attacking both of them simultaneously.”
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