Afford Anything
By Paula Pant | Cumulus Podcast Network
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Rate for this podcast
Subscribers: 2091
Reviews: 8
Sep 11, 2022
Gio
Nov 10, 2020
Paula's insights and guests are always helpful and sometimes even inspiring. I've gained more confidence from this podcast than any other I've listened to.
Jan 20, 2020
ahawleye
Jan 6, 2020
While this is listed as a finance & money podcast, the range of topics is really wide and interesting. I love the way Paula asks such rich and poignant questions, and keeps the conversation flowing. I highly recommend.
Fernando V
Aug 9, 2019
Absolutely love the podcast, topics and guests.
Description
You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention – and ultimately, our life.
How do we make smarter decisions? How do we think from first principles?
On the surface, Afford Anything seems like a podcast about money and investing.
But under the hood, this is a show about how to think critically, recognize our behavioral blind spots, and make smarter choices. We’re into the psychology of money, and we love metacognition: thinking about how to think.
In some episodes, we interview world-class experts: professors, researchers, scientists, authors. In other episodes, we answer your questions, talking through decision-making frameworks and mental models.
Want to learn more? Download our free book, Escape, at http://affordanything.com/escape. Hosted by Paula Pant.
| Episode | Date |
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Tips for Tipped Workers, with Barbara Sloan
3095
The majority of financial advice is geared to people with 9-5 jobs:
“Negotiate for a raise.”
“Max out your 401k match.”
“Budget based on your income.”
Where’s the financial advice for people who earn money in tips: restaurant servers, bartenders, hairstylists, concierge, valets, ushers, nail salon workers, strippers, or other service industry professionals?
What about gig economy workers, freelancers and entrepreneurs? People who don’t earn a regular paycheck?
Not only do these workers earn a volatile and unpredictable income, they also often don’t have job-provided health insurance, retirement plans, and paid time off. They need to provide themselves with these benefits. What should they do?
That’s where Barbara Sloan comes in. She’s a financial coach and author of “Tipped: the life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals.”
Her book and advice applies to anyone who works outside of the traditional confines and systems.
If you (or someone you know) works for tips, you’ll love Barbara. And if you’re curious about exploring work outside of the normal 9-to-5, and wonder how to set yourself up for financial success when your income is hit-or-miss, this episode is for you.
Enjoy!
Estimated Timing of Discussion Points as of March 2023:
01:59: The tipped workers we may forget
03:54: Financial challenges for tipped workers
05:57: The importance of thinking like an entrepreneur
23:02: Tips for the self employed
25:19: Budgeting with volatile income
27:13: Tracking income vs. tracking expenses
32:15: The distinction of budgeting based on income vs expenses
36:13: Budgeting as a trigger for disordered behavior
For more information, visit the show notes at https://affordanything.com/episode434
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Mar 30, 2023 |
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Ask Paula: Should I Quit My Cushy Job?
4667
#433: Should “Walker,” an anonymous caller, give up a cushy job to take a year-long sabbatical in Europe?
Blue wants to rent out his East Coast home, take a sabbatical from work, travel to the West Coast with his family, and start a YouTube channel and other entrepreneurial projects. How should he manage his money to make this happen?
Melissa regrets buying a house two years ago in Ft. Lauderdale. She’s poured $30,000 into repairs, all of which she borrowed. Her home-related debts have mounted. She’s over-extended. Should she cut her losses?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode433
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Mar 22, 2023 |
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The Risk of Not Fully Living, with Michael Lynch
3005
Have you ever worried about running out of money after you retire?
Do you keep checking your net worth to make sure you have enough? Does this always feel a little … unsatisfying?
This episode discusses why.
Today's guest, Michael Lynch, is a certified financial planner and author. His most recent book, “It’s All About The Income,” says that we’re obsessed with the wrong thing. Retirement planning is focused on growing assets. But your assets aren’t going to keep the lights on. Your INCOME, not your assets, is the centerpiece of your retirement.
He shares real-life examples of the biggest risks to your income — the risks that might halt you from enjoying your retirement years. He shares tips on how to make sure your income is smooth and secure, even when you’re not punching the clock anymore.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode432
Estimated timing of discussion points as of March 2023:
01:36: The disconnect between living on income vs. assets in retirement
02:15: “There’s no such thing as safe”
04:41: The three-bucket approach to retirement
08:17: Sources to learn the history of the stock market
10:33: This historical best hedge against a declining stock market
16:25: The ideal asset mix for short-, medium- and long-term investments
17:01: The need to distinguish between money you’ll need vs money you’ll need to generate income
20:16: When to be a saver vs. an investor
23:49: How to approach the medium-term bucket
36:03: Lowering sequence of returns risk with the three-bucket method
37:02: Inflation risk and the impact on retirement
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Mar 15, 2023 |
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Mr. Money Mustache Talks About His Dating Life
4199
#431: The title says it all. Paula Pant interviews Mr. Money Mustache about his dating life.
We chat about why he wants to date inside the FIRE community (financial independence, retire early) – and whether he’s had any luck.
We discuss the perils of navigating into the dating world after a divorce, which he did at age 43.
And – AHEM – HE’S ON THE APPS. Well, specifically, he’s on one app. And it’s technically not an app, it’s a website. Whatever. HE’S ONLINE DATING, FOLKS. We talk about the difference between flirting in real life vs. online, and he talks about what he looks for in a dating profile.
Our conversation also covers:
What’s the point of dating someone inside the FIRE community, anyway? Do you really want to talk about money all day? (Hint: nope)
Is he a serial monogamist?
What should you do if one person is more interested in frugality, while the other is into investing?
Personality, values, communication, chemistry … how can you find that ideal fit?
How long does it take to figure out if you’re compatible?
How quickly has he introduced his teenage son to his former (then-current) girlfriends?
What advice does he share with his son about dating?
Mr. Money Mustache is the pseudonym of Pete Adeney, one of the most prominent figures in the FIRE movement. He co-stars with Paula, Tiffany Aliche and Ross Mac in the 2022 Netflix documentary Get Smart with Money.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode431
The Fire Dating app can be found at https://firedating.me
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Mar 09, 2023 |
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Ask Paula: My Parents Are Drowning In Credit Card Debt. What Should I Do?
3627
#430: D is worried that she’s going to suffer from her parents’ poor financial choices. Is it time to confront them about it?
An anonymous caller and her fiance both own a house. Which one do they move into after the wedding?
In a world of rising inflation, Nick wants to know if it’s time to change the way he saves for his future.
Another anonymous caller wants to buy a second home within a decade. How does she start planning now?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode430
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Mar 01, 2023 |
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How BIG Things Get Done, with Dr. Bent Flyvberg
3196
#429: Have you ever thought about remodeling a kitchen? Retrofitting a camper van for #vanlife? Converting your basement into an Airbnb? Building a custom website? Recording an album?
Did you worry that this project will cost more and take longer than you expected?
This episode is all about how to complete projects on-time and under budget.
Today's guest, Dr. Bent Flyvberg, is an Oxford University professor with a Ph.D. in urban geography. He’s published more than 200 scholarly articles on megaproject planning and management, decision-making, and social science methodology. He’s written or edited 10 books, including recently co-authoring “How Big Things Get Done.”
He shares examples ranging from the Sydney Opera House to Pixar movies to the California High Speed Rail, illustrating why some projects flourished while others flopped.
He joins us on today’s episode and talks to us about why some projects succeed while others turn into colossal disasters. He offers tips for how we can apply lessons from megaprojects to our own lives.
Enjoy!
Timing of discussion points as of February 2023:
02:19: Why are some projects on time and under budget and others aren’t?
03:24: The difference between successful and unsuccessful projects
07:38: Which questions do you ask when you’re choosing someone to work with on the project?
11:44: How cognitive biases and power dynamics and influence project outcomes
24:22: Why people forsake common sense when it comes to big projects
29:34: How to plan and iterate, knowing that things will change
39:26: The biggest risk to projects
For more information, visit the show notes at https://affordanything.com/episode429
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Feb 23, 2023 |
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Ask Paula: Do I really need a Financial Advisor?
3660
#428: Jamie currently lives at home and dreams of reaching financial freedom by her early 30s. How can she take advantage of her low expenses to accelerate her wealth building?
An anonymous caller has enough to retire in 5 years. Does she still need her financial advisor or is it time to do it on her own?
Meghan is a personal finance enthusiast who wants to start a coaching side hustle. What’s the best way to get started?
Former financial planner Joe Saul-Sehy and I tackle these five questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode428
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Feb 16, 2023 |
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Start a Micro-Business & Build Multiple Income Streams, with Nick Loper
3821
#427: Okay, maybe the phrase “side hustle” is overused. But it’s also misunderstood.
“Side hustle” is a catch-all term that people use to describe everything from low-paid gig economy labor – Doordash, Uber Eats, Rover – to six-figure consulting for Fortune 500 companies.
On the remote-work side, it includes everything from freelance graphic design (services) to selling bundles of presentation deck templates (digital products).
On the physical goods side, it includes everything from wholesaling (real estate) to flipping antique grandfather clocks (personal goods).
On the e-commerce side, your side hustle might mean starting your own manufacturing, white-labeling and shipping services, in which you distribute toothpaste or trash can lids or desiccant packs.
How do we make sense of such an umbrella concept?
In this interview with Nick Loper, we learn how to wrap our minds around the huge world of hustles. We talk about how to understand the options available, choose a path, and start with minimal capital.
This interview originally aired as Episode 85.
