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How to Prioritize Your Savings

Charles Schwab2023-11-04
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đź’« Short Summary

Saving for retirement and managing high-interest debt are key priorities for financial security. Creating an emergency fund and saving at least 15% of income for retirement early on are crucial steps. Consider health care expenses in retirement and utilize options like health savings accounts. After meeting basic needs, contribute to a 529 plan for education expenses and continue investing. Prioritize long-term goals, use tax-advantaged accounts, and focus on tackling financial goals effectively.

✨ Highlights
đź“Š Transcript
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Key Highlights on Retirement Savings
03:30
Contributions to a company's retirement plan are recommended as a top priority for saving for retirement.
Paying off high-interest debt is important to avoid jeopardizing retirement savings.
Creating an emergency fund of three to six months' expenses is crucial to protect long-term savings.
Saving at least 15% of income for retirement is advised, starting as early as possible.
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Financial Planning Highlights for Long-Term Goals.
04:35
Contribute to a 529 plan for education expenses after meeting basic needs.
Pay down debt and continue investing after reaching other goals.
Long-term investors should invest early and often, regardless of market conditions.
Riskier assets like stocks may not be suitable for short-term goals.