Ask Paula: How to Pay Off a $8,000 Medical Bill Without Going Broke
Nov 24, 2023
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Sarah, with $8,000 medical bill, debates whether to pay it off immediately or keep the money for other goals. Strategies for dealing with spam calls from real estate investors are discussed. The chapter also introduces Monarch Money, a personal finance app. Retirement saving options for an independent consultant are covered along with maximizing retirement savings with both W-2 and 1099 income. The double standards faced by women in the personal finance industry are explored, as well as approaches to fighting against wrong.
Consider signing up for interest-free payment plans to pay off large medical bills without draining your savings.
Cultivating inner strength and surrounding oneself with empowering communities can help combat discrimination in the workplace.
Deep dives
Considering an MBA to Enhance Professional Credibility
Aisha, a professional in the arts and marketing industry, is contemplating pursuing an MBA to bolster her professional credentials and improve her chances in a discriminatory work environment. While an MBA could provide her with increased confidence and networking opportunities, it comes with a significant time and financial commitment. However, having a prestigious MBA may open more doors and give her an edge when vying for positions. Ultimately, Aisha must weigh the potential benefits of an MBA against her personal circumstances and career goals.
The Value of Internal Confidence and Navigating Unreasonable People
Beyond formal credentials, internal confidence is a crucial asset in navigating a discriminatory work environment. No degree can change the biases of others, but cultivating inner strength and defying expectations can help combat discrimination. Surrounding oneself with empowering communities and organizations that promote camaraderie and advocate for equity is just as important as formal education. Building a network of supportive colleagues and mentors can provide the necessary backing to succeed in a challenging work environment.
Choosing the Right MBA Program
While it is uncertain whether an MBA is the optimal next step for Aisha, if she decides to pursue one, it is advisable to opt for a top-tier program. The reputation and connections affiliated with prestigious institutions can significantly impact career opportunities. Although attending a full-time, in-person program is often perceived as more advantageous due to networking opportunities, Aisha should carefully consider her personal circumstances and goals. Choosing an online program from a highly regarded business school can still provide valuable knowledge and qualifications without disrupting her current work schedule.
#473: Sarah has cash to pay a $8,000 medical bill but she’s reluctant to drain her savings. Should she sign up for the hospital’s interest-free payment plan?
Jennie is an independent consultant but gets paid as a W-2 employee. Without access to a SEP IRA or a 401k plan, is there another option to save for retirement?
An anonymous caller is wondering how to run a cost-benefit analysis on pursuing a graduate degree.
Brian is getting inundated with spam calls as a real estate investor. Is there a way to stop the madness?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.