This chapter delves into the financial implications of buying a house, including the math and costs involved in selling a current property and using the proceeds to purchase a new home. It explores the concept of contingency loans and discusses the advantages of making a contingency offer in a less competitive market with higher interest rates. Additionally, the chapter suggests alternative plans for purchasing a home without the risk of a home sale contingency.
#487: Luis’s wife is killing it at her side hustle. The unexpected income has led Luis to YouTube for hacks to capitalize on their surplus. Can a 529 plan double as long-term care savings?
Elizabeth is frustrated with the housing market. She’s been saving for years but isn’t anywhere near her goal. Should she give up and spend it on a dream pottery course instead?
Steve has a dilemma. He doesn’t borrow money on principle. And his wife doesn’t want to sell their current house until they’ve closed on the next one. How is he going to make this work?
Greta wants to “reverse” rollover an IRA into a 401k to avoid the pro-rata rule. Is that a thing?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
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