Ask Paula: How Long Will It Take Me to Become a Millionaire?

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Manage episode 278495738 series 115702
By Paula Pant. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

#286: Kaitlyn has $78,000 saved for a property, but she isn’t sure whether she should buy a personal residence, a rental property, or both. How can she best use this money?

An anonymous listener wants to lower their housing expenses. Should she and her husband buy a cheaper property and turn their current home into a rental, or should they stay and pay off the mortgage as quickly as possible while saving for a downpayment on another property?

Alex is just getting started with financial independence and asks: how can you calculate your financial independence date, and how do you know how much you need to save to reach that number at a certain age?

Ell wants to know: what’s the difference between a high-yield savings account and a money market account, and how can you maximize the interest you earn in these accounts?

Jenn wants to know: is it possible for Canadians to find cash-flow positive real estate deals, either in Canada or the United States?

I answer these questions in today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode286

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