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Money Guy Show
The 20/3/8 Car-Buying Rule Explained (And Why It Works!)
Sep 4, 2023
Learn about the 20/3/8 car-buying rule and why it's important. Discover why prioritizing debt elimination is crucial before buying luxury cars. Understand the dilemma of choosing between a 401k and a Roth IRA and how to prioritize your contributions. Get insights on navigating financial setbacks and the importance of having an emergency fund. Explore the pros and cons of investing in a 401k plan without index funds and how to advocate for change.
27:25
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Quick takeaways
- Prioritize paying off high-interest debt before investing to avoid the dangers of compound interest.
- Become an advocate for better investment options in your 401(k) plan by engaging with HR or employers to request low-cost options and improve the available choices.
Deep dives
Importance of Prioritizing Debt
The podcast discusses the importance of prioritizing high-interest debt before investing. It highlights the need to focus on paying off debt, particularly in step three of the financial order of operations. The speaker emphasizes the dangers of compound interest and suggests allocating resources towards debt elimination first.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode