Get Ready! Money Pros Guide – Week πŸπŸ•: How Are You Balancing Savings, Expenses And Paying Off Debt?

Happy Friday.

Ready to hop into this week’s Get Ready Update? Let’s go!

βœ… Week #17 Action Item: Balance savings, expenses and paying off debt.

πŸ‘‰ This week consider how you can balance savings, expenses and paying off debts.

πŸ‘‰ It’s important to balance paying off debt, paying your expenses and saving for the future.

πŸ‘‰ Knowing what debt to pay off as well as meeting expenses, while also saving for the future is an important part of your planning.

πŸ‘‰ Finding balance will help you optimize your finances.

⭐️Pro-tip:

πŸ‘‰ Consider whether you can reasonably expect to invest your money with a higher return rate.Β  For example, if you can reasonably expect a return of 6% on a mutual fund, you may not want to pay off a mortgage with a 3% interest rate. Keep in mind, that this does not take into account tax issues such as whether your mutual funds will incur an income or capital gains tax and if your mortgage interest is tax-deductible. Also, mortgages are amortized, which means most of your payments go to interest and later payments to principal.

πŸ’­ Habit of the week:

πŸ‘‰ Evaluate your options to help you create the optimal balance.

πŸ’‘ Get Ready Money Guide Tip: Discussion prompts and ideas for those following The Get Ready Guide Kit (access from your dashboard)

πŸ‘‰Β  How are you balancing savings, expenses and paying off debt?

Author

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  • Nick Lamparelli

    Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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About Nick Lamparelli

Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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