New to personal finance and money management? Start here to learn about the basics like paying off debt, saving more, spending less, and budgeting.
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…
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…
“My dreams feel impossible. Everything is so far away. Five more years until I pay off the car. Twelve more years until I pay off the house. Do I have to wait until I’m 50+ to enjoy life?” ______ Let’s say you have a goal that’s audacious and unconventional. You want to create $45,000 per…
Roger Whitney, age 51, calls himself The Retirement Answer Man. As a financial planner, investment analyst and podcast host, he focuses on helping Baby Boomers craft a traditional (past-age-60) retirement. Today, he joins me to answer two questions that come in from our community. Our first question is from Emily, who says: “I’m trying to…
A few years ago, my friend J.D. Roth told me a story that’s stuck in my mind ever since. ⠀ ⠀ During his 20’s and early 30’s, J.D. was broke and in credit card debt. But in his mid-30’s, he started a business, and within three years, he sold it for a significant sum. He…
I live in a two-bedroom condo. It’s furnished with a used couch and used coffee table. My shoe rack is made from old cardboard boxes glued together. Almost everything else in my home is from Craigslist, Amazon and Overstock. I consider IKEA to be a splurge. My favorite hobbies are hiking and camping (free and…
My friend and financial expert Farnoosh Torabi joins me to answer a relationship & money question from a listener named Janice.⠀⠀ ⠀⠀ Janice is engaged, and she calls to ask: Should she get married?⠀⠀ ⠀⠀ She earns double what her fiancé makes. She has no debt except her mortgage. Her retirement accounts are well-funded. He…
Stacy and her boyfriend would like to downsize to one vehicle. But they’re collectively $14,500 underwater on their car loans. Stacy owes $11,000 on her car, but its trade-in value is $7,200. She’s paying a 12.74% interest rate and her payoff date is 2021. Her boyfriend is in worse shape. He owes $18,500 on his…
Rachel Cruze was born the year her father, Dave Ramsey, filed for bankruptcy. During her childhood, she watched her parents transition from struggling and rebuilding from their bankruptcy, to becoming debt-free multimillionaires. Her dad went on to become the host of The Dave Ramsey Show, a money management radio show and podcast that reaches more…