Should I Sell My Assets to Pay Off Credit Card Debt?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 1 July 2024

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"Im 24 years old - how can I approach my 13k credit card debt? I have roughly 30k in assets. I was thinking a balance transfer to maximize 0 interested for 21 months? Thoughts?" We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All right, Matthew's question says, the guys always say first in, first out when referring to the buckets to pull from in retirement.
0:16.5	Is it okay to pull contributions from the Roth bucket to bridge a pre-59 and a half retirement gap.
0:24.0	Well, Matthew, I think...
0:28.0	I don't know that we say first and first now
0:31.0	when it comes to retirement.
0:32.0	To be honest, I was like like I don't remember they saying that
0:34.3	we always talk about LIFO which is a lot of times last in first out so when you think
0:39.9	about the way that when it comes to our wealth building journey and if you follow
0:44.0	the financial or Brian do you have a thing you can hold up do you have want something you
0:46.4	can shake at him? I got I was looking for oh my goodness my main one. You took it on the
0:50.1	book tour. I took it on the book tour and we haven't attacked it.
0:54.0	Who knows where that is? It doesn't have the same sound because it's, I've got, it doesn't sound
0:58.9	that's good. Oh well. If you want, if you want your free copy you can go to
1:02.0	money guy.com slash resources. if you're following the financial order of
1:04.8	operations what happens for most people is you end up starting with a Roth IRA
1:09.6	at some point I mean you do the employer match but generally when you start saving you put money
1:13.2	in a Roth IRA so that goes in first well then you get a job and you start doing
1:17.2	your 401k or your 403b and then that starts and then you get to step 70 do
1:21.2	hyper-accumulation now you start doing after tax so you
1:23.7	went Roth and then pre-tax or employer-sponsored plan and then you went after tax.
1:28.2	What's really interesting is when it comes time to retire when it comes to
1:32.4	financial independence
	...

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