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April 2024
April 2024 Q&A
QUESTION
I recently received a financial windfall and wondered if I should invest it or use the extra money to pay down debt.
ANSWER
It depends. First, pay any income taxes that may be due on the windfall. Then, consider paying off high-interest credit card debt before any lower-interest loans.Determine whether it makes more sense to pay off a low interest mortgage or home equity loan where you can deduct the interest or make more by investing to get higher returns.
If investing, consider adding to your emergency or retirement fund.
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