Ask Paula: Should We Sell a Condo if We’re Barely Breaking Even?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 3 September 2021

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

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Summary

#336: Anonymous and his partner have a one-bedroom condo that they rent out in Pasadena, CA. The problem? They’re barely breaking even. Should they keep the condo, or sell it and make better use of the profits? Sam wants to know: how much of an emergency fund does a rental property need? Michael and his wife expect their taxable income to be less than $10,000 this year. Should Michael (age 56) take distributions from his 401k to minimize or eliminate their income tax burden? Shanon wants to switch to an ethical bank with values that align with hers. How can she create a framework for making decisions about financial institutions when authentic information is scarce? Sharon's husband purchased a property with a below-market loan in 2008. They now have an extra $4,000 per month, and Sharon wants to buy a property as a first-time buyer. They're torn between keeping the property or selling it. What should they do? Former financial planner Joe Saul-Sehy joins me to answer more of your questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information and resources, go to https://affordanything.com/episode336 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.
0:11.6	Every choice that you make is a trade-off against something else and that doesn't just
0:15.2	apply to your money.
0:16.7	That applies to any limited resource that you need to manage, like your time, your attention,
0:22.9	your energy.
0:24.7	Being yes to something implicitly means saying no to all other opportunities and that opens
0:30.6	up to questions.
0:32.0	First, what matters most?
0:33.8	And second, how do you align your decision making around that which matters most?
0:40.6	Answering those two questions is a lifetime practice and that is what this podcast is
0:44.4	here to explore.
0:46.8	My name is Paula Pant.
0:47.8	I am the host of the Afford Anything Podcast.
0:50.0	Normally, we are a weekly show, but once a month on the first Friday of the month, we do
0:55.7	a first Friday bonus episode, so welcome to the September 2021 first Friday bonus episode.
1:03.6	After today's episode, we will be launching for the rest of September into the September
1:08.0	sabbatical and at the close of the show, I will talk more about what that is.
1:12.5	One more quick announcement before we get into today's show.
1:15.8	We are launching a four week long weekly mini series of live streaming mini classes on
1:22.4	real estate investing.
1:24.0	It's totally free.
1:25.4	Once a week for four weeks, starting on September 21st, we're going to be live on the internet.
	...

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