Sumary of Paying off debt, saving money and retirement planning: How to prioritize your financial goals:
- Determining the best way to ensure your financial security can seem overwhelming.
- “The ultimate peace of mind is to be financially free,” said James, who lives in East Brunswick, New Jersey with his wife.
- Their solution came in the form of a verdict on CNBC’s “Money Court,” rendered by O’Shares ETFs chairman Kevin O’Leary.
- In general, it’s best to take a balanced approach — paying off some debt while still saving, said Cathy Curtis, founder and CEO of Oakland, California- based Curtis Financial Planning.
- Debt strategiesHigh-interest credit cards should be the first thing you get rid of, said Curtis, a certified financial planner and a member of the CNBC Financial Advisor Council.
- More from Invest in You:How companies are dealing with burnout to keep workers on boardWhat could mess up holiday shopping this year — and why to start earlyHere’s how to deal with the money stress keeping you up at nightCurtis doesn’t generally like car loans, since autos are a depreciating asset.
- In general, Curtis doesn’t recommend paying down mortgages, unless you are nearing retirement, since interest rates are really low.
- Sorting out savingsContribute to a 401(k) plan or 403(b), if it is available to you, Curtis said.