Should you pay down debt or save for your retirement? (Video)
By Kevin Press, BrighterLife.ca
Jonathan Chevreau, Personal finance columnist for the Financial Post and author of Findependence Day, recommends both building wealth and paying down debt. How? One way is by making a contribution to your RRSP and then applying your tax refund towards something like paying down your mortgage.
For more of Chevreau’s tips on how to get ahead by following what he refers to as “guerrilla frugality,” watch:
Watch part one of Kevin Press’s interview with Jonathan Chevreau on Common mistakes people make in RRSP season.
For more retirement savings tips, check out:
The simplest RRSP primer ever
Registered Retirement Savings Plans (RRSPs) simply put (Video)
How much can you contribute to an RRSP?
Where to stash your cash: RRSP or TFSA?
When was the last time you reviewed your personal economic plan? Talking with your advisor can help ensure you’re on track to meet your financial and retirement goals. Don’t have an advisor? Visit Sun Life Financial Advisor Match to help you find one in your area.
I love the saying “gorilla frugality” and reflects the sentiments I have shared in the free online version of In The Trenches – Financial Survival during times of Hardship. It is indeed a war, a war for our families and our future.
I also appreciate his review of comparing whether to pay down debt or save for retirement based on the interest paid vs. the expected interest that could be earned. The approach provides some tools for finding priorities admist what might at first seem to be overwhelming challenges.
Thanks Carol. I love the interest paid vs. interest earned measure. It’s a quick, easy-to-understand answer to the question of whether to invest or pay down debt. We have to remember to account for investment fees of course, but otherwise it’s a useful guide.
[...] Decide whether to pay down your mortgage or debt instead Watch the second of Kevin Press’s interviews with Jonathan Chevreau: Should you pay down debt or save for your retirement? [...]
[...] Watch part one of Kevin Press’s interview with Jonathan Chevreau on Should you pay down debt or save for your retirement? [...]
[...] Should you pay down debt or save for your retirement? (Video) [...]
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