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Afford Anything | Make Smart Money Choices

Ask Paula: I Make $50,000; How Can I Buy a House?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 28 June 2021

⏱️ 74 minutes

🧾️ Download transcript

Summary

#324: Rob and his fiancé are grappling with what to do about her $400,000 of federal student loan debt. Should they pay it off immediately, or bank on a 20-year dismissal? “Nurse Dreaming of FI” isn’t sure what her family’s next financial move should be. She’s torn between investing extra money into index funds, or using it to buy a fix-and-flip. Her goal is to make work optional. Which path will lead her there? Daniel recently discovered the financial independence retire early (FIRE) movement and got a job earning $50,000 per year. He wants to househack a duplex to get closer to FIRE, but how the heck can he find anything in this seller’s market? Anonymous and her husband have 457s with the City of Chicago. However, they found out that Illinois has a horrible credit rating. How can they - and should they - protect their funds? How much should they rely on their pensions? Nick is curious: how have my views on wholesalers changed over the years, and why? My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions today. For more information, visit the show notes at https://affordanything.com/episode324 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.

0:10.6

Every choice that you make is a trade-off against something else, and that doesn't just

0:13.5

apply to your money.

0:14.6

That applies to your time, your focus, your energy, your attention.

0:18.7

Anything in your life that's a scarce or limited resource, saying yes to something implicitly

0:22.7

means that you're saying no to all other opportunities.

0:26.0

And that opens up two questions. First, what truly matters. Second, how do you align your

0:31.5

decision making to reflect that which truly matters?

0:35.9

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

0:39.1

here to explore. My name is Paula Pat. I am the host of the Affordable Care Foundation

0:42.2

podcast. Every other episode, I answer questions that come from you, the community, and I do

0:47.3

so with my buddy, the former financial planner, Joe Salcihi. What's up, Joe?

0:52.0

Paula, I'm about to get into my happy place.

0:54.4

I think it's your happy place, too, isn't it? We get to talk with your community, answer

0:58.9

some questions, do a group hug, make some people some money, help them avoid traps.

1:05.1

Yes, exactly. Exactly. We get together and talk to people about financial literacy, about

1:10.4

building wealth, about making money, saving money, using their money better, not getting

1:15.5

ripped off. In fact, the first question that we're going to tackle.

1:18.4

Yeah, look at that segue.

1:20.9

This question that we're going to tackle comes from a guy named Nick who was wondering in

1:25.9

the world of real estate investing, how to not get ripped off. Here are the specifics of

1:31.2

his question.

...

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