Sjo: When you make an emergency fund a reflection of gross income or a reflection of historic expenses, you are inherently making the assumption that income and expenses in the future will be reflective of what they have been in the recent past. Sjo: There r a few differet ways you can look at this. The simpler way would be to take a look at the components of the property and just eyeball what's likely to fail in th five years. And then how much is that going to cost her replace and then set aside an emergency fund that reflects all capx that you reasonably expect for the next five years, plus a handful of months of vacancy.
#336: Anonymous and his partner have a one-bedroom condo that they rent out in Pasadena, CA. The problem? They’re barely breaking even. Should they keep the condo, or sell it and make better use of the profits?
Sam wants to know: how much of an emergency fund does a rental property need?
Michael and his wife expect their taxable income to be less than $10,000 this year. Should Michael (age 56) take distributions from his 401k to minimize or eliminate their income tax burden?
Shanon wants to switch to an ethical bank with values that align with hers. How can she create a framework for making decisions about financial institutions when authentic information is scarce?
Sharon's husband purchased a property with a below-market loan in 2008. They now have an extra $4,000 per month, and Sharon wants to buy a property as a first-time buyer. They're torn between keeping the property or selling it. What should they do?
Former financial planner Joe Saul-Sehy joins me to answer more of your questions.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
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