Save up a $1,000 emergency fund and stop incurring bad debt (credit cards, personal loans, etc.) Start developing a monthly budget.
Pay off your debts smallest to largest. (Everything except the house. Ignore interest rates.) This is the “debt snowball” and it is effective because it allows you to retire debt rapidly and apply the savings in payment to the next debt.
Increase your emergency fund to three to six months of your expenses. You can get your total monthly expenses from your budget.
Invest 15% of your household income in retirement savings – 401k and Roth IRA.
Pay off the house.
Build Wealth.
Posts
No comments:
Post a Comment