Ask Paula: The Dangers of Frugality

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 7 July 2021

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

#326: Anonymous is struggling with being too frugal, possibly to the detriment of her health. I mentioned in a previous episode that I struggled with frugality for a long time. She wants to know: in what ways was frugality a hindrance or an asset, and how did I get myself out of such a frugal mindset? John and his wife aren’t sure how much they should contribute to their daughter’s Ohio 529 plan. They want her to graduate from undergrad debt-free, but they imagine she’ll get help from scholarships and that she’ll work as a teenager. How much is enough? Rafael just got a job as a 1099 sales associate and is wondering how the heck to calculate what he’ll owe in taxes. Rafael has a second question: he opened an account at Vanguard in December 2020 and noticed that he could still contribute to that account for the first few months of 2021. Which year should he have focused on contributing to? Elizabeth has two rental properties: one that’s paid off and profitable, the other which shows a loss. If she put her profitable rental into an LLC, could she still combine the rent from both properties? My friend and former financial planner Joe Saul-Sehy joins me to answer another round of questions. By the way, if you have questions on business, money, trade-offs, financial independence strategies, travel, or investing, be sure to leave them here and we’ll answer them in a future episode. 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.
0:11.2	Every choice that you make is a trade-off against something else and that doesn't just
0:14.6	apply to your money.
0:15.8	That applies to your time, your focus, your energy, your attention, anything in your life.
0:20.9	That's a scarce or limited resource.
0:23.0	Saying yes to something implicitly means.
0:25.2	You're saying no to all other opportunities and that opens up two questions.
0:30.3	First, what matters most to you?
0:33.6	Not what does society say should matter most, but what is truly a priority in your life
0:38.7	no matter how weird it may be?
0:41.2	That's the first question.
0:42.2	The second question is, how do you align your daily, weekly, monthly annual decision-making
0:47.4	in a way that reflects that which matters most?
0:52.2	Saying these two questions is a lifetime practice and that is what this podcast is here to
0:57.6	explore and facilitate.
0:59.8	My name is Paula Pat.
1:00.8	I am the host of the Afford Anything Podcast.
1:03.7	Every other episode we answer questions that come from you, the community, and today,
1:08.6	former financial planner Joe Salcihi joins me to answer these questions.
1:12.5	What's up, Joe?
1:13.5	Hey, Paula, what's happening with you?
1:15.9	You know, I realize in the intro, I always say, and today, you're here, when in fact,
	...

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