Ask Paula: How Does My Net Worth Compare to Others My Age?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 22 April 2019

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

#189: Julie, age 27, calculated her expected net worth based on the formula taught in the classic personal finance book The Millionaire Next Door. She’s concerned. Her current net worth is significantly lower than the number that the formula revealed. Is she on-track? Anonymous wants to save for a downpayment on a home. Should she reduce her 401k contributions in order to amass these savings? Should she store some of that money in a Roth IRA? Samantha is more than halfway finished with paying off her debt. In order to make this happen, she took on a second job. How much will she owe in taxes? Maxime works at a job in which his 401k only offers expensive choices. Should he put his money in a taxable brokerage account, instead? Leslie’s parents are going to retire in five years, but they’ve only saved $65,000. What should they do? How can she help? Claire is creating an estate plan. What should she be thinking about? Former financial planner Joe Saul-Sehy and I answer these six questions in today’s episode. For more information, visit the show notes at https://affordanything.com/episode189 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.
0:10.4	Every decision that you make is a trade-off against something else and that doesn't just
0:13.1	apply to your money, it applies to your time, focus, energy, attention, anything in your
0:17.2	life that's a scarce or limited resource.
0:19.6	And that leads to two questions.
0:21.2	Number one, what is most important to you?
0:23.0	And number two, how do you align your daily decisions accordingly?
0:28.2	Knowing these two questions is a lifetime practice and that's what this podcast is here
0:31.2	to explore.
0:32.2	My name is Paula Pant and the host of the Affordable Care Foundation podcast and today my buddy
0:36.7	former financial planner Joe Salcihi joins me on the show to answer questions that you
0:42.1	the community have sent in.
0:43.7	What's up, Joe?
0:44.7	What's happening, Paula?
0:45.7	We're going to change some lives today.
0:48.0	Let's hope, let's hope.
0:50.2	Our first question comes from Julie.
0:52.4	Hi, Paula.
0:54.3	My name is Julie.
0:55.3	I'm 27 and living in Vermont.
0:57.6	I've always thought I was decent with money and have recently become interested in financial
1:01.5	independence.
	...

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