ask paula

  • |

    #189: Ask Paula – How Does My Net Worth Compare to Others My Age?

    ByPaula Pant

    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA189.mp3" title="Ask Paula - How Does My Net Worth Compare to Others My Age?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]
    Julie, age 27, calculated her expected net worth based on the formula taught in the classic personal finance book The Millionaire Next Door. She’s concerned. Her current net worth is significantly lower than the number that the formula revealed. Is she on-track?

    Anonymous wants to save for a downpayment on a home. Should she reduce her 401k contributions in order to amass these savings? Should she store some of that money in a Roth IRA?

    Samantha is more than halfway finished with paying off her debt. In order to make this happen, she took on a second job. How much will she owe in taxes?

    Maxime works at a job in which his 401k only offers expensive choices. Should he put his money in a taxable brokerage account, instead?Leslie’s parents are going to retire in five years, but they’ve only saved $65,000. What should they do? How can she help?

    Clare is creating an estate plan. What should she be thinking about?

  • |

    #187: The Final Ask Paula: Real Estate Episode!

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA187.mp3" title="The Final Ask Paula: Real Estate Episode!" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Sarah needs $36,000 per year in living expenses in order to reach FIRE (Financial Independence, Retire Early). She owns several rental properties, and she’s aggressively paying off the mortgages through the debt snowball method. How will she know when she’s ready to live on $3,000 per month in consistent rental income?

    AyV wants to rent out his primary residence. What steps should he take to prepare the property for rent? Should he hire a contractor? What level of renovation should he give it?

    And more!

  • |

    #185: Ask Paula: How Do I Talk to Friends who Ridicule the Idea of FIRE?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA185.mp3" title="Ask Paula: How Do I Talk to Friends who Ridicule the Idea of FIRE?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Hello from Austin, Texas! I’m living in an Airbnb here for the next 5 weeks. Listen to the end of today’s episode to find out why … and discover how these next 5 weeks, for me, exemplify the “why” of financial independence.

    In the meantime, though, the show must go on! Here are the questions that we’re answering in today’s episode.

    An anonymous listener named Seeking FIRE wants to know how she can talk about financial independence with people who ridicule the topic. What do you say to those who laugh at the very idea?

    Russell owns a landscaping company and is also a part-time student. He’d like to earn more money on the side, but his schedule is overbooked. What can he do?

    Nick and his family are moving to the Washington D.C. area for approximately two to six years. They own two rental properties free-and-clear, and would like to buy a personal residence when they move. How should he save for the downpayment?

    Gerardo lives in Mexico and wants to retire on his investment portfolio, using the 4 percent withdrawal rule. How should he invest, given currency fluctuations and other international factors?

    Anonymous left her job and wants to know if she should roll over her 401k from her old employer.

    We tackle these five questions in today’s episode. We also answer a comment from a listener who says that individual stock-picking and active management doesn’t get the credit it deserves.

  • |

    #183: Ask Paula – Should I Sell My Rental Property to Pay Off My Student Loans?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA183.mp3" title="Ask Paula: Should I Sell My Rental Property to Pay Off My Student Loans?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Should a newlywed couple with two cash flowing rental properties sell one to pay off $92,000 of student loan debt?

    What percentage of your portfolio should you have in rental properties?

    What’s the smartest way to approach rental property investing, particularly if you get anxiety thinking about tenant requests?

    How much should high interest rates impact your decision to buy a rental?

    I answer these four questions on today’s episode, plus, I have a big announcement regarding the future of real estate Ask Paula episodes, so check it out. 🙂

  • |

    #179: Ask Paula – We Want to Start Househacking in a Duplex. Should We?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA179.mp3" title="Ask Paula - We Want to Start Househacking in a Duplex. Should We?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Should a couple in New Orleans sell their single-family home and use the sale proceeds to househack into a duplex?

    What do you think about turnkey investments?

    What tax consequences will someone face if they transfer their property to their parents?

    How do you handle tough situations related to the way some home renovation contractors treat women?

    What’s the latest update on your real estate course?

    I answer these five questions on today’s podcast. Here are the details.

  • |

    #174: Ask Paula – I’m 48 and Retiring Next Year. Should I Buy More Rentals?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA174.mp3" title="Ask Paula  - What Do You Think About For Sale By Owner?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Should a 48-year-old New Yorker who’s retiring next year buy more rental properties?

    Should a Michigan-based first-time homebuyer use an FHA loan to buy a duplex for $135,000 that rents for $1,800 per month?

    Should a 40-year-old music professor who owns a duplex transfer his property into an LLC?

    Should a New Jersey condo owner sell her unit as For Sale by Owner?

    And should a woman who’s anxious about owning her own rental properties dive into real estate crowdfunding deals instead?

    I answer these five rental property questions in today’s podcast episode.

  • |

    #172: Ask Paula – Should I Buy a Nice Car or Save My Money?

    ByPaula Pant

    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA172.mp3" title="Ask Paula - Should I Buy a Nice Car or Save My Money?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]
    Should a 25-year-old homeowner with healthy savings and no debt (other than his mortgage) upgrade his car? Should he make this choice if his current car is fine, and upgrading puts him into new debt?

    Should a couple without access to an employer-sponsored retirement plan put their savings into a taxable account, or should they save for a downpayment on a rental property?

    The market is fluctuating like mad; if someone has a lump-sum of cash, should they invest it now or should they slowly meter it in?

    Should someone without an emergency fund enroll in an HSA-qualified health insurance plan? Or should they stick with a plan that has a smaller deductible?

    How should a husband-and-wife team that’s self-employed and running a company together handle their health insurance?

    Former financial planner Joe Saul-Sehy and I answer these five questions on today’s podcast. Enjoy!

  • |

    #170: Ask Paula – When Should I NOT Use the One Percent Rule for a Rental Property?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA170.mp3" title="Ask Paula - When Should I NOT Use the One Percent Rule for a Rental Property?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    When should you NOT use the one percent rule for rental property investing? In today’s episode, I encourage two callers to violate the One Percent Rule for real estate that they already own.

    WHAAATTTT? Why would I say that? Especially given that I’ve gained a bit of a reputation as The World’s Most Staunch Advocate of the One Percent Rule? (Long title, I know, but someone’s gotta wear it.)

    And if you’re not going to use the One Percent Rule, how should you make decisions about your real estate investments instead?

    Find out in this podcast episode. Enjoy!