Ask Paula: I’m 24 and Won a $1 Million Settlement. How Should I Handle This Money?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 6 March 2020

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

#245: Joe has a 24-year-old friend who won a $1 million settlement. How can she use this money to set herself up for financial independence? Jay is 52 years old and wants to retire at 59.5. He began investing in individual stocks to achieve this goal, and has had excellent returns so far. Is this a sound plan for early retirement? Or should he work until age 62 for Social Security? Steve is 54 years old. He plans to retire at 60, which is when he can collect 67 percent of his pension. A Vanguard advisor suggested that he direct some of his 403b contributions as Roth contributions, rather than pre-tax contributions. Should he act on this suggestion? Anonymous in New York City wants to invest their HSA contributions this year, but the expense ratios seem high. Can they move their HSA to a different provider? What fees are normal for HSAs? Brit has a similar question. She wants to know: is it possible to invest in the S&P 500 Fossil Fuel Free Index through Vanguard? My friend and former financial advisor, Joe Saul-Sehy, joins me on the show to answer these six questions. Enjoy! For more information, visit the show notes at https://affordanything.com/episode245 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.
0:11.2	Every decision that you make is a trade-off against something else and that doesn't just
0:14.3	apply to your money.
0:15.3	That applies to your time, your focus, your energy, your attention, anything in your life
0:19.7	that's a limited resource that you have to manage.
0:22.3	And that leads to two questions.
0:24.3	Number one, what matters most to you?
0:27.4	What does society say should matter most?
0:29.9	Not like, should you have done thing x by age y?
0:34.1	Forget that.
0:35.1	What is actually a priority in your life?
0:37.9	That's the first question and the second question is how do you align your daily decisions
0:42.7	and your daily actions to reflect that?
0:46.3	Answering these two questions is a lifetime practice.
0:48.8	And that's what this podcast is here to explore.
0:51.2	My name is Paula Pat.
0:52.2	I am the host of the Affordable Care Foundation.
0:54.7	Normally we're a weekly show that typically tries to air on Monday, but once a month on
0:59.5	the first Friday of the month, we air a first Friday bonus episode.
1:03.5	So welcome to the March 2020 first Friday bonus episode.
1:07.8	Every other episode, I answer questions that come from you, the community.
1:11.9	And today, my buddy, former financial planner, Joe Saul Seahy, is here to help me answer these
	...

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