Ask Paula: The Hidden Costs of Leverage

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 12 July 2023

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rachel’s car is nearing its end of life and she’s short on cash. Should she sell before she’s hit with a major repair? Cam wants to arbitrage a hefty low-interest loan with a three-year payback period. Is this the opportunity of a lifetime or a disaster waiting to happen? Kris has tried all the budgeting apps but they’re cumbersome and time-consuming. Is there a better way to track his monthly expenses? An anonymous caller feels stretched thin with a high mortgage on a single income. Should she sell off some stocks to lower her monthly payments? Former financial planner Joe Saul-Sehy and I tackle these four 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/episode451 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Joe, what do you drive?
0:02.1	You know what's funny?
0:03.1	I rarely drive.
0:04.1	So what like the Batmobile?
0:05.1	You laughed as soon as I asked the question.
0:08.3	Right.
0:09.3	Because, you know, I work for my mom's basement and I barely out of the basement.
0:12.4	So when I do drive, I have a, I think it's a 16 year old Chevy Equinox paid off a long,
0:18.4	long, long, long, long, long time ago.
0:21.2	And then Cheryl drives Volkswagen T-Gwan, which is a nice ride.
0:27.4	And her car is much newer because she drives frequently and we just need one car that's
0:33.0	reliable.
0:34.0	Oh, fantastic.
0:35.2	Fantastic.
0:36.2	My car is imaginary.
0:37.6	Oh.
0:38.6	So.
0:39.6	It can be whatever you want.
0:40.6	Yes, exactly.
0:43.0	I actually, okay, fun fact.
0:45.3	So I got an email from Tesla.
0:47.6	Apparently, in 2016, I put down a deposit on a Tesla Model 3.
	...

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