Order of Importance?

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    • #257110

      Is there a general rule of thumb about what debt should be paid off in

      what order? And where do long-term goals fit in?

      For example, if you have:

      debt: credit cards, home loan, auto loan

      long-term goals: college fund(s), retirement fund, emergency fund

      Assume your credit card interest rate is larger than your mortgage

      interest rate.

      And assume you can only put money in one at a time (a tad unrealistic

      I know, but for the sake of argument let’s assume you don’t have

      enough to do all at once).

      How would you order, from “Pay off or Invest in First” to “Pay Off

      Last or Invest in Last”?

      Thanks for playing!


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