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Pay Off Debt + Invest with Me | TRANSFER TUESDAY, SNOWFLAKE PAYMENTS, ROTH IRA
If you’re looking to improve your financial situation, one great way to do so is by paying off debt and investing for the future. In this article, we’ll explore some strategies to help you achieve this goal, including Transfer Tuesday, snowflake payments, and contributing to a Roth IRA.
First, let’s talk about Transfer Tuesday. This is a simple concept that involves transferring money from your checking account to a savings account or towards debt repayment every Tuesday. This regular transfer can help you build up your savings or make steady progress towards paying off debt. Small, consistent actions like this can make a big difference over time and can help you stay disciplined in your financial goals.
Another strategy to accelerate your debt repayment is making snowflake payments. Snowflakes are small, unexpected chunks of money that come your way, such as a rebate, a refund, or a bonus. Instead of spending this money on something else, consider putting it towards your debt. Even if it’s a small amount, these extra payments can add up and help you pay off your debt faster.
Once you’ve made progress in paying off debt, it’s important to also start investing for the future. One popular way to do this is by contributing to a Roth IRA. A Roth IRA is a retirement account that allows your investments to grow tax-free, and withdrawals in retirement are also tax-free. By contributing to a Roth IRA, you can take advantage of the power of compounding and start building a nest egg for your future.
It’s important to strike a balance between paying off debt and investing for the future. While it’s important to prioritize debt repayment, it’s also crucial to start investing as early as possible to take advantage of the long-term growth potential of your investments.
By combining these strategies, you can work towards paying off debt while also building wealth for the future. Having a clear plan and staying disciplined with your finances can put you on the path to financial freedom.
In conclusion, Transfer Tuesday, snowflake payments, and contributing to a Roth IRA are all effective strategies to pay off debt and invest for the future. By making small, consistent efforts and taking advantage of unexpected funds, you can make progress towards financial security. It’s important to strike a balance between debt repayment and investing, and these strategies can help you achieve both goals. Start implementing these strategies today to take control of your finances and secure a brighter financial future.
why can’t u just pay it principal primarily? this channel is inspiring
You've come such a long way from 14k to under 4k in just a year! Great video, February will be here before you know it.
Biggest move for me was selling out of my Tesla position. Sold 52 shares (avg cost 102$) for 762 a piece. Will buy more and hold for the long term, just had to cash in some of my profits.
Nice
Amazing job on the car loan debt! Looking forward to seeing you pay it off in February – always such a good feeling to cross a debt owed off the list!! I do a Transfer Thursday, and this week will be putting $1965 to our credit card. The weekly deposits really are more motivational and easy to stick to than monthly.
“Transfer happy” gotta steal that one!
I was really fortunate to receive a nice bonus this year, spit between two paychecks, as well as the stimulus. So last week I transferred $2400 to savings!! I’m trying to get my savings up to $5000 and then really tackle my debt! So now my emergency fund is at $4309.75!
Wow! You are killing it! Once you free up your income to MAKE interest versus PAYING it, you are going to be wealthy.
Watching this reminded me to do a transfer Tuesday! It was only $5, but it’s something!
Amazing!! Really well done!!
Nice job on your car loan! If I had $100k I would pay off my auto loans ($60k OUCH!). It’s slow and steady for me!
Congratulations, I personally put an extra 500 towards my mortgage and put 150 in my Roth. Happy Tuesday
I have been saving and saving. Finally hit my 12k saving mark. !
Great job! I will be getting paid this Friday so I will be putting $1000 toward my student loans to take advantage of the 0% interest right now and this will knock me under 10k. I'm focusing more on my student loans because I already allocate an extra $500 payment to my car every month and I am on track to paying off 2 years early by June 2021!
Great job paying down your car! ❤️ it’s so nice having a paid off car.
Congrats. I am also aggressively paying off my car.
First