How to Money Ask HTM - Side Hustle Seed Money, A Luxury Sports Car Splurge, & Early Access To Retirement Funds #715
Aug 28, 2023
Topics discussed in this podcast include using retirement savings as seed money, investing advice for a 16-year-old, buying a luxury car while having a car loan, accessing Roth 401k funds penalty-free, and paying off a mortgage early versus investing.
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Avoid Tapping Retirement Funds
- Avoid withdrawing from your TSP retirement savings to fund your business startup due to taxes and penalties.
- Instead, bootstrap your venture gradually and consider insulating your workspace to improve comfort affordably.
Start Early and Learn Lifelong
- Become a lifelong learner and manage your money early to gain crucial experience.
- Keep debt low, build income skills, and balance financial goals with relationships and health.
Be Cautious with Luxury Cars
- Cars are expensive hobbies and can derail financial goals if not managed carefully.
- Avoid splurging on costly vehicles until financial stability and goals for other priorities are secure.