Ask Paula: How to Invest for the Next Five Years

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 11 November 2019

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

#225: Lauren is 26 and earns $48,000 per year after taxes. She saves $12,000 annually in retirement accounts, and an additional $18,000 per year for a downpayment on a home. She wants to buy a home in the next five years. Where should she keep her savings in the meantime? Sawyer has a five-year financial independence plan. She owns two high-end condos in a NYC suburb. She lives in one unit and rents the other, but she’s bothered by the fact that she’s forgoing collecting rent on her home unit. Should she move? Katie’s husband is going to grad school and they want to pull money out of a Vanguard account to fund his tuition. Should they do this? Cassie is in the process of finalizing a divorce. She and her daughter will receive between $80,000 - $116,000. Should they use the funds to buy a home with a 20 percent down payment or pay off their $30,000 debt? Andy is curious: should you re-adjust the 4 percent withdrawal rule if your investment portfolio grows? Joe wants to become self-employed but is concerned about health insurance. What are some affordable options? Laura is ready to retire. She’s also engaged, and her fiance wants to keep working. Should they file taxes jointly or separately? Doug is interested in learning more about equity sharing programs. Are these safe investments? Tania wants to know: can you open and fund a Roth IRA if your only source of income is alimony? Brian took out a 401k loan to buy a car. He regrets his decision. Should he take out a personal loan to pay back the 401k loan? Former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode225 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 decision that you make is a trade-off against something else and that doesn't just
0:14.1	apply to your money.
0:15.3	That applies to your time, your energy, your focus, your attention.
0:19.2	It applies to anything in your life that's a limited resource that you have to manage.
0:23.1	What is the best way to manage that resource?
0:25.7	In order to answer that question, you have to ask yourself two particular follow-up questions.
0:30.6	One is, what are your values?
0:32.2	And the other is, how do I take daily actions that are aligned with those values?
0:37.3	Answering those two questions is a lifetime practice and that is what this podcast is here
0:41.0	to explore.
0:42.0	My name is Paula Pant.
0:43.0	I am the host of the Afford Anything Podcast.
0:45.7	Every other episode, we answer questions that come from you, the community.
0:49.8	And today, former financial planner Joe Saul Seahy is with me to answer these questions.
0:54.9	What's up Joe?
0:55.9	Not much, what's up with you?
0:58.0	By the time this episode airs, I'm going to be an Ecuador.
1:01.9	In fact, I'll be in Ecuador for basically the full month of November, the first through
1:05.7	the 25th.
1:07.0	By the time this episode airs, I will be in Detroit, Michigan in my mom's basement.
1:11.9	Oh, fancy.
	...

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