Pay off Debt, Get An Emergency Fund

by James & Miel on March 10, 2009 · 0 comments

Hello Folks,

Its a busy day here for both of us. Miel is overseeing her charities business in Congo, and I’m checking some data at the University. However, since job losses and the economy are on everyones mind, I wanted to quickly reiterate some rock solid financial advice that makes sense:

1) Pay off high interest debt. If you’ve got any kind of consumer debt that’s higher than, say, 8% and you can’t deduct it, pay it off ASAP! Credit cards, rent to own schemes or car loans don’t improve your bottom line, pay them off! These will destroy your ability to build wealth, especially in the current economy.

2) Build up an emergency fund. Provided you don’t have an emergency fund, it wouldn’t hurt to build one up. If you have an emergency fund already, you might consider strengthening it a bit more. With the high level of job losses, the typical advice that one keep 6 months worth of expenses may not be adequate.

Thanks all!

Best,

James

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