Nicole is joined by journalist and podcast host Nayeema Raza, host of Smart Girl Dumb Questions, for a crossover episode!
This is a shame-free conversation about the money questions we’re all holding in, starting with perhaps the most loaded one of all: should you buy a home?
Nicole breaks down the 5% rule for renting vs. buying, why she personally chose not to buy, and how to strip the emotion out of a decision that's usually anything but. She also answers common questions about debt, HSAs, growing generational wealth and more. Plus, Nayeema and Nicole talk about which expenses are worth going into debt for, and what Mark Cuban told Nayeema about how money can make you feel poorer the wealthier you become.
Listen to Nayeema's podcast Smart Girl, Dumb Questions
Check out Nicole's financial literacy course The Money School
Find a Financial Advisor or Financial Coach from Nicole's company Private Wealth Collective
Watch video clips from the pod on Money Rehab's Instagram and Nicole Lapin's Instagram
Here's what Nicole covers with Nayeema:
00:00 Are You Ready for Some Money Rehab?
01:17 Nicole's Controversial Take on Homeownership
04:44 The 5% Rule: Rent vs. Buy Math
08:37 Why Nicole Chose to Rent (And Invest the Difference)
12:30 How the LA Fires Changed Nicole's Relationship to Home
17:00 Not All Debt Is Created Equal: Good Debt vs. Bad Debt
20:02 What Rich People Know About Leverage
24:03 How Nicole Got Into (and Out of) Credit Card Debt
25:51 Avalanche vs. Snowball: Which Debt Payoff Method Wins?
28:09 The Shame Cycle Keeping People Stuck in Debt
29:18 The Debt Game: What’s Worth It?
34:35 Investing in Your 20s: Nicole's Biggest Regret
36:27 Nicole's Daughter's Investment Portfolio
37:15 HSAs, 401(k)s, and Where to Put Your Money First
38:39 How Do You Know If You're Rich?
41:26 Mark Cuban on How Money Can Make You Feel Poorer
42:34 Nicole's "Dumb" Question
All investing involves the risk of loss, including loss of principal. This podcast is for informational purposes only and does not constitute financial, investment, or legal advice. Always do your own research and consult a licensed financial advisor before making any financial decisions or investments.