Q&A: $270K in Probate Court, Private Credit, & 7% Mortgage Rates
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How do Robert and Austin introduce the Q&A format and invite listener questions?
hey everyone and welcome back to the rich habits podcast question and answer edition these are our Thursday episodes where we answer your questions as if we were going through whatever you might be going through you can ask us questions on Instagram via DMS at rich habits podcast or Or you can email us your questions at richhabitspodcast at gmail.com. We get hundreds of questions every single week. So if we don't answer your question in one of the episodes, and it's a burning question that you need answered, consider joining us in trialing the Rich Habits Network, our community for our biggest fans, where we always answer the questions over there.
And always be patient because we do get a ton of messages every single month. And we are here to help all of you as much as we possibly can in these episodes. They're just so much fun. And we're really glad that the audience as well really enjoys these episodes because personal finance is personal. And someone else's question may help you in your journey as well. So we really appreciate you guys following along for these episodes.
100%. So our first question is an email from Jake V. Jake says, Howdy, gentlemen. My name is Jake and I'm a big fan of the podcast. Because of you all, I recently began investing. I'm 28 years old and I make a base salary of $80,000 a year, but after overtime and bonuses, I will make about $100,000. I have $16,000 in an emergency fund, $2,500 in a Roth IRA invested into QQQ and VOO, $7,000 invested in a 457B, which is managed for me. I know I probably should be managing it myself, but that's where I am right now. I spend about $2,400 a month on my mortgage and expenses for my house that I owe $330,000 on. I have a paid-off truck, and the only other major monthly debt is a student loan that cost me about $125 a month at 6% interest, and apparently it's forgivable after 120 qualifying payments.
But here's my question. I'm going to be receiving $270,000 in probate from the death of a family member by the end of this year. I intend to max out my Roth IRA for the year, and I also plan to increase my paycheck withholding so I can maximize my 457B. I'm curious what your thoughts are on what I should do with the remainder of the money. Should I put it all in a bridge account? If so, do I spread it out among different ETFs, diversify it maybe into different asset classes? Any tips you guys have would be greatly appreciated as I'm blessed to be getting such a boost in my wealth building journey and want to make the most of the funds I'm receiving. Thanks so much, Jake. Robert, I'll let you kick this one off.
Yeah, Jake, congrats. 28 years old. You're in the driver's seat. If you do things well with this money, this $270,000, you will be a multi-multi-millionaire in retirement. And I would say first, you handled this question very, very well. I agree with everything. Yes, max out the Roth. Yes, max out the 457B, all of those things. But let's back the train up a second. The first and most important thing you have to do is exactly what you've posed in this question and not let everyone know you got the money. Don't go out and go willy nilly, buying a new truck, getting jet skis, doing all these crazy things. I'm not saying you can't reward yourself because you are 28 years old, but please, please, please at least put 80, 90% of this money away and get it saving and invested towards your future.
That's the number one thing. So for me, it's pretty simple. you've already laid the groundwork and done a really good job here so i would get that traditional brokerage account set up and running and yes i would diversify into the funds we talk about but with your age i do like the idea of having some diversification further out into other asset classes you could think real estate you could think precious metals you could look at maybe gld or slv maybe throw in some copper with icop in there but Definitely the ETFs we talk about. Definitely a traditional brokerage account. And I love the idea that you're thinking diversification for the long term.
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Chapters
3 chapters
1
How do Robert and Austin introduce the Q&A format and invite listener questions?
0:00β4:40
2
What strategy do they recommend for Jakeβs $270K probate windfall and how should he allocate it?
4:40β34:39
3
Why do they advise Glenn to keep Roth contributions untouched in his bridgeβaccount plan?
34:39β49:20
Speakers
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