Enjoy!
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Feb 10, 2023 |
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Key Takeaways: Best Lessons from the Last Year
4943
#426: Behavioral researcher, Vanessa Van Edwards, talks to us about the critical importance of charisma - and how to use the perfect blend of warmth and competence to be charismatic.
Dr. Michael Slepian walks us through what secrets mean, what they cost, and how we think about them.
We dive into the world of long distance real estate investing, and talk about two of the major components of investing - Cash and mindsets - to help you determine if long distance real estate investing is right for you.
International best selling author, Julie Winkle Giulioni, reviews eight dimensions of career development and how to navigate them.
Chris Hutchins, entrepreneur and life hacker extraordinaire, spills his best secrets on optimizing spend to travel more cheaply.
Kiersten and Julien Sanders join us to discuss money topics for couples, and their framework for being financially independent in 15 years.
Stanford professor Jeremy Utley breaks down the art of creativity and producing new ideas - and shares actionable tips on how we can be more creative and have better ideas.
Dr. Daniel Crosby discusses how we are not wired to be good investors, and how to overcome our evolutionary wiring.
Enjoy this compilation of our favorite episodes to air in the second half of 2022.
For more information, visit the show notes at https://affordanything.com/episode426
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Feb 04, 2023 |
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Ask Paula: My Dad Died, and My Mom Is CLUELESS About Finances
4545
#425: Ellen’s dad died unexpectedly. Her mom is clueless about finances. How does she help a 70-year-old unravel financial complexities?
Mike has an opportunity to buy into his friend’s growing business. What should be his legal, financial, and relationship considerations?
Pepp wants to know what’ll happen to her Restricted Stock Units when her company goes private.
An anonymous caller needs to build her nest egg. She’ll be a full-time student with no income. She has 20 years until retirement. Should she execute a Roth conversion?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode425
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Feb 01, 2023 |
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The Power of Knowing When To Walk Away
4206
#424: We’re taught to stay in the game.
Persist. Be gritty. Try, try again.
But sometimes, the best decision is to walk away. Move on.
How do you know when that’s right? When should you double-down … and when should you fold?
Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills.
Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit.
It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice.
She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life.
For more information, visit the show notes at https://affordanything.com/episode424
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Jan 25, 2023 |
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Ask Paula: Can I Make Money With My Passion?
4274
#423: We’ve heard the warnings about following your passion.
People ask if you can *actually* make money doing what you love. They frame the question “passion or profit?” as though these are in opposition.
The majority – who have never tried – decry, “what if you fail?”
Nobody asks the more important question: what if you succeed?
Are you still going to love your passion when you rely on it to pay the bills?
We grapple with that question in today’s episode, which is devoted to side hustles and starting a business. We use questions from two of our listeners as a jumping-off point to discuss the realities of going into business for yourself, doing what you love.
We share examples from our own lives as professional podcasters, as well as from the lives of friends who are full-time photographers, musicians, writers and other creative entrepreneurs.
Enjoy!
P.S. Got a question? Leave it here
For more information, visit the show notes at https://affordanything.com/episode423
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Jan 18, 2023 |
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Ask Paula: We’re Saving 72 Percent Of Our Income … and It SUCKS
4605
#422: Emily is saving aggressively for financial independence, but it’s hard to enjoy the present. Is it time to increase spending?
Monroe wants to stop working. Forever. Which is more important: debt payoff or investing?
Another anonymous caller and his spouse dream of building a homestead on an expensive piece of land. How much is too much to spend on housing?
Given the high costs of moving, Sarah wonders if buying a starter home is the best decision. Should she and her fiance jump straight to buying their forever home?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here
For more information, visit the show notes at https://affordanything.com/episode422
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Jan 12, 2023 |
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How to Schedule Your Day for Peak Enjoyment, with Laura Vanderkam
3683
#421: Life is busy.
We spend too much time on chores, errands, commuting, emails and other draining tasks. We lack time for joy and hobbies.
Or do we?
Today’s guest, Laura Vanderkam, talks to us about how to make the most of our time and carve out more space for gratifying experiences.
Laura Vanderkam is a time management and productivity expert. Her latest work, “Tranquility By Tuesday: 9 Ways to Calm the Chaos and Make Time for What Matters” shares actionable steps to help you fill your schedule with more of what you love.
Enjoy!
Timing of discussion points as of January 2023:
06:06: Where the time management focus should land
13:44: What is tranquility?
15:22: How to structure your hours
16:33: Set your bedtime: the foundational rule for time management
24:18: The power of planning on Fridays
29:05: Move your body by 3 pm
35:02: Create “backup slots”
37:10: The impact of various time management guidelines
38:43: The Big Adventures Rule
44:06: Taking a night for yourself
47:51: Batch the little things
50:16: The effortful before the effortless
For more information, visit the show notes at https://affordanything.com/episode421
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Jan 04, 2023 |
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What We Learned in 2022
5371
#420: Harvard professor Arthur Brooks described two types of intelligence – and explained, in scientific terms, the wisdom that comes with age.
Dr. Ellen Vora, M.D., shared insight into the roots of procrastination, offering evidence-based tips for how to overcome our own inner demons of anxiety, fear and laziness.
Psychology professor Bill von Hippel described why too much happiness is just as detrimental to our long-term health and wellbeing as too little happiness.
Wall St. Journal columnist Spencer Jakab observed the perfect storm of conditions that gave rise to meme stonks and other oddities of our era.
Former financial planner Joe Saul-Sehy argued for “strategic under-diversification” and explained the Sharpe Ratio.
Data scientist Nick Maggiulli explains the save-invest continuum.
And financial planner Bill Bengen, the creator of the 4 percent retirement withdrawal rule, talks about what most people misunderstand about the safe withdrawal rate.
These are just some of the highlights from the Afford Anything podcast in this 2022 year-in-review episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode420
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Dec 29, 2022 |
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Ask Paula: Should I Stay At My Job For the 401k?
3485
#419: Casey isn’t happy at her job. If she leaves before her one-year mark, she’ll lose her 401k contributions. Should she stay or find a new job?
Daan resides in a high-cost-of-living area where real estate appreciates rapidly. But there’s no cash flow. How should he evaluate real estate as an investment?
Emily already maximizes her 401k contributions. Should she contribute to an after-tax 401k next?
Ryan’s investing for his son. If the yield is the same between two mutual funds, can he leave his son with more money if one mutual fund pays dividends more frequently?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it at https://affordanything.com/voicemail
For more information, visit the show notes at https://affordanything.com/episode419
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Dec 21, 2022 |
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Maybe We Should Spend More, with Dr. Jordan Grumet
2818
#418: When Jordan Grumet was a child, his dad died unexpectedly.
That was decades ago.
Jordan is a father today, but he thinks often about the possibility of dying young.
And he wonders how to balance enjoying today vs. saving for tomorrow, given that none of us know how long we’ll be on this earth.
How do we think about our lives when the clock starts to run out?
Beyond money, what other tools can we use to live a fulfilling life?
Jordan Grumet, a hospice doctor and host of the Earn and Invest podcast, discusses this in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode418
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Dec 15, 2022 |
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Ask Paula: Marriage and Money: What Are the Right Conversations?
4145
#417: Our first anonymous caller is getting married. What are the financial considerations the couple should be thinking through since there is a large income gap between them?
Our second anonymous caller is concerned about her ability to continue working due to major depression. Should she consider disability insurance?
Carly is an accidental landlord and would love to keep her rental property. The problem? It’s losing money right now and she’d probably take a loss if she sold it. What should she do?
Shelby has an amazing opportunity to relocate to Tokyo for work, but she’ll have to take a pay cut. How should she think about her investment options?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here
For more information, visit the show notes at https://affordanything.com/episode417
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Dec 12, 2022 |
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The Crypto Crash, the Housing Market, and Hot Takes on the Latest Economic Headlines
3039
#416: Crypto is tanking. Household debt is climbing. Student loans are tangled up in the court system. And the house market…did what?!
Today’s bonus First Friday episode takes a look at the latest economic headlines, with analysis, commentary and hot takes.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode416
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Dec 02, 2022 |
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How I Give Away 41% of My Income, with Bob Lotich
2827
#415: The average American donates 2.1 percent of their income to charity, according to data from the Giving Institute.
But an ordinary couple living in Nashville, Bob and Linda Lotich, refuse to be average.
When they were both 31, they decided to “give their age” – they pledged to donate 31 percent of their income to worthwhile causes.
They’ve increased their charitable giving every year since, to match their age. The couple is now 41 years old, and they give away 41 percent of their income.
When they began this project, the Lotich’s were earning a combined household income in the high five-figures. They were making just under $100,000 combined, living in St. Louis. They carried a mortgage on their home. They worried that their commitment to giving might impact their ability to pay the bills.
Over the last decade, their income has fluctuated – up some years, down in others. They moved to Nashville and had three children. These higher living costs have drastically impacted the family budget.
But their commitment to giving persists.
In today’s episode, Bob Lotich joins us to talk about why and how he committed to the “give your age” philosophy – and shares his advice for anyone who wants practical tips for increasing their capacity to donate to meaningful causes.
Enjoy!
Timing of discussion points as of November 2022:
04:46: Adjusting mental and budget space to allow for more charitable donations
13:12: The decision give to individuals vs. charitable organizations
14:57: Does giving to an individual impact the relationship?
