A Couple Paid Down Most of Their Debt. Now They Need a New Financial Plan

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They want to build an emergency fund and start planning for children. A financial adviser offers her suggestions for how they can best get there.

In September 2020, Weston and Emily Hayes were holding $125,000 in debt, mostly his student loans and her new car. Today, that number is down to $21,000 because they have dedicated themselves to becoming debt-free.

The couple now is wondering how best to reallocate savings to build an emergency fund, buy a house, plan for children and get serious about retirement savings.For me and my peers, it’s important to have more control over our work lives. That means we have to build up a walking-away fund.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.

 

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