Ask Paula: Escaping a $100K Tax Nightmare

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 10 September 2024

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

#539: An anonymous caller feels trapped. She owes $100,000 in back taxes on earnings she had to give up as a result of a lawsuit with her former business partner. What should she do? Saul and his wife want to retire in Mexico but they don’t want to give up the ability to continue investing in US stocks. Can they buy a primary residence that doubles as a short-term rental? Nina and her partner are eager to start a $500,000 renovation on their home but they’re still three years away from saving enough. How can they bridge the gap without risking too much? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode539 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	What do you do if you love where you live but you're not sure you can afford to stay?
0:04.4	What would you do in that situation Joe? I buy a tent and I would camp in somebody's front yard
0:11.4	till they kick me out that I go camp and somebody else is front of
0:13.5	yard. No that's not what I do. I don't know what I do. That'd be tough, wouldn't it?
0:16.5	It would absolutely be tough and we are going to tackle that question at the end of
0:21.7	today's episode but before we get to that, we're going to
0:25.2	talk to an aspiring ex-pat who is going to retire in Mexico, but for a few reasons he also
0:32.4	wants to maintain residency here in the
0:35.1	United States what should he do and we're gonna kick off with a question actually
0:40.3	I'm not even going to spoil the first question. So those are the three questions for answering today.
0:44.0	Welcome to the Afford Anything Podcast,
0:46.0	the show that understands you can afford anything but not everything.
0:50.0	Every choice carries a trade-off. So what matters most? This show covers five
0:56.7	topics. Financial psychology, increasing your income, investing, real estate and
1:01.2	entrepreneurship. It's double- I fire. I'm your host
1:04.2	Paula Pant I trained in economic reporting at Columbia and I hope you focus on what
1:08.0	matters. Every other episode I answer questions that come from you alongside my
1:11.7	buddy former financial planner
1:13.4	Joe Saul CI. What's up Joe? It is a super day to be here with you Paula and
1:18.3	we've got some great questions. Amazing questions. Let's hear the first which comes from anonymous.
1:24.0	Hi Paula.
1:26.0	I'm finding myself in a tax bind and I was hoping that you and or Joe could give me some
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Paula Pant | Cumulus Podcast Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Paula Pant | Cumulus Podcast Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.