The Ultimate Formula for Determining Your Financial Priorities

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 22 July 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this week's Rich Girl Roundup, we answer the age-old question: Should I prioritize putting money towards X or Y? Rich Girl Natalie shares the choice she's grappling with: Pay off a mortgage faster or focus on saving for retirement? We walk through the calculations and considerations to ask yourself to make your money work hardest. Reminder: This is not financial advice; we are not licensed financial professionals. Please do your own due diligence. Rich Girl Roundup is Money with Katie's weekly segment where Katie and her Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. Transcript, show resources, production credits, and more can be found at: https://moneywithkatie.com/priorities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Rich Girl Roundup. Tell me if you think this makes sense. Hit me, let's go.
0:07.0	Original payment was around 500 bucks.
0:09.0	Okay. That is the 7% difference.
0:11.0	Gotcha. 600 extra a month.
0:13.0	For 1K money she's using is $1,100 a month.
0:16.0	Okay, from a $500 a month payment to an $1,100 month payment.
0:20.0	And she's going to pay about $2,600 in interest.
0:23.2	So the, like a geometry proof.
0:25.0	We know she earns $110,000 per year.
0:27.7	I feel like the math name, lady.
0:29.5	It's going to take 63 months to pay it off, about $4,000 in tax benefits over that time.
0:35.0	The way your brain gets to these conclusions
0:38.0	blows my mind.
0:40.0	Thank you for the hype.
0:41.0	Continue.
0:42.0	$6,400 in interest. Forgo the additional two. for the
0:43.8	same you six four hundred dollars in interest okay for go the additional two-K per year GTFO
0:46.7	thirty eight hundred dollars in additional interest okay and now she has that
0:51.1	five hundred bucks bingo.
0:54.3	Welcome back, rich people, to the Rich Girl Roundup weekly discussion of the Money with Katie show.
1:00.6	As always, I'm your host, Katie Addy Tossan and every Monday morning,
1:04.0	Hannah and I use Rich Girl Roundup to talk about listener questions,
	...

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