3 weeks ago
479.3K
12.6K
117
703
Caption: Your Money Should Go To These 6 Places When You Get Paid 1. Minimum Payments on Debt - if you don’t make minimum payments, your credit score will go down, so le… more Your Money Should Go To These 6 Places When You Get Paid 1. Minimum Payments on Debt - if you don’t make minimum payments, your credit score will go down, so let’s make sure we’re at least doing this! 2. Your Checking Account - I like to keep a +25-50% buffer of my monthly expenses. In this example, if you spend $3000 a month, aim to have $4000 in your account at all times. Once you have that done, move to step 3. 3. HYSA - keep 3-6 months of your expenses saved up in a high yield savings account for emergencies. This way, the money is liquid and still earning you a yield! Current rates are between 3-3.7% 4. Debt (again) - the next best use of your money should be to pay off any remaining high interest rate debt, over 10%. 5. 401k or Employer Match - the next highest ROI on your money is getting the match your employer may offer when it comes to contributing to retirement. 6. Finally, you can max out your 401k, invest in a taxable brokerage account, open a Roth IRA and invest in there, or anything else that you can think of that generates value over time. I hope this helps. You should think of your money like a waterfall, as it finishes Step 1, it goes to Step 2, then Step 3, etc. Enjoy this video! Humphrey #EduTok #TikTokLearningCampaign less
Download Video Download Audio MP3 Download Cover Image