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Afford Anything | Make Smart Money Choices

Ask Paula: Should I Put My Student Loans in Forbearance? Should I Buy a Vacation Rental? and More

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 3 February 2020

⏱️ 81 minutes

🧾️ Download transcript

Summary

#239: Lo is in a good spot with her career, but she’s struggling with a ton of student loan debt, and consequently, credit card debt. What should she do to manage it? Anonymous wants to know how to set up a backdoor Roth IRA. Eric and his wife own a property in Savannah, GA that brings in more money as an Airbnb than a traditional rental. They want to invest in more properties and are wondering if this model is the best path to take. James wants to own a vacation rental in the Vermont mountains that he can use when it’s vacant. What features or qualities would make a profitable vacation rental? What red flags should be on his radar? Ayesha is looking at buying a rental property that has a partial HUD claim on it. What kind of complications should she anticipate? Or should she let this property go completely? Shelbi and her husband own a rental property that they purchased for $178,000 that’s now valued at $300,000. They’re looking at a multitude of options - sell it, move into it, or keep it. What’s best given their FIRE goal? For more information, visit the show notes at https://affordanything.com/239 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything.

0:10.0

You just can't afford everything.

0:12.5

Every decision in your life carries an opportunity cost, and that doesn't just apply to your

0:16.2

money, that applies to any limited resource that you need to manage, including your time,

0:20.6

your energy, and your attention.

0:22.6

And that leads to two questions.

0:24.2

Number one, what matters most to you, and number two, how do you align your day-to-day

0:29.3

decision-making to reflect that?

0:31.9

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

0:35.6

to explore.

0:36.6

My name is Paula Pat.

0:37.6

I'm the host of the Afford Anything Podcast, and today I'm answering questions that come

0:41.4

from you, the community.

0:43.7

Here's what we're going to cover.

0:45.2

Low is in a great spot with her career, but she's struggling with credit card debt and

0:49.0

student loan debt.

0:50.4

What should she do to manage this?

0:52.5

James wants to own a vacation rental in the Vermont Mountains that he can use when it's

0:56.4

vacant.

0:57.4

What red flags should be on his radar?

1:00.9

Anonymous wants to set up a backdoor Roth IRA.

1:03.7

How?

...

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