Tue May 27 2025, by Tyler Gardner

Top 5 Things to Do Immediately with Your Paycheck to Build Long-Term Wealth

If any of this is helpful, tune into my new podcast, Your Money Guide on the Side, by clicking the link in my bio.

1. Pay Off Toxic Debt

Do not fund an emergency account. This debt is your emergency. A 5% gain on a high-yield savings account does not offset a 30% loss on credit card interest.

2. Contribute to a High-Yield Savings Account

Note, this is not what many call an emergency fund. This fund is for short-term expenses. It's easy to access and can earn 4% to 5% interest while you figure out what to do with your money.

3. Contribute to Your 401k Up to the Company Match

Wall Street says there's no such thing as a free lunch. Well, they're a bunch of ding-dongs because the 401k match is literally a free lunch, my friends!

4. Max Out Your Roth IRA

This account grows tax-free, and withdrawals in retirement are tax-free. Plus, you never have to take required minimum distributions (RMDs), unlike a traditional IRA. Remember, once the money is in the Roth IRA, you must invest it or else it just sits in cash, earning you the big nothing.

5. Fund and Invest in a Health Savings Account

If you have access to one and are eligible, fund and invest in a Health Savings Account (HSA). It's the only triple-tax-advantaged account in the world, like a turbo-charged retirement account that can help you fund the number one expense in retirement: your health.

Conclusion

If any of this is helpful, tune in to my new podcast by clicking the link in my bio.

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