Is Too Much Debt Hampering Your Saving Discussions? (Your Letters)

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Business, Financial Planning, Cfp, Education, Personal Finance, Retirement, Investing, Money

4.4 • 2K Ratings

🗓️ 21 January 2019

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We're dedicating this episode to a very special guest: YOU. Our mailbag is overflowing, so today we realized it was time to devote a whole episode to answering your burning questions. Scott has cash left over after he pays bills and maxes out his regularly scheduled savings contributions... should he open up a Roth IRA? How should Laura prioritize her savings goals: pay down debt, add to retirement accounts, or build her emergency funds? Tyler has been recruited by his local Edward Jones agent. Should he begin his career with them?

In our headlines segment, one recent piece asks the question, "Is your debt the driving factor behind your savings discussions?" We'll tackle why that's an issue, and how it can harm your long term plans. In our second headline we'll look at some changes coming this year to health savings accounts (HSAs).

Later on, we'll throw out the Haven Life Line to John, who wants to know how to invest his lump sum. Should he dollar cost average over the next year or dump his stash of money into his account at one time?

And don't worry... we'll still take some time for Doug's trivia.

Thanks to MagnifyMoney.com for sponsoring Stacking Benjamins. MagnifyMoney.com saves users on average $450 when they compare, ditch, switch and save on credit cards, student loan refinancing, checking, savings and more. Check out MagnifyMoney.com for your savings.

Thanks to Grammarly for supporting Stacking Benjamins. For 20% off a Grammarly premium account, go to Grammarly.com/sb.

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See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	I mean, you know, you're living in your mother's basement right in the blog on finance.
0:03.9	Really, you should stay off the computer, son, and get a job.
0:07.3	Seriously.
0:13.7	Live from Joe's Mom's Basement, it's the Stacking Benjamin Show.
0:18.1	Yeah. Yeah. Stacking Benjamin's show.
0:30.9	I'm Joe's mom's neighbor, Doug, and on today's show, your letters.
0:33.7	Should Scott open up a rough IRA?
0:36.9	Should Doug become a European fashion model? Should Tyler become a stockbroker? Should Doug
0:40.9	exclusively wear loincloths? How should Laura prioritize her savings goals? Should Doug become the next
0:48.2	American Ninja Warrior? We'll tackle all of that. Throw out the Haven Lifeline, tackle two headlines, and top it all off with my incredible trivia.
0:59.8	And now two guys who are huddling around the microphone ready to record.
1:03.6	It's Joe and O J-J-J-J-J-J-J-G.
1:16.0	It is F. Down here in the basement.
1:18.2	Hey there, kids.
1:18.7	Welcome to another episode of stacking Benjamins.
1:20.8	I'm Joe Saul C.
1:21.5	Hi, average Joe Money on Twitter.
1:23.4	And here wearing his mittens is Mr. O.G. I'll say, don't you have a fireplace down here? Not in the basement. How long you've been here? Now, what, three weeks? Well, I mean, it's a lot bigger than the old basement. It is. It is a lot bigger than the old basement. How are you, man? Happy Monday. I want a campfire. Any kind of fire? A butane lighter? Something.
1:46.6	Do you say, happy Martin Luther King Jr. holiday? Do you say, I don't know, how you recognize a holiday like this?
1:54.5	Or, you know, Veterans Day or...
1:57.6	Yeah, you don't really say Happy Veterans Day. Yeah, happy Veterans Day. Happy Martin Luther King, Jr. I don't know. Anyway... Happy Monday. Happy Monday. Yes, happy holiday Monday. How about that? Let's go with that. There you go. We got a great... Freeze in here. One of our favorite shows because we are answering your letters today. You are the star of today's show. Me? Well, you're the star of every show.
2:20.6	The flippant diva. The queen of this podcast, oh, gee. Probably. Yes. But you know how you become
	...

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