Ask Paula: The Hidden Cost of Student Loan Forgiveness

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 24 January 2024

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

#484: Kristen’s financial advisor charges a 1.3 percent fee on her investments. They also sold her term life, whole life, and long-term disability insurance. Do they have her best interests at heart? Casey has $290,000 in student loan debt. He committed 10 years to one employer for a chance at public service loan forgiveness. But five years in, Casey questions what he’s missing out on. Sara feels like it’s time to move to a more conservative asset allocation but she’s torn between buying bonds from Vanguard or Treasury Direct. What’s the difference anyway? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode484 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hey Joe, when you were a financial advisor, were you a fiduciary?
0:05.3	I was. However, I was in one of those firms where you're a split fiduciary.
0:12.2	Oh, you were dual, what's it called, dually,
0:16.3	yes, dual, dual registered.
0:18.4	Dooly registered, that's the term.
0:20.4	Yes, and so I wore two hats, Paula, there were sometimes I was a fiduciary, there was sometimes I wasn't.
0:25.6	Oh, yeah, and you could switch between those two hats in the same meeting with how great is that am I your
0:34.9	body or not Paula?
0:36.8	jeez you you could jekle and hide in the middle of a meeting totally could and
0:42.1	if I didn't have a conscience?
0:47.0	Yeah, a conscience, I could have used that to my advantage a lot.
0:50.0	And some people do.
0:51.0	Wow, so, all right, well, we're going to be digging into that.
0:55.1	We're going to be digging into a bunch of questions.
0:56.7	Welcome to the Afford Anything Podcast, the show that understands you can afford anything but not everything. Every choice that you make is a trade-off against something else and that doesn't just apply to your money.
1:06.4	It applies to your time, your focus, your energy, your attention to any limited resource that you need to manage.
1:12.0	And that opens up two questions first what matters
1:14.4	most and second how do you make decisions accordingly answering those two questions
1:19.3	is a lifetime practice and that's what this podcast is here to explore. My name is Paula Pan, I am the
1:24.1	host of the show every other episode. We answer questions that come from you in the
1:29.5	community and my buddy the former financial advisor who was a duly registered fiduciary
1:36.1	Joe Saul C. High joins me. You make it sound like I had all the registrations.
	...

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