Wheredo you stand, financially speaking, compared with your peers?
Are you making more than your college classmates?
How do yoursaving and spending patternsstack up against those of the rest of your generation?
We’re forever asking such questions.
So don’t get hung up on what might have been.
Instead, Halvorson says, “look at people who are doing it right or at least better.
Don’t think ‘How good am I at this?’
Think ‘How can I get better?’
AARP Financial Ambassador Jean Chatzky
Financial expert Jean Chatzky is a regular contributor toAARP The MagazineandAARP.org.
The Plan for What You Owe (and Own)
1.
Use these remaining full-employment years to knock down these nondeductible debts.
It’s called the avalanche method, and itgets you out of debt cheapest and fastest.
Once that debt is retired, move on to the next highest rate.
(To run your own debt-free calculation, try the Credit Card Avalanche Calculator atJeanChatzky.com.)
Make a move on your mortgage
If you’ve paid off the mortgage, give yourself a hand.
Adding an extra payment or two per year might accomplish the same goal without the expense of refinancing.
