#38 Paying Off Your House: Should You Do It, How to Decide, and Pros vs Cons
09/17/24 • 25 min
Have you ever wondered whether paying off your house early is the smartest financial move? Join us on the Fiscal Physical Podcast as we sit down with Ryan Nelson, founder of Alchemy Wealth Management, to unravel this age-old dilemma. Through a riveting discussion, Ryan guides us on a journey of assessing personal goals, risk tolerance, and the potential returns on investment. With a hypothetical scenario involving a 3% mortgage and an unexpected $100,000 inheritance, we explore the complex factors that influence such a pivotal financial decision.
But the conversation doesn't stop there. We dive into the nuances of financial priorities and future planning, drawing from personal experiences and professional insights. Have you ever considered that your home isn't truly an asset until it's sold? Learn how extra mortgage payments could affect your investment opportunities in tax-advantaged accounts like Roth IRAs. And for a fun twist, we indulge in a light-hearted contemplation of winning a $70 million lottery, exploring the excitement and family dynamics that come with such a windfall.
In the final segment, we tackle the challenges of managing large sums of money, using Shaquille O'Neal's early career spending spree as a cautionary tale. Discover how quickly fortunes can be depleted if not managed wisely, and the importance of prudent financial decisions. We also introduce a quirky website that lets you try to spend Bill Gates's $100 billion fortune, shedding light on the staggering difference between millions and billions. Tune in for a compelling episode that blends practical financial advice with thought-provoking discussions on wealth and responsibility.
But the conversation doesn't stop there. We dive into the nuances of financial priorities and future planning, drawing from personal experiences and professional insights. Have you ever considered that your home isn't truly an asset until it's sold? Learn how extra mortgage payments could affect your investment opportunities in tax-advantaged accounts like Roth IRAs. And for a fun twist, we indulge in a light-hearted contemplation of winning a $70 million lottery, exploring the excitement and family dynamics that come with such a windfall.
In the final segment, we tackle the challenges of managing large sums of money, using Shaquille O'Neal's early career spending spree as a cautionary tale. Discover how quickly fortunes can be depleted if not managed wisely, and the importance of prudent financial decisions. We also introduce a quirky website that lets you try to spend Bill Gates's $100 billion fortune, shedding light on the staggering difference between millions and billions. Tune in for a compelling episode that blends practical financial advice with thought-provoking discussions on wealth and responsibility.
Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk
If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!
Have you ever wondered whether paying off your house early is the smartest financial move? Join us on the Fiscal Physical Podcast as we sit down with Ryan Nelson, founder of Alchemy Wealth Management, to unravel this age-old dilemma. Through a riveting discussion, Ryan guides us on a journey of assessing personal goals, risk tolerance, and the potential returns on investment. With a hypothetical scenario involving a 3% mortgage and an unexpected $100,000 inheritance, we explore the complex factors that influence such a pivotal financial decision.
But the conversation doesn't stop there. We dive into the nuances of financial priorities and future planning, drawing from personal experiences and professional insights. Have you ever considered that your home isn't truly an asset until it's sold? Learn how extra mortgage payments could affect your investment opportunities in tax-advantaged accounts like Roth IRAs. And for a fun twist, we indulge in a light-hearted contemplation of winning a $70 million lottery, exploring the excitement and family dynamics that come with such a windfall.
In the final segment, we tackle the challenges of managing large sums of money, using Shaquille O'Neal's early career spending spree as a cautionary tale. Discover how quickly fortunes can be depleted if not managed wisely, and the importance of prudent financial decisions. We also introduce a quirky website that lets you try to spend Bill Gates's $100 billion fortune, shedding light on the staggering difference between millions and billions. Tune in for a compelling episode that blends practical financial advice with thought-provoking discussions on wealth and responsibility.
But the conversation doesn't stop there. We dive into the nuances of financial priorities and future planning, drawing from personal experiences and professional insights. Have you ever considered that your home isn't truly an asset until it's sold? Learn how extra mortgage payments could affect your investment opportunities in tax-advantaged accounts like Roth IRAs. And for a fun twist, we indulge in a light-hearted contemplation of winning a $70 million lottery, exploring the excitement and family dynamics that come with such a windfall.
In the final segment, we tackle the challenges of managing large sums of money, using Shaquille O'Neal's early career spending spree as a cautionary tale. Discover how quickly fortunes can be depleted if not managed wisely, and the importance of prudent financial decisions. We also introduce a quirky website that lets you try to spend Bill Gates's $100 billion fortune, shedding light on the staggering difference between millions and billions. Tune in for a compelling episode that blends practical financial advice with thought-provoking discussions on wealth and responsibility.
Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk
If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!
