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Tag: 529 plans

December 4, 2020By Paula Pant

#288: Ask Paula – How Should You Invest a $1 Million Lump Sum?

Karen and her wife are in their 50s, financially independent, and partially retired. They need $150,000 to buy a new home, and they aren’t sure which option is best. Should they take advantage of the CARES Act and pull money from their traditional IRAs? Raid their Roths? Or take out a mortgage? 

Ingrid’s mom is retiring this year. To fund her retirement, she’ll sell her property for $1 million. How should she invest this money so that she can live off of it in perpetuity?

Elaine has saved $20,000 in a 529 plan for each of her two kids, but she realizes that they may not attend college. Should she keep the 529 plans, or save money elsewhere? 

Amanda is afraid to tap the equity in her home and use it to purchase a rental property. How should she think through whether this move is right for her?

Lisa and her family plan to sell their home and move across the country. They might have the option to pay cash for a home, but they also want to buy an investment property. Should they get a mortgage on their new home or pay cash? 

My friend and former financial planner Joe Saul-Sehy joins me to answer your questions on this episode. Enjoy!

Keep reading...

July 6, 2020By Paula Pant

#264: Ask Paula – How Do I Pick the Right Mix of Investments for My Retirement Portfolio?

An anonymous listener, whom we call “Mary,” is curious about the auto-rebalancing feature offered by M1 Finance. Is it too good to be true?

J isn’t happy with the target date retirement fund she chose for her 401k. She has limited options and is wondering: should she move funds around? If so, is now a bad time, considering the market volatility?

Another anonymous listener, whom we call “Olivia,” is wondering how to choose the right mix of investments for a retirement portfolio. She also wants tips on rebalancing a portfolio. And when should she execute a Roth conversion?

Tami has $160,000 in a G fund in her TSP. Should she move this money to a Lifestyle fund to increase her earnings?

Andy and his wife contribute the maximum to their children’s 529 accounts, and they have three investment options to choose from. Should they continue with an aggressively managed portfolio, or choose something less risky?

My friend and former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!

Keep reading...

May 13, 2019By Paula Pant

#193: Ask Paula – I Spent Ten Years in School, and Now I’m Behind on Retirement Savings

Lori is behind on retirement savings, as a result of being a full-time student for more than a decade. She makes good money and lives frugally, but she’s aware that she’s behind for her age. What should she do?

Sierra wonders whether she should apply her savings towards paying off her mortgage or building investments.

Jenessa plans to retire at age 35, and she’s wondering if the 4 percent withdrawal rule applies for such a long time horizon. Her friend swears that it’s designed to cover a 30-year retirement, not a 60+ year retirement. Is that correct?

Jacqui is 24 and recently married. She’d like to open a 529 College Savings Plan for her future children, which she doesn’t plan on having for another 8 to 10 years. Should she do this?

Keep reading...

July 30, 2018By Paula Pant

#142: Ask Paula – How Can We Downsize from Two Incomes to One?

How can a family of four shift from earning two incomes to one, while still pursuing financial independence?

How would a 55-year-old couple with $2 million saved know if they’re ready to retire?

Can parents use leftover money in their 529 plan to help their daughter with her college loans?

If you start a job […]

Keep reading...

January 2, 2017By Paula Pant

#58: Ask Paula – Death, Taxes, Crushing Debt and Moving in with Mom

Happy 2017!

It’s the first Monday of the month (and the year!), and I’m kicking off 2017 with answers to your questions.

Our first question comes from Ashley. She’s a single mom setting aside $150-$200 per month in a savings account for her two-year-old son.

She realizes this money could grow faster elsewhere … […]

Keep reading...

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Afford Anything

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