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, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 1 July 2024

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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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!

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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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