16:56: Recommendations for platforms with giving opportunities
25:01: Managing the giving budget after starting a family
25:56: Guilt and shame around generosity
27:41: Giving from a place of gratitude and a place of pain
28:47: The concept of giving dreams
30:19: Building for a continuous impact vs. a large impact
31:48: Getting the children involved
37:48: How to increase your charitable giving
For more information, visit the show notes at https://affordanything.com/episode415
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Nov 30, 2022 |
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Ask Paula: I Think I Can Retire Early. Am I Crazy?!
4542
#414: Amanda is worried that her recently diagnosed health condition might force her to stop working. How should she financially prepare her family?
Anonymous is a savvy DIY investor who wants to retire early and is wondering if she should hire a financial advisor.
Should Krista tap into the equity from one of her rentals to rebalance a portfolio that is weighted heavily in real estate?
Natasha thinks she and her husband have saved enough to retire early but it feels scary. Is she truly ready or is she nuts?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode414
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Nov 23, 2022 |
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Why We’re Paying Attention to the Wrong Things, with Dr. Daniel Crosby
3472
#413: If an idea dominates the headlines, we notice it.
But maybe we shouldn’t.
Today’s guest, psychologist and behavioral finance expert Dr. Daniel Crosby, says there’s a difference between a prediction that gets repeated, and one that’s likely to unfold.
What’s salient isn’t accurate, he says. And vice versa.
He also talks about how money problems have morphed over time. He chats about how our evolutionary wiring is at odds with our goals. And he even discusses how we’re wired to be ‘lazy’ – and how to work with that tendency instead of fighting an uphill battle against it.
Dr. Crosby researches the intersection of mind and markets. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology impact our investment choices.
Timing of discussion points as of December 2022:
03:10: The overlap between psychology and investing + new ideas
04:41: Counterintuitive behavioral finance discoveries
07:27: Money as a “hygiene factor”
08:39: The “new class” of money problems for the more affluent
13:44: Factors that impact our financial decisions
15:22: The influence of evolutionary wiring
17:02: Cognitive and physical wiring leading to laziness and group think
27:45: The benefit of community for investors
28:52: The four types of behavioral risk: ego, conservatism, attention, and emotion
36:21: The three E’s of behavior change: education, environment, encouragement
42:30: Confusing things that are loud with things that are likely
45:21: The risk of managing emotion
For more information, visit the show notes at https://affordanything.com/episode413
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Nov 16, 2022 |
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Ask Paula: Should I Repay Debt or Invest?
4095
#412: Taylor recently graduated. She wants to reach financial independence as soon as possible. What should she do first: invest or repay low-interest debt?
Carter doesn’t want to pay too much for his investments. He’s worried about the tax drag. He wants to know how to improve cost efficiency in his portfolio. How should he manage decisions about basis points, dividends and capital gains?
Our first anonymous caller has been working and investing for a decade. Today her portfolio is large enough that she and her husband can finally take a mini-retirement.
They’d like to rebalance their portfolio. They want it to reflect the fact that they won’t be working for a while. They’d also like to calculate how much money they need to travel with their children. How should they handle this?
Our second anonymous caller is worried that their portfolio is out-of-whack. Their money is in a target date retirement fund. They’d like to move some of it to a three-fund portfolio. But this is a scary time to sell. Stocks are low. What should they do?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
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Nov 09, 2022 |
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Invest Anywhere: Learn About a City Like an Expert
2284
#411: In the final installment of this two-part mini-series, we walk you through becoming a subject matter expert in your investment city of choice.
We discuss who you should talk to, where you can find them and what you should talk to them about.
Timing of discussion points as of November 2022:
06:11: Who you should talk to
10:09: Why conversations with non- real estate professionals are important
11:49: Where to meet other real estate investors
13:19: Expanding your network, character due diligence and making friends
13:59: Thinking through others cognitive biases
15:56: Potential implications of neighborhoods with “good cash flow”
20:57: An example of objective feedback
29:40: Dumpsters, sewers, permits and problems: Other specifics to discuss
For more information, visit the show notes at https://affordanything.com/episode411
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Nov 04, 2022 |
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The Routine Habits of Breakthrough Thinkers, with Jeremy Utley
4109
#410: You face plenty of problems.
But you have a scarcity of good solutions.
Stanford Professor Jeremy Utley can help.
He says that solving complex problems requires creativity. And creativity comes from deliberate practice.
It’s not an innate talent. It’s a skill. And it’s useful in any occupation, from accounting to zookeeping.
Jeremy speaks and writes on the history of invention, discovery, creativity, and innovation. He also leads Stanford d.school's work with professionals.
Today he talks to us about how some of the greatest innovators produce new ideas. He tells us about their creative process.
He describes how researchers and authors improve their skills.
And he shares pointers to help you understand how to do the same.
Timing of discussion points as per November 2022:
3:00: How to focus while staying open to creativity
6:23: Definition of creativity
14:02: Different cognitive biases faced
17:35: The idea quota
19:28: Where ideas come from: the Lego analogy
21:32: How Ben Franklin honed his creativity
28:36: Capturing inspiration
46:04: The importance of reviewing the problems in your life
50:24: The roles of creative collaboration and distributed reasoning
54:49: The argument for quantity over quality
56:07: The value of bad ideas
For more information, visit the show notes at https://affordanything.com/episode410
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Nov 02, 2022 |
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Ask Paula: Should I Sell My Rentals to Buy More Stocks?
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#409: Liz and her husband are planning to retire in 5 to 10 years. They have rental income properties, but Liz is bored of managing these, and she’s intrigued by the idea of buying stocks at a discount when the market is low. Should she sell her rental properties and use the money to buy stocks instead?
Rebecca is a high income earner and thinking about investing in a Roth 401k … but she’s scared of how much she’ll have to pay in taxes. Should she do it anyway?
Anonymous made big changes last year: she got a new career AND sold a house! Now she needs help figuring out capital gains and lowering how much she’ll have to pay in taxes … and she won’t have access to her company’s 401K for most of the year.
Kyle and his wife are moving into their dream home! What should they do with their current place?
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here
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Oct 26, 2022 |
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Build Your 15-Year Career, with Kiersten and Julien Saunders
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#408: When Kiersten and Julian Saunders began dating in 2012, they fell in love quickly, and their relationship felt strong – until they started talking about money.
They broke up as a result of their first money conversation.
Luckily, they got back together, figured out how to have tough conversations, and paid off $200,000 in debt over the next five years.
Then they started thinking about how to hack their careers. They came up with a plan for a 15-year career.
Today, they join us on the podcast to talk about the 15-year career framework and how to approach your career - and your finances - in 5 year stints.
Timing of discussion points as per October 2022:
00:25: Introduction to Kiersten and Julien Saunders
02:05: The money conversation that changed everything
11:25: Examples of interaction patterns around money discussions
12:08: Tactics to continue difficult money conversations
16:18: Starting a 15-year career
17:48: The focus of the first five years: your financial foundation
18:17: Transitioning to the second five years and defining your super power at work
18:50: Building your exit plan in the last five years
22:57: Thinking about side hustles and the factors of urgency and upside
24:29: How does a person know how to make money
29:28: Maintaining momentum towards your goals over the 15 year time span
31:37: Is it possible to accelerate the 15 year timeline?
35:12: Thinking about risk after your career
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Oct 21, 2022 |
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Ask Paula: The 5 Types of Accountants (and Who To Avoid!)
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#407: Ionnie wants to vet her tax professional as diligently as she assesses her financial advisor – how should she go about doing that?
Anonymous needs a career change, and she needs help figuring out how to approach the decision making process when choosing and preparing for her next field of employment
MM prefers the simple path to wealth and investing in real estate but is looking for more information on a more intentional and selective approach to investing.
Ingrid calls in to ask whether she should include her rental income when trying to figure out how much she can contribute to her Roth IRA.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
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Oct 12, 2022 |
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Invest Anywhere: I’ve chosen my city…now what?
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#406: In this two-part episode, we first tackle the data points needed to assess various investment locations within your city of choice.
We will cover seven specific neighborhood characteristics to review before diving into deal finding, and three things to look at once you've found a specific deal to evaluate.
Then, we interview Kristen Lazure, the producer behind the Netflix movie "Get Smart With Money". The movie follows 4 financial coaches — Tiffany Aliche, Peter Adeney, Ross Mac and myself — as we help four people who are struggling with some aspect of their financial lives.
Tune in for behind-the-scenes movie insights and enjoy today's episode!
Timing of discussion points as per October 2022:
01: 49: Topic introduction
04:03: Tip on visualizing the data
06:00: Current and future locations of employers
11:55: Impact of the local business landscape and housing prices
13:22: Investments from municipalities
15:02: The importance of school districts
16:28: Adjusting location evaluations based on strategy
18:57: Understanding the crime landscape, flood plains and walk scores
29:28: Introduction to Kristin Lazure and Get Smart With Money discussion
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Oct 07, 2022 |
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Ask Paula: How to Handle a HUGE Bonus, Commission or Windfall
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#405: Daniel and his wife want to go on an extended vacation and leave their jobs next year…and still have money in case there’s a problem at their rental properties. Would a HELOC help them?
Anonymous and her husband have received a large commission and want to understand how to better plan for their future by optimizing for these inconsistent windfalls.
Brian has hit coast F.I.R.E and would like guidance on how to prioritize between tax advantaged accounts and retirement accounts.
Anonymous and his wife have been focused on getting short term rentals in a single location - is his portfolio too focused on this singular strategy??
