Settle The Debate – Right Or Wrong?

In this episode, we’ll examine four hot financial topics and debate the merits debt, mutual funds, and annuities. You’ll find that everyone has a slightly different opinion of what’s best, but the key is to make informed financial decisions on what is right for you.

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The View From The Pinnacle

In this episode, we’ll examine four hot financial topics and debate the merits of debt, mutual funds, and annuities. You’ll find that everyone has a slightly different opinion on what’s best, but the key is to make informed financial decisions on what is right for you.

Thing’s You’ll Learn Along Today’s Journey

Let’s play a game of “right or wrong” as it pertains to your financial decisions.

[1:26]Paying off debt or building up savings? It depends on the type of debt you have. Credit card debt with high interest rates should be paid off. Once you’ve paid off your credit card debt, you can turn those monthly payments into deposits into your savings.

[3:18]Pay off the house as soon as possible or keep the mortgage? Try a combination of paying off your mortgage and putting money into savings. If you pay two additional mortgage payments a year, you will dramatically reduce the number of years it takes to pay off your house. On the other hand, savings will give you the liquidity you need, especially in an emergency.

[5:28]Mutual funds – good or bad? It’s both. The idea behind mutual funds is that they help you build wealth as you are starting out. They are pre-packaged and professionally managed. Eventually as your assets continue to grow, you may outgrow mutual funds and need more customization. Your retirement is more than a collection of investments, and you need someone who can customize your finances for your needs.

[7:58]Annuities – good or bad? Annuities can be bad – they can be expensive and restrictive. However, when properly understood, they can be used as a tool. The problem is that so many of them are recommended in inappropriate situations. This gives them a bad reputation.

10:14 – Everything really depends on your situation. Have a conversation with your financial advisor, understand the pros and cons, and make an informed decision that makes sense for you. 

Looking Back From The Mountaintop

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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