1908: Ask Farnoosh: HELOCs, FSAs, Early 401(k) Withdrawals & Helping Aging Parents

This week’s Ask Farnoosh pulls together some of the most revealing financial stories of the week, grom pandemic-era homebuyers now feeling “locked in” by their ultra-low mortgage rates, to Gen Z putting marriage, kids, and career plans on hold until they can afford a home. Farnoosh also breaks down an under-the-radar proposal from the CFPB that could weaken anti-discrimination protections in lending, a shift that could impact mortgages, auto loans, credit cards, and small-business financing.Then, she heads to the mailbag to answer listener questions:Should you borrow more on a home-equity loan to protect your savings during a renovation?How can a self-employed spouse take full advantage of a healthcare FSA?What exactly is the IRS “contract” that lets you withdraw from retirement accounts early? (Hint: SEPP/72(t) and the Rule of 55.)And if you’ve bought a home for your parents, are you putting your own retirement at risk? Hosted on Acast. See acast.com/privacy for more information.

Hannah Cole, founder of Sunlight Tax, is back on So Money. And she’s here with big news: Her new book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed, is officially out in the world — funny, joyful, deeply practical, and truly unlike any tax book you’ve ever read. I’m holding it in my hands right now.And for my Montclair and NYC listeners: Hannah is coming to Montclair on January 15th at 7PM for a special stop on her book tour. I’ll be on stage with her at The Rec Room at Lackawanna Plaza, and tickets are available at: SunlightTax.com/MontclairIn today’s conversation, Hannah and I dig into so much helpful ground, including:The big goal behind Taxes for Humans and why she believes tax education is actually a form of empowerment.The limiting beliefs and shame traps so many freelancers carry around taxes — and how to break them.Her beautifully simple three-system approach to staying organized (receipts, tax docs, and bookkeeping — yes, they’re different).What to do if you can’t pay your tax bill, how audits actually work, and why the IRS is often far less scary than we’ve been taught. Hosted on Acast. See acast.com/privacy for more information.

Today’s guest is someone who has spent more than two decades helping women, families, and entrepreneurs build, protect, and keep their wealth.Ann Margaret Carrozza is a nationally recognized asset-protection and elder-law attorney, a former New York State Assemblywoman, and a trusted legal commentator seen across CBS, NBC, Fox Business, and iHeart. Her new book, The Smart Woman’s Guide to Building & Protecting Wealth, is a roadmap for safeguarding everything you’ve worked hard to earn — from unexpected lawsuits and tax traps to relationship risks and long-term care. In our conversation, Ann Margaret makes one point very clear: You cannot build wealth unless you also protect it. And for women in particular who statistically earn less, live longer, and often carry more family responsibility, the stakes are even higher. In this episode, we break down how transparency, smart prenups, and strategic tools like trusts and alternative long-term care policies can help protect your assets, your home, and your future. You can follow Ann Margaret on Instagram @MyLawyerAnn Hosted on Acast. See acast.com/privacy for more information.

Farnoosh breaks down how much a 50-year mortgage would actually cost (spoiler: it's hardly a savings!) Plus: Getting your employer to help you with your down payment, helping your child become a millionaire, and splitting furniture costs with your partner when moving in together. Hosted on Acast. See acast.com/privacy for more information.

What does it really take to launch a big idea? One that can change your career, business, or even the world? Is being a visionary enough, or is there a hidden formula for success? Guest Jen Kem says it's all about building the right "unicorn team." But here’s the twist: even if you’re a solopreneur or running a small business—like me—this book is still for you. Jen’s framework isn’t about having a massive team; it’s about understanding the roles and energies you bring to your work and how to fill in the gaps to achieve success faster and with less burnout.Jen is a brand strategist, entrepreneur, and author of Unicorn Team: The Nine Leadership Types You Need to Launch Your Big Ideas with Speed and Success. With a career working on iconic initiatives for companies like Microsoft, Coca-Cola, and Oracle, she’s now revealing how big ideas succeed—not just through visionaries, but through the right mix of leaders who execute and get results.We'll learn how to identify your own leadership type, how even a solo effort can become a "team" by leveraging the right resources, and hear the inspiring story of how a small team at Moderna outpaced industry giants to lead the charge on a life-saving vaccine. Hosted on Acast. See acast.com/privacy for more information.

