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I'm 42 and married with no kids. I have $114K in a 401(k) and $1,400 in credit-card debt. How can I grow my wealth?

The article on MSN Money discusses a 42-year-old married individual with no children who has $114,000 in a 401(k) and $1,400 in credit card debt, seeking advice on how to grow their wealth. Financial experts suggest several strategies: first, to eliminate the credit card debt immediately to avoid interest accumulation. They recommend increasing contributions to the 401(k), especially if there's an employer match, to maximize retirement savings. Diversifying investments beyond the 401(k) into an IRA or a taxable brokerage account is also advised to spread risk and potentially increase returns. The individual is encouraged to consider their risk tolerance and investment horizon, possibly shifting towards more aggressive investments given their age and lack of immediate financial dependents. Additionally, creating an emergency fund, reviewing and possibly increasing insurance coverage, and planning for future expenses like healthcare or potential family changes are suggested. The overarching advice is to balance between saving for retirement, managing current debt, and preparing for unforeseen expenses while considering personal financial goals and lifestyle.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/investment/i-m-42-and-married-with-no-kids-i-have-114k-in-a-401-k-and-1-400-in-credit-card-debt-how-can-i-grow-my-wealth/ar-AA1vBk5N ]