Q&A: My Insurance Bill Jumped 60 Percent – Should I Drop It?!

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Investing, Entrepreneurship, Business

4.7 • 3.6K Ratings

🗓️ 20 August 2024

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

#533: Kristin is floored by the 60 percent increase in her homeowner’s insurance this year. Should she cancel the policy and self-insure instead? Susana and her husband are torn. They bought their dream home last year but now need to relocate indefinitely. What should they do with the house? An anonymous caller wants to help his soon-to-be wife invest a five-figure gift she received in another country. How do they untangle the complexities of managing money from abroad? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode533 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Joe, if you got an unexpected $40,000, what would you do with it?
0:03.4	Oh, I would hand it to my friend Paula.
0:05.1	Oh, wow.
0:07.1	You're welcome.
0:08.1	Thank you.
0:09.1	Thank you.
0:10.1	Well, we are going to be answering a question from someone who got an unexpected gift of 40,000 euros.
0:16.4	Wow.
0:17.4	But before we get to that, we're also going to tackle a question from someone who bought a house last year but now has to leave the state for maybe up to three years.
0:25.6	Oh no. What do they do with their house while they're gone?
0:28.1	Especially as something that's such a new purchase. Before we get to that, we're going to talk to somebody else who is wondering if
0:37.4	insurance home insurance is even worth it. Okay. Welcome to the Afford Anything Podcast, the show that understands you can
0:44.4	afford anything, but not everything. Every choice carries a trade-off and that
0:48.9	involves not just your money but your time, your focus, your energy, your attention, any limited resource that you need to manage.
0:55.6	So what matters most and how do you make decisions accordingly?
0:59.0	Those are the two questions that this podcast is here to solve. I'm your host, my name is Paula Pant.
1:05.0	Every other episode we answer questions that come from you, the community.
1:09.0	I do so alongside my buddy, the former financial advisor, Joe Saul Cihai. What's up? my I can't wait to hear what we say. Well, why don't we kick off with this question from Kristen, who is wondering if the cost of paying
1:29.4	homeowners insurance is even worth it should she even bother?
1:35.1	Hi Paula and Joe. My name is Kristen. I live in Arizona and I have a question
1:40.4	about self-insuring my home. We own our house in full and it is worth about $500,000. Our
1:49.3	insurance just went up from 3,000 to 5,000 and I feel like that's just insane.
	...

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