Ask Paula: Should I Choose This or That? How to Weigh the Tradeoffs

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 1 November 2019

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

#223: Elizabeth is curious to know: what does a good net worth breakdown look like? Is it appropriate to have a lot of your net worth tied up in real estate? Marie wants to start her own business, but she’s living paycheck-to-paycheck. Is incurring debt her only option to make this dream a reality? Bria wants to take a second mini-retirement and has a good chunk of money saved up. She wants to come back to the workforce with a cash cushion. What should she do with her money while traveling? Connor is facing a dilemma. Is he correct in not prioritizing 401k contributions given that his employer doesn’t offer a match, combined with his goal for financial independence? Is his strategy of using his savings for real estate investing better? Caroline is wondering: should she aggressively pay off her home and her rental properties, or use her excess savings to fund a brokerage account? Anonymous is relocating from Southern California to Florida. She wants to know if she should rent an apartment and buy a rental property, or buy a primary residence with the $150,000 she has saved. Today’s episode is full of exploring and weighing tradeoffs. For more information, visit the show notes at https://affordanything.com/episode223 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.
0:10.7	Every decision that you make is a trade-off against something else and that doesn't just
0:14.0	apply to your money.
0:15.0	That applies to your time, your focus, your energy, your attention.
0:18.7	It applies to anything in your life that's a scarce or limited resource.
0:23.3	And that leads to two questions.
0:25.4	Number one, what matters most to you?
0:27.7	Number two, how do you align your daily decisions in a way that reflects that?
0:33.6	Answering these two questions is a lifetime practice and that is what this podcast is here
0:37.5	to explore.
0:38.6	My name is Paula Pan and the host of the Affordable Care Foundation.
0:41.8	Normally, we are a weekly show, we air every Monday morning, but once a month, on the first
0:46.8	Friday of the month, we air a first Friday bonus episode.
0:50.2	Welcome to the November 2019 first Friday bonus episode.
0:54.4	Here's what we're going to cover today.
0:56.2	Connor is 27, makes six figures, debt-free and wants to reach financial independence so
1:01.0	that he can start his own company.
1:02.8	His employer doesn't offer a 401k match, so right now, he's not contributing to a 401k.
1:07.8	Should he be?
1:09.1	Meanwhile, Caroline is wondering, should she aggressively pay off her home and her rental
1:13.2	properties or should she use her savings in other ways?
1:17.5	Elizabeth wants to know how much of your net worth is it okay to keep tied up in equity?
	...

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