For our Fintech Spotlight segment this month, we are featuring qplum, a company that is bringing AI, data-driven strategies, and affordability to the world of investing. I’ve invited the co-founder and CEO of qplum, Mansi Singhal, to tell us more about the company today.
We’re also going to discuss why monitoring our investment portfolio might actually be a really bad idea.
Andy Hill: The markets have been up and down a lot lately, and I’ve been checking my portfolio a lot more frequently. Why is that not a good idea?
Our second question of the month comes from Angela from California:
I’m enjoying your podcast and wanted to ask you a question as I’m starting to get into more aggressively saving for my retirement.
I’m 32 years old. I recently modified my contributions to my workplace 401k so I’ll be maxing it out at $18,500 this year. I recently paid off my last student loan and had extra money. My husband is matching his 401k too after a little convincing. So we’re really getting serious about our retirement savings now. Both our companies match so that’s another perk.
I do feel like I’m behind overall though. Where else should we consider investing outside of our 401k?
Our first question of the month is from Brian from Michigan:
After reading one of your millionaire interviews, I found your debt freedom story and your path sounds like mine.
My wife and I have gotten serious about paying off our debt after we learned she was pregnant 6 months ago. We are now nearing the debt-free finish line. Only two more months to go and we’ll be student debt free, car debt free and credit card debt free … really all debt free outside of our mortgage.
All in all, we’ll have about $600 extra each month when we’re done. Outside of going on a weekend getaway to celebrate (no drinking because of the baby *snap*), we want to keep building wealth. Any suggestions for the extra cash each month that will keep moving us forward?
Our question of the month comes in from Luke from Indiana:
I was reading on your blog that you recently paid off your mortgage early. Congratulations!
I’m a Dave Ramsey guy like you and we’re getting close to baby step 6. I’m considering going heavy into paying off my mortgage like you did, but I’m also thinking it might be smarter for me to invest more for my retirement or just simply invest in the market. I also know market returns are unpredictable and we’re near all-time highs.
I have a 15-year mortgage at around 4% and the principal sits around $200,000. My wife and I are both working – we like what we do and combined we make around $200,000 per year. I feel like we could throw $50k per year at the mortgage and we’d be done in 4 years or less.
That could also be a good amount to throw at our retirement each year too.
What would you suggest for us? Should we pay off our mortgage or invest the money?
Taking advantage of the stock market is an incredible way to build wealth for your family. By investing in the market, you are forcing your money to work for you. Your money starts to make you more money!
But … Where do we start?
Can we do this ourselves?
Should we turn to a financial advisor?
How do I know a good advisor from one that’s just trying to sell me financial products that only benefit them?
Our guest today, Joe Saul-Sehy is going to help us with this exact conundrum.
In 2014, my wife Nicole and I both started new careers. She moved from corporate recruiting into the role of Stay-at-Home Mom when our son Calvin was born. I moved to a new marketing agency to advance my career in account management.
After Nicole and I partnered together to pay off all of our debt, this single income life was something we were prepared for. It wasn’t an easy financial change, but it was completely worth it in our opinion.
With those new role changes we not only left old jobs behind, but we also left old 401k accounts behind as well. Since we both had been at our previous jobs for a while, the idea of rolling over our 401k accounts was new to us. We heard that we were definitely “supposed to” do the rollover immediately, but we didn’t really know why.
Following the “supposed to” advice, I decided to move forward with rolling over both of our 401k accounts into IRAs.
The other day I was emailing with Heath, a listener of the podcast. Heath commented that my show has a family-focused tone to it, but it can really be enjoyed by single guys (like Heath) who don’t quite yet have a family as well. The compliment was extremely appreciated – thank you Heath – and it got me thinking. What advice would I have for myself 10 or so years ago before I met Nicole before I had kids and before I knew anything about money?