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Episode 2232:
Erik Carter outlines key priorities for managing personal finances, emphasizing the importance of establishing an emergency fund first, taking advantage of employer retirement matches, and paying off high-interest debt. He offers a clear roadmap to balance saving, investing, and debt repayment for optimal financial health.
Read along with the original article(s) here: https://www.financialfinesse.com/2013/06/06/what-comes-first-saving-investing-or-paying-off-debt/
Quotes to ponder:
"Building an emergency fund should be your first priority but how much is enough? Experts suggest having anywhere from at least $1k to 3-12 months of necessary expenses."
"If you get a match in your employer's retirement plan, this should be your next priority. Otherwise, you're leaving free money on the table."
"Credit card rates are typically much higher than any investment returns, so pay them off before investing, starting with the highest interest balances."
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