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Tag: debt payoff

June 17, 2019By Paula Pant

#199: Ask Paula – The Three-Year Reunion with J. Money

Ashley is paying affordable rent for a home she enjoys, but she feels certain that the real estate market in her local market will stay strong. She’s thinking about buying a home with 3 to 5 percent down, but she doesn’t have much in savings.

Should she wait for a year to save more? Or should she take advantage of a rising market and relatively low interest rates?

Ian and his girlfriend live together in Washington D.C. and have a combined 40 percent savings rate. He’d like to buy a rental property, but his girlfriend has $18,000 in student loans and is about to re-enroll in school. Should they buy an investment home, or use their cash to repay her loans and cash flow her new academic program?

Annette is about to travel to Spain with her family. How can she plan an affordable and high-value international trip?

William is concerned about losing his job. What if he can’t pay his bills, especially his new mortgage? How can he protect himself?

Anonymous is a renter, and she often encounters surprise fees and charges when she arrives at the lease signing. Can she negotiate with her landlord?

I answer these five questions in today’s episode, and I also feature a short interview with special guest J. Money, my former podcast co-host from the early days!!

Enjoy!

Keep reading...

June 7, 2019By Paula Pant

#197: Ask Paula – Traditional IRA vs. Roth IRA — What Should I Choose?

Should Bret invest in a Traditional IRA or a Roth IRA?

If Amanda gets married, how will her child support be affected? What about her student loan forgiveness?

Joe is investing in bonds, which average a rate of return that’s equal to the interest rate on his mortgage. Should he switch to all-equities and redirect his bond investments into mortgage payoff, instead?

Taunia has a car loan, a 401k loan, a home improvement loan, a primary mortgage, and a second mortgage. She also has an emergency fund that only covers two months of expenses, and she’s trying to save for college for her two children. What should she prioritize?

Mickey has a six-month emergency fund. Should he leave it in a savings account or invest in bond ladders?

David made $10,000 from a side hustle last year. Can he open a Solo 401k or SEP-IRA for his side hustle business? If so, which one should he choose?

Should Andy invest in a Target Retirement Date fund, or should he split his money between a U.S. index fund and an international index fund?

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

Keep reading...

April 22, 2019By Paula Pant

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


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?

Keep reading...

July 3, 2017By Paula Pant

#84: Ask Paula – No, Really, I’m Asking for a Friend! — How to Crush $500,000 in Debt

This week, I tackle your questions with my good friend, recovering financial planner Joe Saul-Sehy. Here’s what we answer:

1. I’m asking for a friend — no, really, I’m asking for a friend!

My friends are married and buried. They’re a married couple, buried in $500,000 of debt.

Some is federal student loans, some is […]

Keep reading...

June 5, 2017By Paula Pant

#80: Ask Paula – Joe Says Life Insurance Won’t Make the Headline. But It Did.

Chris, age 30, makes $200,000 per year and saves 50 percent of his income. What accounts should he use in order to maximize his tax benefits?

Dee, age 39, is getting tired of apartment living. She found a great neighborhood in which she’d like to own a home, and she’s saving for a 20 percent […]

Keep reading...

April 10, 2017By Paula Pant

#72: Ask Paula — Should I Loan Money to Friends? How Can I Repay Debt Without Losing My Mind? … and More

Spaghetti is a major part of my life.

I eat it, of course, as many people do. I also spill it all over my pants, despite the fact that I’m 33 and should’ve learned the rules of gravity by now.

But most importantly, I use spaghetti as a metaphor for my business. If I’m […]

Keep reading...

March 13, 2017By Paula Pant

#68: Ask Paula – How to Invest Your Tax Refund, Save for College, and Avoid Massive Pitfalls

My buddy Joe Saul-Sehy, host of the Stacking Benjamins podcast, joins me this week for another episode of “Ask Paula (and Joe!)” — in which we workshop through questions that came from you, the Afford Anything community.

This week, Joe and I answer questions such as:

 […]

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...

February 22, 2016By Paula Pant

#13: How to Destroy Your Debt … and the Dave Ramsey Controversy — with Steve Stewart

When Jay and I decided to launch a podcast … we dragged our heels for six months. Then we turned to Steve Stewart for help.

Steve is our podcast producer. He’s been side-hustling as a mobile DJ for longer than I’ve been alive. On today’s episode, Steve shares a fascinating story:

He DJ’ed his way out of […]

Keep reading...

January 25, 2015Written By Paula Pant

Think You Can’t Pay Off $147,106 in Debt? Guess Again.

There are Conformists, and there are Rebels.

The Conformist Majority says: “I have a 30-year mortgage, a 20-year second mortgage, a 10-year student loan and a 5-year car loan.”

“I’ll pay the minimum, and hold those debts for 30, 20, 10, and 5 years. After all, why deprive myself while I’m young?”

Worse, they’ll ask:

 […]

Keep reading...

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Afford Anything

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