Financial Fitness for Big Moves: Achieving Your Goals Without Sacrificing Security (Video Episode)

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 9 September 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A certified financial planner offers a listener actionable advice to help him save for a big move while maintaining financial stability. NerdWallet Advisors is no longer accepting new clients, and will be closing its financial planning business as of December 20th, 2024. How much should you save before you move to a new city? How can you reach your savings goals while also spending on your lifestyle? Recording in-person from a studio in Chicago, host Sean Pyles sits down with Magda Doemeny, a certified financial planner with NerdWallet Advisors, to host an actual financial planning session with a listener. Jim, a 36-year-old nonprofit worker, joins them to share his aspirations of moving to a higher cost-of-living area without a job lined up. Magda advises him on how much money in living expenses he should consider saving before making the move, the practicality of high-yield savings accounts, and the benefits and limitations of using a Roth IRA for a down payment, among other practical strategies for reaching his goals while maintaining financial stability. NerdWallet Advisory LLC, dba NerdWallet Advisors, is an SEC-registered investment advisor and wholly owned subsidiary of NerdWallet Inc. The advice provided in this episode of Smart Money was for illustrative purposes only and not intended as financial or investment advice specific to your personal facts or circumstances. In their conversation, you’ll hear about: smart financial planning, major life transitions, certified financial planners, financial stability, dream relocation, higher cost of living, Roth IRA for a down payment, high-yield savings accounts, budgeting tips, saving for relocation, emergency savings, long-term financial health, actionable financial strategies, transportation costs, retirement savings adjustments, financial goals, balancing life changes, moving to San Diego, cost of living, clear financial goals, financial risks, increasing income, trimming expenses, side gigs, prioritizing savings goals, healthcare coverage costs, affordable financial planning, financial plan, setting financial goals, car purchase planning, and moving expenses. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to Nerd Wallet's Smart Money podcast, where you send us your money questions and we answer them with the help of our genius nerds.
0:07.3	I'm Sean Piles.
0:08.8	This episode, we're continuing our series where we're doing something pretty unusual for smart money.
0:14.3	At the request of NerdWallet's brilliant legal team, we say often and explicitly that we are not here to give you individual personal finance advice.
0:22.8	What we talk about is food for thought, for educational and entertainment purposes only.
0:28.1	But this episode, our listener is getting specific personal finance advice for their money question.
0:34.6	A few weeks ago, you may remember that we put out a call inviting you,
0:37.8	dear listener, to contact us if you wanted some free financial planning and allow us to
0:42.6	record that planning session. Lots of you wrote in, and today we're going to hear from one of you.
0:47.6	We're coming to you live from a studio in Chicago, and we'll be talking in person with a listener.
0:52.7	But before we get into that, I'd like to bring back Magda Domini.
0:56.3	She's a certified financial planner with NerdWallet Advisors.
0:59.3	One thing I want to be clear about is that Magda and NerdWallet advisors are a distinct
1:03.6	platform from NerdWallet.
1:05.8	Magda will give our listeners some specific individual personal finance advice, and that
1:10.0	advice will be given on behalf
1:11.3	of NerdWallet advisors, not NerdWallet. Also, in exchange for coming on and talking with us,
1:17.1	our listeners are receiving a free one-year membership to the NerdWallet Advisors platform.
1:22.1	Magda, welcome back to Smart Money. Thanks, Sean. So we've talked with you before, but can you
1:25.9	give us a refresher on who you are and what the
1:28.0	NerdWallit Advisors platform is?
1:29.7	Yeah.
	...

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