Debt, Saving, Investing – Which Comes First?

Episode Summary

In this episode of the Debt-Free CEO podcast, we discuss the order of prioritizing debt, saving, and investing. Paying off high-interest consumer debt is the first priority, followed by building a small emergency fund. We compare investing money versus paying off low-interest car loans and highlight the importance of having an emergency fund. 

We also provide information on HSAs, FSAs, and Roth IRAs as investment options. Real estate is mentioned as a good investment, and we emphasize the importance of spending less than you earn. Check out previous episodes for more financial advice and upcoming interviews with a financial advisor.

In this episode I share:

  • The interest rate on your credit cards will determine what to pay off first
  • Benefits of a high yield savings account
  • Changes to make when it comes to emergency funds
  • Best type of savings account to help you save more
  • The order in which you should invest your money


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More About The Debt-Free CEO Podcast

Are you tired of getting yourself further into debt month after month? Does your mindset around money play a factor in your family’s spending? Do you struggle with knowing which debt to pay off first and how to keep yourself from going further into debt? Maybe you’re a freelancer who struggles with how much to pay yourself each month making it difficult to create a working budget.

In this podcast, you will learn ways to manage your finances to set you on the path to debt-free and on to financial freedom. 

I’m Megan Mendez, and I was a tired teacher needing to get out of debt to leave the classroom for good. In 2021, paid off $53,000 worth of debt in 12 months and started my freelancing business shortly after. I’ve been able to successfully pay myself as a  business owner and continue on the path to financial freedom and now I want to help YOU do the same! 

My hope is that this podcast gives you tactical tips to help you improve your finances and set you and your family’s future up for success. I hope you’ll join me as we journey to financial freedom together. 

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