← So Money with Farnoosh Torabi
So Money with Farnoosh Torabi
1854: Ask Farnoosh: Debt Consolidation, Roth IRA Investing and Windfall Management. Plus: How Much to Feel Wealthy?
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Marc Maron
Hey, it's Marc Maron from WTF here to let you know that this podcast is brought to you by Progressive Insurance. And I'm sure the reason you're listening to this podcast right now is because you chose it well. Choose progressives. Name your price tool and you could find insurance options that fit your budget. So you can pick the best one for your situation. Who doesn't like choice? Try it@progressive.com and now some legal info. Progressive Casualty Insurance Company and affiliates price and coverage match limited by state law. Not available in all states. Race the rudders, Race the sails. Race the sails. Captain, an unidentified ship is approaching. Over. Roger, wait. Is that an enterprise sales solution? Reach sales professionals, not professional sailors. With LinkedIn ads, you can target the right people by industry, job title and more. We'll even give you a $100 credit on your next campaign. Get started today at LinkedIn.com terms and conditions apply. 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You're listening to so Money with award winning money guru Farnoosh Kharabi. Each day get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers and from Farnoosh yourself. Looking for ways to save on gas or double your double coupons. Sorry, you're in the wrong place. Seeking profound ways to live a richer, happier life. Welcome to SO Money. Hey everybody. Welcome back to so Money. It's Friday, July 18, 2025. I'm your host Farnoosh Tarabi and we're gonna get into our AskFarnoosh session. Today we're going to review some big headlines in the news and what they mean for our wallets. We're gonna talk about your money questions that have come in from all the channels, from Instagram, from my email. Our audience is interested in debt consolidation options, how to invest when you feel like you're behind, and what to do if you get an inheritance, a lump sum, which is always nice, but can be overwhelming. Before we get into all of that, just a quick announcement. Many of you have been asking me about this all year and here it is. I'm going to be opening, reopening my private mentorship program in September, which means between now and then, the application window is open. I've closed it all year. It's. There's a wait list growing. And I've decided, you know what? I do want to do this again. I wasn't sure, but I think I'm ready to get back into mentoring in September. It's been a very busy year with running this business business and also launching the Montclair pod, which has grown much faster than we anticipated. And we're hiring now. So that means I can take a little bit more of a managerial role and less of an in the weeds role and get back to also doing more with SO money. And this mentorship program. This mentorship program is a four month program. It's virtual, it is small. I'm not looking to take on 50 people, not even 20 people. This is like a handful of individuals who want to build their personal brands. You're already off to the races. You have a business, you have an expertise in a domain, whether that's money or food or style or real estate or taxes. I've worked with so many people from various disciplines. This program is designed to help you level up across multiple platforms. So maybe you look at what I do and you're like, huh, I'd like to like Farnoosh, get some brand deals. I'd like to get on the Today show. I'd love to get a book deal. I'd love to start a podcast or grow my podcast, monetize my content platforms. I've done it all, I continue to do it all. And I've learned so much over the last 20 years on how to do all of this. And here's the key that I teach in this program. How to do everything sustainably and align with your values. Because you may also notice I don't do everything. And that is very intentional. I might experiment. I'm always learning. But at the end of the day, I do have a very clear calculus for how I decide what to pursue. There's usually a day long in person retreat that I host for our members in New York City. I've also hosted it in San Francisco. Just depends on where everybody is. Can everybody do it? It's not a requirement, it's not part of the fee, none of that. It's just something that people have always wanted in every cohort. So we've done it. So I just mentioned that as a possibility. But the program is primarily virtual. It's accessible to anyone in any time zone. We've had people from all over the country and you can learn and apply@ Farnooshbts.com F A R N O S H B T S.com BTS stands for behind the Scenes. There you'll learn more about the program. And there's an application. It's first come, first serve. Whoever applies first will talk to me first and then as soon as we get our handful of clients, we will be starting in September. If you have any questions also you can reach me Farnooshowmoneypodcast.com if you're reading the application, you're not sure if it's for you or if you have