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In a high-interest landscape, having a emergency fund of $10,000 can cover most debts people might acquire. Many Americans live paycheck to paycheck and struggle with unexpected expenses, but having this buffer allows individuals to manage their debt responsibly.
Before one even begins investing for wealth, it is crucial to address high-interest debts. The cost of carrying credit card debt can overshadow any potential earnings from investments, making it essential to prioritize eliminating this type of financial burden.