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How To Invest and Save Money
Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Before you think about investing for retirement, first pay down credit card debt, build up a six-month emergency fund, then allocate the minimum to your company’s 401(k) plan. Things to Consider When Deciding Whether to Pay Off Debt or Invest By Britt Erica Tunick The importance of saving for retirement cannot be overstated. In an ideal world, everyone would have more than enough money to sock away some each month to ensure that they can comfortably maintain their current lifestyle, once they are no longer working. In reality, however, life just isn’t that simple. After paying for day-to-day living costs, most people have a limited amount of money remaining, and are forced to choose between paying down debt and investing for the future. But how do you know which is more important? There is no set rule of thumb for whether it is wiser to focus more on paying down debt or saving for the future and the best route for you will depend on your own personal circumstances. There are, however, several things to keep in mind when deciding which approach makes the most sense for you. Following are a few things to think about when weighing whether to allocate more of your disposable income on paying off debt or saving for retirement:
These are just some of the factors that you should consider when it comes to paying off debt versus investing for the future. Depending on how much debt you have, or what kinds of assets you have, you may want to consider speaking with a financial advisor to help determine the best approach for your individual circumstances. |
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