Sign up to save your podcasts
Or
Share Ep. 373: Stability Is More Valuable Than You Think
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Ep. 373: Stability Is More Valuable Than You Think
HAVE A QUESTION? GET ANSWERS.EMAIL US: [email protected]
Today we are digging all the way into the mailbag! Pete and Damian respond to listener questions about credit card debt, 529 accounts, and talk financial stability!
Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.
No time to listen? BUMMER. Here’s some of what happened:
Show Notes:Mailbag Question 1:
“I recently took a job after being downsized in January, making about $20K less. I accumulated about $38K in credit card debt. Some of the interest monthly is about as high as the payment itself. Should I take a loan against my 401(k) to pay off the high-balance ones and keep paying the lower balance ones? Or should I do so to pay off all the loans?“
Damian: Let’s think about not taking the easier way out. Can we make the numbers work within the income you have? If it’s doable, it’s a much better option than taking a 401(k) loan out.
Pete: The 401(k) loan should be our last possible option; even if that includes some major lifestyle and systemic changes. If what led to the $38K debt hasn’t stopped, taking a loan from your future is the worst possible thing to do.
Mailbag Question 2:
“My son is 7 now. I’m exploring 529 accounts. What is an optimal amount to save every month if he goes to a private college? Is it okay to split my savings across multiple 529 accounts? Any other savings vehicles you can suggest?“
Damian: That money will grow tax-free, when it comes out for a qualified purpose, It comes out tax-free. That’s a beautiful thing. Seek the double or triple tax-advantaged tools.
Pete: There are at least two tax advantages to 529 accounts. For example, here in Indiana, there is a state tax credit. In Florida, there is not, however. There could be several options, but talk to an expert first, as age, vehicle type, and other factors could be at play.
Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!
View all episodes
By IBJ Media
4.6
241241 ratings
HAVE A QUESTION? GET ANSWERS.EMAIL US: [email protected]
Today we are digging all the way into the mailbag! Pete and Damian respond to listener questions about credit card debt, 529 accounts, and talk financial stability!
Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.
No time to listen? BUMMER. Here’s some of what happened:
Show Notes:Mailbag Question 1:
“I recently took a job after being downsized in January, making about $20K less. I accumulated about $38K in credit card debt. Some of the interest monthly is about as high as the payment itself. Should I take a loan against my 401(k) to pay off the high-balance ones and keep paying the lower balance ones? Or should I do so to pay off all the loans?“
Damian: Let’s think about not taking the easier way out. Can we make the numbers work within the income you have? If it’s doable, it’s a much better option than taking a 401(k) loan out.
Pete: The 401(k) loan should be our last possible option; even if that includes some major lifestyle and systemic changes. If what led to the $38K debt hasn’t stopped, taking a loan from your future is the worst possible thing to do.
Mailbag Question 2:
“My son is 7 now. I’m exploring 529 accounts. What is an optimal amount to save every month if he goes to a private college? Is it okay to split my savings across multiple 529 accounts? Any other savings vehicles you can suggest?“
Damian: That money will grow tax-free, when it comes out for a qualified purpose, It comes out tax-free. That’s a beautiful thing. Seek the double or triple tax-advantaged tools.
Pete: There are at least two tax advantages to 529 accounts. For example, here in Indiana, there is a state tax credit. In Florida, there is not, however. There could be several options, but talk to an expert first, as age, vehicle type, and other factors could be at play.
Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!
More shows like The Pete the Planner® Show
View all
Money Guy Show
3,165 Listeners
Your Money, Your Wealth
780 Listeners
Jill on Money with Jill Schlesinger
1,924 Listeners
The Stacking Benjamins Show
1,981 Listeners
Retirement Answer Man
1,282 Listeners
Retirement Starts Today
501 Listeners
Afford Anything
3,539 Listeners
Marriage Kids and Money: Personal Finance for Families
588 Listeners
Big Picture Retirement®
519 Listeners
Stay Wealthy Retirement Podcast
658 Listeners
Inside INdiana Business Television Podcast
13 Listeners
BiggerPockets Money Podcast
3,059 Listeners
The Boldin Your Money Podcast
183 Listeners
The IBJ Podcast with Mason King
49 Listeners
Earn & Invest
431 Listeners
The Personal Finance Podcast
1,375 Listeners
Business & Beyond with Gerry Dick
52 Listeners
MoneyWatch with Jill Schlesinger
416 Listeners
The Freedom Forum with Angela B. Freeman
4 Listeners
The Indiana Lawyer Podcast with Maura Johnson
6 Listeners
Inside INdiana Business Radio On Demand
4 Listeners
Indiana 250: Off the Record with Nate Feltman
7 Listeners
Beyond Clarkonomics: How the Fever’s evolution is transforming a sports capital
1 Listeners