A new parent grapples with the tension of transitioning to a single-income household while managing debt. The discussion dives into financial strategies for saving and investing, particularly navigating sequences of returns risk in retirement. Insights on psychological hurdles in financial decision-making are shared, highlighting the balance between investment choices and personal values. The importance of community support in financial planning also shines through, offering a sense of connection to listeners on their journey to financial independence.
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volunteer_activism ADVICE
Save Cash Before Paying Loan
Prioritize building a fund to buy your next car in cash rather than paying off a car loan immediately.
Use windfalls and monthly savings gaps to build this fund to avoid taking new debt on the next car purchase.
insights INSIGHT
Early Savings Equals Financial Breathing Room
Having $500,000 in retirement assets at age 30 means your money can double multiple times by traditional retirement age.
This early financial achievement offers significant breathing room for future financial decisions.
volunteer_activism ADVICE
Reallocate Overfunded Goals Temporarily
Consider reallocating funds from possibly overfunded long-term goals to cover immediate expenses like a car.
Evaluate and adjust current savings contributions temporarily to improve cash flow.
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Fear Street is a horror fiction series by R.L. Stine, known for its suspenseful plots, relatable characters, and chilling atmosphere, captivating young adult readers.
Your money or your life
Joseph R. Dominguez
Joe Dominguez
Vicki Robin
This book offers a holistic approach to personal finance, encouraging readers to view money as a form of 'life energy' and to align their spending with their values. It provides nine steps to help readers stop living paycheck to paycheck, get out of debt, and achieve financial independence. Key concepts include calculating net worth, evaluating the life energy spent on work, and investing wisely. The authors emphasize the importance of finding one's 'point of enough' and living a more deliberate, meaningful life[1][3][5].
Goosebumps
R.L. Stine
The Goosebumps series, launched in July 1992 with the first book 'Welcome to Dead House', consists of 62 original books and numerous spin-off series. The stories are known for their blend of horror and humor, with protagonists often finding themselves in remote or isolated locations facing supernatural or paranormal threats. The series has spawned television series, video games, a comic series, and feature films, and has sold over 400 million copies worldwide, making it the second-best-selling book series in history after Harry Potter.
#617: Austin and his wife are worried about moving to a single-income household while supporting two kids. Should they free up cash flow by paying off a car loan, or tighten up and stay the course?
Paul has been retired for seven years, but still can’t shake his anxiety about not having enough. Is there a good way to know when he’s finally escaped the dreaded sequence of returns risk?
Jonathan wants to build up his taxable brokerage account, but he’s having trouble letting go of the tax benefits of a Roth IRA. How does he get past his psychological hurdles?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Afford Anything 
