About this episode
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.
Get more insight on how Prescient Investment Management can help you here.
Have a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod
Get every episode summarized
Each time Honest Money publishes, we email you a written briefing from the transcript — the topics, who appeared, and any specific claims, with the ad reads skipped.
Email me new episodesFree for 3 shows. No card needed.
Hosts & guests
No transcript yet
This episode has not been transcribed. Request it and it moves to the front of the queue.
More episodes
More from Honest Money
Financial Planners React To Viral Dave Ramsey Clips
Honest Money
The Behaviour Gap: Why Investors Underperform
Honest Money
Financial Planners React To Viral Caleb Hammer Clips
Honest Money
Living Annuity Drawdown Strategies Most Retirees Miss
Honest Money