Episode 28 | 3 Must-Know Financial Tools | Guest: Robby Scholes

It is time to learn about some important financial tools that are out there. In this episode, Art talks with financial expert, Robby Scholes, about three must-know financial tools. It is fun and informative conversation. Plus, Art answers questions about debt, retirement, and Social Security.

Listener question answered:

Question 1: Should I pay off debt or save for retirement first? Also, should I take from my retirement to pay off debt?

Question 2: I am considering taking Social Security early at age 62. Can I also work full time?

Notes:

3 Reasons not to take money from your retirement:

1. 10% penalty
2. Ordinary income taxes
3. Opportunity cost (compounding)

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