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Afford Anything

Ask Paula: My Income Is Dropping From $190,000 to $40,000; What Should I Do?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.63.4K Ratings

🗓️ 16 March 2022

⏱️ 74 minutes

🧾️ Download transcript

Summary

#370: Kristen is 32, and she and her husband want to retire in less than 20 years. They make too much to contribute to a Roth IRA. Should they use back door Roth conversions to speed along their path to early retirement? Michelle makes $190,000 and is going to switch to a career that pays $40,000 on average. To prepare for this lower salary, she's selling her current home and buying a different one. Should she pay off her new home with the proceeds from the old one? Or should she invest her profits? Anonymous lives in a high cost-of-living area and is wondering where to keep her down payment and emergency funds. Should she use I-bonds, TIPS, or some combination of these two? In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough situations. Enjoy! Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it at https://affordanything.com/voicemail and we’ll answer them in a future episode. 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.

0:11.0

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

0:14.0

apply to your money.

0:15.3

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

0:19.0

Any limited resource that you need to manage, saying yes to something implicitly means,

0:23.8

turning away all other options, and that opens up two questions.

0:28.0

First, what matters most?

0:30.0

Not what does society say ought to matter most, but what truly is a value in your life?

0:36.5

That's the first question and the second is how do you make decisions that reflect that

0:41.8

which you value?

0:43.9

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

0:46.8

here to explore.

0:48.6

My name is Paula Pant.

0:49.6

I am the host of the Affordable Care Foundation, and I am the host of the Affordable Care Foundation.

0:51.6

Every other episode, I answer questions that come from you, the community, and my buddy

0:58.0

F former financial planner, and brand new author, Joe Salcihi, joins me to answer these questions.

1:05.2

What's up, Joe?

1:06.2

I'll never get used to that.

1:08.5

I will never get used to that.

1:10.7

It's so wild to see people send me pictures of my book and bookstores or libraries.

1:15.4

It's a weird thing, Paula.

1:17.4

But it's great and very well deserved.

...

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