Previous Episode
#37 Tax Gains Harvesting: Explained, Strategies, and Financial Advantages
Can managing your tax liabilities now save you thousands in the future? This week on the Fiscal Physical Podcast, we're joined by Ryan Nelson, the founder of Alchemy Wealth Management, to uncover the strategic world of tax gains harvesting. Ryan breaks down how this often-overlooked tactic can be a game-changer, particularly if you anticipate rising tax rates ahead. Using the example of a married couple with an $80,000 income, he illustrates how they could potentially realize $14,000 in long-term capital gains tax-free. It's all about making smart financial moves today to safeguard your wealth tomorrow, and Ryan’s insights make this complex topic accessible and actionable.
But it’s not all about numbers and tax codes. We also get personal, exploring those moments that make us feel like we've truly "made it." Ryan reflects on his own journey, sharing how a series of small victories led to his success as a financial advisor. Meanwhile, our co-host offers a heartwarming story about the life-changing moment when his son finally started sleeping through the night. These milestones, both professional and personal, remind us of the varied paths to fulfillment. We wrap up by inviting you, our listeners, to share your own stories and questions, ensuring that your voices shape the future of our podcast. Don’t miss this enriching blend of financial wisdom and personal triumphs!
But it’s not all about numbers and tax codes. We also get personal, exploring those moments that make us feel like we've truly "made it." Ryan reflects on his own journey, sharing how a series of small victories led to his success as a financial advisor. Meanwhile, our co-host offers a heartwarming story about the life-changing moment when his son finally started sleeping through the night. These milestones, both professional and personal, remind us of the varied paths to fulfillment. We wrap up by inviting you, our listeners, to share your own stories and questions, ensuring that your voices shape the future of our podcast. Don’t miss this enriching blend of financial wisdom and personal triumphs!
Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk
If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!
Next Episode
#39 Preparing for Tomorrow: The Ins and Outs of Long-Term Care
How prepared are you for the inevitable complexities of aging? We kick off this episode by confronting a common oversight: long-term care needs, particularly among individuals in their mid-30s. Ryan Nelson joins us to emphasize the critical importance of early planning. From understanding what Activities of Daily Living (ADLs) entail to recognizing that regular insurance often doesn't cover long-term care services, we break down why this aspect of financial planning should be a priority. Licensed insurance professionals can offer invaluable guidance, and Ryan underscores the importance of differentiating between insurance and investments in a well-rounded financial strategy.
Planning for the future can be daunting, especially when it involves predicting long-term care costs. Did you know that around 70% of people over 65 may require long-term care? We dive into scenarios where substantial savings might allow one to self-insure versus relying on federal resources like Medicaid. Evaluating your personal financial situation is crucial in determining whether purchasing long-term care insurance is the right move for you. We explore the benefits and drawbacks of self-insuring versus opting for external insurance policies, offering insights to help you make an informed decision.
Fascinated by demographics? You'll love our trivia segment on the median age in the United States and Japan. Discover why the median age in the U.S. is 38.9 years and why it's significantly higher in Japan at 49.9 years. We also clarify the difference between median and average, explaining why the median is often more useful in financial contexts. As always, we encourage you to subscribe, leave ratings, and explore additional resources like the Alchemy Wealth Management website and the book "Fiscal Physical." Join us as we stay informed and prepared for the financial aspects of aging.
Planning for the future can be daunting, especially when it involves predicting long-term care costs. Did you know that around 70% of people over 65 may require long-term care? We dive into scenarios where substantial savings might allow one to self-insure versus relying on federal resources like Medicaid. Evaluating your personal financial situation is crucial in determining whether purchasing long-term care insurance is the right move for you. We explore the benefits and drawbacks of self-insuring versus opting for external insurance policies, offering insights to help you make an informed decision.
Fascinated by demographics? You'll love our trivia segment on the median age in the United States and Japan. Discover why the median age in the U.S. is 38.9 years and why it's significantly higher in Japan at 49.9 years. We also clarify the difference between median and average, explaining why the median is often more useful in financial contexts. As always, we encourage you to subscribe, leave ratings, and explore additional resources like the Alchemy Wealth Management website and the book "Fiscal Physical." Join us as we stay informed and prepared for the financial aspects of aging.
Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk
If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!
The Fiscal Physical Podcast - #38 Paying Off Your House: Should You Do It, How to Decide, and Pros vs Cons
Transcript
Speaker 1
Welcome to the Fiscal Physical Podcast . Join us each week as we sit down with the founder of Alchemy Wealth Management and author of your Fiscal Physical , Ryan Nelson . Tune in to gain valuable insights and practical tips as we simplify complex financial concepts into digestible lessons . From budgeting to retirement planning , this podcast is your go-to resource for mastering financia
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