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Ask Farnoosh, Farnoosh Torabi

In this episode of Ask Farnoosh, how to plan your estate when you’re divorced with two children, saving for retirement for the first time at 50 years old and how to save properly for your child’s college education?

Websites mentioned:

Jason

What kind of estate planning should I do?  I’m a divorced father of two children, ages 8 and 11. I have joint custody with my ex-wife. My current girlfriend and I are considering moving in together, but I don’t see remarriage on the short term horizon. I have investments in a 401k, $80k equity in my home, savings account, and Roth and traditional IRAs.  I would like my assets to go to my children’s education, and eventually to them at a later age.

Tom

Hello, first of all love your podcast and thank you for all the informative tips and tricks.
Have a question, me and my partner just had a baby boy and we would like to start saving for his college as soon as. What type of account can I open so when he is ready, the money can be used for the college of his choice. I know some accounts put restrictions on as to which state a person can go etc. We would like the freedom to send him to any colleges he chooses.

Mrs. P.

My husband recently learned he’ll be laid off in 3 months.We both work full-time,have mortgage, auto loan, bills etc and small children. Also, low savings due to recent home purchase.
How can we prepare for the loss of the largest income? Any advice would be appreciated.

Thanks. Enjoy your day.

Shannon

Hello! I’ve just started listening to your show and I want to thank you for the wealth of information.  I’m not a very financial savvy person but I really want to start learning how to be more money conscious.  I’m 29 with only $980 in an IRA savings, $400 in personal savings, and an income of $2k a month after taxes.  I’ve almost paid off my credit card debt and I’m working towards a masters degree. My biggest struggle with money is how to keep myself focused on the long term. I grew up poor, and struggle with not being able to have things I want (my biggest weakness is food… I love eating out, even if it’s fast food).  What are some good tips I could use to change the way I think and make the shift from instant gratification to long term gratification?  Also, what would you recommend as a good starter book to start learning about money and finance?  Thank you!

Hannah

My Mom is in her early 50s, and she does not have any retirement savings. I know I will need to help her when she retires (probably 15 years). How can I help prepare for this?

Louis

Just wanted to say that I am really loving your “honest and transparent podcasts”  I just recommended your podcast to my daughter.
I’m the author of My Street Money and Small Business, Big Life for Women.  Keep up the great work!

 

 

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