extra or questions, you can always reach out to me. And I'm also accessible on Instagram. You can DM me there now. In case you missed it, here's what we covered earlier this week. And then I want to get into some big headlines from the financial world today. Big stories. But first, if you miss any of our episodes this week, I encourage you to go back and take a listen. On Monday. We talked about the upside of having a messy career and the myth of having it all together. And my guest for this was Mariam Bennikaram. She is a powerhouse C Suite executive turned podcast host whose resume reads like a tour through media, hospitality, tech and purpose driven leadership. She has been global CMO at multiple companies. So she knows what it means to reinvent. She knows what it means to take a pause when it's not a popular thing to do. And so we talk about everything from career burnout to the emotional toll of job loss and the value of taking a break from your career, which is a privilege for many of us who do. But why, if we can do it, it is so important. And that was episode 1852. On Wednesday, episode 1853, we talk about AI and data surveillance. This is the world we live in now and what will it mean for our privacy? What is it currently meaning for our access to financial freedom and privacy? Martha Underwood is our guest. She's a tech veteran, over 25 years of experience. She runs a company called Prism, which is a digital vault platform. Very important if we have loved ones, older loved ones, particularly parents, and we want to be able to preserve their financial legacy and make sure that if something happens to them, we can step in and help them out. Many of us are in that sandwich generation. This is important. But Martha and I discuss the rise of AI bias and what it means for our money, the real risks of becoming unbanked as women, and how our data and our browsing history is being used right now to make financial decisions about us without our knowledge and without our consent. It's scary, but she also offers practical ways to manage that and be more empowered. That was on Wednesday and now the news. A lot of you are liking the news. I didn't know that I was going to go back to my news reporting days, but I love this as well. I love for me too to go through the week and understand what were the big stories outside of the pop culture stories like that couple that was caught on the Jumbotron at the Coldplay concert. They were cheating on their spouses and they were cuddling in public at a concert where there are tens of thousands of people and a Jumbotron. What were they thinking? That's another show. But in the financial world, we had big headlines this week related to student loans, health insurance, Social Security. It was a very big week for finance. The first story I want to talk about Trump accounts for newborns. So we talked about the big beautiful bill recently that got passed into law. One aspect of this that I'm not upset about gives every baby born from 2025 to 2028 a $1,000 seed account that grows tax deferred families can add up to $5,000 per year to this Trump account for newborns and the money can be used later for education or home down payments or career training. I like it. I don't love it. It's not like it's helping us with our current strains, financial strains around parenthood. That would be nicer. Like maybe we could talk about giving parents paid leave from their jobs like every other freaking developed country. That would be very nice. But sure, I'll take the thousand dollars. The real benefit comes really though, if you can continue to contribute. Because a thousand dollars, I don't know where this is being invested necessarily. Is it the US Stock market? Because if it' an inflation tracking account, maybe it'll pay for meals your first semester in college. If you if college still exists in 18 years, will this encourage families to have kids? I don't think so. In other news, there is a federal student loan overhaul going taking place. A new budget bill is simplifying repayment with just two options, standard or new income driven repayment assistance plan. So popular plans like Save and Paye, they're being phased out and starting August 1st in just a few weeks, the 0% interest pause under the safe plan is ending, which means those of us that have those kinds of loans will be paying more interest and higher payments on August 1 and thereafter. But borrowers do have until July 2028 to shift the plans. Fewer choices may simplify things, but for many borrowers, they will feel the hit with rising monthly bills. So now is the time to reassess your strategy, review your loans and find out what might work better for you and get ahead of it. For the older population, Social Security is moving to a 100% electronic payment platform. So that means either you're going to be getting your Social Security checks directly deposited into your bank account or you'll get a debit card with the amount on it. And this could be a problem, right? We have friends who are collecting Social Security in the mail. Those are the same people who aren't banking online necessarily. They