Episode 117: Investing vs Paying Down Debt

This episode is really targeting to those physicians who have recently finished training but will be helpful to anyone who is debating between deciding to pay down debt versus investing. There are multiple factors when it comes to figuring out the best place to put your money. When looking at whether to pay down debt, things to consider include the interest rate, whether or not the debt has the possibility to be forgiven, and if the debt is tax deductible. When it comes to investing, the best first investment for most people is to contribute to an employer sponsored retirement account if there is a match by the employer and that you are likely able to keep that match. In order to keep employer contributions, there is often a vesting period where you have to stay working for the employer for a certain length of time to have contributions match. There are some employers, usually non-profits, where any contributions may fully vest immediately. With other employers, a percentage of employer contributions vest over time or it takes a certain number of years for any contributions to vest. Tune in to learn more to help you make an informed decision. 

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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant.  The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.