1675: Should I Pay Off Debt or Invest by Chris Reining on Paying Off a House Early & Cost of College

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 10 October 2021

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Chris Reining answers a reader's question about paying off debt vs. investing. Episode 1675: Should I Pay Off Debt or Invest by Chris Reining on Paying Off a House Early & Cost of College Chris Reining is a thirty-something guy who provides resources to help manage your money and career to become financially free. His own path to financial freedom has had ups and downs, which is what he writes about on his site. He's been featured in the New York Times, on the Today Show, CNN, CBS, Business Insider, LifeHacker, and more. The original post is located here: https://chrisreining.com/should-i-pay-off-debt-or-invest Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1675.
0:04.4	Should I pay off that or invest by Chris Rining of ChrisRining.com
0:09.9	and on your host and personal finance enthusiast, Diana Mariam.
0:14.4	Let's jump right into today's post as we optimize your life.
0:22.7	Should I pay off that or invest by ChrisRining of ChrisRining.com.
0:28.3	Today's question comes from Colleen.
0:30.8	She asks, quote, I am 22 and I recently started my first job out of college as a nurse.
0:37.7	The place I work at is a non-profit and they offer a 403B, not a 401K.
0:44.2	So I decided not to put money in that account since after a year they will put in 7% automatically.
0:51.1	And instead to open a Roth IRA at Vanguard.
0:55.7	I have decided to invest in an S&P 500 index fund
0:59.9	and I'd ideally like to put the max in every year.
1:03.8	But I have not opened the account yet and I'm worried about having to put a large sum of money
1:08.4	in right away as my savings doesn't really look like much right now.
1:12.4	I'm wondering if you know whether I can put small amounts in at regular intervals
1:17.1	or if they require me to put in more money all at once.
1:20.9	I'd like to avoid putting off starting my retirement fund
1:24.2	because I basically don't want to have to deal with it.
1:26.5	And it'd be easier for me if it felt like I didn't have the money in my account in the first place.
1:32.3	Also, I have about $9,000 remaining in student loans.
1:36.6	Another idea I had was paying this off first with money equal to the amount I would be putting
1:41.5	into my Roth IRA until it's paid off.
	...

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