don't have phones with their bank apps on them. They are not up to speed on this. So I think if you have a loved one or if you are this person who is not fully financially online, you might want to learn how to be and understand how to transfer this money correctly into the right bank accounts and be able to access it. The goal with this is to reduce fraud and to improve efficiency. So much of our financial lives is going online. It already has over 98% of recipients already use direct deposit. So this is only impacting the 2%. The remaining few, again often older or unbanked then that need to set up some online payments. Here's a question for all of us. What do you think you need in your bank account to feel wealthy? What's the dollar amount we often talk on the show about enough. Charles Schwab's 2025 Modern Wealth Survey finds that Americans say they need $2.3 million net worth to consider themselves wealthy. This is a net worth figure, not annual income. You don't have to be making this amount every year. This is just like when you look at all of your liabilities versus your assets that it comes to 2.3 million. Maybe that includes your home's net worth. If you're a homeowner, it's your retirement accounts, it's your assets and the values underlying those ass, 2.3 million. And then you feel wealthy. How much does it take to feel comfortable? Financially comfortable? A different number there, $840,000. Big gap between financially comfortable and wealthy. I think this just underscores how wealth is a very psychological state. Comfortable versus wealthy. That's different for everybody. And these are just averages. By the way. Some people probably would feel differently about 2.3 million. I don't know. I guess it also depends on where you live. 2.3 in a low cost of living state, sure. But in New York City or Boston or San Francisco, can you retire that at 55, 60? I don't know. Depends. I might have to continue working somewhere. Maybe Trader Joe's just for the health benefits. Speaking of, Affordable Care act premiums are expected to jump 15% in 2026. Some insurers filing hikes of 20 to 30%. And that has not been seen since 2018. And the primary driver of this is the expiration of enhanced Affordable Care act premium subsidies created during the pandemic. Without those, unsubsidized rates could climb by as much as 75%. Our country just wants us to die from our health problems. I think that's where this is all going, right? We hate giving Americans health insurance so much that we would make it so that we make it so expensive. It is literally for some households the most expensive bill they have every month. And they are healthy and they are just trying to get doctor appointments and dentist appointments and eye exams. And it's 3,000 to $3,500 a month for them. And even those of us with employer based insurance could see ripple effects through higher overall health costs. Open enrollment is in the fall and though a lot of us who are unemployed right now because of layoffs, we're probably in it again trying to look for health insurance. Maybe you're deciding to go on Cobra for the 18 months, which is expensive. Cobra. It allows you to extend your health care coverage exactly as it was when you were employed by your company. But instead of paying just your portion, you're not paying your portion plus your employer's portion plus usually a 2% administrative fee. So that is more than double. You have to plan for at least more than double what you are paying if you're unemployed from your benefits paying job. And then of course, then people go into the marketplace to find something that is more affordable, but they're often not successful. And those are the headlines this week. Big stories, important stories coming up after the break. We're going to answer your money Questions Audience members want to know what to do with a recent inheritance, questions about options for debt consolidation, programs that are trustworthy, and how to start investing if you haven't yet, I've got answers. Stay with us. You know that moment when summer hits and suddenly nothing in your closet feels right? I had that recently and didn't want to waste money on clothes I'd only wear once. That's when I turned to Quince. 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I want you to learn another language so I'm teaming up with Babbel to gift you 55% off subscriptions, but only for our listeners at babel.com somoney get up to 55% off at babel.com somoney spelled B-A-B-B-E-L.com somoney babbel.com somoney rules and restrictions may apply My parents just got back from traveling in Italy and they cannot stop talking about the Airbnb. They stayed in with their friends. It was in a quiet neighborhood near Lake Como, tucked away, and they said it was one of the best, best parts of their trip. It had this incredible terrace with views of olive groves, a cozy kitchen, and thoughtful touches that made it feel like home. They felt like they were living there, not just passing through. And honestly, that level of experience doesn't happen by accident. It takes effort to manage a great Airbnb, especially if the host isn't nearby. That's where Airbnb's Co host network comes in. 