Reported 2 days ago
Jordan, a 39-year-old with a $75,000 salary but nearly $60,000 in debt and no savings, faces the dilemma of whether to focus on becoming debt-free or building retirement savings. With $20,000 in student loans and $40,000 in high-interest credit card debt, he can pay off his credit card debt by 2027 if he dedicates $2,000 monthly. While starting an emergency fund and participating in a 401(k) match are recommended options, he may need to prioritize aggressive debt repayment first. Seeking advice from a financial planner could help him create a tailored plan to navigate his financial challenges.
Source: YAHOO