Ask Paula: I Doubled My Investments During the Pandemic. What Should I Do Next?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 11 May 2021

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

#316: Pauly from Portland doubled the inheritance money he received from $50,000 to $100,000 during the pandemic. Now he’s wondering if it’s okay to use this $100,000 as a downpayment on a home in Portland. Is that a wise use of the money? Preethi accidentally withdrew funds from her Roth IRA as an excess distribution, and she’s already filed her taxes. What should she know for tax time next year? Michele wants to reach financial independence (FI), and her grandparents are leaving her their house. She already owns a home, and she’s torn between six potential options that will propel her toward FI. What should she do? Casey is in the market for a second rental property and wants to know: would we recommend purchasing a rental in a complex where she already owns a condo? Or should she diversify into a different complex in a different, nearby, more stable town? Fred doesn’t have access to a workplace retirement plan. Besides opening a Roth IRA, what else can Fred do to juice up his retirement savings? My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy! For more information, visit the show notes at https://affordanything.com/episode316 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.
0:10.9	Every choice that you make is a trade-off against something else and that doesn't just
0:13.7	apply to your money.
0:15.2	That applies to any limited resource that you need to manage, like your time, your energy,
0:19.6	your focus, your attention.
0:21.4	And that opens up two questions.
0:23.2	First, what matters most?
0:25.2	Second, how do you align your decision-making around that which matters most?
0:31.5	Answering these two questions is a lifetime practice and that's what this podcast is here
0:35.1	to explore and facilitate.
0:37.4	My name is Paula Pat.
0:38.4	I am the host of the Affordable Care Foundation podcast.
0:40.7	Every other episode, we answer questions that come from you, the Affordable Care Foundation
0:44.5	community.
0:45.5	And today, former financial planner Joe Salcihi joins me to answer these questions.
0:50.7	What's up, Joe?
0:51.7	Man, it's another week and we are ready to go, aren't we?
0:54.9	Oh my gosh, absolutely.
0:56.8	Fantastic.
0:57.8	Well, we do.
0:58.8	We've got some great questions and I can't wait to, you know, throw a dart at what the
1:03.4	answer might be.
	...

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