Today’s episode is the June 2018 First Friday Bonus Episode, in which I answer three questions from the Afford Anything community. Enjoy!
Cameron accepted a job in the Middle East, where he earns 60 percent more than he could make at a comparable job in the U.S. He also gets free health care and 30 vacation days annually, which gives him time to travel with his wife and four kids. And thanks to his income and benefits, he and his family are on-track to reach financial independence in six years.
The problem? He’s just not that into his job. He’d like to pursue something more interesting … he’s just not sure what. And since he doesn’t know what’s next, he’s worried that he might be running away from something rather than running into something else.
Should he tough out the next six years? Or should he quit, even if that will delay his journey to financial independence?
Hailey is 22, and she bought her first home last year. She bought a condo for $103,000 with a 3 percent downpayment and a 30-year, fixed-rate mortgage at 4.5 percent. Her condo was in mediocre shape at the time, so she’s spent the past year renovating the space — such as replacing the flooring and getting rid of the popcorn ceilings.
Her neighbor recently sold his condo for $120,000, so Hailey is reasonably sure that — between the comparable sale and the improvements that she’s made — her condo could appraise for at least that much.
She’d like to get an appraisal, so that she can get rid of her $60 monthly PMI payment. But an appraisal costs between $660 to $850, and she’s only planning to live in the condo for another year. She thinks she’ll keep the condo for around three more years.
Should she get an appraisal? Are there any red flags or drawbacks to doing this?
Danica called to say “congratulations!” on the 10-year anniversary of quitting my job. She’s curious: how did I reach financial independence?
I answer these three questions in today’s First Friday Bonus Episode. Enjoy!
Thanks to our sponsors!
Rothy’s shoes are stylish, sustainable, and comfortable for every day wear, anywhere. They come in three styles, their lineup is updated often, and I love that they make flats from recycled plastic water bottles! If you want to order a pair and get free shipping (with no minimum), enter the code paula at checkout on rothys.com.
ShipStation is a centralized platform where you can process shipping orders. They have shipping labels for all the top carriers, and they offer deep discounts on shipping! Try ShipStation for free for 30 days and get an additional month free if you use my promo code Paula. Just click this link, then click on “heard our ad?” on the top right of the screen, and type in Paula.