Teacher Getting Schooled
Hi Scott
A few years ago, my husband and I built up $60,000 in debt from our wedding, dental surgery, and a new car. We’ve brought it down to $57,000, but it still feels like a heavy weight on my shoulders. My husband is relaxed about the repayments. I’m not. I miss travelling, enjoying life, and feeling financially free. On top of that, we have a $428,000 mortgage.
When I realised how much we owed, I couldn’t sleep. So I did what I do best — I got to work. I now have four jobs. I teach full-time, park cars on weekends, do occasional demonstrator work, and manage a camp during school holidays. My goal is to pay off the $57,000 within 12 months so I can start my dream business. My question is: I’ve been putting my extra income into a Raiz investment account, but after reading about Capital Gains Tax, I’m wondering if it’s the right move.
Robyn (aka Tired Workaholic)
Hi Robyn,
You are a total weapon.
While most people in your situation would be doomscrolling Dogecoin and tossing up OnlyFans – but you’ve got four jobs. You’re parking cars, running camps, wrangling kids – and you’re still standing!
So here’s my advice:
Forget Raiz. Forget Capital Gains Tax.
You can’t invest your way out of personal debt. It’s like trying to fill a bathtub with a pasta strainer.
Besides, you already have the best “investment account” there is:
Your high-interest personal loan. Pay it off.
Your 12-month goal is bold, and I love it. Go all in. Every spare dollar, every car parked, every demo gig, whack it on the debt until it’s gone!
Oh, and one last thing. If your husband is chilling on the couch while you’re juggling four jobs — you’ve got a bigger problem than compound interest.
So sit him down, look him in the eye, and say: “we got into this together, and we’re going to get out of it together.” After all, this isn’t just about numbers. It’s about building a life together, and making sure you both show up for it.
You Got This!
Scott