046 | Financial Independence Series | Part 2 | Attack Debt & Build A Safety Net
Show Summary:
In today’s show, we take the next steps towards financial independence. We teach you how to attack your debt and build a safety net.
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Intro:
We have a very quick intro and then we get right into our discussion on debt and emergency funds.
Main Discussion:
Gary leads the discussion for Part 2 of our Financial Independence Series: Attack Debt & Build A Safety Net. The main takeaways and talking points are as follows:
- Listen to Episode 022 to learn how to build a gap between what you make and what you spend.
- Use the “gap” to pay off your debt before you start investing your money.
- The exception is if your employer offers a match. Take the match, it is free money!
- Determine the type of debt you have.
- It’s not “good” vs. “bad”.
- Think of it as “high-interest” or “low-interest”.
- Types of debt payback: snowball, avalanche, combination, other.
- What to do with mortgage debt?
- How to build a safety net/emergency fund.
- How much should the emergency fund be?
- What are the options for where to hold your emergency fund? Cash, Credit Card, HELOC, Cash-Out Refi, Roth IRA
- The role inflation plays on cash in our emergency fund.
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Key Topics:
- Debt
- Emergency Fund
- High-Interest Debt
- Low-Interest Debt
- Debt Snowball
- Debt Avalanche
- Mortgage Debt
- HELOC
- Roth IRA
Resources Mentioned In This Episode:
Next Show:
Win or Fail Mastermind Group | Session 2
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