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
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Oct 05, 2022 |
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How I Paid off $500,000 in Credit Card Debt, Then Launched a Company With $35 Million in Annual Revenue — with Rand Fishkin
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#404: When Rand Fishkin was 25 years old, he carried $500,000 in credit card debt.
Less than a decade later, Rand was the Founder and CEO of a company that grossed $35 million in annual revenue.
In this episode, Rand shares the story of hitting his financial rock-bottom and making the ultimate comeback.
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Sep 28, 2022 |
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How I Reached Financial Independence Through Real Estate – With Chad Carson
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#403: September Sabbatical continued! If you’ve been listening to the show for the past few years, then you know that we’ve entered our September Sabbatical, where the team takes a break from podcast production and airs a few of our favorites from the 400+ episodes we’ve aired to date.
F.I.R.E. holds four pillars: Financial psychology, Investing, Real estate, and Entrepreneurship.
This September, we’re running four weeks of episodes focusing on each of these four pillars. Today’s episode is focused on real estate.
—-------------------------------------------------------------------------------------
Chad Carson’s friends called him a “nerdjock.”
When former college football linebacker Chad Carson graduated from Clemson University, he decided to start a business. But he didn’t have any money.
He was a 235-pound athlete who attended college on a football scholarship. He graduated debt-free with $1,000 in savings from various odd jobs. He wanted to become an entrepreneur, and he knew he was starting from zero.
As Chad viewed it, starting from zero meant he had nothing to lose.
He started jogging around local neighborhoods near the university. Whenever he noticed a property in disrepair, he’d ask if it was for sale.
If he noticed a ‘For Sale by Owner’ sign in the yard, for example, he’d dial the number.
If he noticed a home with an overgrown lawn and no curtains in the windows, he’d leave a note on the door, or he’d knock on the neighbor’s doors to get the owner’s phone number.
By doing this, Chad started a real estate wholesaling business. He’d find off-market properties, enter into a sales contract with the owner, and then ‘flip’ the contract to an investor. He earned around $5,000 for each deal.
The benefit to a wholesaling business, Chad discovered, is that he could get a foothold inside the real estate industry without much access to capital. He was a recent college graduate without any official employment, so most banks weren’t interested in offering him loans. Wholesaling gave him a start in the industry.
But after awhile, he wanted to chase bigger deals. He and a business partner decided to start flipping houses themselves. They earned profits of around $20,000 to $30,000 for each deal.
While this was great, Chad wanted to transition into something that would provide a steady, stable income stream. He was running an active business; he wasn’t accumulating a portfolio of passive investments.
He and his business partner stopped flipping homes and began accumulating buy-and-hold rental properties. Today they have 90 units between the two of them.
A few years ago, Chad realized that the passive income from his investments made him financially independent. He and his wife decided to enjoy their newfound freedom by moving to Ecuador with their two children, ages 3 and 5.
They spent 17 months living in Ecuador, learning Spanish and enjoying a slower pace of life. They recently returned to the U.S. and are considering moving to either Spain or Germany — or maybe Colorado? — for their next adventure.
In today’s episode, Chad and I discuss real estate, financial independence, and international travel with children.
Enjoy!
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Sep 23, 2022 |
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The Psychology of Money, with Morgan Housel
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#402: Do you wrestle with the idea of leaving your savings in an account earning next to nothing versus investing it in the stock market?
Do you use investment strategies that allow you to work with your nature, rather than against it?
Are you careful to seek investment advice from those who share your investment goals, or do you get caught up in the trends of day traders?
Morgan Housel, author of The Psychology of Money, joins us to discuss why investing is not the study of finance, but the study of how people behave with money. Morgan is an award-winning financial journalist, former columnist for the Wall Street Journal and The Motley Fool, and one of the foremost thinkers in the world of investing.
As a long-term investor who shares our buy-and-hold philosophy, Morgan has behavioral finance insights that can help us invest for financial independence with more clarity and a better understanding of ourselves.
We discuss how to develop self-awareness around biases, the importance of flexibility for long-term strategies, saving like a pessimist and investing like an optimist, becoming durable in the face of market adversity, the key difference between patience and stubbornness (and how it affects your mindset), expectation management, the importance of bonds and emergency funds, and a difficult lesson about tail risks that Morgan learned at age 17.
You’ll enjoy this episode if…
You’re super Type A with your investment portfolio and have a hard time letting go of plans that didn’t work out
You want to learn a framework that can help you roll with the inevitable punches of the stock market
You feel behind and have no idea how to develop a sense of what ‘enough’ is
You’re tired of trying to overcome your inherent biases and reactions to the market and want to try something different
For more information, visit the show notes at https://affordanything.com/episode402
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Sep 15, 2022 |
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You are a Badass at Making Money, with Jen Sincero
3737
#401: It’s September! If you’ve been listening to the show for the past few years, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production.
F.I.R.E. holds four pillars: Financial psychology, Investing, Real estate, and Entrepreneurship.
This September, we’re running four weeks of episodes focusing on each of these four pillars. Today, we kick off with an episode focused on financial psychology.
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Sep 07, 2022 |
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#400: The Lies Told About Early Retirement
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Today we’re sharing three talks given at the EconoMe conference, with each of these talks relating to F.I.R.E.
The three discussions are:
FI-Landia is a lie - What I Learned On My Journey To F.I.R.E., with Carl Jensen
What If You Achieve All Your Goals But You’re Still Not Happy, with Rich Jones
How To Never Again Say, “I Can’t Afford It”, with Paula Pant
Details below:
Carl Jensen:
05:27: Session begins
08:02: Sharing the message of financial independence and being hit with the “What If’s”
12:24: The concern about running out of money
20:16: The real value of fire
Rich Jones:
32:50: Session begins
35:55: The importance of knowing who you are, what you want, and why
39:36: Day jobs: love vs. purpose
43:26: Why you should track your work
46:18: How to think like a recruiter
51:44: Why giving yourself permission could be your game changer
Paula Pant:
59:34: Session begins
1:02:21: The importance of reframing the word “can’t”
1:10:29: Traditional budgets, zero based budgets and anti budgets
1:19:49: The benefit of high friction activities
* Timestamps accurate as of September 2022. Starting 60 days after episode release, timestamps may shift slightly as we make updates and changes
**The next EconoMe will be held March 17th-19th 2023, in Cincinnati, Ohio. For more information or 10% off tickets, please go to: EconoMe Conference and use discount code: AFFORDANYTHING.
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Sep 02, 2022 |
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Ask Paula: The stock market is down - Can I still retire?
4324
#399: Bella is SO CLOSE to reaching F.I.R.E and is worried about her withdrawal rate if the stock market drops. If the stock market does drop, can she withdraw as much as she had originally planned?
Sam has been investing for several decades and thinks that he should stay invested in his portfolio, despite the recent drop in value…but he is still wondering if there’s a chance that he should sell.
Meisha is making more money at her new job but can’t contribute to her 401(k) for the first six months - what should she do with her extra money in this interim??
Kyria is a young investor with multiple goals: she’s wondering how to best save for a downpayment without it being eroded by inflation and also whether her investment choices should take on more risk, since time is on her side.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode399
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Aug 31, 2022 |
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How To Travel For (Almost) Free, with Chris Hutchins
4393
#398: Chris Hutchins is an avid life hacker, a financial optimizer and the host of the top ranked podcast “All The Hacks”, where he shares his quest to upgrade his life without having to spend a fortune.
These passions have led him to being featured in a documentary on financial Independence called “Playing with FIRE” and collecting millions of points and miles.
If you want to learn more about optimizing your spend so that you can travel with less of an impact to your bank account, you’ll want to hear what Chris has to say.
Timing of discussion points as per August 2022:
04:13: Is travel hacking a good use of time?
08:15: What is the simple path to optimizing spend?
09:108: Why focus on one rewards program?
10:46: Why are there recommendations for transferable point programs and what are the benefits of co branded cards?
18:08: How can the value of points or miles be estimated?
22:08: Is the best redemption value in booking business class international flights?
32:34: How do you know the best flight to book for optimal redemption?
37:00: What is the difference between airline miles and credit card points?
38:25: What is a “positioning” flight and how do I utilize this strategy?
47:42: What is the process for choosing flights based on reward redemptions?
57:15: What are the best ways to boost an existing points balance?
1:02:12: Discussion on credit cards with crypto rewards…
1:04:17: Tips for those who want deals but don’t want to work with miles or points…
For more information, visit the show notes at https://affordanything.com/episode398
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Aug 24, 2022 |
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Ask Paula: Is the bank trying to scam my parents…?
3553
#397: Nic’s parents are forced to confront earlier than anticipated retirement…and they aren’t financially prepared. Now, a bank is offering to buy a part of their mortgage or a part of their house. Is this a scam?!
Jon from Colorado is curious about after tax contributions to a Roth 401k, and would like us to talk about why we wouldn’t recommend it.
Anna is househacking, and she locked down an awesome interest rate. But, she’s still carrying PMI and is wondering if there’s a way to remove the PMI without refinancing.
Courtney from Denver is a real estate investor who wants to invest in new locations, and wants tips on building out her network.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode397
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Aug 17, 2022 |
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Creating Happiness At Work, with Julie Winkle Giulioni
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#396: International best selling author and leadership speaker, Julie Winkle Giulioni, talks through a multidimensional career framework that features eight dimensions of career development.
She spells out how to apply the dimensions of contribution, competence, connection, confidence, challenge, contentment, choice and climb to different parts of your professional life, whether that’s assessing your current job, navigating a conversation with your superior or setting yourself up for the next progression.
