Ask Paula: How Long Will It Take Me to Become a Millionaire?

Ask Paula: How Long Will It Take Me to Become a Millionaire?

#286: Kaitlyn has $78,000 saved for a property, but she isn’t sure whether she should buy a personal residence, a rental property, or both. How can she best use this money? An anonymous listener wants to lower their housing expenses. Should she and her husband buy a cheaper property and turn their current home into a rental, or should they stay and pay off the mortgage as quickly as possible while saving for a downpayment on another property? Alex is just getting started with financial independence and asks: how can you calculate your financial independence date, and how do you know how much you need to save to reach that number at a certain age? Ell wants to know: what’s the difference between a high-yield savings account and a money market account, and how can you maximize the interest you earn in these accounts? Jenn wants to know: is it possible for Canadians to find cash-flow positive real estate deals, either in Canada or the United States? I answer these questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode286 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Episoder(805)

My Bank Account Hit Zero ... Then I Got Rich -- with Jaspreet Singh of Minority Mindset

My Bank Account Hit Zero ... Then I Got Rich -- with Jaspreet Singh of Minority Mindset

#759: At 19, Jaspreet Singh bought a rental for $8,000. What followed was a nightmare tenant, a lawsuit, and a later house stripped of its copper, and it taught him what the real estate books leave ou...

16 Okt 1h 42min

Q&A: "I’m 26 and No Longer Motivated by Money. Am I Unemployable?”

Q&A: "I’m 26 and No Longer Motivated by Money. Am I Unemployable?”

#758: Joe says that if you tell an employer you’re not motivated by money, you’re unemployable. Paula says that’s exactly the person she wants to hire. Former financial planner Joe Saul-Sehy joins Pa...

13 Okt 1h 12min

Steve Jobs Hated the Name “Genius Bar.” How He Came Around, with Ron Johnson

Steve Jobs Hated the Name “Genius Bar.” How He Came Around, with Ron Johnson

#757: Ron Johnson is the creator of the Apple Stores and former CEO of JCPenney. At age 24 Ron Johnson turned down a $120,000 Goldman Sachs offer to unload trucks for $40,000, and that detour led Stev...

9 Okt 1h 48min

How Losing $500K in ‘08 Led One Trader to a Different Kind of Portfolio, with Jared Dillian

How Losing $500K in ‘08 Led One Trader to a Different Kind of Portfolio, with Jared Dillian

#756: In September 2008, Jared Dillian watched about half a million dollars of Lehman Brothers stock go to zero in a single week. He wasn't allowed to sell any of it. What he built afterward is a port...

6 Okt 52min

First Friday: AI, Debt, and a Social Security Shortfall. Should Your Money Plans Change? With Rob Berger

First Friday: AI, Debt, and a Social Security Shortfall. Should Your Money Plans Change? With Rob Berger

#755: Many retirees fear running out of money more than they fear dying. AI is reshaping the economy, the U.S. now spends over $1 trillion on interest, and Social Security faces a shortfall. Rob Berge...

2 Okt 1h 9min

Q&A: We Have $80K in Cash and Want a 1–2 Year Sabbatical. Is It Enough?

Q&A: We Have $80K in Cash and Want a 1–2 Year Sabbatical. Is It Enough?

#754: Four months of savings in the bank, a goal of eight, and a career break she's excited to fund. Does everything else really have to wait? Paula and Joe's answer: don't turn your emergency fund in...

29 Sep 1h 14min

Why 60,000 New York Apartments Sit Empty in a Housing Crisis, with Kenny Burgos

Why 60,000 New York Apartments Sit Empty in a Housing Crisis, with Kenny Burgos

#753: New York City is short roughly half a million homes, yet at least 60,000 rent-regulated apartments sit empty. Under current rules, many owners lose less money by leaving them vacant than by fixi...

25 Sep 1h 25min

Q&A: I’m Tired of Managing My Rental Property. Should I Sell It?

Q&A: I’m Tired of Managing My Rental Property. Should I Sell It?

#752: A caller's rental is performing fine, but a late-paying tenant and a roof replacement have her ready to sell it before she moves to Madrid for her MBA. Paula argues the real fix isn't selling — ...

22 Sep 1h

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