Afford Anything Ask Paula: The Hidden Cost of Student Loan Forgiveness
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Jan 24, 2024 The podcast covers topics such as the trustworthiness of financial advisors, the hidden cost of student loan forgiveness, considerations for bond investments, and the impact of job satisfaction on various aspects of life.
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Choosing a Financial Advisor
- Verify fiduciary status by checking the advisor's ADV Part 2 form, which explains their services and fees.
- Interview multiple financial advisors and ask detailed questions about their practices to ensure they meet your needs.
Insurance and Commissions
- Insurance salespeople at firms like Northwestern Mutual excel at selling insurance, often prioritizing commissions over fiduciary duty.
- Term life insurance is generally preferred, but permanent insurance pays higher commissions, incentivizing salespeople to recommend them.
Prioritizing Career Satisfaction
- Prioritize career satisfaction and time over potential loan forgiveness benefits.
- Evaluate job opportunities based on personal fulfillment, not solely on financial incentives.