I do both. I just adjust how much I put for emergencies and paying off debt.
@JosephDickson5 ай бұрын
Even when paying off debt I placed a small amount towards my emergency fund. Like a 9 to 1 ratio. That emergency fund will keep you out of accumulating debt while trying to pay it off.
@jameslufkin11905 ай бұрын
I can relate to this. Like the guys say, it's never a linear journey, having just a little extra can keep you out of the ditch
@kristinaerickson23535 ай бұрын
That's what I'm doing. Most of my extra goes to Debt. But, 10% goes to emergency fund. I dont want another unexpected item to derail my progress.
@TheFirstRealChewy5 ай бұрын
If you can pay the expense with a credit card, then focus the money towards paying off the credit card. There is no reason to keep paying interest on the credit card while holding money in a bank account for expenses you can pay using that same credit card. If something comes up then you just charge the credit card, unless it's an expense like paying your mortgage which you can't charge to a credit card. Just think about it. In an emergency you'd use your emergency fund, if that's exhausted or nearing exhaustion you'd switch to your credit card for expenses you can charge to rhe card. So when paying off debt and building the emergency fund you do the reverse.
@Executor0095 ай бұрын
Pro tip: if you are already in an unhealthy amount of debt just use the debt snowball, because if you really were able to do the avalanche you wouldnt be in this position to begin with.
@TailspinMedia2 ай бұрын
thank you for being specific and realistic about these loan interest rates.
@sandrasmith62075 ай бұрын
You must do both
@RubyOliverm5lАй бұрын
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
@SofiaJames9HАй бұрын
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
@SebastianNoah5eАй бұрын
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@JulianBenjamin3dАй бұрын
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
@SebastianNoah5eАй бұрын
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
@JulianBenjamin3dАй бұрын
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
@ahumm82805 ай бұрын
This must be a cut of an old vid. CC rates are rediculously over 20%!
@TheFirstRealChewy5 ай бұрын
Save for emergency expenses that can't be charged to a credit card, then focus on paying off the credit card, then save for the emergency expenses that can be charged to a credit card. For example, don't carry a credit card balance while saving an emergency fund for 3 months of groceries. You can always buy groceries using a credit card.
@theduke76165 ай бұрын
I agree. The purpose of the emergency fund is to avoid credit card debt. If you choose to sit on a pile of cash ("emergency fund") when you already have credit card debt, you are defeating the purpose. The emergency fund is increasing your level of credit card debt instead of reducing it. It's like having your house on fire and not wanting to use available water to put it out because of the possibility of having a second fire sometime in the future. It makes no sense. Common sense says to put out the existing fire right now and then work towards obtaining more water to avoid a possible second fire.
@Microbomber5 ай бұрын
I am on step 3 of the FOO, is it okay to save up money like step 1 until you can pay a credit card in full?
@TheAleQc2 ай бұрын
It will take you 20% longer to do it at 20% apr... but you could... it also means you are more tempted to buy something with the bigger amount of cash
@agnesbunnie5 ай бұрын
Any ideas for a sound effect for waving the FOO? The thwap sounds disrespectful
@me01010010005 ай бұрын
I tackle debt before anything. I don't care if it's consumer debt or a mortgage. Debt is debt to me.
@TheFirstRealChewy5 ай бұрын
I use to think like this until I processed things in reverse. If you have 2 years to live, would it be better to have $300K in investments and owe $300K on your house, or $0 in investments and a paid off house?
@Glanzern5 ай бұрын
Why does he spell job?
@anniealexander96165 ай бұрын
Get a 0% credit card for an emergency. Pay off debt as fast as you can.
@Captaine_Crunche5 ай бұрын
interesting take, i kind of agree
@CK-mx7rc5 ай бұрын
Not that easy for people to get approved for a 0% credit card this day and age
@CK-mx7rc5 ай бұрын
Not to mention that 0% card will more than likely incur interest rates after a certain period of time if not paid
@anniealexander96165 ай бұрын
@@CK-mx7rc I've never paid a penny in interest. I pay my cards off weekly. I've put things as big as a new roof on a card. Took me 4 months to pay off 10k.
@anniealexander96165 ай бұрын
I've never paid a penny in credit card interest. I pay off my cards weekly. I've even put a $10k roof on a home with a card. I paid it off in 4 months.