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Afford Anything | Make Smart Money Choices

Ask Paula: How Long Will It Take Me to Become a Millionaire?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 25 November 2020

⏱️ 68 minutes

🧾️ Download transcript

Summary

#286: Kaitlyn has $78,000 saved for a property, but she isn’t sure whether she should buy a personal residence, a rental property, or both. How can she best use this money? An anonymous listener wants to lower their housing expenses. Should she and her husband buy a cheaper property and turn their current home into a rental, or should they stay and pay off the mortgage as quickly as possible while saving for a downpayment on another property? Alex is just getting started with financial independence and asks: how can you calculate your financial independence date, and how do you know how much you need to save to reach that number at a certain age? Ell wants to know: what’s the difference between a high-yield savings account and a money market account, and how can you maximize the interest you earn in these accounts? Jenn wants to know: is it possible for Canadians to find cash-flow positive real estate deals, either in Canada or the United States? I answer these questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode286 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.

0:10.8

Every choice that you make is a trade-off against something else and that doesn't just

0:13.4

apply to your money, that applies to your time, your focus, your energy, your attention.

0:17.8

Any limited resource that you have to manage, saying yes to one thing implicitly means,

0:22.6

saying no to many other options, and that opens up two questions.

0:26.6

First, what matters most to you?

0:29.3

What does society say should?

0:31.3

But what actually matters most in your own life?

0:33.8

And second, how do you align your decisions on a daily, monthly, yearly basis to reflect

0:40.9

that which matters most?

0:42.6

Now answering these two questions is a lifetime practice and that is what this podcast is

0:46.6

here to explore.

0:48.4

My name is Paula Pat.

0:49.4

I am the host of the Afford Anything Podcast.

0:52.2

And today I will be answering questions that come from you, the community.

0:56.4

Here's what we're going to cover.

0:58.1

Alex is saving up for a down payment on a house and she wants to put her savings in an account

1:04.1

that's going to make her some amount of money.

1:07.2

She wants to know what's the difference between a high-yield savings account and a money market

1:11.2

account.

1:12.2

Alex is 25, just graduated and is starting at a job that pays $50,000 a year.

1:18.5

She wants to know how much she would need to save in order to retire with $1 million

...

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