#161: Ask Paula – How Can I Get My Friends Interested in FIRE?
In today’s episode, I answer two questions about financial independence and the FIRE movement, followed by four questions about rental property investing.
In today’s episode, I answer two questions about financial independence and the FIRE movement, followed by four questions about rental property investing.
When Jonathan Mendonsa was 18, he researched which college degrees lead to the highest income.
Pharmacy was near the top of the list of high-paying degrees, so Jonathan decided to become a pharmacist. He wasn’t motivated by passion or calling. His decision was purely tactical. He wanted to make money.
He spent four years in college, followed by another four years of graduate school. By age 28, he held a Doctorate in Pharmacy and an astounding $168,000 in debt.
This debt burden might have been bearable if Jonathan loved his chosen profession. For people who love their fields, tuition is the price of being able to enjoy a lifetime of work they love.
Should a 36-year-old father of three invest primarily in Traditional or Roth retirement accounts? Should Rose, a grandmother of four, open a Vanguard account for each of her grandchildren?
Should Nancy, who lives overseas and is the sole breadwinner in her family, invest in a Traditional or Roth TSP?
Should Scott’s wife rollover her 403(b) from her former employer into an IRA?
Should Patrick, age 35, cancel his life insurance plan?
Former financial planner Joe Saul-Sehy and I answer these five questions in today’s episode.
Clark Howard loves the FIRE movement. That’s because he’s one of us. Clark began investing in real estate at age 22, started a travel agency at age 25, and retired at age 31. He sold his travel agency, moved to the beach and relaxed for four years; then he started a second career as the…
We’re back with another Ask Paula – Real Estate Edition of the show! In this episode, we cover down payments, cash flow, investing in condo hotels, building a rental on the side of your own house, selling your properties, and whether it’s better to buy actual properties or REITs. Erin asks: Would you ever put…
James Clear wanted to start flossing, but he never managed to follow through. Despite his best intentions, his dental floss sat unused in a bathroom drawer. Fortunately, James had learned a thing or two about human behavior and habit formation. As a self-improvement writer, he’d spent hours pouring over scientific data about behavior changes. He…
How can a schoolteacher dad and stay-at-home mom send their four kids to college? Where should a 23-year-old keep the savings that she’s accumulating to buy a home by the time she’s 27 or 28? What should a listener know about retirement planning if he has a pension? And should a listener rollover his 401k…
Want to retire early? You’ll need at least $5 million, more likely $10 million, says famous financial personality Suze Orman. I should know. She said that to me, directly, on this podcast. I asked Suze for her opinion about a frugal, flexible person who wants to retire early with a $2 million portfolio. She warned…
A few weeks ago, Suze Orman’s team reached out to me and asked if I’d be interested in chatting with Suze on my podcast. “Duh,” I replied. Suze Orman is one of the most famous voices in the world of personal finance. From 2002 to 2015, she hosted The Suze Orman Show on CNBC. She’s…
Dr. Brian Portnoy is an expert in making decisions. He holds a Ph.D. from the University of Chicago, he’s a Chartered Financial Analyst, and he’s the Director of Investment Education at Virtus Investment Partners. Dr. Portnoy joins me on the podcast to discuss how to make smarter decisions — not only about investments, but also…