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Host Andrea Marquez breaks it all down in a way that's actionable and relatable. You'll hear exactly how these entrepreneurs tackled things like funding, pricing, and knowing when it's worth betting on yourself. If you're looking for real, practical insights that can help you move forward with clarity and confidence, this podcast is it. Follow and listen to this Is Small Business now on Apple Podcasts, Spotify, or wherever you get your podcasts. Don't wait to start making smarter money moves today. All right, welcome back to the show. We have our mailbag to open up right now and we have a question on Instagram from a friend in the audience who says, hey Farnooche, hope you're doing well. I've been listening to your podcast and I have a question. I'm three years away from turning 40 and I am not investing. I don't have a portfolio. I work for a non profit and there's no 401k. Where's the best Place to start for someone like me. All right, so love this question. First of all, if you're interested in joining the so Many Members club, we talk about investing all the time. And I have recorded workshops there. I host one at least every year live. I'll do one again in the fall. Everyone's invited to that one. I've just decided here live on the show, it's not going to be just for my members. I will open it up to everybody to come sit with me for 90 minutes and learn about investing. Ahead of that, I want you to get started before that, though. So one thing I would say, if you don't have access to a 401k at work, you can open up a retirement account outside of work at any brokerage through an individual retirement account. And there are two types, right? We talk about them all the time. There's the Roth ira and then there's the traditional ira. The big difference between these two accounts are the tax implications. With a Roth ira, you can contribute after tax dollars, meaning your contributions are not tax deductible today, but you qualify for withdrawals in retirement that are tax free. A traditional ira, your contributions may be tax deductible in the year that you contribute, and then the withdrawals in retirement are taxed as ordinary income. Many people prefer the Roth ira, and I agree in many cases, the Roth IR can be superior to a traditional ira. With the Roth ira, again, you pay taxes on the contributions now, but all of the earnings and the withdrawals in retirement are 100% tax free. Assuming that you begin those withdrawals at the age when you're allowed, which is 59 and a half, and the account also has to have been open for five or more years if you expect to be in a higher tax bracket later, which a lot of us will be, especially our younger workforce, and you're in your 30s, do you think you're going to be making more money in the future? I think so. I'm going to guess that's a yes. So you are in a lower tax rate today. So investing in a Roth ira, paying the taxes essentially today on those contributions is a smart move. There are also no required minimum distributions during your lifetime. With a Roth ira, your money can grow untouched well into retirement or they can be passed onto your heirs tax free. Whereas with a traditional IRA, there's a required minimum distribution that kicks in at age 73 or 75, depending on your birth year, and you have to start withdrawing and paying the taxes. So the Roth IRA gives you more control. There's also more flexibility. With the Roth IRA you can actually withdraw your contributions, not your earnings. But if you put in a thousand dollars this year, you can take that thousand dollars out at any time for any reason with no tax or penalty. Whereas with a traditional IRA the withdrawals that happen before age 59 and a half typically face a 10% penalty and you pay income tax on that. So a lot of folks look at the Roth IRA as a hybrid retirement plan for retirement account as well as an emergency account in the event that there is some event that they need to cover and their emergency savings isn't enough and they can go into the Roth ira. That's where you can start. Where do you find a Roth ira? Literally any robo advisor that's out there. What do you do once you get it? You invest in an index fund or you ask the robo advisor to create a diversified portfolio for you. You set up automatic contributions. The maximum contribution you can make to a Roth IRA or a traditional IRA in 2025 is $7,000 for those under the age of 50. If you're over 50 you can contribute 8,000. You get an extra 1,000 as a catch up contribution. So $7,000 in 2025. If you want to reverse engineer it, you go, okay, what's 7,000 divided by 12? That's how much I'm contributing every month. If you're doing this in the middle of the year, maybe you'd times that by two to get to that 7,000. And you do this automatically every month. So open up the Roth ira. Automate your contributions. Choose simple low cost investments like an index fund that tracks the U.S. stock market or a diversified portfolio that's a mix of stocks and bonds. Now this person has a follow