This One Move Could Save You Thousands on an 11% Loan (Money Q&A)

The Personal Finance Podcast

Andrew Giancola

Entrepreneurship, Investing, Business

4.6 • 1.2K Ratings

🗓️ 27 August 2025

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode of the Personal Finance Podcast, we are going to talk about this one move could save you thousands on an 11% loan. Today we are going to answer these questions: Question 1: Should I stop overpaying my 11% loan and invest the difference instead? Question 2: How can I turn a $1,200/month truck stipend into a free vehicle every 3 years? Question 3: Should college students invest in a Roth IRA or focus on paying for school? Question 4: How do you rebuild your finances at 38 with 5 kids and $60K income? Question 5: Can I avoid the pro-rata rule when converting non-deductible IRA funds to a Roth? How Andrew Can Help You: Listen to The Business Show here. Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining Index Fund Pro! This is Andrew’s course teaching you how to invest! Watch The Master Money Youtube Channel! , Ask Andrew a question on Instagram or TikTok Learn how to get out of Debt by joining our Free Course Leave Feedback or Episode Requests here. Car buying Calculator here Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at shopify.com/pfp Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote. Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Go to https://joindeleteme.com/PFP20/ for 20% off! Shop outdoor furniture, grills, lawn games, and WAY more for WAY less. Head to wayfair.com Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com/PFP Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Acorns: Start investing automatically with Acorns and get a $5 bonus at Acorns.com/PFP Visit www.functionhealth.com/PERSONALFINANCE or use gift code PERSONALFINANCE100 at sign-up to own your health. Delete Me: Use Promo Code PFP for 20% off! Connect With Andrew on Social Media: Instagram TikTok Twitter Master Money Website Master Money Youtube Channel Free Guides: The Stairway to Wealth: The Order of Operations for your Money How to Negotiate Your Salary The 75 Day Money Challenge Get out Of Debt Fast Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	on this episode of the Personal Finance Podcast.
0:03.2	This one move could save you thousands on an 11% loan on this episode of Money Q&A.
0:40.2	We're going to be diving into your questions on this episode of Money Q&A.
0:43.6	If you guys have any questions, make sure you join the Master Money newsletter by going to mastermoney.com slash newsletter.
0:46.4	And don't forget to follow us on Spotify, Apple Podcasts, YouTube, or whatever your favorite
0:50.8	podcast player is.
0:52.5	And if you want to hop out the show, consider leaving a five-star rating and review on Apple Podcasts, Spotify, or your favorite
0:59.0	podcast player. Now today, we're going to be diving into a bunch of your questions. And I
1:04.0	am really pumped to go through these on Money Q&A. So the first one is, should I stop
1:07.9	overpaying my 11% loan and invest the difference? The second one is,
1:11.7	how can I turn a $1,200 a month truck stipend into a free vehicle every three years? Third is,
1:17.7	should college students invest in a Roth IRA or focus on paying for school? Fourth is, how do you
1:23.6	rebuild your finances at 38 with five kids and a $60,000 per year income?
1:28.8	Then we're going to talk about a big scam that is happening in the world of Google.
1:33.2	So Gmail users, there's a scam going on around that you definitely want to hear about.
1:37.2	And then the last question is, should I avoid the pro rata rule when converting non-deductible IRA funds to a Roth IRA. So this is an action-packed episodes.
1:46.2	Without further ado, let's get into it. All right. So the first question is, I am a new listener
1:52.5	and love the podcast. Well, thank you so much for listening. I have a current balance of 24,000
1:56.7	on a home equity loan I took out last year for $50,000 at 11%. At the moment, I'm paying an extra
2:02.7	$1,300 a month on top of the $516 regular payment. I've run the amortization numbers,
2:08.3	and with paying $1,816 per month, the total interest of the loan will be $6,179. However, if I back
2:16.0	the extra payments down to $800 a month, $1,316 total,
	...

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