backdoor roth ira

  • #316: Ask Paula – I Doubled My Investments During the Pandemic. What Should I Do Next?

    ByPaula Pant
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    Michele wants to reach financial independence (FI), and her grandparents are leaving her their house. She already owns a home, and she’s torn between six potential options that will propel her toward FI. What should she do?

    Fred doesn’t have access to a workplace retirement plan. Besides opening a Roth IRA, what else can Fred do to juice up his retirement savings?

    Pauly from Portland doubled the inheritance money he received from $50,000 to $100,000 during the pandemic. Now he’s wondering if it’s okay to use this $100,000 as a downpayment on a home in Portland. Is that a wise use of the money?

    Preethi accidentally withdrew funds from her Roth IRA as an excess distribution, and she’s already filed her taxes. What should she know for tax time next year?

    Casey is in the market for a second rental property and wants to know: would we recommend purchasing a rental in a complex where she already owns a condo? Or should she diversify into a different complex in a different, nearby, more stable town?

    My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy!

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    #310: Ask Paula & Joe – What Should I Do With $25,000?

    ByPaula Pant
    [smart_track_player url="http://traffic.libsyn.com/forcedn/paulaandjaymoney/AA310.mp3" title="Ask Paula - What Should I Do With $25,000?" 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" ]

    Greta is tired of financial modesty. She wants to achieve financial independence through diversified income streams, and has her eyes set on owning local duplexes. What should she focus on to make this happen?

    Jeannie wants to know: should you scale back 401k contributions so you can invest in something else, like real estate?

    Steph and her husband came into $25,000 and aren’t sure what to do with it. Should they pay off their student loans, save it towards a house and starting a family, or purchase her company stock options?

    J from California is curious: how do you strike a balance between optimization and simplicity in your financial plan?

    Dawn has $65,000 in a 403b through Ameriprise and the fees associated with it are outrageous. Should she take the money out and put it elsewhere, or leave it?

    My friend and former financial planner, Joe Saul-Sehy, joins me to answer these five questions. Enjoy!

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    #239: Ask Paula – Should I Put My Student Loans in Forbearance? Should I Buy a Vacation Rental in the Mountains? and More

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA239.mp3" title="Ask Paula - Should I Put My Student Loans in Forbearance? Should I Buy a Vacation Rental in the Mountains? and More" 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" ]

    Lo is in a good spot with her career, but she’s struggling with a ton of student loan debt, and consequently, credit card debt. What should she do to manage it?

    Anonymous wants to know how to set up a backdoor Roth IRA.

    Eric and his wife own a property in Savannah, GA that brings in more money as an Airbnb than a traditional rental. They want to invest in more properties and are wondering if this model is the best path to take.

    James wants to own a vacation rental in the Vermont mountains that he can use when it’s vacant. What features or qualities would make a profitable vacation rental? What red flags should be on his radar?

    Ayesha is looking at buying a rental property that has a partial HUD claim on it. What kind of complications should she anticipate? Or should she let this property go completely?

    Shelbi and her husband own a rental property that they purchased for $178,000 that’s now valued at $300,000. They’re looking at a multitude of options – sell it, move into it, or keep it. What’s best given their FIRE goal?

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    #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?