Comments on: Build an Emergency Fund, Pay Off Debt, or Save for Retirement? Three Competing Goals That All Need Your Attention Today http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/ Helping a unique generation achieve financial independence. Sat, 21 Nov 2009 05:51:06 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Weekly Round Up | Master Your Card http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-112759 Weekly Round Up | Master Your Card Mon, 23 Mar 2009 05:11:47 +0000 http://genxfinance.com/?p=1467#comment-112759 [...] Jeremy @ Generation X Finance has a great article on competing goals. He looks at saving for an emergency fund, planning retirement, and paying off debt as the main [...] [...] Jeremy @ Generation X Finance has a great article on competing goals. He looks at saving for an emergency fund, planning retirement, and paying off debt as the main [...]

]]> By: Weekend Linkage - March 22, 2009: Visit To The New York Botanical Garden http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-112752 Weekend Linkage - March 22, 2009: Visit To The New York Botanical Garden Mon, 23 Mar 2009 02:49:20 +0000 http://genxfinance.com/?p=1467#comment-112752 [...] Build an Emergency Fund, Pay Off Debt, or Save for Retirement? Three Competing Goals That All Need Y...Attention Today @ Generation X Finance [...] [...] Build an Emergency Fund, Pay Off Debt, or Save for Retirement? Three Competing Goals That All Need Y…Attention Today @ Generation X Finance [...]

]]> By: George Webber http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-112089 George Webber Sat, 21 Mar 2009 00:37:20 +0000 http://genxfinance.com/?p=1467#comment-112089 Good Information in this article. I personally have chosen to solely concentrate on debt elimination. Every month my financial needs decrease, this is one of the best ways to be able to survive things like a job loss. I will be able to build a emergency fund very fast once I gotten rid of all my debt. You simply loost too much money in interest not to pay it off as fast as humanly possible. Good Information in this article.
I personally have chosen to solely concentrate on debt elimination. Every month my financial needs decrease, this is one of the best ways to be able to survive things like a job loss. I will be able to build a emergency fund very fast once I gotten rid of all my debt. You simply loost too much money in interest not to pay it off as fast as humanly possible.

]]> By: Henry http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-112029 Henry Fri, 20 Mar 2009 19:53:38 +0000 http://genxfinance.com/?p=1467#comment-112029 Honestly, if you're in your 20's retirement shouldn't be the greatest priority. Yes, you can put some $ towards retirement but you've probably got a lot of other concerns: student loans, car payments, rent w/ a low-paying job, buying a house in (maybe) ten years, having a kid. Something that's going to happen in 50 years is important, no doubt, but trad. investing/emergency fund/debt payment seems a bit more pressing. Honestly, if you’re in your 20’s retirement shouldn’t be the greatest priority. Yes, you can put some $ towards retirement but you’ve probably got a lot of other concerns: student loans, car payments, rent w/ a low-paying job, buying a house in (maybe) ten years, having a kid. Something that’s going to happen in 50 years is important, no doubt, but trad. investing/emergency fund/debt payment seems a bit more pressing.

]]> By: Chris http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-111973 Chris Fri, 20 Mar 2009 15:39:37 +0000 http://genxfinance.com/?p=1467#comment-111973 1. Pay off consumer debt 2. Est emergency fund 3. Invest If you can do some combo of #1 and #2 at the same time, prima! 1. Pay off consumer debt
2. Est emergency fund
3. Invest

If you can do some combo of #1 and #2 at the same time, prima!

]]> By: A Week in Review: Edition #3 | My Findependence Day http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-111963 A Week in Review: Edition #3 | My Findependence Day Fri, 20 Mar 2009 14:40:07 +0000 http://genxfinance.com/?p=1467#comment-111963 [...] 1 - Generation X Finance looks at how to deal with several financial goals at the same time. [...] [...] 1 – Generation X Finance looks at how to deal with several financial goals at the same time. [...]

]]> By: Craig http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-111962 Craig Fri, 20 Mar 2009 14:39:06 +0000 http://genxfinance.com/?p=1467#comment-111962 @Beth I know I should start to set up an IRA account and begin to contribute, hopefully I could get to $1000 for the year, it's very little, but could help. Experiences are worth investing in if you can. I am young and already have done quite a lot of traveling, and it's like a drug to me. Already planning my next adventure, because I feel since I am young and have no financial responsibilities other than to myself, this is the best time to get some trips out of the way before life gets in the way. @Beth I know I should start to set up an IRA account and begin to contribute, hopefully I could get to $1000 for the year, it’s very little, but could help.

Experiences are worth investing in if you can. I am young and already have done quite a lot of traveling, and it’s like a drug to me. Already planning my next adventure, because I feel since I am young and have no financial responsibilities other than to myself, this is the best time to get some trips out of the way before life gets in the way.

]]> By: Beth http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-111958 Beth Fri, 20 Mar 2009 14:16:44 +0000 http://genxfinance.com/?p=1467#comment-111958 Craig, even if you put a little towards retirement (like a $1000 a year), that's going to have a big pay off in the long run. When it comes to retirement, even a little makes a huge difference because of the length of time it will have to earn interest. I've always been the opposite -- couldn't afford travel because I've been saving for retirement. I've realized it's time to start investing in experiences too -- but finding the money for it is so hard! Craig, even if you put a little towards retirement (like a $1000 a year), that’s going to have a big pay off in the long run. When it comes to retirement, even a little makes a huge difference because of the length of time it will have to earn interest.

I’ve always been the opposite — couldn’t afford travel because I’ve been saving for retirement. I’ve realized it’s time to start investing in experiences too — but finding the money for it is so hard!

]]> By: Craig http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-111955 Craig Fri, 20 Mar 2009 13:40:19 +0000 http://genxfinance.com/?p=1467#comment-111955 I am young and this is something I am going through to a degree. I luckily have no debt, but also don't make enough to really put away for retirement or for an EF. My EF right now is my vacation fund, and for me, that is important because I love traveling. It's tough but hopefully can put away a little for retirement without it affecting my lifestyle. I am young and this is something I am going through to a degree. I luckily have no debt, but also don’t make enough to really put away for retirement or for an EF. My EF right now is my vacation fund, and for me, that is important because I love traveling. It’s tough but hopefully can put away a little for retirement without it affecting my lifestyle.

]]> By: Beth http://genxfinance.com/2009/03/19/build-an-emergency-fund-pay-off-debt-or-save-for-retirement-three-competing-goals-that-all-need-your-attention-today/#comment-111946 Beth Fri, 20 Mar 2009 12:40:05 +0000 http://genxfinance.com/?p=1467#comment-111946 I think Billy was just referring to the case where someone has a high credit card debt. That's the worst kind of debit and should be dealt with swiftly. I agree that in other cases, relying on a credit card isn't the right course of action. I suppose it's okay for one-off emergencies like a sudden expensive car repair, but if you lose your job you don't know how long it will take you to find another. You'd just be racking up a big expensive debt. I had to drawn on my emergency fund last year, so I was glad it was there. I didn't have to borrow money from family, or rack up a large credit card debt that I didn't know when I could pay off. It really provided piece of mind. I think Billy was just referring to the case where someone has a high credit card debt. That’s the worst kind of debit and should be dealt with swiftly.

I agree that in other cases, relying on a credit card isn’t the right course of action. I suppose it’s okay for one-off emergencies like a sudden expensive car repair, but if you lose your job you don’t know how long it will take you to find another. You’d just be racking up a big expensive debt.

I had to drawn on my emergency fund last year, so I was glad it was there. I didn’t have to borrow money from family, or rack up a large credit card debt that I didn’t know when I could pay off. It really provided piece of mind.

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