up question to the investing question about debt consolidation. They are wondering if I have any thoughts on this company called Upstart. This person has some outstanding debt, mostly credit card two loans. Their credit score is just shy of 700 out of 850. And they're looking at what to do to get out of debt quickly. So firstly because they were interested in upstart. I've never heard of this company, so I looked them up. It's a personal loan company that uses artificial intelligence to evaluate your credit worthiness and then consolidates your debt. It is legit, but I have some concerns. First of all, the interest rates that they can charge you on your debt once they consolidate can be up to 36%. I'm pretty sure that's higher than anything that you're paying on your current debts. Now it starts at 6% potentially, but it can go all the way up to 36% depending on your credit. So don't assume that it's going to be automatically better than your current debt situation. Instead of going directly to this company, which is not out of the running, but I would rather you look around to see what's available to you. And honestly, before we even get to this step of looking at debt consolidation, have you looked at other ways to pay down this debt that wouldn't involve hiring a third party? I love recommending certified credit counselors, which, okay, that's a third party, but they're virtually free to work with. You can go to national foundation for credit counseling nfcc.org the first meeting is free. They'll evaluate your budget, they'll evaluate your debt situation, maybe give you a to do list if you decide you want to work with them more closely. They have debt management programs, not to be confused with debt consolidation. It's a debt management program where they work with you to basically be your advocate and help negotiate your interest rates, your payment plans, your balances on your credit cards with your lenders. It's a nominal fee every month and if you're in dire straits, you usually can waive it. But it is much cheaper. It is not a get out of debt quick plan. It does take months, sometimes years depending on your debt load. But they operate in every state, virtually in person. I think that's a smart place to start if you are somebody who is overwhelmed, doesn't know where to begin. Start with the nonprofit credit counselors. Then look at maybe debt consolidation. You consolidate your various loans from credit cards to personal loans, etc to create one loan, one piece of credit that you're paying back with one interest rate. It streamlines it for you, simplifies it for you, but again, not always cheaper. You can go on sites like LendingTree, Credit Karma, NerdWallet to compare multiple lenders and get quotes. Make sure that you're not extending your repayment timeline and paying more interest over time and check for those fees. Origination fees, prepayment penalties. Those can eat into your savings and can offset your goals. The alternative to all of this is you can just call your credit card issuer and request a lower interest rate. First, your credit score. This person who reached out to me, her credit score is close to 700. Not terrible, actually pretty solid. So she might qualify for different kinds of credit cards that have lower interest rates or in some cases no interest rate for an introductory period of say 18 months and at least take that interest burden off your back. Another question here from an anonymous person wants to stay anonymous in the audience and email. Hey farnooj. I recently received money from an unexpected source. It's under $100,000 and with that I plan to pay off my debt, make some home repairs and take a much needed vacation. But what should I do with the rest? Should I put it in High Yield Savings charity? Max my 401k out, invest in other things? What. What is the plan? What is the order? What a problem to have. I know. I'm very thankful and thank you so much for your show. I've been a longtime fan since so Money's birth. Oh my gosh. 10 years, my friend. That is really awesome and I appreciate you sticking with us for a decade. So yeah, this is a real gift and it sounds like you do have a really good hierarchy of what to do with it. Paying off your debt. Smart. I would put that at the top of the to do list. Home repairs. Great. You live in your home, you want to be happy, you want things to work and you want to take a vacation. Boom. All right. I love it. You're addressing various areas of your life here. Your financial responsibilities, improving your lifestyle and a vacation. Great. We all need a vacation. I don't know how much is left from this. Let's just say I'm going to just throw out a number because you didn't say what, but let's say it's $50,000. The fact that you don't know what you want to do with this means that you shouldn't do anything with this. This for a while. You need to think about it. I'm not the person who's going to tell you exactly what to do, but I want in the meantime for you to take the remainder and put it in a high yield savings account. Have it at least be earning some interest that is going to help you beat