The Real Cost of Things
Over the course of your working life, say 40 years or so, you’ll earn an astonishing amount of money, probably over a million dollars for the average full time worker. So now you might be asking, where does it all go? A better question might be, how much do things really cost? The answer could change your whole outlook about spending. Financial planner and teacher Rob West has some startling stats for us today.
• Rob West reviews some Economics 101 and discusses a scenario about “opportunity cost.”
• Rob offers wisdom on how sacrificing a purchase now could really pay off in the investing long run.
• The bottom line is, things cost more than you think, and you have less to spend than you think, so you want to use every dollar wisely, ideally to give you a bigger return in the years ahead.
In today’s show we also answer your questions:
• My husband and I just received a bonus from his work. Should we use this to pay down some credit cards or put it in savings?
• The Equifax breech affected me. I recently heard about a settlement for this. Is this legitimate?
• I am buying a house and the sellers do not want to pay closing costs. Should I be looking at other options or should I renegotiate with the sellers to try and get them to pay some of them?
• My wife and I are both teachers. We will be eligible for student loan forgiveness. Should we wait to file for this until we purchase our house this summer?
• What’s the best way to learn about stocks and bonds and reenter the market?
Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.
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Featured Resources From Faith & Finance
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