Personal Finance 101

New to personal finance and money management? Start here to learn about the basics like paying off debt, saving more, spending less, and budgeting.

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    #449: Ask Paula: Should You Buy Real Estate in Today’s Economy?

    ByPaula Pant

    Jackie is a 42-year-old paralegal with two rental properties. She wants to buy three more. She asks for Paula’s thoughts about today’s economy. Should she buy under these economic conditions?

    Jen’s husband will retire with a pension that pays twice their living expenses. Does she still need her own retirement account?

    Rachael just bought a duplex, which she wants to househack. But she’s having second thoughts. Did she bite off more than she can chew?

    “Minouche” is a return caller with new information: she believes that borrowing from Dad is her only path to home ownership. Does this change Paula and Joe’s advice to her? (And is it even true?) And Molly, a concerned mom, shares some thoughts about this situation.

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

    Enjoy!

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    #448: Ask Paula: We Make $300k. Why Are We NOT Financially Independent?

    ByPaula Pant

    An anonymous caller is dealing with guilt over spending a large cash gift. What’s the best use if she doesn’t have an obvious financial goal to throw at it?

    Eric reached financial independence a few years ago but he hesitates to quit his job. What the heck is a Roth conversion ladder and how can he overcome his psychological barriers?

    Another anonymous caller and his wife earn $300,000. He feels like they should be financially independent but they’re far from it. What’s going on?

    Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

    Enjoy!

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    #446: Ask Paula: How to Build a New Career After Adversity

    ByPaula Pant

    Paul suffered a stroke at 48. He’s on disability and feeling lost. How does he figure out what’s next?

    Should Ashley’s aging parents spend a third of their retirement savings on a house?

    Margaret is wondering if she could use her 401k for a down payment and save on her taxes.

    An anonymous caller is concerned she won’t have enough access to cash if she retires at 50. Is an Indexed Universal Life policy the right solution?

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

    Enjoy!

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    #442: Ask Paula: I Tripled My Income. Now What?

    ByPaula Pant

    An anonymous caller is struggling with a tempting offer from her family to buy her first house.

    Tyson is wondering if it’s a good time to convert his bonds into treasuries.

    “Jaula” wants to know if she should count her side hustle income as part of her retirement money.

    Chris recently tripled his income. How should he manage this unexpected surplus?

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

    Enjoy!

    P.S. Got a question? Leave it here.

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    #440: Ask Paula: Am I Saving Enough For Retirement?

    ByPaula Pant

    “Barbara,” an anonymous caller from Episode 422, is struggling with a scarcity mindset. How does she stop worrying about the future and build the confidence to enjoy life now?

    Samantha and her partner have lived out of their truck for 20 years. They sorta-kinda feel ready to buy a house and settle down. But they’re hesitating. What if they hate it?

    An anonymous caller wants to retire and travel in 20 to 30 years. How does she know if she’s saving enough?

    Trace plans to take a mini-retirement next year. Where should she keep her savings until then?

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

    Enjoy!

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    #436: Ask Paula: How Do I Pay for Grad School?

    ByPaula Pant

    Jeremy wants to attend graduate school. Should he take student loans or cash out his investment portfolio?

    Andy is wondering if the 4 percent rule stands up to high inflation. (There’s a shockingly simple answer!)

    Did Rudolfo discover a hack to supercharge his 401k investing?

    Nandini is overwhelmed by her investing choices. What accounts should she use? What funds should she pick?

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

    Enjoy!

    P.S. Got a question? Leave it here.

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    #435: Ask Paula: How To Prepare for A Layoff

    ByPaula Pant

    Lee is 30 and facing a tech layoff. She can live for a year on her savings. She’s thinking about taking the rest of the year off. How should she prepare her investments?

    Stacy wants to buy an Airbnb but she’s scared she’ll regret selling her company stock to do it.

    An anonymous caller is tired of living paycheck-to-paycheck as a freelance artist. How can she stabilize an inconsistent income?

    Danelle is a DIY investor. She can’t find a financial advisor who gives advice without insisting on managing her investments. Is she looking in the wrong places?

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
    Enjoy!

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    #434: Tips for Tipped Workers, with Barbara Sloan

    ByPaula Pant

    The majority of financial advice is geared to people with 9-5 jobs:

    • “Negotiate for a raise.”

    • “Max out your 401k match.”

    • “Budget based on your income.”

    Where’s the financial advice for people who earn money in tips: restaurant servers, bartenders, hairstylists, concierge, valets, ushers, nail salon workers, strippers, or other service industry professionals?

    What about gig economy workers, freelancers and entrepreneurs? People who don’t earn a regular paycheck?

    Not only do these workers earn a volatile and unpredictable income, they also often don’t have job-provided health insurance, retirement plans, and paid time off. They need to provide themselves with these benefits. What should they do?

    That’s where Barbara Sloan comes in. She’s a financial coach and author of “Tipped: the life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals.”

    Her book and advice applies to anyone who works outside of the traditional confines and systems.

    If you (or someone you know) works for tips, you’ll love Barbara. And if you’re curious about exploring work outside of the normal 9-to-5, and wonder how to set yourself up for financial success when your income is hit-or-miss, this episode is for you.

    Enjoy!

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    #433: Ask Paula: Should I Quit My Cushy Job?

    ByPaula Pant

    Should “Walker,” an anonymous caller, give up a cushy job to take a year-long sabbatical in Europe?

    Blue wants to rent out his East Coast home, take a sabbatical from work, travel to the West Coast with his family, and start a YouTube channel and other entrepreneurial projects. How should he manage his money to make this happen?

    Melissa regrets buying a house two years ago in Ft. Lauderdale. She’s poured $30,000 into repairs, all of which she borrowed. Her home-related debts have mounted. She’s over-extended. Should she cut her losses?

    Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

    Enjoy!

    P.S. Got a question? Leave it here.

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    #430: Ask Paula: My Parents Are Drowning In Credit Card Debt. What Should I Do?

    ByPaula Pant

    D is worried that she’s going to suffer from her parents’ poor financial choices. Is it time to confront them about it?

    An anonymous caller and her fiance both own a house. Which one do they move into after the wedding?

    In a world of rising inflation, Nick wants to know if it’s time to change the way he saves for his future.

    Another anonymous caller wants to buy a second home within a decade. How does she start planning now?

    Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

    Enjoy!

    P.S. Got a question? Leave it here.