Nov 7, 2016
#50: Mark, a 55-year-old listener, has no savings. He's been
listening to personal finance podcasts. He recently read Tony
Robbins' Money: Master the Game. He called this podcast to tell us
that he's feeling overwhelmed by the scope of what's ahead of him.
Mark doesn't know how to apply this information -- and he's afraid
of needing to work in fast food when he's 80 years old. What can he
do?
We tackle his question first on today's Ask Paula episode.
Next, we take a call from Adalia.
Adalia, another podcast listener, wants to earn extra money on the
side. She's intrigued by the idea of becoming a virtual assistant
-- a side hustle that allows her to work from home, setting her own
hours. How should she start? Where can she find clients?
Tyler, a podcast listener and fellow FinConner, is carrying $20,000
in credit card debt, with interest rates ranging from 11% - 23%. He
also runs a side business on Amazon, making 43-50% returns
for every dollar he puts in. Should he focus on reinvesting money
back into his lucrative business, or should he pay his credit card
debt off?
Podcast listener Carlos just purchased his first rental property,
and wants to know: are home warranties are worth the money?
Todd, another listener, is curious to know if he and his wife
should go without health insurance as the cost of premiums
increase. He has an HSA, emergency fund, makes a good living, is in
good health, and saves everything he can. Could going without
insurance really save him money?
Our last question comes from listener Lynsey, who has her sights
set on financial independence. She works a second job during the
cold Minnesota winters, which pays $25/hr. However, she wonders if
she should use that time to invest in her future earning potential,
by starting a business or getting an advanced degree. Should she go
after the immediate cash, or focus on her future?
All of these questions are answered in this episode of Ask
Paula!
Enjoy!
-- Paula
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I also want to take a moment to thank the sponsors for this
episode.
First, huge thanks to Nerdwallet. Their new app lets you have
one-on-one conversations with financial advisors. You can chat
about anything related to money, such as retirement, investing,
insurance, or paying off debt.
You'll get personalized, one-on-one advice -- available at no cost
to you. Check it out at no cost to you by visiting nerd.me/paula.
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If you've been listening for a while, you've heard me interview
many best-selling authors. Before I interview these guests, I need
to read or refresh my memory of their books.
Sitting down to physically read the books can take a long time.
That's why I listen to their audiobooks, thanks to my subscription
to an audiobook service called Audible. If you want to give them a
try for free, head to audible.com/trynow for a free 30-day
trial.
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