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Episode 2803:
Kimberly Hamilton explores the critical balance between tackling student loan debt and saving for retirement. She provides actionable strategies to help millennials navigate financial priorities, emphasizing the importance of early investing, taking advantage of employer matches, and understanding interest rates to optimize long-term financial health.
Read along with the original article(s) here: https://thefinancetwins.com/balancing-student-loan-debt-and-retirement/
Quotes to ponder:
"Paying off your loans can be stressful, I know firsthand, and sometimes knowing you’re decreasing the balance feels better than saving for a date 30 years in the future."
"This makes meeting your employer match a no-brainer. If you’re already making the minimum payments on your student debt, I recommend you do this too."
"Waiting even just a few years can cost you tens to hundreds of thousands of dollars in the long run."
Episode references:
IRA Information: https://www.irs.gov/retirement-plans/traditional-and-roth-iras
U.S. Stock Market Return Data: https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp
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Optimal Finance Daily - Financial Independence and Money Advice