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Afford Anything | Make Smart Money Choices

Ask Paula - I'm Six Years Away From Financial Independence, But I Want to Quit Now

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 1 June 2018

⏱️ 37 minutes

🧾️ Download transcript

Summary

#132: BONUS EPISODE!! On the first Friday of the month for the remainder of the year, I'm rolling out an additional bonus episode. As you know, this podcast airs weekly on Mondays. I'm thinking about maybe -- MAYBE -- expanding the podcast to twice-a-week. Maybe. But before I make such a big commitment, I figured I'd test the waters by producing *one* extra episode per month. I'll release this on the first Friday of every month for the rest of 2018. Today's episode is the June 2018 First Friday Bonus Episode, in which I answer three questions from the Afford Anything community. Enjoy! ____ Cameron accepted a job in the Middle East, where he earns 60 percent more than he could make at a comparable job in the U.S. He also gets free health care and 30 vacation days annually, which gives him time to travel with his wife and four kids. And thanks to his income and benefits, he and his family are on-track to reach financial independence in six years. The problem? He's just not that into his job. He'd like to pursue something more interesting ... he's just not sure what. And since he doesn't know what's next, he's worried that he might be running *away* from something rather than running *into* something else. Should he tough out the next six years? Or should he quit, even if that will delay his journey to financial independence? __ Hailey is 22, and she bought her first home last year. She bought a condo for $103,000 with a 3 percent downpayment and a 30-year, fixed-rate mortgage at 4.5 percent. Her condo was in mediocre shape at the time, so she's spent the past year renovating the space -- such as replacing the flooring and getting rid of the popcorn ceilings. Her neighbor recently sold his condo for $120,000, so Hailey is reasonably sure that -- between the comparable sale and the improvements that she's made -- her condo could appraise for at least that much. She'd like to get an appraisal, so that she can get rid of her $60 monthly PMI payment. But an appraisal costs between $660 to $850, and she's only planning to live in the condo for another year. She thinks she'll keep the condo for around three more years. Should she get an appraisal? Are there any red flags or drawbacks to doing this? ________ Danica called to say "congratulations!" on the 10-year anniversary of quitting my job. She's curious: how did I reach financial independence? I answer these three questions in today's First Friday Bonus Episode. Enjoy! For links to resources mentioned in this episode, visit http://affordanything.com/episode132  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

If you can afford anything but not everything, every decision that you make is a trade-off

0:12.3

against something else, and that is true not just of your money, but also of your time,

0:17.6

your focus, your energy, your attention, anything in your life that's a scarce or limited

0:22.4

resource.

0:23.4

And so the questions become twofold.

0:25.2

Number one, what's most important to you?

0:27.8

Do you need to do in order to live the best life that you can?

0:31.1

And number two, how do you actually align your day-to-day behaviors to reflect that?

0:37.0

Answering these two questions is a lifetime practice, and that is what this podcast is

0:40.9

here to explore.

0:42.4

My name is Paula Pant, I'm the host of the Afford Anything Podcast.

0:45.6

Normally, we are a weekly show that airs every Monday morning, but guess what?

0:50.7

You are listening to the very first Friday bonus episode.

0:55.2

So I've decided that for the rest of the year 2018, on the first Friday of the month,

1:00.8

I'm dropping a bonus episode, and that is what you're listening to right now.

1:05.3

These bonus episodes are a way for me to answer more of your questions.

1:08.6

We've been getting a lot of questions that have come in from you, the community, and

1:12.6

there's been such a backlog that creating these additional episodes, these first Friday

1:17.1

bonus episodes, helps me answer more of your questions.

1:21.3

On top of that, I've been contemplating the possibility of maybe turning this into

1:28.1

a twice a week show where we would drop two episodes a week, but before I make that

1:33.6

big of a commitment, because that would double my workload, before I decide to outright

...

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