Financial Order of Operations | Episode 007

Mark's Money Mind
Financial Order of Operations | Episode 007
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This episode introduces the concept of the financial order of operations, providing a systematic approach to managing personal finances, including prioritizing credit card debt repayment, building an emergency fund, participating in employer retirement plans, and investing in health savings accounts (HSAs), IRAs, brokerage accounts, and 529 plans.

Mark emphasizes the importance of tax diversification and offers thoughts on choosing between Roth and traditional retirement accounts based on one’s tax bracket. This episode is a comprehensive guide for beginners and those seeking to optimize their financial strategies.

Send your questions to Mark@MarksMoneyMind.com (put “Podcast Question” in the subject line)

Episode Links:

The Simple Path to Wealth by JL Collins

2024 Important Tax Numbers

Timestamps:

  • 00:26 Introducing the Financial Order of Operations
  • 01:43 Starting with Credit Card Debt and Emergency Funds
  • 05:07 Building Your Emergency Fund: How Much is Enough?
  • 07:18 Maximizing Employer Retirement Plans and Matching
  • 14:17 Investing in Your Future: IRAs, HSAs, and More
  • 17:14 Exploring Additional Investment Options: 457 Plans, Brokerage Accounts, and 529 Plans
  • 29:14 Roth vs. Traditional Accounts: Making the Right Choice
  • 33:16 Summarizing the Financial Order of Operations 

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