4 Ways to Pay for BIG Expenses

Life is full of large expenses. Whether it’s weddings, vacations, home buying, or cars, we all face the challenge of saving up for these larger financial goals – often more than once. One of our favorite things to do as advisors is to help people through this process! And we’re here to show you are top strategies we use with clients all the time.

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[levihelms]

3:27 Cash
10:27 Liquidate Brokerage Assets
20:25 HELOCs
33:20 Asset backed loans

[jakinchapman]

Thank you for being a weekly source of positive media.

[gasmice]

This is the first time I heard of the concept of using dollar cost averaging (DCA) to unwind an investment. The pros make sense for the same reason to use DCA to get into an investment - remove the emotion, temptation to time it. I believe it also gives you time to determine and plan for your tax liability (example, increasing payroll deductions or planning quarterly estimated tax payments).

[TR-lhyz]

I am so excited that Bo is so excited!

[thepreston]

FINALLY! I've been asking about Asset Backed Loans for years. Would love to see a more in-depth video on the topic

[jdp]

Thank you for diving deep! I love personal finance, but because debt scares me, I haven't researched these. SO helpful - I had never considered an asset-back loan for downsizing, and I didn't know the differences between the 3 types of home improvement loans.

[davisamills]

Your content is soooo good! Long time listener. I'm surprised you're not at 1M subscribers. Looking forward to more content!

[TV_Artk]

Could you do a show on explaining what all goes into an average emergency fund. Take an average 75k household and go through an example with the highest deductible. Give a dollar amount that Manny would need off of a generic health insurance plan! What would he need to save for 6 months 9 months. 2-3 different insurance plans including HSA or PPO.

[TheOtherUser]

You guys are really amazing. So much knowledge that you share for free. Thanks Bo, Brian and the money guy team! We really appreciate you guys.

[walkertr]

one question i had that wasn’t exactly addressed in the video: if you’re in the position to make a big purchase outright but really want to optimize financial decisions, does it make sense to look for 0% financing options to take advantage of high yield savings percentages or market returns?

[josecruz]

You guys should make a cheat sheet that one can reference for making smart purchases.

[MrsBrookaltimore]

Great show! I've been watching/following for years and haven't seen this topic covered in such detail.

[andreysvidenko]

Great content, as usual. Much appreciated.

[Jack-fwmw]

My HELOC lets me pull out a loan at a fixed rate (or an adjustable rate, if I prefer). Not sure how common this is, but I use a credit union.

[JohnJohn-ntmf]

Save cash, pay using credit cards (to get credit card points or cash back), and then pay the credit card in full. Don't carry balance.

[colegreene]

I recently decreased retirement contributions to save up for a down payment faster.

[aadam]

When do any of these make sense for an investment (a personal business, real estate/segmentation, buying a business, etc.)????

[brandonhousel]

Not sure if any of these comments/questions get answered but...how do you factor in Child Support? I pay Child Support on a weekly basis, just wondering if I should be reducing any savings or retirement contributions to make up for my weekly payments? Also, when it comes to Step 1 and Step 4 of the FOO, do you add enough to cover deductibles AND living expenses or does Step 4 cover both? If my deductible is $6K and living expenses are $10K/3mos., do I save $16K or is the $10K enough for both?

[carterwgtx]

Yep, cash in an emergency fund is key - it’s easy to put it in a CD or seemingly safe investment…until your AC breaks or tree punches a home in your roof and you have to cut a check today to get it fixed. Sometimes even that business day for a transaction or money move can be too long for some emergencies. I’ve always said your emergency fund should not be viewed as a source of return - its first, second, and third job is to be easily accessible cash.

[dianaP]

I’d be retiring or working less in 5 years, and curious to know how best people split their pay, how much of it goes into savings, spendings or investments, I earn around $250k per year but nothing to show for it yet.