Andrew joins this week’s podcast, and we lay out a step-by-step approach to building and growing wealth. Andrew calls this the “investment walk,” we discuss the specific order we suggest and why some of the ordering is subjective. We walk through the steps of spending less than you make, building up an emergency fund, paying off all debt except your house, funding your 401K up to the employer match, funding a roth IRA up to the max allowed, maxing out your 401K, funding an HSA, contributing to a 529 for college if you have kids, paying down your mortgage, and investing in the market (in index funds of course!).
Show References:
- Andrew Knight’s Blog – The simple path to investing and growing wealth
- Inside Out Money podcast #003 – How and why to invest in index funds
- Inside Out Money podcast #023 – 4 reasons HSAs are awesome and how to maximize the benefits of Health Savings Accounts
- Inside Out Money podcast #029 – The great mortgage debate: payoff or invest?