224: Finance Friday: Paid-Off House Peace of Mind vs. Investing Opportunity

224: Finance Friday: Paid-Off House Peace of Mind vs. Investing Opportunity

Making too much money is a good problem to have, and it’s one that many people in the Bay Area experience. Today we talk to Laurin, a mother of two, making $281,000 a year when combining her salary with her husband’s. They’re doing everything right: paying off the mortgage, contributing to their 401(k)s, and saving up for an emergency reserve. With all these investments and income, Laurin is wondering whether or not her investing strategy is optimized. Her mortgage spans 15 years, so she’s dedicating a large amount every month to pay off her house before she retires. While some people prefer the financial security of not having a mortgage, others (like Scott), prefer having a mortgage for longer while investing in other assets. With the goal of enjoying her life more, Scott and Mindy bring up a handful of options that can help Laurin achieve a massive net worth by the time she is ready to retire. She could work less and contract more, she could refinance and invest for cash flow, she could look into real estate investing, all while she’s setting up a massive nest egg for herself upon retirement! In This Episode We Cover Always taking the 401(k) match your company offers (when available) Using “event-based” planning when you’re closer to retirement age Pre-tax retirement accounts vs. post-tax retirement accounts Saving for children’s college with a 529 plan The two main real estate investing traps to avoid when investing out of state And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

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Paul Merriman’s 4-Step Portfolio Strategy for Long-Term Wealth

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In this episode of the BiggerPocketsMoney podcast, Mindy Jensen and Scott Trench host Ryan Sterling, CEO of NerdWallet Wealth Partners, to discuss the nuances of different financial advisor compensati...

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3 Feb 55min

The 4% Rule Was Never Designed for FIRE’s Healthcare Reality

The 4% Rule Was Never Designed for FIRE’s Healthcare Reality

The 4% rule has a major flaw: it doesn't account for healthcare costs. If you're planning to retire early, health insurance premiums will rise sharply as you age—from your 30s through your 60s before ...

30 Jan 57min

The Major MONEY Milestones To Hit By EVERY Decade!

The Major MONEY Milestones To Hit By EVERY Decade!

Are you on track to achieve financial independence? In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench outline the essential financial milestones for your 20s, 30s, 40s,...

27 Jan 47min

The Proven Path to Financial Independence by 44

The Proven Path to Financial Independence by 44

Should you retire the second you hit financial independence, or is there value in working just a little longer? Steven faced this exact decision at 40 and chose to work four more years. The result? He...

23 Jan 49min

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