Paying Off Large High-Interest Student Loans

In this episode of The Personal Finance Podcast, Andrew answers 15 listener questions ranging from Solo Roth 401k strategies and crushing $117,000 in student loans to whether a 19-year-old should build credit and how to pass brokerage accounts to your kids without tax headaches. He covers retirement account drawdowns, traditional versus Roth decisions based on tax brackets, why high-fee mutual funds usually lose to ETFs, and whether you should sell when investments jump 15%—delivering straight answers to the money questions keeping you up at night.

Today we are going to answer these questions! 

1. Solo ROTH 401K: should I max out ROTH employee side before employer pre-tax side? Or split?
2. How long can I leave my 401k in Fidelity before needing to roll it over to a new employer’s plan?If I haven’t maxed out my Roth IRA, would it still make sense to open a brokerage account?
3. I’ve maxed out my IRA for the past 3 years. Should I contribute more to my 457B?
4. How can I pay off $117k of high interest student loan debt and stay motivated?
5. Should I start a Roth IRA for my grandkids now or start them an index fund? They’re 5.
6. I’m 19 with $20k+ invested, should I start building credit?
7. I have 2 investments — mutual fund (high fee), ETF (low fee). Both high return, should I stop the mutual?
8. How should I go about drawing down accounts when I begin retirement?
9. At age 30, approx what income does it make sense to invest in traditional vs Roth 401k?
10. Should I “lock profit” every time my ROI hits >15%? Or should I leave it? (Reinvesting will 3% fee)
11. How do you pass on a taxable brokerage account to your son?
12. We’re coast FI. Should I just do 401k until employer match and add to brokerage as a bridge?Why money market over HYSA for high yield earners?

How Andrew Can Help You:

• Listen to The Business Show here.
• Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count!
• Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here!
• Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest! 
• Watch The Master Money Youtube Channel! ,
• Ask Andrew a question on Instagram or TikTok
• Learn how to get out of Debt by joining our Free Course 
• Leave Feedback or Episode Requests here. 
• Car buying Calculator here

Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast

• DELL: Get a new Dell AI PC starting at $749.99, at Dell.com/ai-pc 
• Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance
• Acorns: Start investing automatically with Acorns and get a $5 bonus at Acorns.com/PFP 
• Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ 
• Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote.
• Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp
• Go to https://joindeleteme.com/PFP20/ and Use Promo Code PFP for 20% off!

 Links Mentioned in This Episode:

• 10 Ways to Prevent Identity Theft (and What to Do if it Happens to YOU!)
• How to Protect Your Finances Online (And Prevent Getting Scammed!)
• How to Protect Your Finances Online (Right Now!)

Connect With Andrew on Social Media:

• Instagram
• TikTok
• Twitter
• Master Money Website
• Master Money Youtube Channel

 Free Guides:

• The Stairway to Wealth: The Order of Operations for your Money
• How to Negotiate Your Salary
• The 75 Day Money Challenge
• Get out Of Debt Fast
• Take the Money Personality Quiz

Learn more about your ad choices. Visit megaphone.fm/adchoices