inflation or close to it. Some questions I might ask so that you can get your wheels turning as far as okay, maybe I should put it here, maybe I should put it there. How much do you have in your emergency fund? If you don't have already four to six months of essential expenses saved, then that's. That's one bucket that you might want to fill retirement. If your employer offers a 401k with a match, then make sure you can max out the match with this money if you haven't already. If you're not already on a plan to do so with your paycheck. If you can go further with retirement, maybe this is the money that can help you get there. And outside of retirement, there are other ways to invest for your future. You can invest in a brokerage account. One thing that I did once I started to max out my retirement accounts, the traditional retirement accounts, I'm self employed, I have a SEP IRA which I'm maxing out. And then I'm like, okay, if I want to do more investing, where do I go? So I opened up a brokerage account several years ago which is not designed specifically for retirement. It's just a brokerage account that I can use for anything. I can take money out of it at any time. I can invest as much as I want in it. I can invest in anything I want. I created a diversified portfolio. It's adjusted for risk, it's low fee. And this is where I put extra money. I sock away extra money which I've yet to really tap. The thinking is that I'm going to use this way down the road. Maybe it is going to supplement my retirement. Maybe it'll help me give my kids a leg up when they're in their 20s and they want to maybe start a business or buy a home. Because I do believe in doing that. Maybe you don't, but I do believe my parents did it for me. I want to be able to help my kids, kids get a leg up when they're out there trying to build their lives. And if I can do that for them, I will. You can judge me, but I have to save for that, right? Starting now, as I say, for their college educations separately. So I guess my real question here is what do you want to do with your life in the next five plus years? Because this money can help you, if invested properly today, can get help you get there more reliably. So if you say to me I really want to retire early, instead of 65, I want to retire at 60 or 55. So that means looking at your investment strategy for retirement, figuring out if you just keep status quo, where does that leave you and how much more might you want to contribute to that starting today with this extra money to accelerate that plan. If you say to me in five years I want to buy a home, that's really important. My retirement, I don't need to retire early. It's fine. It's just doing what it's doing, my savings things. Okay, so let's reverse engineer that. How much will a home that you want to buy cost you in five years? Where do you want to live? What's the down payment? What are all the things that you have to do to get financially ready for that home? How can this money help you? And I would say if you do need this money before five years from now, you don't want to invest it. You would keep it in that high yield savings account somewhere more liquid and less risky. But if you don't want this money for at least another five, six, seven years, you can probably afford to invest it. But keep an eye on it. The closer you get to wanting that money, you want to then transfer over to something more liquid and less risky like a high yield savings account. But start a plan. Start dreaming and attach price tags to those dreams. I always say goals carry price tags and hold yourself accountable. In the meantime, as you're figuring this all out, High Yield Savings Account. That's the best place to park the cash. It's safe, it's liquid, it won't lose value. And then when you're ready and you have more specific ideas, come back to me. Then we can talk about strategy. And that's our show this Friday. Thank you so much for listening. As a reminder, if you want to learn more about my mentorship program, this is now. I'm talking to all my brand builders, creators, entrepreneurs in the audience. Thought leaders too. You can go to Farnouchbts.com to learn more about the program. Check out the application Application. It's a rolling application. We start mid September. And and if you have any questions, you know how to reach me. Farnush@somoneypodcast.com DM me on Instagram at farnooshtrabi Stay well everyone. Stay cool, stay curious and I hope your weekend is so Money. Aging is a natural process as we all know and I for one don't mind embracing it. But I will tell you one part of aging that I don't care for. It's the symptoms that stem from changing hormones, especially as you get older to perimenopause and menopause. That's why we want to tell you about Happy Mammoths Hormone Harmony. Happy Mammoth, the company that created Hormone Harmony, is dedicated to making women's lives easier. And that means using only science backed ingredients that have been proven to work for women. They make no compromise when it comes to quality and it shows. For a limited time. 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