Now it's your turn
Can Chris and his wife use a non-retirement account to help pay off debt? Dave and special guest Chris Hogan team up with the answer.
QUESTION: Cash out a non-retirement account to help pay off debt? Dave and special guest Chris Hogan have the answer.
ANSWER: If this money is designated as non-retirement funds, I’d say go ahead and cash it out. Use the money to pay down debt, and continue to stay focused working the Baby Steps.
The quickest way to build wealth is to get control of your largest wealth-building tool—your income. When all your money is going out the door to other people, you don’t have that tool at your disposal when it comes to important things like saving and investing. There’s some math in there, but it’s also about behavior and being intentional. Getting out of debt dramatically shortens the distance between you and wealth.