Rich Habits Podcast
Q&A: How to Find Old 401(k)s, Driving a $57K Truck, & Graduating w/ $250K in Student Loan Debt
Oct 10, 2024
The hosts tackle listener questions about managing vacation expenses while pursuing financial success. They explore investment strategies for vacation rentals, discussing tax implications and market analysis. Valuable insights are shared on balancing student loans and home buying, as well as tips for financial stability for recent graduates. Frugality is emphasized, with advice on savings and avoiding lifestyle inflation. Finally, strategies for tax-efficient property acquisition through 1031 exchanges are covered, alongside the inspiring growth of their community network.
38:24
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Quick takeaways
- Locating old 401(k) accounts requires utilizing resources like the Department of Labor's Form 5500 database and reviewing past W-2 forms.
- When balancing student loan repayment with homeownership aspirations, prioritizing emergency funds and high-return investments can ensure long-term financial health.
Deep dives
Wealth Creation through Vacation Homes
Considering vacation homes as a means to create wealth involves strategic planning and understanding tax implications. It's important to define a 'buy box' that includes specific criteria like location, property size, and budget range. Securing financing is crucial; whether using personal funds, conventional loans, or special loans will affect the financial dynamics of the investment. Additionally, leveraging research tools such as AirDNA can help gauge property performance and ensure profitability through effective management and maintenance.
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