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Episode 2753:
Kumiko from TheBudgetMom.com outlines crucial advice on eliminating unsecured debt, student loans, and mortgages before retirement to secure a financially stable future. By proactively addressing these debts, you can enjoy your retirement with peace of mind and freedom from financial burdens.
Read along with the original article(s) here: https://www.thebudgetmom.com/3-debts-you-should-eliminate-before-retirement/
Quotes to ponder:
"The simple truth is, you can't afford to have a majority of your income eaten up by debt payments."
"If you have a credit card with a $5,000 balance with 18% interest, it will take you roughly 84 months to pay it off."
"It's critical to take steps to ensure you have an effective debt management strategy in place and to take early action steps to eliminate debt before you retire."
Episode references:
Federal Student Aid - Income-Driven Repayment Plans: https://studentaid.gov/manage-loans/repayment/plans/income-driven
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Optimal Finance Daily - Financial Independence and Money Advice