717-Friday Q&A: HELOCs, Deferring Mortgage, Investing for 18-Year-Olds, Moving to the Country, Voluntary Furloughs, Etc.

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 10 April 2020

⏱️ 119 minutes

🔗️ Recording | iTunes | RSS

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Summary

It's Friday! On today's Q&A we cover:

1:23 - Should I take the HELOC money out and put it into my bank account?
4:57 - Should I defer my mortgage payments if possible?
6:30 - How does this economic crisis affect my FIRE plans?
16:52 - What should an 18-year-old do with $56,000 in his bank?
32:49 - Should we leave our high-income job to fulfill our dream of moving to the country?
48:24 - How should I give away $40,000 to $50,000 per year effectively?
1:19:20 - Should I take a voluntary furlough from my job?
1:24:12 - How should I set up my new business structure?
1:40:45 - How do I choose between two good job offers?

Transcript

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0:00.0	Today in Radical Personal Finance a show dedicated to providing you with the knowledge, skills, insight, and encouragement
0:24.3	you need to live a rich and meaningful life now while building a plan for financial freedom
0:28.2	in 10 years or less.
0:29.8	Today is Friday, April 10, 2020.
0:32.8	And today we do live Q&A.
0:35.3	I do these shows every Friday
0:36.4	when I can arrange the technology,
0:38.1	sit in my command center and open up the phone lines.
0:40.5	Works just like Call and Talk Radio.
0:42.4	A bunch of call
0:42.7	on the line they call in and we chat and then you get to hear it.
0:45.6	If you would like to join me for one of these Friday Q&A shows, I would invite you to become a supporter of the show at Patreon.com slash radical personal finance.
0:59.0	Again, you could sign up to become a supporter of the show atreon.com slash radical personal finance.
1:04.8	These Friday Q&A calls are available to patrons of the show and thank you to the many of you
1:08.6	who support the show there. It really helps me tremendously. I really am very grateful. We begin with let's see it looks like
1:15.6	finished I got to close the music there we go close the music. Tommy welcome to show
1:19.6	how can I serve you today sir? Hey I got your name Joshua just had a quick couple questions regarding
1:25.4	that whole equity law and credits. Okay go ahead. So we have a $60,000 available helock that is basically 0% loan as it stands as long as we don't put it in our bank account.
1:39.0	And then we'd obviously extra interest, whatever that variable percent would be if we tap into that.
1:44.8	At what market indicators should we watch for to see if we need to put that money out of the
1:50.6	standby and then into our bank account and what would cause that to not be available funds.
1:57.2	What would you do with the money if you put it in your bank account?
	...

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