25. Malcolm is working full-time and wants to make sure he's saving strategically for four specific goals: an emergency fund ($5000), a flight home to see his parents for the holidays ($450), a downpayment on a new car ($3000), and his retirement (2% of his monthly take-home pay). What's his best strategy?

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09-02-2019
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25. Malcolm is working full-time and wants to make sure he's saving strategically for four specific goals: an emergency fund ($5000), a flight home to see his parents for the holidays ($450), a downpayment on a new car ($3000), and his retirement (2% of his monthly take-home pay). What's his best strategy?

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MrCreighton MrCreighton · Answer 1 · 2019-02-10T04:32:35+01:00

MrCreighton MrCreighton

10-02-2019

A good strategy for saving or paying of debt is called the snow ball effect.

First, he would definitely need to save for his retirement before anything else.

Then you start tackling the smallest goal first. Once that one is paid off, you take that amount and apply it to the next goal and one from there.

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PiaDeveau PiaDeveau · Answer 2 · 2021-10-22T11:36:28+02:00

Malcolm must create three different savings accounts for the very first three goals, as well as a retirement investment portfolio for the fourth aim.

The snowball effect is an excellent method for saving or paying off debt.

First and foremost, he would need to put money aside for his retirement.

Then he begins by focusing on the simplest aim. Once the first one is paid off, he applies the money to the next objective and the one after that.

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