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Ask Paula: "Should I Put My Dreams on Hold … and Buy a House Instead?"
Feb 7, 2024
01:08:09
Snipd AI
Luis's wife's side hustle brings in unexpected income, leading Luis to seek hacks on YouTube. Elizabeth is frustrated with the housing market and considers using her savings for a pottery course. Steve faces a dilemma with borrowing money and selling their house. The episode covers topics such as 529 plans, long-term care savings, prioritizing dreams, and managing risk in financial decisions.
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Quick takeaways
- Prioritize your dreams and challenge traditional notions of homeownership to find a balance between pursuing your passion and saving for a down payment on a home.
- Consider using a 529 plan for long-term care savings, but carefully evaluate regional costs, potential Medicaid coverage gaps, and compare with long-term care insurance for the best solution.
Deep dives
Taking a pottery course vs saving for a home
Elizabeth is torn between her dream of taking a pottery course and saving for a down payment on a home. While she feels hopeless about home ownership due to high costs, she wants to pursue her passion. However, she is concerned about letting her husband down. Paula encourages her to prioritize her dream and challenge the notion of a high down payment, suggesting a smaller down payment and exploring alternative ways to pursue pottery. They also discuss improving income streams and finding joy in work.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode