In this podcast, Tori discusses managing windfalls from property sales, dealing with partner's financial pride, and navigating inherited IRAs to minimize taxes. She also covers investment strategies, relationship dynamics in financial decisions, and preparing for a wedding with pastel attire. Plus, there's a shoutout to sponsors like Hill House Home and insights on seeking professional guidance for tax concerns.
30:10
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Quick takeaways
Maximize a windfall by securing emergency funds and paying off debts first.
Preserve and grow funds from property sale abroad with low-risk savings options.
Deep dives
Managing a Windfall from Selling a Property
If you find yourself with a significant cash inflow from selling an investment property, such as real estate that has doubled in value, consider a strategic approach to maximizing its potential. Start by shoring up your emergency fund, pay off high -interest debt, then channel funds towards retirement savings or reducing long -term debts to potentially lower your monthly expenses. Verify that paying down a mortgage actually reduces your monthly costs rather than just the overall length of the loan. Consider the impact of directing extra funds towards the loan's principal versus utilizing a high yield savings account for flexibility.
Making Financial Decisions When Relocating Overseas
If you are considering moving abroad and have a substantial sum from selling your current home, evaluate low -risk options like high yield savings accounts or certificates of deposit for capital preservation and liquidity. Avoid the stock market's volatility to safeguard your funds for a property purchase upon your return. Choose savings or investment vehicles tailored to your short -term goals to secure financial stability while enjoying your time abroad.
Navigating Relationship Dynamics in Money Management
When it comes to managing money independently and seeking financial education from specialized sources, like a women -focused investment course, handle potential pride issues from partners sensitively. Communicate openly about personal preferences for financial learning environments and explore shared opportunities for growth, such as joining educational programs together or engaging in financial discussions to strengthen mutual understanding and enhance individual financial empowerment.
Inheriting an IRA and Tax -Efficient Strategies
In cases of inheriting an IRA after a loved one's passing, seek guidance from a financial advisor to navigate the complex tax implications and withdrawal rules. Check the beneficiary status to understand the withdrawal options and potential risks of triggering high tax events. Ensure clarity on rules based on your relationship with the deceased and explore professional assistance for tailored financial strategies aligned with your specific circumstances.
We’re back with another Ask Tori episode! If you’ve ever wanted to know what to do with a huge sum of money like an inheritance or the proceeds from the sale of an asset then stay tuned! In this episode Tori tackles questions on what to do with a windfall from selling a property, strategies for managing a sudden influx of cash, and the best financial products for short-term goals. She also addresses more personal financial dilemmas, such as dealing with a partner's pride in financial education and managing inherited IRAs without triggering high taxes. Whether you're navigating a major life change or simply looking to improve your financial literacy, this episode is for you.