The rules have changed. The most important thing you can do these days is build up your savings and lower your debt. While I would do them both at the same time, you want to make sure you have AT LEAST 6 months worth of expenses in a high interest bearing savings account (such as INGDIRECT.com, or EMIGRANTDIRECT.com). Even if you have credit card debt, focus most of your extra cash flow into building up your savings. Even if your job is secure, you never know…
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I can't imagine being able to save up that much cash! I'd have to buy something ... like a new vacuum cleaner, or a double stroller for my 2 babies. How does one manage the discipline to do this? Don't I need to think about my IRA first? That takes what little spare cash I have.
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