In this episode, we cover:
01:15: Introducing the topic of optimizing engagement at work
05:02: The “Why” behind the Great Resignation
07:28: How to feel like you’re making a true contribution
14:01:The need to increase competence for growth
16:03: Solving for boredom with your superior
23:16: Forging connections in the era of remote work
32:18: Enhancing confidence and imposter syndrome
38:36: Appreciating the role of contentment in the workplace
39:18: The dimensions of choice and climb
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode396
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Aug 10, 2022 |
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Invest Anywhere: There are THOUSANDS of Cities, Where Do I Invest?!
3918
#395: Welcome to Invest Anywhere, our monthly series on long-distance real estate investing.
Invest Anywhere airs on the First Friday of each month and is co-hosted by Paula Pant and Suni Rao.
In this episode, we tackle the challenging decision of how to evaluate a city for rental property investment.
We will cover three specific sets of analysis, talking through a macro business cycle view, a more specific economic analysis, and then encourage you to review your own personal network.
Enjoy!
01:30: Topic introduction
2:30: Evaluation to be discussed: Business cycle, economics, and hierarchy of boots on the ground
5:48: High level look at the business cycle
08:40: The four phases of the business cycle
11:12: The peak phase of the business cycle
25:40: The recession phase of the business cycle
37:15: The recovery phase of the business cycle
39:40:: The expansion phase of the business cycle
47:10: Factors to consider when choosing a specific economy
57:48: Hierarchy of boots on the ground
For more information, visit the show notes at https://affordanything.com/episode395
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Aug 05, 2022 |
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Ask Paula: How Much Should I Invest vs. Keep in Cash?
3866
#394: Bill listened to our episode with Bill Bengen, father of the 4% rule, and he wants to know if there was a way for him to figure out how much money he should be keeping in cash.
Sheryl gets stock from her company, and she would usually sell it…but the stock value has decreased. And now, she isn’t sure what she should do.
Heather inherited an IRA but MUST empty it within ten years - but she doesn’t need it right now. What should she do??
Julie and her husband have access to an HSA for ONE MONTH. Can they max it out before they lose access to it?
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough questions.
Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information, visit the show notes at https://affordanything.com/episode394
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Aug 03, 2022 |
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Money and Investing Have Changed, with Chuck Jaffee
3915
#393: Chuck Jaffee is a forty year veteran financial journalist who regularly writes for the Wall Street Journal and is also a nationally syndicated financial columnist. He discusses how money and investors' attitude towards investing has changed over the last few decades.
00:44: Introducing Chuck Jaffe
03:05: How people interacted with the market in the 1980’s
06:50: Dealer and liquidity risk when investing in the market
09:23: How the environment 40 years ago impacted investor psychology
12:53: Long term impact of Black Friday, the worst market crash experienced by any living investor
16:10: Discussion of fund options that are more illiquid and can sell at discounts
18:04: The combined influence of access real time data and the ability act in real time
28:31: Moving away from employee supported retirement plans
29:00: The difference between financial education and financial literacy
31:26: Chuck’s take on the 4% rule
50:16: Portfolio and personal optimization
For more information, visit the show notes at https://affordanything.com/episode393
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Jul 28, 2022 |
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Ask Paula: Did the Great Recession Lead to the FIRE Movement?
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#392: Colleen and her husband own SEVEN paid off rental homes. Now they’re heading into retirement and disagree on what to do with some of that equity.
Kevin wants to hit FIRE (Financial Independence, Retire Early) and believes his motivation comes from witnessing the financial trauma of the Great Recession. He’s wondering if others are motivated to reach FIRE for similar reasons.
Anonymous wants to learn more about utilizing HSA accounts and Susan wants to learn more about investing in tax liens.
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough questions.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode392
________________________________________
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Jul 20, 2022 |
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Powerful Tactics to Take Control of Your Life and Career, with Dr. Reza Abraham
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#391: Dr. Reza Abraham, an international leadership consultant, walks us through a framework of staying in control of your career and your life. This framework utilizes a singular core, three cornerstones and twelve principles. He explains how to apply and execute these principles to reinforce personal fulfillment, growth and progression.
0:00:47: Introducing Dr. Reza Abraham + the framework for staying in control of your life through a core, three cornerstones and 12 pillars
0:02:48: The core of taking control: consciousness
0:06:41: The first cornerstone: contentment
0:08:46: The second cornerstone: consistency
0:12:30: The third cornerstone: conversion
0:15:05: Five reflection questions to review for intentional growth and progression
0:24:17: The first pillar: character
0:30:03: The second pillar: communication
0:33:16: The third pillar: curiosity
0:35:15: The fourth pillar: compass
0:38:14: The fifth pillar: courage
0:39:22: The sixth pillar: collaboration
0:45:46: The seventh pillar: connection
0:48:04: The eighth pillar: competency
0:52:04: The ninth pillar: companionship
0:56:18: The tenth pillar: cash
0:56:53: The eleventh pillar: condition
1:00:52: The twelfth pillar: contribution
Resources mentioned: #383: How to Talk About Money with Confidence and Charisma, with Vanessa Van Edwards - Afford Anything
For more information, visit the show notes at https://affordanything.com/episode391
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Jul 13, 2022 |
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Ask Paula: Help! My Bills Are Too High
5099
#390: We start this episode with two anonymous callers who have opposite problems: one says her bills are too high, while the other is worried that she’s saving too much.
Anonymous (“Izzy”) saves A LOT. She wants to relax about her spending more, and start including more joy into her life. How should she approach the next 10 or 20 years, so that she can enjoy her financial security?
A different anonymous caller (“Starlight”) has the opposite problem: her expenses are mounting. Her bills make her uncomfortable. She wants to shake up her investments so that she can tap her assets in order to make her payments. Ideally, she’d also like to buy a house in Europe within the next 10 years. How should she do this?
John liked the episode with Bill Bengen, where we discussed the 4% rule. However, he questions whether that rule should really be applied to the FIRE community.
Steve is a landlord who needs his property to cash flow, but doesn’t like to raise rents. What should he do?
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode390
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Jul 06, 2022 |
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Invest Anywhere: Should I Bother Investing in Long-Distance Real Estate?
3129
#389: Should you bother investing in real estate … especially from a distance?
Is the hassle worth it?
What’s the upside? Do you really want this? Or should you just stick with index funds?
Isn’t it scary to invest out-of-state?
How do you know if you’re ready?
In today’s episode of Afford Anything Presents: Invest Anywhere, my co-host Suni Rao and I tackle these common questions.
For more information, visit the show notes at https://affordanything.com/episode389
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Jul 01, 2022 |
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Feeling Anxious About Your Investments?, with Scott Nations
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#388: Recessions are terrifying.
Market crashes often bring out the worst in people’s anxieties and fears.
This fear triggers us to act even more irrationally than usual – which can lead to making expensive mistakes in our investment portfolios.
In today’s episode, Scott Nations, who spent his career studying market volatility, describes some of the most common cognitive biases and irrational behaviors that investors make. He shares tips on how to master the mental game of investing, especially in turbulent times.
For more information, visit the show notes at https://affordanything.com/episode388
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Jun 29, 2022 |
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Ask Paula: Is a Crash Coming?
4105
#387: Lila is concerned about inflation and the risk of a recession. Should she invest in the stock market, despite the scary headlines? Or should she pay off her primary residence or her investment properties?
Linda invested in a 529 for her son’s college, and he’ll be starting in the fall. But, the value of the plan dropped right before she was planning on using it and she is wondering how to keep from losing more money.
Jen and her husband want to retire in 8 years. They’re hoping to have paid off their mortgage AND hit their net worth goals when they stop working. How should they prioritize between these two goals?
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode387
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Jun 22, 2022 |
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The Psychology of Secrets, with Dr. Michael Slepian
3922
#386: We all have our secrets.
We keep some secrets from bosses, colleagues and clients, like the fact that we hope to retire early, change careers, or start a business.
We keep other secrets from friends and family, like our income, net worth, spending habits and investing mistakes.
Research from around the world shows that we tend to keep the same types of secrets – around 38 common varieties, including secrets about finances, ambitions, beliefs, habits, unpopular opinions, mental health, trauma, addiction, and drug use.
These 38 common types of secrets fall into three categories: (1) moral secrets, which we fear will either cast judgment on us or will cause harm to another; (2) relational secrets, which we fear will harm our relationships; and (3) goal and ambition secrets, related to career, business and finances.
In today’s episode, Columbia University professor Dr. Michael Slepian discusses the secret life of secrets.
Dr. Slepian is the Sanford C. Bernstein & Co. Associate Professor of Leadership and Ethics at Columbia Business School. Prior to that, he was a visiting scholar at Stanford University.
His research focuses on the social costs of secrecy.
What impact do secrets have on our lives and health? What are the hidden costs of keeping quiet? Are there certain things that are better left unsaid?
What should we share, with whom, and when … especially when there are career, social and financial repercussions to revealing information?
Dr. Slepian joins us today to share his insight. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode386
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Jun 15, 2022 |
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Ask Paula: How to Invest When You’re Unsure of the Goal
4273
#385: Anonymous (“Jennifer”) keeps hearing us say that you should “start with the end in mind” – that your investments should match your goals and timeline. But what if you don’t have any specific financial goal? What if your risk tolerance is different than you once thought?
Rachel’s new employer won’t let her contribute to retirement for more than a year - what should she do??
Carri’s parents are in poor health and can’t work much - what should they do about their life insurance policy and their health insurance?
