The Pay Cut Price of Freedom

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 3 April 2024

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How much of a pay cut would you take for a lighter workload? Today we hear from Paul, 35, who’s grappling with that question. Paul’s boss offered him the chance to cut his hours and salary by 25 percent. He’d love to work fewer hours. He has a decent net worth, plenty of savings, and no debt. Should he grab the opportunity? Or stick with his long-term financial independence and early retirement plans? An anonymous caller and her husband want to retire at 55. They also want a bigger home, a better car, and to start growing their family. Can they afford it all? Tim spent his 20’s missing out on retirement savings as a medical student. He’s eager to catch up. What’s the shortest path to get there? Matthew and his family dream of leaving Florida for the Pacific Northwest. Will they regret selling everything to start over? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. For more information, visit the show notes at https://affordanything.com/episode496 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Joe, how many hours a week would you say that you work?
0:02.0	55, 60.
0:04.0	Your hours per week are catching up with your age.
0:07.0	Oh, hey, I'm sitting right here.
0:08.0	Out.
0:09.0	Out.
0:10.0	Sitting right here.
0:11.0	I wouldn't do that if I didn't love it. I'm that person they say that works for
0:16.2	themselves because I want to avoid working 40 hours for somebody else. Oh yeah the
0:20.5	proverbial you'll work 80 hours for yourself rather than working 40 for someone else.
0:24.4	Absolutely. Well, we're going to hear today from a caller who is interested in going the
0:29.9	Benjamin Button route, so this is a caller who wants to potentially go from 40
0:35.0	hours a week down to 30 hours a week. We're going to talk through that decision.
0:38.9	We're also going to hear from an anonymous caller and her husband who want to retire at the age of 55,
0:46.3	but they also have other goals. They want a bigger home, they want a better car, so they're
0:51.2	wondering if they can afford it all. We are going to hear from Tim.
0:55.6	Tim and his fiance feel as though they have missed out on some precious years of
1:00.2	retirement savings and they are eager to catch up. And we are going to hear from Matthew
1:08.8	who he and his family dream of living in the Pacific Northwest, so they're wondering, should they go
1:15.2	all in, should they sell everything and start their life over in a new location?
1:20.3	And you know, what if they hate it? What if they go through all this effort and it turns out to not be the right thing?
1:26.0	So we're going to tackle those four questions in today's episode.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Paula Pant | Cumulus Podcast Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Paula Pant | Cumulus Podcast Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.