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Afford Anything | Make Smart Money Choices

Ask Paula - How Can I Learn about Money from the People Around Me?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 20 November 2017

⏱️ 37 minutes

🧾️ Download transcript

Summary

#104: This week, I answer 4 questions about quitting a depressing job, learning how to ask probing questions, saving for a downpayment, and more. Edward asks: How can I learn from other people around me? I'm 28, and my wife and I have some money that we'd like to invest. We know people who've had both successes and losses in the investing world, but when I ask them questions, they tend to become a little more private and shy away. How can I encourage them to open up, so that we can learn from them? Sara asks: For the last 2 years, my husband and I have lived on one income and used the other to pay off our student loans. We also saved $40,000 to make a downpayment on a house. We need to move to England for 2 years, and we'll buy a house when we return to the U.S. In the meantime, what should we do with the $40,000 downpayment that we've saved? We'd hate to see the money in a savings account, but it doesn’t seem wise to invest in index funds. What should we do? Britney asks: I’m at a job that I hate. I’d like to start a small business and find other part-time work so that I can quit my job. I’m planning to move in with my in-laws, so my cost-of-living will be low. Do you recommend that I start a blog as a side hustle, so that I can pay the bills after I quit my job? A listener in the Midwest asks: I’m a 37-year-old single woman living in the Midwest. I live in a one-bedroom with my 5-year-old son. I bring home $3,800 per month. My rent is $1,150 and my son's preschool is $700 per month. I have $40,000 in retirement savings and a $3,000 emergency fund. I don’t want to be making rent payments in retirement. Should I take $20,000 from my 401k to make a downpayment on a rental property? ____ I answer these questions in today's episode. Enjoy! For more, visit the show notes at http://affordanything.com/episode104  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.

0:10.9

Every decision you make is a trade-off against something else.

0:13.5

So the questions become twofold.

0:15.3

Number one, what do you value most and number two?

0:18.6

How do you align your behaviors to reflect those values, those priorities?

0:23.4

Answering those questions is a lifetime practice and that's what this podcast is here to explore.

0:27.4

My name is Paula Pant, this is the Afford Anything Podcast.

0:30.6

Every other week I answer questions that come from you, the listeners.

0:34.9

We're kicking off with a question from Edward who has asked a fantastic question that

0:39.5

I have never gotten before and I'm really excited to answer it.

0:43.0

Take it away, Edward.

0:44.0

Hey Paula, my name is Edward.

0:46.1

Love the podcast.

0:47.1

I have a quick question for you, one that I think can be great for a lot of other listeners.

0:51.0

My question is how can I learn from other people around me, learn financial experiences,

0:57.2

learn about them and be able to apply them into my life.

0:59.6

I'm 28.

1:00.8

Just now my wife and I have got quite a bit of money that we're excited to invest and

1:05.1

we've got people around us that have had a lot of experience financially with some successes

1:09.6

and with some losses and my question is how can I learn from these people?

1:13.6

What questions can I ask?

1:15.6

Oftentimes I'll get tidbits from a successful father-in-law who is an orthopedic surgeon.

...

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