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Save for an Emergency Fund or Pay Off Debt: Which Should You Prioritize?

The Money Guy Show 10 views

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@OPCollector
 Snowball or Avalanche IMHO depends on how much each debt is and how many different revolving debts that person has I had 6 accounts and while mathematically you pay less with the avalanche method, the snowball method gave me confidence while I knocked out the smallest debt while using that payment towards the next smallest debt Eventually I came across two debts with around the same balance and thats when I switched to the avalanche method with the card with the highest interest rate So happens it was also the lowest balance of the two So it all depends on the variables IMHO to use snowball or avalanche
Comment from : @OPCollector


@RubyOliverm5l
 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
Comment from : @RubyOliverm5l


@TailspinMedia
 thank you for being specific and realistic about these loan interest rates
Comment from : @TailspinMedia


@Executor009
 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
Comment from : @Executor009


@Glanzern
 Why does he spell job?
Comment from : @Glanzern


@sandrasmith6207
 You must do both
Comment from : @sandrasmith6207


@Ben-yw8be
 I do both I just adjust how much I put for emergencies and paying off debt
Comment from : @Ben-yw8be


@me0101001000
 I tackle debt before anything I don't care if it's consumer debt or a mortgage Debt is debt to me
Comment from : @me0101001000


@agnesbunnie
 Any ideas for a sound effect for waving the FOO? The thwap sounds disrespectful
Comment from : @agnesbunnie


@ahumm8280
 This must be a cut of an old vid CC rates are rediculously over 20!
Comment from : @ahumm8280


@JosephDickson
 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
Comment from : @JosephDickson


@anniealexander9616
 Get a 0 credit card for an emergency Pay off debt as fast as you can
Comment from : @anniealexander9616


@Microbomber
 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?
Comment from : @Microbomber

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