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Afford Anything | Make Smart Money Choices

Ask Paula: Should I Pay Off Student Loans While in School?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 17 December 2018

⏱️ 81 minutes

🧾️ Download transcript

Summary

#167: Angelisa is a college senior with $30,000 in student loans. She has a part-time job, from which she’s saved $2,500. Should she keep saving money, or should she get a headstart on paying down her student loans while she’s in school? Mackenzie is also a college senior with some student loans. She recently received a settlement from a car accident. Should she invest this money? If so, how? Franchesca is 35 and is carrying $212,000 in debt, mostly student loans. Could she reach financial independence, even with a late start? Erica wants to make environmentally-friendly investments. How should she approach this? Caroline is 42 and has started making after-tax (non-Roth) 401k contributions. Is this a good idea? Schaffer is curious about podcasting. How did I get started? I answer these six questions on today’s podcast episode, alongside former financial planner Joe Saul-Sehy. Enjoy! For more information, visit the show notes at https://affordanything.com/167  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.

0:10.8

Every decision that you make is a trade-off against something else, and that's true,

0:14.1

not just for your money, but also your time, focus, energy, attention, anything in your

0:18.8

life that's a scarce or limited resource.

0:21.1

And so the questions become twofold.

0:22.9

Number one, what matters most to you?

0:25.4

What does everybody else tell you ought to matter most?

0:28.3

But what, personally, matters the most in your life?

0:32.3

And number two, how do you align your daily decisions to reflect that?

0:36.7

Answering these two questions requires a lifetime of daily practice.

0:40.4

And that is what this podcast is here to explore.

0:43.1

My name is Paula Pat and the host of the Affordable Care Podcast.

0:46.6

Every other episode we answer questions that you, the community, send in, and today,

0:51.7

to help me answer these questions, is former financial planner Joe Saul Sihai.

0:56.0

Hey, Joe.

0:57.0

Hey, it's so fun being back.

0:58.8

How are you?

0:59.8

I'm awesome.

1:00.8

And you just came back from a trip to the Virgin Islands, yes?

1:02.9

I did.

1:03.9

Yes.

1:04.9

Stayed on St. Thomas, and it's great to see those islands recovering from not one but two hurricanes.

...

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