This week, I answer 4 questions about quitting a depressing job, learning how to ask probing questions, saving for a downpayment, and more.
Edward asks:
How can I learn from other people around me? I’m 28, and my wife and I have some money that we’d like to invest. We know people who’ve had both successes and losses in the investing world, but when I ask them questions, they tend to become a little more private and shy away. How can I encourage them to open up, so that we can learn from them?
Sara asks:
For the last 2 years, my husband and I have lived on one income and used the other to pay off our student loans. We also saved $40,000 to make a downpayment on a house.
We need to move to England for 2 years, and we’ll buy a house when we return to the U.S. In the meantime, what should we do with the $40,000 downpayment that we’ve saved?
We’d hate to see the money in a savings account, but it doesn’t seem wise to invest in index funds. What should we do?
Brittany asks:
I’m at a job that I hate. I’d like to start a small business and find other part-time work so that I can quit my job.
I’m planning to move in with my in-laws, so my cost-of-living will be low. Do you recommend that I start a blog as a side hustle, so that I can pay the bills after I quit my job?
A listener in the Midwest asks:
I’m a 37-year-old single woman living in the Midwest. I live in a one-bedroom with my 5-year-old son.
I bring home $3,800 per month. My rent is $1,150 and my son’s preschool is $700 per month. I have $40,000 in retirement savings and a $3,000 emergency fund.
I don’t want to be making rent payments in retirement. Should I take $20,000 from my 401k to make a downpayment on a rental property?
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I answer these questions in today’s episode. Enjoy!
Resources Mentioned:
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NickM
Wow I never thought about how terrible we all are at asking financial questions!! Great job Paula!
Steveark
On #104 you mentioned becoming an expert witness. That is the first time I’ve ever heard anyone mention one of my paid side gigs as a possibility for others. I’m a chemical engineer who retired slightly early 2 years ago and am also financially independent because I saved aggressively and controlled my expenses. I don’t need to earn anything but by side gigging two days a week I’ve been making six figures without really trying. Since I’ve got more than enough money the real value of my five paid and maybe ten volunteer side gigs are having fun, keeping my mind sharp and my network vibrant, and of course helping others succeed in life since I’ve been so fortunate. The expert witness world is difficult to break into but it is crazy fun and challenging and you can easily charge from $250 to $500 per hour or more. I also lobby, consult on regulatory issues and help companies get ailing chemical plants running properly. I love what I do and don’t miss all the corporate politics that went with my 9 to 5. And I also love listening to your podcast Paula, I have two brilliant grown daughters and you remind me of them with your sharp discernment and humorous attitude toward life. Thanks for what you do!
Rick
First time listener. Enjoyed the podcast and perspective from a younger audience perspective. Tuned in because Clark Howard recommended it to a listener.
Anna
Hi Paula,
I echo what you said to your listener Brittany about starting a blog. I started one about 3 months ago, and it is a lot of work. I knew it going it, but somehow I am still surprised by how much there is to manage. I’ve started others in the past but never took them seriously until this one. Being passionate about the topic is not a “nice to have”, it is a “must have” because of how many long hours I have to spend working on it and seemingly making no progress in terms of an audience and such. So far, the blog has been great as a way to clear out my thoughts and write things, draw things, do anything for myself, not for others.
My comment doesn’t help Brittany with figuring out what she wants to do and whether starting a blog is the right step. But I hope it at least gives a taste of what she’s getting herself into if she starts a blog.
Laila
Hi Paula. I’m binge listening to all of your podcasts. As you can see I’m almost caught up. I’m a board certified consumer bankruptcy attorney. It sounds like your friend needs to see a bankruptcy attorney. Please suggest this to her. She should be able to purchase a home 🏠 about two years after the bankruptcy.