Ask Paula: How Can We Reach Financial Independence by 35?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 2 November 2021

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

#346: Pensions make Chad uncomfortable, to the point of quitting his job to roll his $175,000 over to an IRA. Is the 12 percent match his employer offers good enough to beat the two percent growth of his pension? Or should he leave and never look back? Anonymous and his wife have $275,000 saved and a child on the way. They’re 27 and want to reach financial independence by 35. They want to buy a house, but with this crazy market, what’s the smartest way for them to use their savings? Anonymous and his wife are 30 and hope to reach financial independence in five years. They want to know: is a taxable brokerage account the best place for their leftover $1,000 after they max out their pre-tax 401k contributions? Norm wants to buy a house in cash and doesn’t want his name on public record. Is it possible for him to stay anonymous? Sharon called in on episode 336 and called back to clarify her question. Her husband purchased a below-market property which has a cap that limits how much they can sell it for. Should they keep the home, or sell it, even if they can’t get the full price for it? Joe Saul-Sehy, my friend and former financial planner, joins me to tackle these questions on today’s episode. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information, visit the show notes at https://affordanything.com/episode346 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.
0:11.0	Every choice that you make is a trade-off against something else and that doesn't just
0:14.1	apply to your money, that applies to your time, your focus, your energy, your attention.
0:19.2	It applies to any limited resource that you need to manage.
0:23.2	Saying yes to something implicitly means, turning away all other opportunities and that opens
0:28.0	up to questions.
0:30.0	First, what matters most.
0:31.8	Second, how do you align your decision making around that which matters most?
0:37.6	Answering these two questions is a lifetime practice and that is what this podcast is
0:41.7	here to explore and facilitate.
0:44.0	My name is Paula Pant, I am the host of the Afford Anything Podcast.
0:47.4	Every other episode, I answer questions that come from you, the community, and I do
0:52.0	it alongside my good buddy, former financial planner, Joe Saul Seahy from the Stacking
0:57.0	Benjamin's podcast.
0:58.0	What's up, Joe?
0:59.0	Paula, it's a doggy dog world and I'm wearing milkbone underwear.
1:02.4	Wow, I did not need to know that.
1:05.7	This is a family show, Joe.
1:09.4	I was just watching an old episode and by the way, they don't really hold up at this old
1:13.0	show, Cheers, right?
1:14.0	That was the show, Cheers and Normal come in and one day he said that.
1:17.6	So I just tried it out and see even that line didn't hold up.
	...

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