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Afford Anything | Make Smart Money Choices

Ask Paula: Sooo … I Quit My Job. What Type of Business Should I Start?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 6 January 2020

⏱️ 69 minutes

🧾️ Download transcript

Summary

#235: Anna has made the leap to self-employment … but what’s next? She lives in the Bay Area and she’s trying to choose between five business ideas; she needs to make enough money to stay in her high-cost area. Doug recently won $9,000 from an online poker side gig and is wondering how best to use the funds: pay off high-interest student loan debt, or keep it to increase his poker earning potential? Alex and his partner want to househack a single-family property with a mother-in-law suit. What should they consider as far as zoning goes? Darrell is on track to retire in two years at age 55 and wants to know what he should do with his primary residence. Should he rent it out? Or should he sell it and use the profit to invest in rental properties? Or use the profit to buy his retirement home? Mara is curious about 1031 exchanges. She has equity in a rental property that she’d like to harvest, but she wants more information before making the move. Michael and his wife are struggling with competing goals. They want to invest in real estate, but they also want to move into an apartment closer to work to reduce their long commutes. Should they sell their home and invest the equity into a rental property, or should they take a HELOC on their home instead? For more information, visit the show notes at https://affordanything.com/episode235 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything, just not everything.

0:10.8

Every choice that you make is a trade-off against something else, and that doesn't just

0:13.7

apply to your money.

0:14.9

It applies to any limited resource in your life.

0:17.7

Like your time, your energy, your attention.

0:21.1

And so that leads to the questions, number one, what's most important to you?

0:25.7

Not what the society say should be most important to you, but what actually is a priority

0:29.8

in your own life.

0:31.1

And number two, how do you align your day-to-day decisions to reflect that, even if that means

0:35.9

making choices that are unconventional?

0:38.6

Answering those two questions is a lifetime practice, and that is what this podcast is

0:42.2

here to explore.

0:43.5

My name is Paula Pant, I'm the host of the Afford Anything Podcast, and today I'm answering

0:47.8

questions that come from you, the community.

0:50.8

Here's what we're going to cover.

0:52.4

Anna has made the leap to self-employment, but what's next?

0:55.9

She's trying to choose between five business ideas.

0:58.6

Meanwhile, Doug recently won $9,000 playing online poker.

1:03.1

How should he use this money?

1:04.4

Should he pay off high interest debt?

1:06.1

Or should he keep it in his poker bankroll?

1:09.3

Daryl is on tractor attire in two years at the age of 55.

...

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