Be Wealthy & Smart Podcast: Personal Finance | Money | Investing | Millionaire | Stock Market | Entrepreneurship
About This Show
Money impacts everything you do. Get your money working harder for you, so you don't have to work so hard. Be Wealthy & Smart™ (named a top investing and personal finance podcast) helps you with investing your money and wealth building. Linda made $2 million at the age of 39 by investing and shows how she did it so you can too. What Linda shares are not the same old tired financial principles, she has a fresh and different approach with the two most important ways to grow your money and create wealth: investing and owning a business.
Be Wealthy & Smart has a community of investors who understand that money moves in cycles and peaks in bubbles. Whether you are just beginning your journey or have been investing for years, Be Wealthy & Smart is your source of wealth building information.
Notable guests include Pat Flynn, Chris Brogan, James Turk, Jason Hartman and billionaire Jeff Hoffman. Inspired by Robert Kiyosaki, Jim Rogers, Barbara Corcoran, Amy Porterfield, Michael Maloney, Gary Vaynerchuk, Warren Buffett, John Lee Dumas, William J. O'Neill and other experts.
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Most Recent Episode
232: Prioritize to Pay Cash or Invest
2 days ago
Learn how to prioritize paying bills, debt and expenses. Listener question today. Dana asks: Linda, there are several things we want to do this year and are wondering about the best use of our funds to do so. 1. Consolidate some miscellaneous credit debt or pay it off in full ($8k range) 2. Home updates/renovations - small scale projects like painting, lighting, window treatments ($5k total range) 3. Upcoming medical expenses for birth of child ($3000 based on max out of pocket per policy) 4. Upcoming 1st installment property tax bill ($4500) We have the following sources to draw from to do all of the above: 1. Cash - enough to pay all of the above and still have 12+ months worth of total monthly expenses in cash savings 2. Credit - several rewards/points cards, average interest rate 11-15% 3. Home equity - access to $32k from our existing Home Equity line of credit at 4.25% interest/only 4. Sell some securities from a brokerage account - $58k in non-retirement investment accounts that we sell some shares 5. Federal Tax refund - expecting $8k-$9k refund per CPA Are there advantages/disadvantages to doing the above via one form of payment or another? My personal comfort level is to keep plenty of cash accessible. I have allocated several different savings accounts specifically for taxes, home improvements, travel, etc and can pull from those. Income will vary so I am not really counting on using our income for these items, as it will just be used for our regular recurring monthly expenses. Thanks, Dana Before I answer that, let’s prioritize the payments and then look at the best way to pay them. I want to look at the non-elective expenses - ie. those things you can’t put off. #1. Property taxes of $4,500. This is a MUST do, no wiggle room here! The consequences of NOT paying your taxes are too high, so this has to be priority #1. #2. You also can’t put off the birth of a child. You will have medical expenses. Must allocate the $3,000 maximum costs. #3. Normally, I would look at the credit card debt first but because you had 2 non-negotiable goals above this, it became priority #3. Look to normally eliminate credit card debt as your #1 goal because it is so expensive. Dana tells us it’s 11 - 15% interest. When you pay it, it’s like earning that rate of return. Wher
Rated 5 out of
Nice to remember long term on Brexit madness day!
This podcast is a great reminder that growth and wealth are not built on one day's work or earnings. I hadn't thought of reviewing trends this way but it gives me hope for the markets and investing.
Date published: 2016-06-24