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Money Guy Show
“I’m One Million Dollars in Debt - What Should I Do?”
Dec 11, 2023
The hosts provide guidance on managing a $1 million debt, discussing financial priorities and steps to take. They also delve into the importance of reassessing financial goals, the power of compounding interest, and following the financial order of operations. Additionally, they debate the decision to pay off a car loan and emphasize the importance of prioritizing debt repayment.
27:27
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Quick takeaways
- Paying off high-interest debt, like credit card debt, should be a priority to save money on interest payments and free up cash for other financial goals.
- Building up an emergency fund with at least three to six months' worth of living expenses is crucial for financial stability.
Deep dives
Pay off high-interest debt first
If you have high-interest debt, like credit card debt, it should be a priority to pay it off. This will save you money on interest payments and free up more cash flow for other financial goals. In the podcast, the speaker emphasizes the importance of paying off credit card debt before moving on to other financial steps.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode