Q&A: When a Million Dollars Feels Like a Burden

In this episode of the Afford Anything podcast, the hosts address listener questions about managing sudden wealth, refinancing mortgages, and choosing between Roth and Traditional retirement accounts. One listener, who recently inherited $1 million, struggles with Sudden Wealth Syndrome. The hosts recommend taking a thoughtful, measured approach, emphasizing the importance of securing long-term financial stability before making any lifestyle changes. Another listener seeks advice on refinancing an adjustable-rate mortgage, leading to a discussion about the nuances of ARMs and the need to keep an eye on interest rates and the Federal Reserve's actions. Lastly, the hosts explore the pros and cons of Roth versus Traditional retirement accounts, ultimately agreeing that Roth accounts typically provide better long-term tax benefits, unless specific situations suggest otherwise.