A Question to the Readers: What Should Steve Do With His Money?

Steve is 51 years old. He hates his job and has $250k saved up that he really doesn’t know what to do with. $150k of it is in a self-directed IRA and the other $100k is in the bank. He owns a rental property and a personal residence – both of which still have mortgages.

Steve has mentioned going on a 1-year sabbatical to volunteer internationally, and has also toyed with the idea of starting his own business to free himself from the job he hates, but doesn’t want to do anything that’s going to sabotage his future retirement.

What should Steve do with his $250k? Should Steve start his own business and/or take a sabbatical?

What do you think?

Steve, I’ll give you my response in the video below, but I’ll leave it up to my readers to agree or disagree (Readers: share your thoughts in the comment section . . . → Read More: A Question to the Readers: What Should Steve Do With His Money?

How Much Is That New Car Costing You?

Mmmmm….new cars. The smell, the perfect feel, the virgin engine. Annnnnd, the price tag. New cars are fricken expensive, but that doesn’t stop us all from wanting one. Let’s face it, a new car makes you feel powerful, established, successful! But that new car high comes with a price. A price that very few of us fully understand. How much is that new car costing you? Let’s dig into the details so I can ruin your dreams of ever wanting a new car again. 😉

How Much Is That New Car Costing You?

According to Kelley Blue Book, the average price of a new car today is $34,000. There you have it. Article over.

Well….not quite. Actually, not even close.

This $34,000 price tag is only the beginning. Fasten your seat belts ladies and gentleman, we’re going to start digging into the true price of that new car.

1) You’re . . . → Read More: How Much Is That New Car Costing You?

“Hey Derek, What Should I Do??” – Answering Your Money Questions….#2

“Hey Derek! I’m at a crossroads and I don’t know what to do! Can you help me?!”

These are the types of emails I get each week from my long-time readers, and I absolutely LOVE it.

Today, we’ll be helping out David and Megan. Here are their questions:

“My husband and I have really been trying to get rid of our debt over the last year and a half or so and aren’t doing too bad. We’re paying off debt smallest to largest, but the big balance on the credit card is what truly makes me nervous – it’s $22k with a 10% rate. I have some money in my 403B, and was wondering if it would be smart to make a withdrawal, pay off the debt, and then put those old payments toward my retirement fund?” – Megan

“I know that you promote self-insuring whenever . . . → Read More: “Hey Derek, What Should I Do??” – Answering Your Money Questions….#2

Video Response Sunday: Answering Your Questions About Money

Ever have a question about money, but not quite sure who to ask? Your mom is broke, your best friend is broke, heck even your financial advisor is broke (hint: if this is you, fire your financial advisor)!

I don’t have an official piece of paper that gives me the title of “Advisor”, but here are my credentials:

Bachelors in Finance, Masters of Business Administration Completely debt free by age 29 (including the $140,000 house) Bought a rental property with cash at age 30 Already have a 6-digit retirement account My wife and I are on pace to buy our next rental property with cash by December 2017

Good enough for you?

Enjoy the video response below. Be sure to submit your questions via email to derek [at] lifeandmyfinances [dot] com. I can’t wait to hear from you!

Questions answered today: “My wife and I are 52 years old. . . . → Read More: Video Response Sunday: Answering Your Questions About Money