So Money - Episode 90

Ask Farnoosh

Farnoosh Torabi

In this Saturday’s Ask Farnoosh questions about accelerating a mortgage payoff, starting a business with no savings and how to launch a speaking career. I’ve got answers! Tune in…

Christina asks:

Farnoosh, I love your show!  I recently started a new job.  I had a 401K from my old company and I started a new 401K with my new company, which matches at 3% and vests at 7.5% of my salary, which I will get after 3 years.  A representative from my old 401K called to talk to me about options.  He encouraged me to start my own Roth IRA and roll over the money from the old 401K into that and keep dumping money into the IRA controlled by me as I switch companies throughout my career.  Should I do this or should I roll over into my new employer’s 401K plan?

Mari asks:

Thank you for your podcast, I love it so much!!This question has been for a while on my mind: What do you think about Offset Auccounting/ equity optimization? It seems to me a great Idea to pay off my mortgage as soon as possible. My husband is a small business owner, me a stay at home mom with three girls. One going to college in two years!  (Love, love all the info on college this week) Truth in Equity website, that’s what I am looking into right now. Is it stupid to pay somebody $ 3000.00  to help me set up the system? Why is nobody speak about this?  Many thanks. Mari

Jean asks:

I’m a big fan of yours, I want to thank you for being such a devoted servant helping thousand with you time and talents. I personally appreciate it and suggested your podcast to my wife.
I’m a Radiology Technologist, I like what I do, however; my burning desire is for Public speaking  on Motivation and Empowerment (motivating people and empower them with the necessary tools to take charge of their lives personally) .
What’s your advice for me on Where to Start please. Considering I’m 38yrs old father of 2 and a husband with family responsibilities and debts too.

Stephanie asks:

Hi Farnoosh! I would like to strike a balance between saving, paying off debt, and investing. I am an aspiring entrepreneur with an idea I am eager to begin executing. It doesn’t require a big  financial investment but there are some startup costs I will need to incur. On top of that I also have about $6,000 in credit card debt, and no savings to speak of. I have a steady job and income ($50k), but most of what I earn goes towards living and paying off this debt. How would you recommend spreading out what’s left of my income between saving, paying off debt, and starting my company? Thanks!

Shatella says…

Yes, If you cut the podcast down to 5 or even 3 days it would be just fine. I enjoy the podcast but I even have a hard time keeping up with all of the podcasts so I can’t imagine how you produce the show!  Please keep up the good work and feel free to take a day off or two.


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