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Afford Anything | Make Smart Money Choices

Ask Paula -- How to Care for Aging Parents, Buy a Car, and Organize a Business

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 6 March 2017

⏱️ 46 minutes

🧾️ Download transcript

Summary

#67: It's the first Monday of the month, which means it's time to answer questions from the Afford Anything community. Our first question comes from a caller in a tough spot: Her mother-in-law is 66 years old. She's divorced, holds no retirement savings, and will only receive a tiny Social Security check. Her health is worsening, and she'll need to step away from work shortly. The caller wants to help her mother-in-law ... but how? Our second question comes from Erin, a listener who's moving to California and needs to buy a car. She's new to the world of car-buying, and wants to know how she can get a great deal. What red flags should she watch out for? Our third question comes from Hong, a 32-year-old mother of two who's interested in early retirement. She's thinking about saving money in a 401k until she maximizes her employer match, then switching to a Traditional IRA, and then switching back to saving in her 401k. Should she pursue this strategy? How can she maximize her tax advantages? Our fourth question comes from John, who wants to know what I've learned from building an online course. He's contemplating creating one of his own. Finally, I answer a question from Adalia, who wants to know if my online business and real estate business are structured as part of the same company, or operated as two separate entities. She asks if I can talk about how I made my business structuring decisions. Have a question? Record it from your smartphone or computer. Go to http://affordanything.com/voicemail and leave a short message. 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

And that's true, not just for your money, but also your time, energy, focus, attention,

0:16.2

anything in your life that's a scarce or limited resource.

0:19.3

And I'm not saying that to promote some type of scarcity mindset.

0:22.6

On the contrary, I believe in abundance and I believe that opportunity is everywhere.

0:27.0

We must make choices about how we are going to spend our limited resources, our limited

0:32.7

time and attention and energy and money in pursuing that abundance that's around us.

0:38.0

So what decisions are we going to make?

0:40.3

How do we make better choices?

0:42.8

My name is Paula Pat.

0:43.8

I'm the host of the Afford Anything Podcast where we explore these questions.

0:48.0

Today is the first Monday of the month and that means it's time for a round of Ask Paula.

0:54.8

The episode in which I answer questions sent in by you, the listeners.

0:59.0

Our first caller doesn't state her name in the recording and even though I know what

1:02.5

it is, her question is a little sensitive so I'm not going to repeat her name.

1:08.4

Here is her question.

1:10.4

Hi Paula.

1:13.4

My question is about preparing financially for an aging parent.

1:17.8

My mother-in-law is 66 years old this year.

1:20.7

She's divorced with $10,000 to her name.

1:23.8

No retirement savings and we'll be getting a social security check for a few hundred

1:28.3

dollars a month.

...

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