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24. Debt Vs. Investment – What Should You Do First?

interest rates

One thing almost every client asks about as they transition into practice is what to do first. You all have competing goals. If you have debt, you want to pay it off immediately. You also know you’re a little late to the retirement savings game and want a million dollars in savings tomorrow. So how do you figure out what to focus on first? 




It depends! What makes sense for you does not necessarily make sense for your co-worker. Avoid the water cooler financial planning. The important thing is to approach strategically and make a plan for your cash flow. 

One area to pay attention to is going to be Interest rates. Credit cards and personal loans can be pesky areas where we spend more than we need to be spending.  An easy way to tackle interest rates is by lining them up by percentage and working your way down debt, starting highest to lowest. 

Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group. 

For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzandenInstagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter:  @CoreyJanoffCFP and @RachelleFinance  

Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.