Be Wealthy & Smart Should I Contribute to My 401k or Pay Off Debt?
Learn the math behind this decision that makes the right answer obvious.
Recently a question was asked on a financial page, "Should I still contribute up to the match to my 401k at work...if I'm in the process of trying to get out of debt?"
I disagreed with an expert, find out why.
The link to the article is here.
Here's what I calculated:
Contributes $5,000 per year for 3 years (age 27 - 30). Gets a 6% match annually, which is $300. $5,300 x 3 years @ 10% interest = $18,656. Compound that for 35 years @10% and it equals $521,721.
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