cover of episode Do You Know Where Your Money’s Going?

Do You Know Where Your Money’s Going?

2024/9/20
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The Ramsey Show

Chapters

Michelle, 56, has $160,000 HELOC and no savings. She's debating between prioritizing retirement contributions or paying off her debt. George and Jade advise pausing retirement investing to build a six-month emergency fund, then aggressively tackling the HELOC while contributing 15% to retirement.
  • Prioritize building a six-month emergency fund before aggressively paying down debt.
  • Contribute 15% of income to retirement after the emergency fund is established.
  • Address debt repayment strategically based on income and home value.

Shownotes Transcript

📱Watch the full episode for free in the Ramsey Network app.)

George Kamel & Jade Warshaw answer your questions and discuss:

  • "I have $164K in a HELOC and $0 in savings,"

  • "Is it ethical for my boss to stop giving bonuses?"

  • "What's the correct way to set up a budget?"

  • Why you need to start paying your student loans,

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