Episode 17

full

Published on:

28th Feb 2022

Prioritizing Debt Payoff

There are many different kinds of debt, like student loans, mortgage, auto loan, credit cards, et cetera. I have a system for prioritizing how and when to pay those off, so get something to write with.

First, write down each type of debt, the interest rate, minimum monthly payment, and payoff amount. Once you can see them all, put them in order from highest interest rate to lowest. In general, your goal is to pay off your highest interest loans first, before aggressively saving.

I’m not in the “debt is bad” camp. I firmly believe that debt is a tool. If you have a low or 0% interest loan, it may not be worth it to pay it off. It may be better to keep to your payments and invest the extra.

There are many variables here. For example if you’re looking to buy a house, the mortgage company is going to look at your debt ratio and the monthly mortgage payment they would qualify you for. Making a payment towards a debt will help your credit score, but if it’s not enough to pay it off entirely that payment will still be considered part of your debt ratio so that doesn’t make sense. It may make more sense to put that amount in savings or an investment.

We cover ALL of this in the “Get Your Finance Sh*t Together” self-study course at confidentmoneypodcast.com!

Join our community at confidentmoneypodcast.com where we’ll share tips and resources, and you can suggest topics for future episodes.

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FTC/Affiliate Disclaimer: By using some of these links, at no extra cost to you, I may earn a small commission or referral fee, which helps me continue to produce content like this, support my business, and my team.

DISCLAIMER: I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.

Music credit: Neon Fairies by Wolves

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About the Podcast

Wealth Witches

Where financial empowerment meets magic!

Welcome to the Wealth Witches™ podcast, where financial empowerment meets magic! I'm Katelyn Magnuson, your guide on this enchanted journey to holistic wealth and prosperity. Here, we honor all identities and invoke our inner witches to create a community where everyone feels welcome and inspired.

Formerly known as the Confident Money podcast, we've transformed into Wealth Witches™ with Katelyn Magnuson. This change is about embracing the once-taboo topics of money and magic, blending them into a powerful mix of practical advice and mystical insights. Whether you're here for financial tips or to explore the magical side of life, this podcast is your new home.

What can you expect from Wealth Witches™? We combine actionable financial advice with a holistic approach to life. You'll hear from guests like astrologers, neurodivergent business owners, and magical creatives, discussing everything from business requirements to the latest trends in holistic wealth. We're breaking down the barriers that make finance feel dry and inaccessible, making it exciting and relevant to your life.

This podcast is for anyone who feels out of place in the traditional financial world. If you've ever felt like your interests in magic, human design, or holistic living didn't belong in a financial conversation, this is the podcast for you. We're here to tell you that you can embrace all parts of yourself and still be financially successful. We're not just talking about money – we're talking about creating a life of abundance and freedom. Our community is dynamic, diverse, and inclusive, and we want you to be a part of it.

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About your host

Katelyn Magnuson

Katelyn, the driving force behind The Freelance CFO and creator of Wealth Witches, is revolutionizing accounting with a sprinkle of magic. With a decade of experience, she’s not your typical number cruncher. Her unique blend of expertise and approachability, infused with a touch of spiritual insight, has made her a go-to authority. Katelyn believes finance should be a stepping stone to success, not a barrier. With a judgment-free ethos, she simplifies complex financial topics, making them actionable for entrepreneurs and small businesses. Her ultimate goal? To empower you to manifest your authentic life—not a cookie-cutter one!