744-Friday Q&A: Contractor vs. Employee, Negative Interest Rates, Cash, Emergency Escape from Wildfires, How to Pay Down a Life Insurance Loan

Radical Personal Finance

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

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 11 September 2020

⏱️ 86 minutes

🔗️ Recording | iTunes | RSS

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Summary

Friday Q&A show! Today we discuss:

00:30 Contractor status or employee status?
31:00 What happens with our money when interest rates go negative?
43:21 Is it really a good idea to have lots of cash on hand?
1:03:30 How should I set up an emergency escape vehicle to get out of California wildfires?
1:17:31 I used a life insurance loan as a down payment for my house; what do I do now?

Transcript

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0:00.0	Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills,
0:03.2	insights, and encouragement you need to live a rich and meaningful life now while building a plan
0:07.6	for financial freedom in 10 years or less.
0:10.4	My name is Joshua, I'm your host.
0:11.6	Today is Friday, It's a live Friday
0:13.0	Q&A show. I have four callers waiting on the line. If you would like to join me for a
0:16.6	live Friday Q&A show, they work just like call and talk radio.
0:19.6	Go to radical person, go to Patreon.com, go to Patreon.com, go to Patreon.com.
0:22.2	Patreon.com to Patreon.
0:23.0	Patreon.com slash radical personal finance
0:25.0	and you'll see all the details that you need there to sign up to support the show
0:29.0	and gain access to these calls.
0:31.0	We begin with Zach.
0:32.0	Zack, welcome to the show.
0:32.6	How can I serve you today, sir?
0:33.6	Hi Josh.
0:34.6	Thanks so much for taking my call.
0:36.6	Before I get started in my question, I'll just give you a brief background to my situation.
0:41.4	So I work as a project manager and for the last couple of years I've been
0:45.1	contracting through a contract firm. So I was laid off a couple months ago obviously
0:50.2	to the coronavirus, but luckily I was able to land a new position yesterday.
0:55.0	In the process of searching for jobs, I spoke to several recruiters, but one recruiter had brought up the option of receiving my income through my own LLC.
	...

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