Ask Paula: I Came Into A Lot of Money. What Should I Do With It?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 8 November 2023

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

#471: Bob split a $350,000 windfall between savings and paying down his mortgage. But now he’s wondering if he made a good choice. Can Paula and Joe do the math to justify his gut-driven decisions? Julia wants to tap the equity from a second home to buy a third home in Texarkana, Texas. Is this a good plan? Joey Jr. wants to retire early, put two kids through college and buy a vacation home within the next five years. How can he afford to do it all? An anonymous caller wonders if $1 million is a good budget for a retirement pad. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode471 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hey Joe, have you ever received a huge windfall?
0:02.3	I have not, but if somebody wants to, they can mail me at Joe in Texarkana, Texas.
0:08.6	All right, well, imagine you got a sudden $350,000.
0:13.8	Oh, I can imagine that.
0:15.6	What would you do?
0:17.6	I would invest it.
0:20.3	Hmm.
0:21.4	Well, that is not one of the two options on the table because we're about to tackle a question
0:26.4	from a guy by the name of Bob, who, well, I won't spoil his question, you'll hear it.
0:31.6	And by the way, welcome to the Afford Anything podcast. The show that
0:34.6	understands you can afford anything, not everything. Every choice that you make is a trade-off
0:38.9	against something else, which means if you have a windfall, you've got to do one thing with it or the other and every
0:45.0	decision carries trade-offs.
0:47.4	So which trade-offs are worth it?
0:49.5	I am the host of the podcast, Paula Pan.
0:52.0	You, Joe, you are a former financial planner,
0:54.6	and you join me every other week
0:56.2	to answer questions that come from this community.
0:58.2	Oh, I do.
0:59.2	You certainly do.
1:00.6	So let's kick off today with a question from Bob.
1:03.0	Hey, Paul and Joe, my name is Bob.
	...

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