Today’s video is all about shifting my financial priorities! With the announcement of Biden’s debt cancellation plan, I have decided to be optimistic and reallocate the extra savings I have in light of the cancellation news. In addition, I also received a reimbursement for a hotel after canceling my trip to New York that I need to redistribute.

I’m excited to take on my next financial priorities: my Roth IRA and even more exciting, a house downpayment!!
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I use the budgeting software YNAB (You Need a Budget). If you’re interested in YNAB you can try a 34 day free trial linked below. If you subscribe using my link, you get a month free and I get a month free.

Thanks as always for watching. I would love it if you would consider liking this video as it really helps out my channel. For more videos about debt payoff, budgeting, and personal finance, please consider subscribing!

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As someone who is just starting to think about saving for retirement, there are a lot of options available. Whether you’re new to the workforce, or you’ve been working for years but haven’t saved much yet, it’s never too late to start. One option that many people consider is setting aside money for a house down payment or investing in a Roth IRA. However, with so many options, it may be difficult for new investors to determine which option is the best for them. In this article, I’ll discuss the pros and cons of investing in a house versus a Roth IRA, and how using the YNAB budgeting tool can help you shift your financial priorities.

Investing in a House

A house is a great investment for several reasons. Owning a home allows you to build equity over time, and it may also provide tax benefits. Additionally, owning a home can give you a sense of stability and a place to call your own. However, there are some costs associated with buying a home, such as the down payment, closing costs, and ongoing maintenance and repairs. Furthermore, the housing market can be unpredictable, and a decline in home values can quickly erase any equity you have built up.

Investing in a Roth IRA

A Roth IRA is a retirement savings account that allows you to invest your post-tax income. The money you invest grows tax-free, and you can withdraw your contributions at any time without taxes or penalties. With a Roth IRA, you have the flexibility to choose how you invest your money, which can vary depending on your risk tolerance, goals, and timeline. However, there are some limitations to a Roth IRA, such as income limits and contribution caps.

Shifting Financial Priorities

Deciding between investing in a house or a Roth IRA ultimately depends on your individual financial priorities. If you’re looking for a long-term investment that may offer tax benefits and stability, a house may be the best choice for you. However, if you’re looking to diversify your portfolio and save for retirement, investing in a Roth IRA may be a better option. Ultimately, it’s important to consider your current financial situation, goals, and timeline when making a decision.

YNAB Budget With Me

Regardless of whether you choose to invest in a house or a Roth IRA, using the YNAB budgeting tool can help you shift your financial priorities to achieve your goals. YNAB helps you track your expenses, set goals, and plan for the future. Using YNAB to create a budget can help you identify areas where you can cut back on spending and redirect the extra money towards your investments. By tracking your progress and staying accountable, you can make progress towards achieving your financial goals.

In conclusion, investing in a house or a Roth IRA can be a great way to build your wealth and prepare for the future. By considering your individual financial priorities and using a budgeting tool like YNAB, you can make informed decisions and take control of your financial situation. Whatever your goals are, the most important thing is to get started today.