Pay up what you owe now to enjoy your golden years later.

2 minute read

Amanda Williams: I think you have to do a mix of both, definitely getting out debt, getting on a budget, fixing your past debt mistakes so that you really free up that income to be able to save more for the future. But you also need to have an emergency fund in place. In case anything goes wrong, so you’re not running back to your credit cards.

Leslie H. Tayne: So, I really think you need to consider a combination of the two because past financial mistakes will impact your future, so you definitely want to take a look at what you’ve done in the past. Perhaps, there’s a pattern that you want to change, that ended you up in the situation that you’re in. And Perhaps part of that pattern wasn’t saving properly for the future. So, you definitely want to take a look at the past as a lesson to learn what not to do but also look at some of the things that you did do, that were successful and implement them going forward.

Lance Davis: Preparing for retirement is a necessity and you definitely don’t want to be 80 years old and broke so, a balancing between the two.

Vee Weir: Because interest rates are stealing from you what you could in retirement.

Brian Bandow: I think for people currently in debt, in there you know, 30s or 40s. There’s a lot of variables so it really depends on their current situation and how much debt they have. I’d like to think if you focus on paying off debt, you can get that done hopefully quickly.

Chelsea Brennan: Make sure that your high interest debt is payed off because you’re never going to make that up in the market.

Paul Curley: I think it’s important to first, have an emergency fund. Make sure that you have that buffer so that you’re not constantly getting hit and put into debt.

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About the Author

John Boitnott

John Boitnott

I am a tech writer and journalist for more than 20 years who contributes to several respected online publications including BusinessInsider, Inc., and Entrepreneur. In addition to journalism, writing about social good companies and in-depth research, I’m also active in my community and enjoy metaphysical book reading groups, as well as hiking on the amazing trails of the San Francisco Bay Area.

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