1804: What Comes First: Saving, Investing, or Paying off Debt by Erik Carter with Financial Finesse on Money Strategies

Optimal Finance Daily - Financial Independence and Money Advice

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 16 February 2022

⏱️ 9 minutes

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Summary

Erik Carter with Financial Finesse tells you the order in which you should save, invest and pay off debt Episode 1804: What Comes First: Saving, Investing, or Paying off Debt by Erik Carter with Financial Finesse on Money Strategies After years in the financial services industry, Liz Davidson became disgusted with how many people were being sold financial products and services that were not in their best interest. She decided there had to be a better way to provide people from all walks of life with truly unbiased financial guidance--designed to line their pockets, not their financial advisor’s. This is the story of Financial Finesse and how they give employees and employers unbiased financial wellness as an employee benefit. They help your employees maximize their compensation and benefits by making better financial decisions. You become a partner in their financial security and reap the benefits of a financially healthy workforce. They’ve helped hundreds of thousands of employees change their lives. The original post is located here: https://www.financialfinesse.com/2013/06/06/what-comes-first-saving-investing-or-paying-off-debt/ 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 1804.
0:04.0	What comes first, saving, investing, or paying off debt?
0:08.6	Buy Eric Carter with financialfinesse.com
0:12.3	and I'm your host and personal finance enthusiast, Diana Mariam.
0:16.7	Now let's get right into today's post and continue optimizing your life.
0:21.9	What comes first, saving, investing, or paying off debt?
0:29.9	Buy Eric Carter with financialfinesse.com
0:33.9	One of the most common questions we get is whether to prioritize paying down debt,
0:39.9	building up savings, or investing for retirement.
0:42.9	Ideally, of course, we would do all three,
0:45.9	but most of us have limited dollars with which to work with.
0:49.9	So what should take priority?
0:51.9	It's a topic that has generated some disagreement among some well-known financial gurus.
0:57.9	Here's some guidelines to follow.
1:00.9	Number one, do you have an emergency fund?
1:03.9	If not, building this up should be your first priority, but how much is enough?
1:09.9	Experts suggest having anywhere from at least a thousand to three to twelve months of necessary expenses.
1:16.9	By necessary expenses, I mean things like your rent or mortgage payment,
1:22.9	basic utility bills, loan payments, insurance, and food.
1:26.9	These are the absolute necessities you would spend money on even if you were to lose your job.
1:32.9	How much you need partly depends on how secure you feel your job is
1:36.9	and what other resources you might have available to you.
	...

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