Join Jane Barratt for an in-depth discussion in this video Savings vs. debt reduction, part of Personal Finance Fundamentals.
- It's a question that comes up without fail…at every event where money is the topic.…What should I do if I'm in debt?…Should I pay it down and start saving and investing?…Or should I do both at the same time?…Now, if there was an easy answer…the whole financial event industry would probably collapse.…In this video, we're gonna cover a few different strategies…of how to reduce debt while building your investments.…And with starting with the premise that you probably…have debt and you probably don't have investments…beyond what your work may provide for you.…
To start, consider what rungs on the debt ladder you are.…This is the scale of bad to good debt…in accordance with the highest to lowest interests rates.…Most likely, you'll have some debt…on a few rungs of this ladder.…There's mortgage, federal student loans, home equity loans,…private student loans, car loans, and credit card debt.…A good rule of thumb is the lower on the ladder your debt is…the faster you should work to clear it.…The top half of the ladder is considered good debt,…
- Maximizing your earning potential
- Planning for future earnings
- Budgeting and spending
- Understanding your credit score