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode385
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Jun 08, 2022 |
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Invest Anywhere: Six Strategies to Make Money in Real Estate
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#384: Welcome back to the third episode in our special series, Afford Anything Presents: Invest Anywhere.
Invest Anywhere is a new monthly series that runs on the First Friday of each month. It lays out the information you need to invest in real estate at a distance.
Many of you want to invest in real estate, but you live in a high-cost-of-living area. (Ahem, California and New York). The homes in your city are prohibitively expensive, and they offer lackluster returns.
You could invest in a lower-cost area like Cincinnati, Indianapolis, Omaha or Wichita … but HOW? That sounds terrifying.
We’re here to dismantle that fear, piece by piece, by sharing our knowledge and experience.
The Invest Anywhere series is dedicated to giving you the guidance you need to make smart, confident choices about investing out-of-state.
It’s co-hosted between myself (Paula) and esteemed real estate investor Suni Rao, who’s experienced everything ranging from buy-and-hold rental investing to (accidentally) wholesaling. She’s managed short-term and long-term rentals. She’s owned houses, multi-units, and even a mobile home park.
She joins me in this episode to talk about a variety of strategies that will help you make money in real estate.
For more information, visit the show notes at https://affordanything.com/episode384
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Jun 03, 2022 |
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How to Talk About Money with Confidence and Charisma, with Vanessa Van Edwards
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#383: Behavioral researcher Vanessa Van Edwards, who runs the research lab Science of People, breaks down the psychological secrets behind feeling and looking more confident, competent and charismatic.
She explains how to apply these techniques to critical conversations around money, whether you’re negotiating your salary, buying a home or car, or arguing with your spouse about your household spending.
Subscribe to get the show notes delivered via email, for free, at https://affordanything.com/shownotes
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Jun 01, 2022 |
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Ask Paula: What Do I Do With Free Money?
4636
#382: Joe is buying his first house hack and would like to understand if the FHA loan or the doctor loan would be better for him.
Sara wants to leave her job to spend time with her children, and she needs help in calculating her FIRE number.
Kat received a windfall and is wondering if she should invest it in stocks, real estate, or a combination of both.
Aisha is moving to the US and wants to start investing ASAP - how should she approach her goal to reach FIRE?
Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode382
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May 24, 2022 |
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How to Not Let Your Feelings Hijack Your Decisions, with Mollie West Duffy
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#381: Maybe you’re envious of your friend who bought Bitcoin in 2015 and held until it hit 7-figures.
Maybe you’re anxious about rapidly rising home prices.
Maybe you regret that you didn’t buy a rental property five years ago, because – at the time – you felt like prices had already risen so much (from 2012 to 2017) that you just couldn’t justify paying 2017’s pricetag.
Our lives, finances and careers invoke many strong feelings. In today’s episode, Mollie West Duffy, the co-author of Big Feelings, shares strategies for not letting our feelings hijack our choices.
Mollie and her co-author, Liz Fosslien, run an Instagram channel about emotional management with half a million followers. Fosslien is an economist and behavioral scientist whose work has been featured by The Economist, Freakonomics and NPR. Duffy is an organizational and leadership development expert who’s written for Harvard Business Review.
They tackle relatable workplace issues like perfectionism, productivity guilt and Zoom fatigue, among much more.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode381
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May 19, 2022 |
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Ask Paula: How to Optimize Your Investments Along the Efficient Frontier (If You Dare!)
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#380: Matt wants to optimize his portfolio and wants to know if he should invest along the Efficient Frontier – despite the fact that the asset allocation it recommends is absolutely bonkers; it’s wild and risky and tilted like nothing he’s ever seen before.
Ionnie just rolled over her Roth IRA and would like to understand how to withdraw her contributions without getting penalized.
Anonymous and her spouse are both in the military and about to reach retirement. They have an expensive whole life insurance policy, costing $550 per month, and wonder if they should switch to term life insurance.
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy!
P.S. Also – we’re launching a book club!! Each month, we’ll read and discuss a book written by an Afford Anything podcast guest, starting with Morgan Housel, James Clear, Ken Honda, and Dr. Susan David. Sign up here.
P.P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode380
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May 11, 2022 |
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Invest Anywhere: 4 Benefits and 5 Challenges of Long-Distance Real Estate Investing
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#379: Welcome to our First Friday bonus episode.
Once a month, Afford Anything presents a special feature called Invest Anywhere, in which we teach our audience how to invest in real estate from thousands of miles away.
We kickoff today’s episode by discussing current market conditions. Yesterday the Fed raised interest rates by another 50 basis points, which means mortgages are more expensive than they’ve been in years. Additionally, jittery investors worried about an impending recession led the stock market to its worst day of the calendar year so far.
How should we interpret the current market conditions? Is this a good time to buy an investment property? We cover this in the first 20 minutes of today’s episode.
Next, we discuss 5 challenges associated with investing in long-distance real estate investing: (1) fear, (2) accountability, (3) traction, (4) stress, and (5) relationships.
We elaborate on each challenge and offer solutions.
Finally, we discuss 4 benefits to investing out-of-state: (1) competitive ability, (2) diversification, (3) returns, and (4) repeatability. We elaborate on four types of diversification: economic, strategy, business cycle, and asset based.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode379
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May 06, 2022 |
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Ask Paula: Should I Take a Higher-Paying Job if I Can’t Save As Much for Retirement?
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#378: Anonymous is 25. She has a job offer that comes with a substantial raise. Hooray!
Buuut … there’s a problem. If she accepts this job offer, her new employer won’t allow her to contribute as much money to her company retirement accounts.
How should she think about the trade-off between increasing income and funding her retirement?
Meanwhile, Dan from California is retiring soon and wants to know what he and his wife should do with the loan they took out against their 401(k).
Finally, an anonymous caller who goes by “Daughter” has a whole life policy that only costs her less than $50 per month. Since her policy is so cheap, should she keep it?
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough situations.
Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
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May 05, 2022 |
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How I Discovered The 4 Percent Retirement Rule, with Bill Bengen
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#377: Today’s episode is sheer retirement nerd bliss.
We talk to the creator of the 4 percent retirement safe withdrawal rule, Bill Bengen.
If you’re new to retirement planning, you might not yet grasp the gravity of this. Let’s cut to the chase: the 4 percent rule is one of the most revolutionary, groundbreaking insights in the field of retirement research in the past 30 years.
To understand why, let’s climb in our time machines and return to 1994.
Back then, many financial advisors were telling their clients that they could safely withdraw 7 percent of their retirement portfolio each year.
After all, the simplistic logic went, the stock market has historically yielded between 7 to 9 percent returns, so that type of withdrawal rate shouldn’t dwindle the principle … right? ⠀
Bill Bengen, an MIT graduate and former rocket scientist, decided to build a better model. He looked at the performance of investment portfolios across 30-year time horizons, beginning in 1926.
Under the assumption that the portfolio is invested 50 percent in an S&P 500 Index and 50 percent in intermediate-term bonds, in a tax deferred account, he found that retirees could only withdraw 4.2 percent of their portfolio in the first year of retirement, and that amount adjusted for inflation each subsequent year.
He called this the “safe withdrawal rate” that gave people a reasonable chance of not outliving their money, based on historic performance.
He published the results in the Journal of Financial Planning and caused a stir. This was revolutionary. It upended the assumptions that dominated the field at the time.
And it remains a cornerstone of retirement planning to this day.
We talk to Bill Bengen about his discovery – and his latest research – in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode377
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Apr 26, 2022 |
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Ask Paula: How Should My 64-Year-Old Mom Handle a Toxic Boss?
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#376: Meghan’s mom is 64 years old and suffering under a toxic boss. It’s tough to switch jobs at her age. How should she think through the next steps?
Ellen has a 20-year-old son with physical and developmental disabilities. Her other child, age 21, will need to look after him for the rest of their lives. How should she handle their inheritance?
Joe wants to start working part-time in four years, and fully retire four years after that. He worries he’s investing too aggressively for his retirement date.
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough situations.
Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it at https://affordanything.com/voicemail and we’ll answer them in a future episode.
_______
For more information, visit the show notes at https://affordanything.com/episode376
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Apr 20, 2022 |
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The 2X Rule (and Other Wealth-Accelerating Advice), with Nick Maggiulli
3869
#375: Here’s the deal:
The majority of people who write about personal finance repeat the same tired aphorisms and cliches.
“Millennials aren’t investing enough,” they’ll lament. “Millennials are amassing wealth at a slower pace than previous generations!”
But when you ask for their source, they turn up blank. Each writer points to a headline, which sources another headline, in a neverending circular secondary-source-citation that fails to point to any primary data source.
Nick Maggiulli doesn’t play that game.
If you haven’t heard the name Nick Maggiulli yet, prepare to meet one of the most original, insightful voices in the media landscape of personal finance and investing. (His last name is pronounced “ma - julie,” and his godfather refers to him as “paper hands,” but that latter point is a different story for another day.)
Nick is a data scientist with a knack for clear written communication, a rare Venn Diagram intersection of skill sets. He holds a laser-focused interest in the arenas of personal finance and investing, and he’s eager to share fresh, nuanced, evidence-backed takes about savings, spending and investing with anyone who will listen.
He recently released his first book, Just Keep Buying; the title reflects a user-friendly reminder to continue dollar-cost averaging. It also speaks to the main idea behind wealth creation: accumulate income-producing assets, consistently, for as long as you possibly can.
