Dear Dave,
I make about $240,000 annually, and I will be maxing out my 401(k) contributions this year. I have $60,000 in student loan debt I’m trying to pay off, a small amount left on my home mortgage, plus I’ve been investing in a lot of gold and silver. Those investments are worth about $30,000 right now. In addition to this, I’ve got $10,000 in cash just sitting in a savings account for emergencies. Should I stop the gold and silver investing, and focus on paying off the loans, or keep splitting my money between them?
— Adam
Dear Adam,
I’d stop investing in gold and silver completely. I don’t put money in precious metals at all, because they have a lousy long-term track record.
— Dave
— Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 13 million listeners each week on 585 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.
