Scott Rieckens and his wife Taylor enjoyed a classic Southern California lifestyle. They lived near a gorgeous beach in sunny San Diego. They frequently dined at sushi restaurants. They drove a BMW. But after the birth of their daughter, everything changed. Taylor, an intelligent, career-driven, independent woman, suddenly didn’t want to spend any time away…
Anna and Dave want to get married … eventually. But they want to buy a rental property together first. How should they approach this from a paperwork/legal structure standpoint? Note: They’re thinking about having one partner purchase the home, with the other partner acting as a lender (with proper paperwork in place). Would this be…
Laura Adams grew up in an upper-middle-class family in South Carolina, and her parents supported her through college. She attended her top-choice school, met her husband while they were still students, and enjoyed a charmed life. When she graduated, she continued to live at a lifestyle to which she felt accustomed. She rented a beautiful…
Antonia, 27, wants to retire in 15 years. She’s trying to figure out whether to contribute to pre-tax or after-tax retirement accounts. Most financial advice for 20-somethings that she’s encountered says to contribute to after-tax (Roth) retirement accounts. These articles assume that a 27-year-old will continue earning money for the next 30+ years, presumably…
Your income, debt, spending habits and net worth aren’t merely a function of your actions. They’re a reflection of your deep-seated inner psychology around money. Dr. Brad Klontz, a clinical psychologist and financial planner, joins me on today’s show to discuss four “money scripts” that may be harming us. These scripts include: Money avoidance —…
It’s time to answer real estate investing questions! Tom asks: “We’re thinking about buying a duplex on a beach in a popular vacation destination in Florida. If the property stays 85 percent occupied as a short-term (VRBO) rental at current rates, the income from one unit of the duplex could cover the costs of a…
Morgan Housel has spent thousands of hours reading about investing. As a former columnist for the Wall Street Journal and The Motley Fool, he’s spent more than a decade reading, interviewing, thinking and writing about how to manage money. And he’s come to a simple conclusion: less is more. Doing nothing is often the best…
This week, former financial planner Joe Saul-Sehy and I answer five questions about investing, retirement, insurance, travel and selling an expensive car. Eliana is 25 and makes $63,000 per year, plus a little extra from freelance work. She holds $95,000 in cash, $67,000 in retirement investments, and no debt. She doesn’t necessarily hold early retirement…
In the 1970’s, a woman named Vicki Robin teamed up with a man named Joe Dominguez. They came from different backgrounds: she was an Ivy League graduate with a comfortable upbringing; he was raised in Spanish Harlem on “welfare cheese.” But they shared one common thread: a commitment to financial independence, not just as a…
Tony lives in Chicago, where the returns on rental properties are so-so. He’s thinking about investing in Indianapolis, where he consistently finds rental properties with cap rates that are greater than 8 percent. Should he invest locally, so that he can get a primary residence mortgage and keep a closer eye on the space? Or…