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Making a Plan to Reduce Debt

Making a Plan to Reduce Debt

April 18, 2024

There are certain financial areas in your 40s that can help set the groundwork for a successful financial future.

Your financial tip for today: Cut your debt
If you have credit cards, student loans, or medical bills, create a plan to get out of debt. If your interest rates are high, consider using a home equity loan to pay off your high interest debt. This must be paired with a plan to get out of debt; otherwise, you’ll end up right back where you started. If you can eliminate all your debt (with the exception of your mortgage or car payment), you’ll be ahead of the game.

Here’s a bonus health tip in your 40s: Muscle up.
Starting at age 40, we lose about 1% of muscle mass per year. Incorporating weight-bearing exercise along with cardiovascular exercise into your weekly exercise plan can help combat this. Maintaining your muscle mass and strength ensures you can continue to do the activities you enjoy as you get older.

Ready to put a plan together? Email Brycemondorff@rigglewealth.com or call 717-630-1001 to set up a confidential and free financial planning discussion. You can also book a meeting with me directly.