You have some money to set aside, but what are you going to do with it?
You’re not alone in not knowing how to put your money to work. It’s such a common inquiry, in fact, that just entering “where should I put…” prompts the eerily clairvoyant Google search to know that you probably want to ask where to put your money (immediately followed by where to put your bed, but we can’t help you with that).
Most savers are probably looking for investment help, but what you should really determine first is 1. if you’re in a financial position to be investing and 2. if so, the type of account in which you should invest.
$ense fans know that the number one priority for extra cash is paying off bad debts, followed by establishing an adequate emergency fund and then saving for retirement. Where to save for retirement may be confusing given the number of factors to consider (account types, tax implications, employer contributions, etc.) If you are prepared to begin saving for retirement, the cheat sheet below provides the generally accepted order for where to put your next saved dollar. .
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