[USER]

Okay so I have saved $12k and owe $9k left on my 2023 car. I have low payments but I feel like the right thing to do is pay it off.

Should I be paying off debt or investing somewhere?

Also do you have any suggestions on books or podcasts I should be reading for 2025?

I have zero idea on where to start.

[Jill]

I just read The Simple Path to Wealth. Wish I could have read this book when I was in my 20s.

[Tony]

What’s the interest rate on car?
What’s the $12k earning right now?

Edit: if you spend the $9k, what happens if you have an emergency?

[Christopher]

What’s the interest rate on the debt? What’s the interest rate on the savings?

If savings pays more than debt charges, holding on to cash may be better (factor in taxes if you’re motivated, but that’s probably not the case).

As for books, start with “a simple path to wealth.”

[Aislinn]

I say Dave Ramsey or Money Guy steps first so 1) keep 3 months of expenses in savings. 2) pay off high interest debt. 3) out everything else towards longterm investments until/unless you have another plan.

I like bigger pockets, choosefi, Dave Ramsey (with huge grain of salt), the Money with Katie Show, popcorn finance, and the Money Guy podcasts.

[Author]

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