Money Guy Show How to Do Financially in Crazy Times
Nov 13, 2024
The hosts tackle the chaos of modern finances, offering tips for consolidating retirement accounts and rolling over funds wisely. They share insights on financing home renovations, balancing cash savings with credit options, and the significance of making choices that enhance life experiences. The discussion also dives into financial strategies for young academics, while empowering listeners to take charge of their financial futures with practical advice and engaging anecdotes. It's all about simplifying wealth-building in tough times!
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Evaluate 401k Rollover Options
- When changing jobs, evaluate rolling over old 401k or 403b into your new 401k or an IRA based on fees and investment options.
- Use resources like moneyguy.com/resources to compare plans and avoid costly mistakes like cashing out early.
Maximize Side Hustle Retirement Savings
- If you have side hustle income with 1099 contractor status, consider a solo 401k or SEP IRA to maximize retirement savings.
- Focus on building saving habits now, even if limited investment options exist, to carry forward when income grows.
Balance Cash and HELOC for Renovation
- Don't deplete all cash savings to pay for a large home renovation; maintain emergency reserves of 3-6 months expenses.
- Decide whether the renovation is a need or want before committing large sums; balance paying cash with financing if necessary.