Maximize Your Bonus: Tax Savings and Debt Repayment

In today's episode, Warren Ingram explores the best ways to use a bonus, weighing the benefits of paying off car debt versus investing it. He discusses various options, including reducing taxes by contributing to a retirement account and the advantages of paying off high-interest debt. TakeawaysConsider the interest rate on car debt when deciding whether to pay it off or invest the money elsewhere.Putting a portion of a bonus into a retirement account can reduce taxes.Using the monthly car repayment amount to build up savings can help with future car purchases.Financing cars at high interest rates is not advisable, except in rare cases of favorable finance deals.Being a shareholder rather than a client of financiers can be more beneficial in the long run.Get more insight on how Prescient Investment Management can help you here.Send us Fan MailHave a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod

What this episode covers

NOW PLAYING

0:00 8:27

1×

No transcript for this episode yet

We transcribe on demand. Request one and we'll notify you when it's ready — usually under 10 minutes.

Share this episode

Similar Episodes

トランプ関税でNISAで大損⁉投資初心者が騙されがちなNISAの仕組み

Apr 29, 2025 ·12m

ふるさと納税大転換！ポイント還元がなくなる？

Apr 27, 2025 ·11m

【番外編】大阪万博に行ったインターン生にインタビュー！

Apr 24, 2025 ·11m

建築学生が教える！不動産投資トレンド

Apr 22, 2025 ·14m

Jedd Johnson Diesel Crew Grip Strength Richard Sorin Captain of Crush Inch Dumbell Blob Pinch Grip

May 18, 2017

Doug Eidd Doug's Gym Dallas Jackson Barbell JFK Jack Ruby Chuck Norris Bob Hoffman John Grimek

Mar 12, 2017 ·0m

Similar Podcasts

いろはにマネーの「ながら学習」 IrohaniMoney この番組では、インターン生2人が、金融、経済、投資関連の気になる情報を分かりやすくお伝えしていきます。インターン生の会話を「ながら聴き」する感覚で一緒に勉強していきましょう！ご意見箱フォーム：https://forms.gle/TTGaVP2TJksNMKJo7ぜひお便りや感想をお待ちしています！公式X：https://x.com/irohanimoney番組のハッシュタグは「#いろはにながら」です。番組への感想をお待ちしています！いろはにマネー：https://www.bridge-salon.jp/money/姉妹サイト：https://kabu.bridge-salon.jp/姉妹サイト：https://bridge-salon.jp/(株)インベストメントブリッジ運営 Rich Dad's Guide to Investing II Robert T. Kiyosaki II Full Audiobook II Robert T. Kiyosaki Investing means different things to different people… and there is a huge difference between passive investing and becoming an active, engaged investor. Rich Dad’s Guide to Investing, one of the three core titles in the Rich Dad Series, covers the basic rules of investing, how to reduce your investment risk, how to convert your earned income into passive income… plus Rich Dad’s 10 Investor Controls.The Rich Dad philosophy makes a key distinction between managing your money and growing it… and understanding key principles of investing is the first step toward creating and growing wealth. This book delivers guidance, not guarantees, to help anyone begin the process of becoming an active investor on the road to financial freedom. LE HAWKESBURY SOCIAL ’BACK TO LIFE’ ADAM STACEY Welcome to the ‘Le Hawkesbury Social’, 'Back to Life’ a space where we celebrate life in all its colors: happiness, joy, love, connection, and even the moments of sadness that make us human. A space where we celebrate life in all its colors: happiness, joy, love, connection, and even the moments of sadness that make us human. Hosted by a passionate mental health advocate, this show dives deep into the topics that truly matter to today’s culture and community. Each episode offers honest conversations, thoughtful reflections, and real stories that bring people together. Whether you’re here for mental health discussions, community connections, or just looking to feel seen and heard in a fast-paced world, you’re in the right place. Adam believes in building a diverse and inclusive community where voices from every background can come together, share, and support one another. That’s why every Wellness Podcast, we open the mic to local community partners, support services, and inspiring voi Mobile Money by moomoo Mobile Money by moomoo Hear from seasoned traders, financial influencers, and industry insiders as they discuss money matters and market news and share their personal finance stories.Disclaimers: https://www.moomoo.com/us/support/topic4_523

Frequently Asked Questions

How long is this episode of Honest Money?

This episode is 8 minutes long.

When was this Honest Money episode published?

This episode was published on August 3, 2024.

What is this episode about?

Is there a transcript available for this episode?

Yes, a full transcript is available for this episode. You can read the complete transcript on the episode page.

Can I download this Honest Money episode?

Yes, you can download this episode by clicking the download button on the episode player, or subscribe to the podcast in your preferred podcast app for automatic downloads.

URL copied to clipboard!