233: How to Financially Plan for 2 Special Needs Family Members

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 20 September 2021

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Life can be challenging at times. When you think you’re in a stable spot, the universe tends to throw you one (or many) curveballs. In the realm of financial education, the smart early decisions we make can help alleviate the stress of these curveballs. This has happened almost to the tee for today’s guest, Karen Ferrero. Karen grew up in a small town to a middle-class family. She was a first-generation college graduate and worked throughout high school and college. She later took a job and began consulting in the tech world, which offered her a respectable salary. She got married and had two kids with her husband, but shortly after, her husband was paralyzed in a motorcycle accident. Not only that, her son was diagnosed with autism. Now, Karen had to sell her house, find a new accessible one, take her son to therapy every day, and continue working her full-time job. This put her in a sizable debt hole, but through strategic debt payoff and intelligent investing, Karen has come out on top. She still has a very high-paying job, a loving family and some very, very profitable investment accounts for her children that she started decades ago. In This Episode We Cover How to plan for when life changes your course by force The importance of having good insurance when you’re young Why you should always take advantage of the 401(k) match when presented to you Investing as early as you can to capitalize on massive gains Why you should put education accounts in a trust The extra costs that come with taking care of special needs family members And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the bigger Pog its money podcast show number 233 where we chat with Karen Ferraro and talk about what happens when life
0:08.1	Theros you occur ball we have a two-year-old and almost two and a half year old in one year old and
0:16.6	My husband's hospitalized for about five months. I have to sell my home. I have to buy a new home
0:22.1	I have to make the new home accessible. I have to find child care
0:25.8	I have to find someone to take my son to therapy still oh and I I have to keep working this whole time
0:33.7	Hello, hello. Hello. My name is Mindy Jetson and with me as always is my
0:38.0	Caperous Wonder co-host Scott Trech. Oh, thank you for the billowing introduction Mindy. Always great to be here
0:45.1	It's not it
0:47.5	Scott and I are here to do something
0:50.5	Scott and I are here to make financial independence less scary
0:56.6	Let's just for somebody else to introduce you to every money story because we truly believe financial freedom is
1:03.6	attainable for everyone no matter when or where you're starting or
1:08.0	What curve balls life throws at you along the way? That's right whether you want to retire early and travel the world
1:13.0	Going to make big-time investments in assets like real estate start your own business or
1:16.6	Set up a large trust fund for a dependent perhaps a disabled family member
1:21.9	We'll help you reach your financial goals and get money out of the way so you can launch yourself towards those dreams
1:32.0	Holy cow Scott today's episode is so so so good
1:37.6	Karen started off life
1:39.8	Happy go lucky
1:41.6	And then life through her a giant curve ball and then another one and
1:48.2	Today's episode is about
1:51.1	dealing with those financial curve balls and being able to weather those storms. Yeah, I think I think her story has
	...

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