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Afford Anything | Make Smart Money Choices

Ask Paula: I Want to Travel After I Retire; How Much Should I Save?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 29 March 2021

⏱️ 61 minutes

🧾️ Download transcript

Summary

#308: Ziggy purchased an $890,000 property in San Mateo, CA in 2016. After living there for a year, he had to move, so he rented it out. Unfortunately, it’s cash flow negative. Is this property worth holding onto, or should he sell? Vivek has a paid-off primary residence that he’s interested in renting out for a few years, before selling. He’s worried about capital gains tax – does turning the home into a rental impact the amount he’ll pay? Anonymous in Virginia wants to travel after retiring, which will increase her expenses for the first seven or so years of her retirement. How can she plan for a higher withdrawal rate at the beginning of retirement, and a lower withdrawal rate in the middle of her retirement? Given the talk around student loan forgiveness, Jess wants to know: should she pay the minimum on her student loan debt and save the payments she would otherwise make? Or should she keep throwing extra at her higher interest loans? My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Let’s dive in! For more information, visit the show notes at https://affordanything.com/episode308 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 choice that you make is a trade-off against something else, and that doesn't just

0:14.8

apply to your money.

0:16.0

That applies to your time, your focus, your energy, your attention, anything in your life.

0:21.6

That's a scarce or limited resource.

0:23.9

Saying yes to something implicitly means, turning away other opportunities, and that reality

0:29.1

leads to two questions.

0:30.7

First, what matters most?

0:32.8

Second, how do you align your decision-making accordingly?

0:37.6

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

0:41.8

to explore.

0:43.1

My name is Paula Pant.

0:44.1

I am the host of the Afford Anything Podcast.

0:46.8

Every other episode, we answer questions that come from you, the community.

0:51.0

And today, and most days, when we answer these questions, former financial planner Joe

0:57.2

Saul Seahe is with me to answer these questions.

1:00.9

What's up, Joe?

1:02.1

You mixed it up a little bit.

1:03.1

I was waiting for the ish every other episode ish.

1:05.7

I know exactly, exactly.

1:06.9

We can do it.

1:07.9

I say that every other intro ish.

...

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