From credit cards to Social Security, David shares his thoughts and advice regarding these common financial concepts. Which of these do you agree or disagree with?
You may have heard someone say the best way to build wealth is by doing X. Which of these financial concepts does David concur with and which of these need further consideration?
For starters, should you always pay of your house as soon as possible? David says this isn’t always the correct answer. If can pay it off before retirement, you should. If you’re in your 30s and 40s, in most markets, your home value won’t grow as fast as the stock market. So, investing in other assets like your 401(k) or a brokerage account may help you build more financially over time.
Nobody needs life insurance in retirement, right? Actually, some people may choose to use a tax-free life insurance benefit to pass along an inheritance.
How does David feel about credit cards? Are those something everyone should avoid? David uses his credit card nearly every day, but he makes sure to pay them off in full every month. You should never carry a credit card balance.
Is it better to buy mutual funds or ETFs instead of individual stocks? Which mutual funds and ETFs should you invest in? Unless you love doing a ton of research, most people are better off buying mutual funds or ETFs instead of individual stocks.
Finally, should you start taking your Social Security as soon as you can? David says this is often not the right strategy. There’s a lot that goes into that decision, but it’s only just one piece of your retirement plan. Reach out to a financial advisor to find out what plan works best for you and your situation.
Listen to the entire episode or skip ahead to hear more about a particular term using the timestamps below.
If you ever want your question spotlighted on the show or to ask David something about your retirement, email him at [email protected]
1:45 - Should you always pay off your house ASAP?
4:07 - Nobody needs life insurance in retirement?
6:59 - Should you never use credit cards?
8:37 - Buy mutual funds or ETFs instead of individual stocks?
12:27
- Start Social Security as soon as you can?
"Credit card debt is clear evidence that you’re living above your means, and that’s a perfect way to end up short on the goals you have for yourself."
– David Dickens
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CONTACT US
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Building 27, Suite 190
Overland Park, KS 66210
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