Should You Stop Investing to Pay Off Student Loans?

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

🗓️ 14 September 2022

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you've got student loans or if you're planning on going to grad school, should you pause your investing to pay the loans off first? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:07.0	investing, taxing.
0:09.0	You've got financial questions, he's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:15.6	Okay, we've got a question from Lewis.
0:19.0	He says, I have a question related to the financial order of operation steps.
0:24.1	Should you skip maxing out your 401k?
0:27.1	Instead, fund your taxable brokerage account to save on paying ordinary income taxes.
0:33.6	We've got some fancy footwork happening here.
0:36.7	To save on ordinary income taxes through a tax or tax account.
0:43.0	So should you skip maxing out 401k?
0:45.6	And instead, fund your taxable brokerage account to save on paying ordinary income taxes.
0:50.7	Oh, he's talking about when you actually pull the money out.
0:53.4	Okay, I see it.
0:55.4	Lewis, he got a lot of moving parts there.
1:01.3	Yeah.
1:02.3	He used the, I would, when you pull money out, I don't know how old Lewis is, but that's
1:08.6	going to be in retirement.
1:10.4	I mean, realistically, these are retirement accounts.
1:13.4	The title is not a bait and switch.
1:15.8	It really is.
1:16.8	Hopefully, if we use for retirement.
	...

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