Ask Paula: Should I Buy a Nice Car or Save My Money?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 14 January 2019

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

#172: Should a 25-year-old homeowner with healthy savings and no debt (other than his mortgage) upgrade his car? Should he make this choice if his current car is fine, and upgrading puts him into new debt? Should a couple without access to an employer-sponsored retirement plan put their savings into a taxable account, or should they save for a downpayment on a rental property? The market is fluctuating like mad; if someone has a lump-sum of cash, should they invest it now or should they slowly meter it in? Should someone without an emergency fund enroll in an HSA-qualified health insurance plan? Or should they stick with a plan that has a smaller deductible? How should a husband-and-wife team that’s self-employed and running a company together handle their health insurance? Former financial planner Joe Saul-Sehy and I answer these five questions on today’s podcast. Enjoy! For more information, visit the show notes at https://affordanything.com/episode172 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.
0:10.9	Every decision that you make is a trade-off against something else.
0:13.5	And that's true, not just for your money, but also your time, your focus, your energy,
0:17.6	your attention, anything in your life that's a scarce or limited resource.
0:21.5	And so the questions become twofold.
0:23.1	Number one, what matters most to you?
0:25.1	And number two, how do you align your daily decisions to reflect those priorities?
0:30.1	Answering these two questions is a lifetime practice.
0:32.7	That's what this podcast is here to explore.
0:34.8	My name is Paula Pant.
0:36.1	I am the host of the Afford Anything Podcast.
0:38.6	Every other week we answer questions that come from you, the community.
0:41.9	And today, former financial planner Joe Saul Seahye is here to answer those questions with me.
0:47.7	Hey Joe.
0:48.3	Paula, how are you?
0:49.5	I'm awesome. How are you?
0:50.9	Well, we just moved.
0:52.6	My mom moved the basement to Detroit.
0:54.5	So I had to move to Detroit also.
0:56.4	And my feet are cold.
0:58.2	For people who are wondering what that's a reference to, Joe is the host of a podcast
1:01.7	called Stacking Benjamin's.
	...

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