Go Summarize

How to Prioritize Your Savings

Charles Schwab2023-11-04
Savings#how to save money#savings#emergency fund#401k#what is a 401k match#build an emergency fund#retirement savings#save money#savings account#ways to save money#how to save money when you are broke#how much money should I save#ira#pay off debt#employer match#IRA#individual retirement account#interest#debt#APR
1K views|8 months ago
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
Key Highlights on Retirement Savings
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.
Financial Planning Highlights for Long-Term Goals.
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.