010: To Save Or Not To Save


Erik Smith talks about whether people should save and invest when they have credit card, debt, student loan debt or other debt. 



  • This episode was inspired by a common question most people have now a days since many people have debt especially with student loans; Many are unsure whether they should pay off their debt first then save or save and pay off their debt later.  
  • It is important to start the habit of paying ourselves first because we are more important than the institutions that we owe money to and have to prepare for our financial futures while thinking long term.
  • Most of us have a habit of spending money on something that will not benefit us compared to saving/investing. Some examples are Starbucks and smoking. In the case of smoking it actually damages our health so we end up spending more money on medical care. If we even limit the habit and not necessarily eliminate it we can still start small and build the habit that serves. 


  1. Pay ourselves first then pay the other institutions.

  2. Start small as it helps us build confidence and the habit of taking care of us. 

  3. In order to take care of others and/or our debts we have to put on our financial mask first. 


  • If I am the one thats going to pay these other bills then I should pay myself first because I am more important than these other companies. –Erik Smith

  • We can start somewhere to build that habit. –Erik Smith


Check out this episode!

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