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Afford Anything

Q&A: When a Million Dollars Feels Like a Burden

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.63.4K Ratings

🗓️ 8 November 2024

⏱️ 71 minutes

🧾️ Download transcript

Summary

#556: An anonymous caller was raised to work hard, live below his means, and save. He feels undeserving of his recent $1,000,000 inheritance and struggles to spend it. What should he do? Jack bought a house with a seven-year adjustable-rate mortgage. He’s confused about when and how he should refinance out of it. What should he do? Jack is also wondering how to do the breakeven calculation between contributing to a Traditional IRA with upfront income tax savings versus a Roth IRA with deferred savings on investment gains. 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/episode556 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

I know this has been an intense news week.

0:03.7

Between the election on Tuesday and the Fed's rate cut on Thursday, most people have been

0:09.4

parsing the news, interpreting the news, and trying to figure out at a macro level what's

0:15.7

going to happen next.

0:17.3

But smart investors with a strong internal locus of control are focused on learning concrete

0:23.0

fundamentals that work under any set of market conditions. And that's why this moment,

0:29.0

when everyone else is caught up in the headlines, is the perfect time for you to focus on

0:34.8

what's within your control, focus on your skill set.

0:38.1

That includes your real estate education.

0:40.9

We've extended enrollment in our course, your first rental property, by one final day, which is today.

0:47.8

So while everyone else is trying to figure out what's going to happen next, remember that the fundamentals of real estate investing have not changed.

0:55.8

Cash flow, cap rate, location, and most importantly, having a system for analyzing deals,

1:02.9

that matters. And that's exactly what we teach in your first rental property. No guesswork,

1:08.5

no speculation, just classic principles for building wealth through rental

1:13.4

properties. Today, Friday, November 8th, is the final day to enroll. Enrollment closes tonight

1:20.6

at 1159 p.m. Pacific. Go to afford anything.com slash enroll to join us. That's afford

1:27.1

anything.com slash enroll. I'll see you in class.

1:33.5

Joe, when you were a financial advisor, did you ever have clients who came into sudden wealth?

1:39.5

I did. And it is the toughest time, Paula, because as you can imagine, you are emotional about the money.

1:47.5

You may be emotional about the circumstances by which you receive the money or the people you received from if it was an inheritance.

1:54.3

But heck, I mean, even if you won the lottery, Paula, it's an emotional time.

1:59.1

And so many people listening might think emotional, like great, who wouldn't want sudden wealth?

...

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