Business
On today's episode when we talking about the top smart things you should be doing if you're sitting with over $1,000 in the bank right now. If you're sitting with over $1,000 in the bank you're doing something good you're paying your bills and building a saving Foundation. But the very first thing you guys should do is pay off all of your credit card that the reason why I say that is because a hundred 89 million people have credit card debt of over $8,000. Now these credit card companies normally charge over 20% interest. So what this means is over the course of one year you're going to be paying $800 for interest on your credit card. The second thing that you guys should do if you have over $1,000 in the bank is to build an emergency fund that can cover the expenses from 3 to 5 months of non-working. If you guys aren't working and you are temporarily laid off or get fired from your job you have an emergency fund to cover your bills for three to five months. The third thing that you should do if you have over 1,000 in the bank is to set up a life insurance policy life insurance is pretty affordable. You can get it anywhere around 10 to $15 for a hundred to $150,000 policy. So if something happens to you you know your family your kids are all going to be taken care of when you're gone. The fourth and final thing that you guys should be doing if you have $1,000 in the bank is to begin investing if you have a 401k contribution as much as you can and especially if your employer matches at because you're wasting out on free money. But if you don't have a 401k open up an IRA account and put it in as much money as you can invest in low-cost S&P 500 index funds and or dividend stocks. Dividend stock performs better in Falling markets and will pay you for holding them. --- Support this podcast: https://anchor.fm/carterfarrpodcast/support