Financial Order of Operations | Episode 007 Mark's Money Mind

This episode introduces the concept of the financial order of operations, providing a systematic approach to managing personal finances, including prioritizing credit card debt repayment, building an emergency fund, participating in employer retirement plans, and investing in health savings accounts (HSAs), IRAs, brokerage accounts, and 529 plans.



Mark emphasizes the importance of tax diversification and offers thoughts on choosing between Roth and traditional retirement accounts based on one's tax bracket. This episode is a comprehensive guide for beginners and those seeking to optimize their financial strategies.



Send your questions to Mark@MarksMoneyMind.com (put "Podcast Question" in the subject line)







Episode Links:



The Simple Path to Wealth by JL Collins



2024 Important Tax Numbers







Timestamps:




00:26 Introducing the Financial Order of Operations



01:43 Starting with Credit Card Debt and Emergency Funds



05:07 Building Your Emergency Fund: How Much is Enough?



07:18 Maximizing Employer Retirement Plans and Matching



14:17 Investing in Your Future: IRAs, HSAs, and More



17:14 Exploring Additional Investment Options: 457 Plans, Brokerage Accounts, and 529 Plans



29:14 Roth vs. Traditional Accounts: Making the Right Choice



33:16 Summarizing the Financial Order of Operations 








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