Jordan, 39, earns $75,000/year but is $59,000 in debt with no savings. He’s deciding between paying off debt or building wealth. His debt includes $20,000 in student loans and $40,000 in credit card debt, higher than the national average. With aggressive payments, he could be debt-free by 2028.

Jordan’s employer offers a 401(k) with a 5% match, but he can only start next year. He needs an emergency fund, ideally 3-6 months’ worth of expenses, but it should also earn interest. High-yield accounts like SoFi offer potential for growth while providing additional benefits such as early paycheck access and up to $3 million in FDIC insurance.

Although Jordan needs to decide between debt repayment and saving for retirement, he should prioritize high-interest debt to avoid interest eating into savings. Contributing to a 401(k) with employer match is key, followed by building emergency funds and considering other investment options like IRAs. Consulting a financial advisor can help tailor a plan for debt repayment and future financial goals.

Read more at Yahoo Finance: I’m 39, nearly $60,000 in debt and have nothing saved for retirement. Should I clear my debt or start saving now?