"You can put that toward goals such as paying down debt and paying yourself so that you can start investing." Don't overthink the best way to invest — just startThere are many avenues for building wealth while paying down debt. Be careful about withdrawing from retirement accounts to pay down debtMaking withdrawals from IRAs, 401(k)s, or similar employer-sponsored accounts to pay down debt is a risky proposition. "It is exceedingly rare where I would suggest or be OK with withdrawing from any investing account to pay off debt," Matthews said. AdvertisementBe sure to consult a financial planner or financial advisor before deciding to take out any loans from retirement accounts to pay off debt.

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Persons: Kevin Matthews II, Mandi Woodruff, Santos, BuildingBread, Woodruff, Matthews, it's, " Matthews, — Organizations: Insider's, Fidelity, Public Locations: IRAs