Invest or pay down credit cards? Buy a car or invest toward a house? These are opportunity cost questions, and today, Emily Guy Birken, author of End Financial Stress NOW, joins us to explain how it works. We’ll also talk about the problem with “free,” sunk costs, and other often neglected strategies to manage money better. In our headlines we’ll talk Johnny Depp again, plus talk financial knowledge. How much do we learn about money over our lifetime? The answer will surprise you.
Today we throw out the Haven Life line to Jordan, who has an important tax question many of you may share. Taylor sends us a letter about opportunity cost. Should he pay down debt or invest? We also share Doug’s trivia, and more.
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- How Much Financial Knowledge Do People Acquire as They Age? Not Much. (Wall Street Journal)
- How to handle clients who share Johnny Depp’s alleged compulsive buying habits (InvestmentNews)
<16:59> Emily Guy Birken
- Follow Emily on Twitter: @EmilyGuyBirken
- Check out Emily’s book and help the show:
- What was the original signal used by the New York Stock Exchange to mark the beginning and end of each day?
<42:15> Haven Life Line
Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.
- Jordan’s employer pays a monthly mileage stipend for his gas and wear-and-tear on his vehicle. Does this exclude him from taking a mileage deduction on his taxes?
- Taylor wants know: is it smarter to invest or finish paying off debt?
Need help with your financial plan? Use this link to schedule a meeting with OG: StackingBenjamins.com/OG
<> Join us Friday
Come listen in on Friday for our Roundtable! We’ll welcome back our original band of contributors, Len, Greg and Paula!