Where to Start: I’ve Got the Basics, I Need the Next Best Steps

This week we’re moving from “where do I start?” to “I’ve got the basics, I need the next best steps”. We begin with a question our coaches get a lot, “I have some extra cash. Should I pay off some of my debt, save it, or invest it? What is the best next step?” It’s a great question. Most people just end up spending that extra cash and don’t get around to putting that money to work for them. Lifestyle creep begins to happen and before you know it, that extra cash is no longer there; you’ve quickly become accustomed to spending it every month.

The answer to what’s the next best step is simple: it depends on your circumstances and goals. Saving and paying off debt are both very important financial goals, but one answer doesn’t fit all. You have to look at your entire financial picture and consider things like your rainy day and emergency fund, the interest rates on your debt, your retirement plan, insurance and other saving and investment rates. For all the details on the next best step for your extra cash, read our full article here.