Maximize Your Bonus: Tax Savings and Debt Repayment

Honest Money

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3M ago 8:27

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In today's episode, Warren Ingram explores the best ways to use a bonus, weighing the benefits of paying off car debt versus investing it. He discusses various options, including reducing taxes by contributing to a retirement account and the advantages of paying off high-interest debt.
Takeaways

Consider the interest rate on car debt when deciding whether to pay it off or invest the money elsewhere.
Putting a portion of a bonus into a retirement account can reduce taxes.
Using the monthly car repayment amount to build up savings can help with future car purchases.
Financing cars at high interest rates is not advisable, except in rare cases of favorable finance deals.
Being a shareholder rather than a client of financiers can be more beneficial in the long run.

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Κεφάλαια

1. Managing Car Debt and Bonus Investments (00:00:00)

2. Investing for Shareholder Advantage (00:07:45)

235 επεισόδια

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