Where do you think you are on the wealth ladder? Just starting out and struggling to save? Sitting on six figures and wondering what’s next? Or maybe you’ve hit a financial milestone—but it doesn’t feel as life-changing as you expected.Today’s episode is all about understanding what changes—and what should change—as you move up the financial ladder.My guest is Nick Maggiulli, author of The Wealth Ladder, a new book that introduces a six-level framework for wealth building and financial strategy. We dive into the key questions we all face on the journey to financial independence:How do you break out of Level 1 when you’re living paycheck to paycheck?Is a side hustle actually worth your time—or just another distraction?And how should your mindset and money strategy evolve as your net worth grows?Plus, we explore his 0.01% spending rule and 1% earning rule—two powerful benchmarks to help you spend smarter and pursue income opportunities that truly move the needle.More about Nick: He is the Chief Operating Officer and a data scientist at Ritholtz Wealth Management. He's also the author of the blog Of Dollars and Data and the books Just Keep Buying and The Wealth Ladder. Hosted on Acast. See acast.com/privacy for more information.

We’re doing something a little different this week. My guest is my friend and financial planner Georgia Lee Hussey, founder and CEO of Modernist Financial, and together we’re unpacking the Big Beautiful Bill and what it means for your taxes in 2025 and beyond.We explore how this new legislation could impact everyday taxpayers, what it reveals about our national priorities, and how we can each align our financial decisions with our values. It’s a thoughtful and, yes, sometimes political conversation—because as Georgia reminds us, taxes are political. Hosted on Acast. See acast.com/privacy for more information.

How can you harness your curiosity to grow your career? What are the most important questions to ask yourself when attempting to manage your money well?Guest Danielle Robay is a TV host, journalist, and content creator known for her open-hearted questions + compelling interview style. Noted by Forbes as a “game changer,” she is recognized for creating the podcast “PRETTYSMART,” the bestselling card game Question Everything, and hosting E!’s “While You Were Streaming.” She’s chatted with everyone from Taylor Swift + Michael B. Jordan, to Viola Davis, Helen Mirren, Alexis Ohanian, +Tom Hanks. Even Larry King has commented on her compelling interview style: “Danielle is the millennial Barbara Walter’s. She has the ability to make people feel seen.” With a loyal social media following of over 400,000 followers across platforms, Danielle’s goal is that we learn to live better through each other’s stories.This episode is a reply from Jan 10, 2024 Hosted on Acast. See acast.com/privacy for more information.

This is episode 1900, friends! Ten years of conversations about our money, our fears, our growth, and the power that comes when we take control of our financial lives. I can’t think of a better guest to mark this milestone than my longtime friend and former colleague, Tracy Byrnes.Tracy and I go way back to our early days in broadcast journalism, when we reported from the floor of the New York Stock Exchange and hustled to make our voices heard in a male-dominated industry. These days, Tracy is using her voice and expertise as a Certified Divorce Financial Analyst (CDFA) to help women, especially those in midlife, regain control of their finances and their futures after divorce.In this episode, we talk about:Why so many smart, capable women feel ashamed about not knowing enough about money — and how to change that.The biggest financial mistakes women make during and after divorce, from clinging to the family home to rushing big money decisions.How to rebuild your financial confidence post-divorce — and why sometimes the best move is to pause, breathe, and rent before you buy.And how women can safeguard themselves in marriage — even the happiest ones — by asking the right questions and making sure both partners know where the money is.To reach Tracy, you can connect with her on LinkedIn or email her [email protected] Hosted on Acast. See acast.com/privacy for more information.

Financial fear is common and quite frankly, normal. In this episode, Farnoosh breaks down some of the pivotal financial moments in her life where the underpinning emotion was fear. Starting all the way back in her early childhood. Then we hit the mail bag and answer questions about life insurance for kids, using a Roth IRA as an emergency account and where to allocate charitable giving this year. Hosted on Acast. See acast.com/privacy for more information.