What to Do With Excess Cashflow

Jill on Money with Jill Schlesinger

Audacy

Investing, Education, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 6 January 2021

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Having extra cash flow each month and wondering what to do with it, well, that's what I like to call a good problem to have.

Have a money question? Email me here.

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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's Wednesday, January 6th and we are here to try to help
0:10.5	you navigate your New Year's Financial financial resolutions, whatever they are.
0:15.3	You know, you didn't have to actually officially make a resolution, but it sure does help to write
0:19.7	down those goals and objectives somewhere.
0:22.2	So if you need help with that,
0:23.8	just shoot us an email.
0:24.9	Ask Jill at Jill on money.
0:27.7	Ask Jill at Jill on money.
0:30.0	And I hope you're as lucky as Chris from Washington State because this is a question of
0:35.3	what do I do with all my money? Fantastic. Chris how can we help you out?
0:39.3	Hi Jill, thanks for taking my question. Sure.
0:43.0	Something I ask myself is, when am I doing enough for retirement?
0:48.0	I have a little bit of extra income, and right now I'm maxing out my 401k and my IRA, but I'm wondering
0:56.8	now with this extra income, should I focus it toward further retirement goals or is it okay to back off and use it for other purposes?
1:05.0	You mean like just have fun? Like spend like crazy? Like a wild man? Okay.
1:10.3	Tell me a little bit about yourself, Chris. How old are you? I'm 40 years old.
1:14.8	Okay. Are you single married?
1:17.6	I am single and I don't have any children. Okay. Tell me what else is going on you own a home? I do own a home. It's paid off so I don't have a mortgage and I don't have any other debts.
1:28.0	Okay, how much money have you saved so far in your both your 401k and your Roth. So right now it's about 250 so I
1:38.6	started a little late so it's a little bit probably below then where it should be, but not bad, I guess.
1:45.2	I think darn good, pretty awesome.
1:47.5	How much do you earn, Chris?
	...

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