It’s an honor to welcome Nick Maggiulli onto the Afford Anything podcast for what I hope is the first of many appearances. In today’s episode, we discuss actionable strategies for managing your money, including assessing your spot along the save-invest continuum, implementing the 2X rule into your spending decisions, and saving half of your inflation-adjusted future raises.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode375
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Apr 13, 2022 |
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Ask Paula: How Can I Minimize My Taxes?
2880
#374: Andy in Palm Springs wants to create an income stream through a taxable brokerage account. What strategy should he use to minimize the tax impact of withdrawing his gains?
Jake wants investment cash flow until he’s eligible for his military pension in 10 years. Should he buy small multifamily properties right now, wait a few years and invest in syndications or should he invest in index funds through taxable accounts?
Anonymous is a US Citizen, lives in London, and can’t invest in index funds. How can he invest while reducing his risk?
Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it at https://affordanything.com/voicemail
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Apr 06, 2022 |
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Invest Anywhere: The 5 Ways Real Estate Makes Money
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#373: How do people make money in real estate?
Many focus on rental income, but this is only one of five ways that properties create wealth.
We explain five surprising ways that real estate builds your balance sheet: cash flow, appreciation (market-based and forced), tax benefits, principal paydown, and instant equity at closing.
Why does this matter for long-distance investors?
If you’re investing out-of-state, you’ll need to choose a city or town. How do you decide? First, think about how you want to bias your returns. Do you want to optimize for cash flow? More appreciation potential? Identifying this will help you align your city/town selection with your financial goals.
If you’ve been thinking about investing in real estate – especially if you might invest long-distance – you’ll love this episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode373
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Apr 01, 2022 |
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Ask Paula: I’m 33 and Want to Retire at 45 – What Should I Do?
3385
#372: Eve has been investing in her brokerage account and the tax liabilities are starting to add up. She wants to retire in 12 years and is wondering if she should invest in after-tax contributions and plan on a Roth conversion.
Anonymous has rental properties and wants to start building his kids credit histories. Is it a good idea to add them as co-borrowers on the mortgage?
Lily is really excited about investing in real estate, but househacking wasn’t the right fit. She’s looking for advice on investing in opportunity zones through crowdfunding platforms.
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough situations.
Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it at https://affordanything.com/voicemail and we’ll answer them in a future episode.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Mar 29, 2022 |
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What’s the Point of Happiness, Anyway?, with Dr. Bill Von Hippel
3759
#371: Psychology professor Bill von Hippel explains the evolutionary science behind how we’re hardwired as humans.
We’re wired to be social, to connect, to communicate and cooperate.
We’re wired to want to learn and teach, to build a collective body of knowledge that stretches beyond what any single individual could ever learn in their lifetime.
We’re wired to feel surges of happiness that fade, so that we’re intrinsically motivated to keep repeating behaviors that lead to additional surges of happiness.
Once we understand the evolutionary science behind what makes us happy, Dr. von Hippel explains, we can apply this knowledge to making better decisions for our work, money and lives.
Bill von Hippel is a graduate of Yale University and the University of Michigan. He’s currently a psychology professor at the University of Queensland in Australia. He joins us to share his insights into the history and science of happiness.
For more information, visit the show notes at https://affordanything.com/shownotes
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Mar 23, 2022 |
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Ask Paula: My Income Is Dropping From $190,000 to $40,000; What Should I Do?
4453
#370: Kristen is 32, and she and her husband want to retire in less than 20 years. They make too much to contribute to a Roth IRA. Should they use back door Roth conversions to speed along their path to early retirement?
Michelle makes $190,000 and is going to switch to a career that pays $40,000 on average. To prepare for this lower salary, she's selling her current home and buying a different one. Should she pay off her new home with the proceeds from the old one? Or should she invest her profits?
Anonymous lives in a high cost-of-living area and is wondering where to keep her down payment and emergency funds. Should she use I-bonds, TIPS, or some combination of these two?
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough situations.
Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it at https://affordanything.com/voicemail and we’ll answer them in a future episode.
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Mar 16, 2022 |
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Why Does the Stock Market Crash? | Stocks 101 Explained, with Brian Feroldi
3880
#369: To answer these questions, we need a deep, tree-trunk understanding – a core, fundamental understanding – of how the stock market operates.
What, exactly, IS a stock – and how are stocks valued? What’s the difference between the Dow Jones, the S&P 500, and the Nasdaq? Why is the market a voting machine in the short-term, but a weighing machine in the long-term?
Brian Feroldi, the author of “Why Does the Stock Market Go Up?,” joins us for a Stocks 101 explainer episode.
If you’d like a deeper understanding of the world of stocks, you’ll enjoy this explainer episode.
And if you have a friend/spouse/coworker who’s said, “I need to learn more about investing,” share this episode with them.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode369
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Mar 09, 2022 |
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Ask Paula: Talk Crypto To Me
3896
#368: Grace wants to buy a manufactured home for rental income. Should she calculate her returns differently for a manufactured home?
Alex is curious about cryptocurrency. How should she analyze the returns promised by different platforms and where can she go to learn more about crypto in general?
Thomas and his wife have parallel goals of saving for a down payment and contributing to retirement accounts. How should they balance both of these goals? In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode368
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Mar 04, 2022 |
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The Roots of Procrastination, Inattention and Anxiety, with Dr. Ellen Vora, M.D.
3858
#367: Since the start of the Covid-19 pandemic, many commentators have remarked that we’re living in an “epidemic of anxiety.”
More than 40 million Americans suffer from anxiety, and countless millions more notice themselves “acting out” against their responsibilities in smaller, self-sabotaging ways: procrastinating, lacking motivation, grappling with an inability to concentrate.
In today’s episode, Dr. Ellen Vora, M.D., discusses both the internal and environmental factors that can exacerbate anxiety. She talks about nutrition and sleep, as well as the fact that, frankly, your job just might suck.
She applies these ideas to tactics that allow us to better handle our finances, investments, careers and lives.
Dr. Ellen Vora holds a B.A. from Yale University and a medical degree from Columbia University. She’s a board-certified psychiatrist.
Enjoy this conversation, and share your comments and feedback with members of our community at affordanything.com/community
For more information, visit the show notes at https://affordanything.com/episode367
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Mar 02, 2022 |
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Ask Paula: How Do I Invest For My Parents' Retirement?
4387
#366: Micheal’s parents just sold their home to pay off debt and fund their retirement. How should he invest the profits?
Ryker would like to understand what it would take for cryptocurrency to be considered as a good investment option for a diversified portfolio.
Megan has qualified for her employer's 401k and needs help deciding between investing in a Roth 401K and a Roth IRA.
In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough questions.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Enjoy!
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Feb 24, 2022 |
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Inflation, Explained
3812
#365: Nearly every financial news story for the past several months has centered around inflation – but what, exactly, is inflation? What are its causes? What are its effects? How is it measured? What notable inflationary events have unfolded throughout history, and what can we learn from these?
In this episode, we peel back the layers of the onion in order to deepen our understanding of the concept of inflation. We discuss hyperinflation, biflation, stagflation; we discuss the CPI, the PPI, and core inflation. We discuss the demand-pull inflation, cost-push inflation and the wage-price spiral. We resist the temptation to make predictions about the future, choosing instead to focus on refining our understanding of the present.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode365
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Feb 18, 2022 |
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Ask Paula: No Spouse, No Family - How Do I Financially Prepare For Care Later In Life?
4529
#364: Our first caller is curious about whether he should keep his 30 year term life insurance policy or let it lapse with 12 years left on the policy?
Anonymous is wondering which financial products would work best for to cover her older age care and expenses?
Max is thinking through real estate and stock market returns as they relate to future population trends.
Ramon asks us about the details behind infinite banking.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it at https://affordanything.com/voicemail and we’ll answer them in a future episode.
Enjoy!
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Feb 09, 2022 |
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Two Types of Intelligence, with Harvard Professor Arthur Brooks
4052
#363: In our 20’s and 30’s, we have high levels of fluid intelligence, or raw intellectual horsepower. We can ace tests, impress people with our memory and recall, and analyze facts, documents and data. But in our 40’s and 50’s, we have higher levels of crystallized intelligence, which allows us to draw together novel insights from across domains.
Fluid intelligence allows us to analyze, or break apart.
Crystallized intelligence allows us to synthesize, or put together.
Each type of intelligence invites us to express different skills, to pivot our role at work – or perhaps even to change careers or industries altogether.
In today’s episode, Harvard professor Arthur Brooks discusses these two types of intelligence, and outlines how we can gracefully move from one strength to the next.
Subscribe to the show notes at https://affordanything.com/shownotes
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Feb 04, 2022 |
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Ask Paula: Okay Seriously, Why Hasn’t Anyone Solved the Budgeting Issue?
5478
#362: David is questioning how to better manage his spending. He’d like a stronger framework to think through budgeting challenges. Elisa and her husband bought a home, and now they’re saving extra income every month. She has a pension and her husband is an entrepreneur. How much should they be saving for retirement and how should they invest their extra money?
Geoff invested primarily in taxable brokerage accounts for the last twenty years. He’s built a $6 million portfolio and reached financial independence. He wonders about the smartest strategy for withdrawing from those taxable brokerage accounts to efficiently manage capital gains?
Jenna and her husband are planning on buying their next home in a few years. She wants to know if I-bonds are a good way to save for the down payment and closing costs.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
Subscribe to the show notes at https://affordanything.com/shownotes
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Feb 01, 2022 |
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The GameStop Revolution, One Year Later — with Spencer Jakab
4383
#361: Wall Street Journal columnist Spencer Jakab marks the one-year anniversary of that weird time when the subReddit Wall St Bets pumped shares of meme stocks like GameStop and AMC Theaters, triggering a short squeeze that forced several hedge funds to lose billions.
