Dive into a playful money game where Victoria tackles your trickiest financial queries! Explore real estate versus stock market investments and the need for binding agreements in relationships. Delve into the complexities of asset protection and dispel myths about stay-at-home parents. Get insights on multi-level marketing and smart business funding strategies. Plus, discover when it's right to hire a financial advisor. Reflect on past financial choices, humorous anecdotes, and valuable lessons learned!
Investing requires aligning decisions with personal values and long-term commitments, considering the flexibility and potential returns of various assets.
Discussing financial agreements before marriage fosters open communication and helps partners strategize asset division, ensuring fairness and protection for both.
Deep dives
Investing Choices: Property vs. Shares
When deciding how to invest a significant amount of savings, such as $100,000, it's essential to consider personal values and long-term commitments. Investing in property entails various fees and is less flexible, as it often ties one's funds to a specific asset. Conversely, the share market has historically higher returns, but it requires a genuine interest and passion in investing to sustain engagement. Ultimately, the decision should align with personal goals and values, acknowledging that a diversified portfolio over time may incorporate both asset classes.
Navigating Broker Relationships
Using multiple mortgage brokers can complicate the home loan process due to the multiple credit checks that could negatively impact an individual's credit score. Additionally, brokers may struggle to submit multiple applications under the same person, leading to administrative difficulties for banks that could result in declined loans. Effective communication with a single trusted broker is more beneficial, as they can provide focused and personalized assistance throughout the process. Ensuring that a broker aligns with one's financial goals is key to a smooth home buying experience.
Earning While Parenting
For stay-at-home parents looking to supplement their income, there are various viable options that don't involve risky multi-level marketing schemes. Engaging in activities like online surveys, task-based jobs through platforms like Airtasker, or exploring remote job opportunities, such as medical transcribing, can provide substantial income without compromising family time. It's important to remain cautious and critical of seemingly easy money-making opportunities that promise unrealistic financial returns. Understanding that parenting and career can coexist, while recognizing that earning potential may fluctuate during different life stages, is essential for maintaining balance.
The Importance of Financial Planning in Relationships
Discussing financial agreements before entering a marriage can be beneficial, particularly when considering binding financial agreements that resemble prenups. Such discussions allow partners to understand each other's financial perspectives and create a strategy for asset division in case of a separation. While these agreements may seem distressing, they help ensure that both partners are protected and treated fairly, especially for those who take time off work during child-rearing. Establishing clear exit strategies while in a positive mindset can cultivate open communication and reduce potential conflict in the future.
Welcome to the ultimate money game! In today’s Ask V Anything episode, we’re flipping the podcast into a full-blown game show. Victoria is in the hot seat, answering your wildest, trickiest money questions—from real estate decisions to to prenups to business hacks and everything in between. Think you can guess her answers? Time to find out!
Here is the the MLM episode we spoke about on Spotify and Apple.
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