Hesitating between paying off debt and investing in business


I’m new to the Life Coach School Certification Program. I would love some help navigating my thoughts about money in regards to my situation. I am learning how much I was raised with a scarcity mentality. Money doesn’t grow on trees, right? I have a lot of anxiety when spending money on even groceries, and I have been working on reframing my thoughts with the day to day budget. We recently sold a second home that we moved from 2 years ago and profited $80k. 2 years ago when we put the house on the market, our plan was to pay off our debt with all the money. We had been following Dave Ramsey’s plan at the time. Since then, I’ve been learning how much my mentality around money has contributed to a lot of our money issues. My husband and I are in the process of building a business that will include coaching services when I’m certified. He works in healthcare currently and is anxious to be able to leave his healthcare job and work from home. We have been investing money in this business in multiple different ways, but it’s starting to add up in my head and I’m noticing my anxiety cause doubt and fear in my mind because we are not paying off as much debt as we originally planned. The result I want to create is being debt free and have a successful business to bring my husband home from his current job. My mentality is struggling with this because I was raised and still hold the belief that paying off debt is the first priority financially. I’m struggling with the order of where I put my money. For example, do I pay off all our loans and slowly build my business? OR Do I invest more in my business to build it faster since I have the money now and pay off debt slower since I’m putting the money into my business, even if we have to spend more on interest in the long run? We have about $150k in total debt (healthcare, credit cards, and school loans). To me, that’s a lot of money and it’s been a huge weight in our marriage. I’m learning, but still struggling with the thought that that is just a number and I’m creating the stress and heaviness of that amount of debt. I still don’t see how minimizing the severity of the debt or neutralizing that debt is going to motivate me to pay it off faster. The debt is more neutral in my husband’s mind, and yet, his spending habits is part of why we are in so much debt. I know I have a lot going on here. We’re also putting some money into remodeling our house for resale. Again, less money going to debt, but an investment. I feel like I’m just rationalizing how we’re spending our money because it’s all an investment, but feel guilt for not paying off the debt first. If we had put it all toward debt, it would have taken much much longer to remodel slowly and slowly build the business.

C-Money
T-We’re investing too much and not paying off enough debt.
T-The loans are going to capitalize in September (due to covid) and we’ll be paying more in the long run.
T-This is so risky to be putting so much money into remodeling and into my business when I’m so new at this.
F-unconfident, doubt, fear, hesitant
A-slow in decisions and hesitate in every action
R-Slowing the ROI and delaying paying off debt more