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