E55: Common Financial Questions Unpacked (A Mastermind Discussion)

May 20, 2020

Michael's financial advisor mastermind group tackles your most common financial questions in a lively round table format. Everything from tackling debt to student loans to college funding to investing and more.

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EPISODE 55

Common Financial Questions Unpacked (A Mastermind Discussion)

Guests:

Topics:

  • Introductions
  • College funding: 529 vs. Taxable Brokerage Account
  • How big should your emergency fund be?
  • How much should I save from every paycheck?
  • When to pay debt vs. Saving money
  • If you continue to struggle with debt, are there any benefits to throwing in the towel and filing for bankruptcy? Or would you recommend continuing slow and steady (but small) payments?
  • If you're continuing to struggle with debt but had the money to pay it off in your Roth IRA, what would you recommend?
  • I would like to know too in the midst of this crazy time if cashing in the Roth IRA makes sense to pay down and just have the money in one's possession. Everything is so darn volatile right now.
  • In the land of Coronapocalypse, what are your top tips to reduce expenses?
  • Usually, we are told a great way to raise some cash is to sell stuff. What marketplaces for "stuff" are functioning best now? …
  • What are their favorite money or financial podcasts? I like Make Me Smart, planet money, and of course yours.
  • How long a pause can you take on retirement to pile up cash for current uncertainties before it bites you in the butt?
  • What is the best strategy for paying off student loan debt. Would you take the approach of live below your means to remove all debt quickly? Or would you suggest students paying off loans with monthly payments, and if so is there a formula for calculating based on how much you owe? I have a mix of both subsidized and unsubsidized.
  • Closing question: what does “wealth” mean to you?


Intro/outtro music credit: eccentric - I Can Show You [Argofox Release] by Argofox