Ask Paula - When is Lifestyle Inflation a Smart Business Decision?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 31 July 2017

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

#88: Former financial planner Joe Saul-Sehy and I answer 4 questions from the Afford Anything community. We chat about how to control lifestyle inflation, how to break up with a financial planner, how to invest your first $10,000, and whether or not sector-specific or theme-specific funds are a good idea. #1: Laura is transitioning to a new job, and she's discovered that her new responsibilities require some lifestyle inflation. She needs work-appropriate clothing, for example; she can't wear leggings everyday anymore. She and her husband are going to need two cars, instead of one. And she's ordering restaurant delivery more often, because she doesn't have time to cook. She recognizes that lifestyle inflation is unavoidable, and she's curious: what's legitimate and what's not? What's the difference between healthy lifestyle inflation vs. over-the-top upscaling? #2: Nakia wants to "divorce" her financial planner. But she's not sure how to break the news gently. Her financial planner is a friend and neighbor; their kids are friends. What should she say? #3: Megan and her husband both want to retire early. They have saved $10,000, which they'd like to invest in the Vanguard Total Stock Market Index Fund, Admiral Shares (VTSAX). This fund requires a minimum of $10,000 as an initial investment. Should they put this money into a taxable brokerage account, so that they can access this in early retirement? Or should they save more and then each open an IRA? #4: Nancy is a single mom with a five-year-old son. She recently transitioned into a lower-stress lifestyle, but as a result, her income dropped significantly. She's a beginner investor without much money, and she's curious about Motif Investing, a platform that focuses on sector-specific and thematic investments. Would this platform be right for her? Enjoy! - Paula Resources Mentioned: FINRA website -- Broker Check https://brokercheck.finra.org MadFientist article on how to access retirement funds early http://www.madfientist.com/how-to-access-retirement-funds-early 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.
0:10.6	Every decision that you make is a trade-off against something else.
0:13.1	And that's true, not just of your money, but also your time, energy, focus, attention,
0:18.0	what you eat, what you wear, everything is a trade-off.
0:20.7	You can only do so much.
0:21.9	So what decisions are you going to make?
0:24.9	And how do you align your day-to-day actions in a way that reflects your priorities, your
0:29.0	values, the life that you want to create?
0:32.1	Answering those questions is a lifelong practice and this podcast is here to help you explore
0:35.4	it.
0:36.4	My name is Paula Pant, host of the Affordable Care Foundation podcast.
0:39.0	And today I am answering questions that you, the listeners, this Affordable Care Foundation
0:43.3	community has sent in.
0:45.1	And I am here with my buddy Joe Salcihi from the Stacking Management Podcast.
0:49.6	Hey, what's up?
0:51.6	You like how I just broke in?
0:54.1	Yeah, actually, it's good radio.
0:57.1	Enough of that.
0:58.1	Enough of the radio.
0:59.1	I know, right?
1:00.1	Get to the point.
1:01.1	Get to the point.
	...

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