What to Do With Excess Cash?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 10 March 2021
⏱️ 11 minutes
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Summary
Having a few thousand dollars each month to save is a nice problem to have. What should you do with it? Save in a 529 plan? Hire an advisor? Open a brokerage account?
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money Podcast. It is Wednesday, March 10th. It is the week of women. |
| 0:10.6 | I know. I love it. International Women's Day was Monday. We had a woman join us on the program |
| 0:17.3 | live. Yesterday we extended it another woman today. The three Pete, we have some other women |
| 0:25.2 | that want to get on the program with us. Yes, it's fantastic. If you, women or men would like to |
| 0:31.6 | or non-gender specific, would like to join us. All you need to do is send an email, ask Jill |
| 0:37.4 | at Jillonmoney.com. Tell us you want to come on the program. Mark does the rest. It's so easy. |
| 0:43.5 | That is what Emma did. Emma is on the line from San Diego, Emma. Welcome to Jill on Money. |
| 0:51.2 | What can we do for you today? Hi, Jill and Mark. Thanks in advance for answering my question. I'm |
| 0:56.8 | really honored to be here with you. All right, so my husband and I, we make 230,000 a year. |
| 1:05.3 | I am 36 and he's 41. We have one toddler. He's three years old and we have only one dead, |
| 1:13.0 | which is our mortgage. It's 520,000 at 15 year, 2.125 percent. 2.125 percent and it's a 15 year. |
| 1:24.8 | What's the property worth? It should be 750 to 800 right now. Great, fantastic. Okay, three |
| 1:32.0 | year old, great. You got the house, great. Are you just making the regular payments or are you paying |
| 1:39.2 | extra on this outstanding loan? We actually refinanced from 25 years. So 15 year regular payment |
| 1:46.8 | is really comfortable for us. Great. Perfect. Okay, great. And you said you made 230,000 dollars a |
| 1:53.9 | year together, right? Correct. Okay, it's one to make sure I got that right. Okay, keep going. I'm |
| 1:59.2 | listening. We have a retirement account at 250,000 combined. We have an emergency fund, 60,000. |
| 2:07.8 | Great. I believe that's all I have. So my question for you is every month we expect to have |
| 2:14.5 | savings of between 4 to 5,000 and we wanted to know what should we do with that money. Our goal |
| 2:22.8 | is maximum earnings potential for this money and we don't know what to do. Should we just put it |
| 2:28.8 | in a global advisor, hire a wealth, you know, advisor, what do you think? Well, let me ask a couple |
| 2:36.3 | questions, Emma, are you both maxing out your retirement accounts, are you putting 19,500 dollars |
... |
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