Ask Paula: Traditional IRA vs. Roth IRA -- What Should I Choose?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 7 June 2019

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

#197: Should Bret invest in a Traditional IRA or a Roth IRA? If Amanda gets married, how will her child support be affected? What about her student loan forgiveness? Joe is investing in bonds, which average a rate of return that’s equal to the interest rate on his mortgage. Should he switch to all-equities and redirect his bond investments into mortgage payoff, instead? Taunia has a car loan, a 401k loan, a home improvement loan, a primary mortgage, and a second mortgage. She also has an emergency fund that only covers two months of expenses, and she’s trying to save for college for her two children. What should she prioritize? Mickey has a six-month emergency fund. Should he leave it in a savings account or invest in bond ladders? David made $10,000 from a side hustle last year. Can he open a Solo 401k or SEP-IRA for his side hustle business? If so, which one should he choose? Should Andy invest in a Target Retirement Date fund, or should he split his money between a U.S. index fund and an international index fund? Former financial planner Joe Saul-Sehy and I answer these seven questions in today’s episode. For more information, visit the show notes at https://affordanything.com/episode197 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.
0:10.7	Every decision that you make is a trade-off against something else and that doesn't just
0:13.5	apply to your money.
0:14.5	It applies to your time, your focus, your energy, your attention, anything in your life that's
0:18.5	a scarce or limited resource.
0:20.2	And so the questions become twofold.
0:22.0	Number one, what matters most in your life?
0:24.3	And number two, how do you align your day-to-day actions in a way that reflects that?
0:29.9	Answering these two questions requires a lifetime of exploration and practice.
0:34.3	That is what this podcast is here to explore.
0:36.0	My name's Paula Pant, I'm the host of the Afford Anything Podcast.
0:39.5	Every other week I answer questions that come from you, the community, and today, former
0:43.7	financial planner Joe Saul Ceehy is here to help me tackle those questions.
0:48.3	What's up, Joe?
0:49.3	I am so excited about another hour with Paula.
0:53.9	Ah, well thank you so much, Joe.
0:56.4	And you know what?
0:57.4	You're a podcaster.
0:58.4	I'm a podcaster.
0:59.8	And this first question comes from somebody who has a voice that, oh, really should be
1:05.4	a podcaster.
1:06.4	So let's hear our first question.
	...

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