In this chapter, the hosts discuss various financial considerations related to retirement and purchasing a second home. They talk about modeling pension and Social Security income, the potential income from a coaching business, and the importance of retiring early versus buying a house in Maine. They also mention the priority of saving $375,000 for their kids' college education and the need to determine a budget for the house in Maine. Additionally, they discuss the net income from the pension and explore the possibility of bridging the income gap with the wife's coaching business.
#471: Bob split a $350,000 windfall between savings and paying down his mortgage. But now he’s wondering if he made a good choice. Can Paula and Joe do the math to justify his gut-driven decisions?
Julia wants to tap the equity from a second home to buy a third home in Texarkana, Texas. Is this a good plan?
Joey Jr. wants to retire early, put two kids through college and buy a vacation home within the next five years. How can he afford to do it all?
An anonymous caller wonders if $1 million is a good budget for a retirement pad.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
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For more information, visit the show notes at https://affordanything.com/episode471
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