M$D: September 5, 2053
Meet Kami
Age: 29
Kami’s main concerns, in her own words:
My No. 1 financial concern is determining if it’s feasible to move to working freelance rather than working at my corporate job. I’d love to work for myself and have more flexibility in my schedule, but I don’t know how to secure my finances to do so.
– How much should I have saved in an emergency fund?
– How do I structure my budget?
– How do I handle income taxes? (I can barely figure out how to file with W-2s …)
– How do I continue saving for retirement without an employer 401(k)? (second concern)
Third concern: We have an ooolllld house that we bought during the first-time homebuyer push in 2010. We need to put a lot more work into it before we could sell … how do we prioritize those repairs financially?
Details: 90,000 gross annual income (household); my salary = $47,000
Debt: Student loan that will be paid off with coming income tax refund; 1 vehicle loan for approx $9,000 ($250/month); mortgage = $62,000
Savings: $5,000 emergency
What we cover in this episode:
- When is it the right time to make a major career change?
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.