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Money Guy Show

"I Paid Off My House Early - Did I Do It Wrong?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 30 January 2023

⏱️ 23 minutes

🧾️ Download transcript

Summary

A lot of people ask us if they've made the right choice paying off a house early. So what do we recommend? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:15.9

All right, Taylor has a question.

0:18.1

How do you decide it's time to get a new car?

0:21.4

We have a paid off car right now, 2005 Ford Taurus with about 200,000 miles on it, but a

0:28.2

baby's on the way.

0:29.8

So when do you consider a car not safe and when is it time to just pull that trigger

0:35.0

and get the new car?

0:36.7

You said it was a 2005 Ford Taurus with 200,000 miles on it.

0:42.2

200,000 miles.

0:43.2

Ruby, I'm curious, before baby I got here, did you and John have car conversations around

0:48.8

like, oh, we need to think about a different car situation, different car circumstance?

0:53.4

We did, but it was more like the size of the vehicle and it was more like down the road.

1:00.7

So our cars are like, okay, they're a bit newer than 2005.

1:04.8

We determined that they were fine and they are paid off.

1:08.3

So that is my favorite thing about them.

1:10.8

So I get this question, it is true.

1:13.0

How do you decide to do this?

1:14.6

When you and your wife were thinking about having babies and all that kind of stuff,

1:19.0

did the car, was it a, was getting a new car thinking about a car because the family

...

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