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The Savings Cascade
Once you are ready to start saving, the big question becomes - where do I put my money? While there are many good options, below is a chart that I have found particularly useful to help guide my savings.
1. Start an Emergency Fund with $1000 in a High Yield Savings account.
2. Company Match: If your employer offers a match, take advantage of it for an instant 100% return!
3. Pay off high interest debt > 8%.
4. HSA: The only account that offers triple tax advantages.
5. Retirement accounts: max out contributions to tax deferred
403(b), 401(k), Traditional and/or SEP IRA.
6. Increase emergency fund to 3 months of expenses.
7. Roth IRA/backdoor Roth
9. Taxable Brokerage Account
8. Pay of debt with interest > 3%
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