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Savings: The Start To Financial Independence
Manage episode 416090213 series 3533022
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In this episode, Ed Bao discusses the importance of the savings component in financial planning. He explains the different parts of savings including checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, credit union accounts, annuities, Roth IRAs, traditional IRAs, and 401(k) accounts. Ed highlights the pros and cons of each component and emphasizes the need for liquidity and safety in savings. He also discusses the concept of paying yourself first and the importance of building a strong foundation through savings before focusing on growth.
Join us every week as Ed Bao helps you navigate the sometimes rocky waters of retirement. Healthcare, investments, taxes, estate planning and more!
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