Afford Anything Q&A: When Being Good With Money … Isn't Good Enough
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Jul 22, 2025 Listeners explore the dilemma of purchasing a second home versus saving for retirement. They discuss the impact of long-term disability insurance after a job loss. The challenges of navigating retirement planning with the rising costs of healthcare also take center stage. Personal values play a crucial role in financial decisions, encouraging a focus on what truly matters. The conversation emphasizes understanding the nuances of health insurance options and effective strategies for long-term care planning while maintaining career satisfaction.
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Delay Second Home Purchase
- Avoid buying a lifestyle second home decades before retirement to keep financial flexibility.
- Invest instead in assets with best risk-adjusted returns and buy your retirement home later with those returns.
Choose Rental Properties by Metrics
- When buying a rental property, focus on returns relative to risk like cap rates and price-to-rent ratios, not personal preferences.
- Higher risk properties often offer higher returns but greater volatility; choose a property that fits your risk profile.
Prioritize Money Like a Tournament
- Prioritize financial goals by asking which would disappoint you most if not achieved.
- Rank competing expenses like retirement, college, weddings, and kids’ cars to clarify personal priorities.