Automatic debt payment #

Prioritize paying off high-interest debts, such as credit cards or personal loans. Eliminating these debts will free up money in the long term, reducing the burden of interest payments.

If the interest is lower than what you can get from passive income investments, focus the money there instead.

Credit cards #

Credit cards usually have a high interest rate compared to other types of loan.

If you have one, it’s likely that the interest earned by it will be higher than the interest that your investments pay you.

If so, investing is counter productive. It’s likely that you would be better off selling your investments and paying this debt instead.

Refinance Mortgage or Consolidate Loans #

Consider refinancing your mortgage or consolidating high-interest loans to take advantage of lower interest rates. This move can save you thousands of dollars in interest payments over the life of the loans.