Ask Paula - Automating Savings, Starting a Blog, Emergency Funds, Investing in Real Estate Confidently, and More

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 5 December 2016

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

#54: It's the first Monday of the month, which means I'm fielding questions from the audience. We start with a question from Nicole. She's a new listener, and she's stuck in a confusing situation. You see, Nicole is self-employed. She'd like to save a percentage of her income -- but she doesn't get regular paychecks. How can she automate her savings, when she doesn't know how much she'll make each month? She asks a second question, as well. Nicole has $15,000 in savings and wants to buy her first rental property. However, she's intimidated by the unknown market. What should her first steps be? Next, we move to a question from podcast listener David. Should he invest his emergency fund? David is contemplating putting his emergency savings in the Vanguard Immediate-Term Investment Grade Fund (VFICX). Is this a good idea? Saul, another podcast listener interested in real estate investing, recently sold his home and has a decent chunk of change. Should he buy a 3 bed / 2 bath townhome with a small commercial space on the first floor? Or should he buy a duplex? Podcast listener Albert is wondering: should he buy a home for himself, and rent it out a few years later? He'd like to travel and work remotely. What are the downsides to this idea? It can't be that easy ... right? Finally, Abbey started a personal finance blog, and wants to know: When should she start promoting her blog? How much content should she write? Does she have to share her blog with her friends and family, or can she stay anonymous? Should she write about other things besides money and travel? I tackle these questions in this month's edition of Ask Paula. Enjoy! -- Paula P.S. Trying to make a decision? Ask your question at http://affordanything.com/voicemail Resources Mentioned: Renting is Throwing Money Away...Right? Everything I Know About Blogging Condensed Into One Post Should You Invest in This Rental Property? _______________________ To view this information online, visit http://affordanything.com/episode54 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:11.2	And that's true, not just of your money, but also your time, focus, energy, attention,
0:15.6	any limited resource in your life.
0:17.3	So how do you make better decisions, smarter, more rational, more informed, principled, driven
0:23.3	choices about how you're going to spend your limited resources?
0:27.6	How are you going to direct what's available to you in a way that will help you produce
0:31.9	the type of life that you want to lead?
0:34.0	It's a serious topic, isn't it?
0:35.7	It's a serious suck.
0:37.3	Line of inquiry, and this is the Affordable Care Podcast where we try to ask better questions
0:43.1	and try to find better answers.
0:45.4	My name is Paula Pant, the host of the podcast, and today is the first Monday of the month,
0:50.3	which means I answer questions that come in from you.
0:54.3	Our first question comes from Nicole.
0:57.0	Hi, Paula.
0:57.7	I'm a relatively new listener to your podcast, but I'm really loving it so far.
1:02.2	I have two questions for you today.
1:04.7	The first is I'm wondering how you personally automate your savings.
1:09.0	So for me, for example, I have my checking with Bank of America, and they do have a program
1:13.8	that allows me to transfer the same amount of money each month.
1:16.6	So for example, transfer $50 into my checking.
1:19.5	But what I would really like to do is transfer a percentage of my income into my brokerage
	...

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