“If I have a ton of debt, should I pay it off my debt first before getting started in PAYBACK TIME investing?”

First thing he might tell you about having too much debt is to keep it in perspective.  Nobody died, we’re still healthy, we’re still in the investing game. However, it is still hard to shake the pressure that debt puts on each individual.  It’s like you’re on a tread mill and no matter how fast you run, you get nowhere.  So to fix this you’ve got to get better training and we’ve got to do things differently. Now to the really big question people ask after hearing Phil Town speak at seminars: “Should I pay for professional investing tools when they’re loaded up with debt?

Usually a lot of debt means that you are paying really high interest rates - maybe higher than 18% a year. In his Rule #1 book he would tell you that if you are paying 18% and making 15% you are not playing by Rule One.

So while you are paying off the debt, you are going to be banking the most important thing you can bank: investing experience.  Town would recommend this whether you have debt or not: if you are a just starting PAYBACK TIME type investing, then you want you to paper trade a minimum of $100,000 until you know you know what you are doing. This could take some time but that’s okay because you are banking valuable experience. All the while you are getting rid of the debt.

And here’s one of Phil Town’s secrets to getting rich fast: Use other people’s money. The secret lies in GETTING other people’s money.  And here’s the secret to that secret: Build a great track record as a PAYBACK TIME investor, even by paper trading and the money will seek you out.  Investors are always looking for someone to put money with who has a good track record.