What did we learn from that experience? And how do we actually take down Wall Street? How do we launch a truly effective financial revolution?
We share those insights in today’s episode.
Subscribe to the show notes at https://affordanything.com/shownotes
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Jan 26, 2022 |
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Ask Paula: I’m Worried My Parents Are Getting Ripped Off By Their Financial Advisor … Help!
3715
#360: I’m worried my parents are getting ripped off by their financial advisor. What should I do? My wife is trying to qualify for student loan forgiveness … but we might lose a bunch of tax benefits in the process. Is it worth the risk? I’m enrolling in grad school, and I want to optimize how to pay for rent and groceries. Should I use money from a 529 plan? Three callers. Three questions. In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough Q’s. Enjoy! Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Subscribe to the show notes at https://affordanything.com/shownotes
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Jan 19, 2022 |
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The Four Quadrants of A Successful Life, with Andrew Hallam
4130
#359: Money, relationships, health and purpose: life is running smoothly when all four of these elements are working together in tandem, like wheels on a car. But how can we make spending and investing choices that facilitate stronger relationships, better health and a deeper sense of purpose?
Andrew Hallam, who became a millionaire on a teacher’s salary, shares researched-backed, evidence-based insights into how to find balance, drawing from the worlds of behavioral finance and stock market history.
Subscribe to the show notes at https://affordanything.com/shownotes
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Jan 12, 2022 |
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Ask Paula: Should I Invest in Index Funds More Actively?
4584
#358: Where is the balance between the risks and potential returns of actively and passively investing in index funds?Where do you place your savings after you max out your retirement and HSA accounts?
How do you finance building a rental unit when there’s already a home on the lot?
Is it more beneficial to buy back pension time with post tax deductions or a 457b plan? Or should I not buy back pension time at all?
In today’s episode, former financial planner Joe Saul-Sehy and I discuss the purpose and practice of mindful money.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Enjoy!
Subscribe to the show notes at https://affordanything.com/shownotes
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Jan 08, 2022 |
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Practical Investing and the Efficient Frontier, with Joe Saul-Sehy
4204
#357:
Discussing advanced investing topics with me is former financial planner Joe Saul-Sehy.
You may recognize him from the Ask Paula episodes, but we discuss financial topics shared in his new book "STACKED: Your Super-Serious Guide to Modern Money Management" - co-authored with Emily Guy Birken.
Subscribe to the show notes at https://affordanything.com/shownotes
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Jan 05, 2022 |
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Ask Paula: FIRE vs. FOMO -- How Do You Balance Between These?
3377
#356: How do you find balance between smart money management vs. missing out on opportunities? Should you pile money into investments or take that dream trip to Tanzania?
What should you do when your heart leads you to a decision that doesn't make sense on paper?
In today's episode, former financial planner Joe Saul-Sehy and I discuss the purpose and practice of mindful money.
Subscribe to the show notes at https://affordanything.com/shownotes
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Dec 29, 2021 |
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A Hospice Doctor's Advice on Financial Independence, with Jordan Grumet
3929
#355: When Jordan Grumet realized he has achieved financial independence, he fell into a deep depression. He didn’t know who he was anymore, he says, and he didn’t know what should come next.
He learned about how to deal with us by observing his hospice patients. In this episode, Grumet, a hospice doctor, describes how working with the dying has taught him about life.
Subscribe to the show notes at affordanything.com/shownotes
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Dec 21, 2021 |
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Ask Paula: How Do I Make Sure I Don't Spend the Money I've Invested?
4023
#354: Charlie in Cali has enough money saved to pay cash for a house, but she and her husband decided to finance their home, instead. They’d rather invest the money and arbitrage the spread. But one problem: how can they keep themselves from touching this investment?
Jay is choosing between Fidelity and M1 Finance, and has questions about tax loss harvesting.
Nicole and her siblings will be inheriting some properties that they eventually plan to sell. How should they set up or organize these properties among so many owners? Should one person take the lead? Do they need a shared business account? Also, how should they evaluate a property and make sure they get a good deal when they sell?
Ed owns three homes, two of which he plans to sell in the next few years. He plans to live in them long enough to establish residence and take the capital gains exemption when they sell. Is his plan for handling the taxes solid?
We answer these four questions in today’s episode. Enjoy!
Subscribe to the show notes at https://affordanything.com/shownotes
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Dec 16, 2021 |
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The Secret to Perfect Timing
5190
#353: Daniel Pink joins us to discuss an unusual theory:
(1) that our energy rises, falls, and then rises again; (2) that this pattern plays out across our days (morning energy, afternoon slump, nighttime second wind); (3) this also plays out across our lives, with serious implications for how we spend those “muddled middle” years of our 30’s, 40’s and 50’s.
Get the show notes delivered to your inbox by visiting https://affordanything.com/shownotes
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Dec 09, 2021 |
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Ask Paula: Should I Pull Money from My Emergency Fund to Invest or Pay Off Debt?
4400
#352: Anna and her husband have volatile income, but Anna thinks that having 18 months of living expenses is unnecessary. She’s torn between paying off her student loans ($30,000) or investing the money. Mentally, she always figured she would pay off her debt first, but wouldn’t investing pay off in the long run?
Charlotte and her husband are taking a phased approach to financial independence, where they need to bridge two gaps before they each turn 59 ½. How can they calculate how much they need at each phase?
Elle has a retirement plan in place, but her company is adding a Roth 403(b) option soon. Should she stay the course or adjust her strategy in these last five years before retiring?
Sara wants to purchase land and build her dream house by refinancing her rental property and turning her current home into a second rental. How can she improve this plan?
Joe Saul-Sehy, my friend and former financial planner, joins me to tackle these questions on today’s episode.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it at here and we’ll answer them in a future episode.
Get the show notes delivered to your inbox by visiting https://affordanything.com/shownotes
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Dec 03, 2021 |
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The Six Myths of Productivity
4701
#351: Geoff Woods, Vice President of The ONE Thing and host of The ONE Thing podcast, is an expert on ruthless prioritization, habit development, and goal setting.
The simple framework he presents allows you to focus deeply and commit to the actions you need to take if you want to take your productivity to the next level this year.
Get the show notes delivered to your inbox by visiting https://affordanything.com/shownotes
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Dec 02, 2021 |
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Ask Paula: How Much Should We Spend on a Wedding?
4024
#350: Anonymous and her husband have set themselves on the path of saving for retirement. But an old mistake haunts them: a financial planner convinced them to buy a mix of whole and term life insurance, which costs them $700 per month. Do they need whole life insurance, and where else can they save their money?
Mike has $60,000 in cash earning one percent interest. He has plans to buy a home and get married in three to five years. Where else can he put his cash to earn a little more? Is the stock market too risky for such a short time horizon?
Anonymous and her future husband are wondering: what’s a realistic amount to spend on a wedding?
My friend and former financial planner Joe Saul-Sehy joins me to answer these questions on today’s episode. Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
To subscribe to the show notes, go to https://affordanything.com/shownotes
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Nov 23, 2021 |
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A Candid Conversation with Mr. Money Mustache & Paula Pant
4329
#349: A frank and candid conversation about life, dead-lifting, and enjoying the hell out of doing meaningful work.
For more information, visit the show notes at https://affordanything.com/episode349
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Nov 19, 2021 |
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Ask Paula: How Should We Invest to Retire By Our Mid-40’s?
4517
#348: Aja’s mom is 75 and has to take required minimum distributions from her IRA. She doesn’t need the money. Where should she put it?
Anonymous from MA is flummoxed by HSA-compatible health plans. His copay and deductible are awful, and even bronze plans seem better. Are HSA plans overrated, or does the math work out?
Julia and her husband, both 27, want to retire by their early to mid-40s. Is there a point at which they should stop contributing to tax advantaged accounts and only contribute to taxable accounts?
Ileana and her family like their home, but it needs to be bigger. A cash-out refi didn’t give them enough funds for their dream renovation. Should they put their money into the market in the hopes that it will grow large enough to fund a future renovation? Or should they move into a bigger house, rent out their house, and fix it up years down the road?
Nick has a seasonal business. Can a sweep account help stabilize him?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information, visit the show notes at https://affordanything.com/episode348
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Nov 09, 2021 |
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The Radical Invention of the Index Fund, with Robin Wigglesworth
3448
#347: Back in the 1960’s, Jack Bogle thought that actively-managed mutual funds performed better than a passive indexing strategy.
He pseudonymously published a paper saying so.
But academic data from the University of Chicago challenged his preconceived notions. He attended seminars that showed how the drag on returns that come from management fees and trading costs, coupled with the reality that the bulk of gains come from a hard-to-predict handful of equities (a concept known as “skew”), lead to index funds holding long-term outperformance.
At the time, index funds were only available to major institutional investors. Regular folks couldn’t access these winners.
And that might have continued for a long time …
… except history turned on a dime.
In the early 1970’s, Jack Bogle got fired. Rather than accept defeat, he turned into a renegade. He launched Vanguard and began offering index funds to ordinary individual investors.
And the rest, as they say, is history.
In today’s episode, we learn about the revolutionary ideas that paved the path to passive investing.
We learn about the radical invention of the index fund.
We discover the drama, the tenacity, the betrayal and redemption behind it.
And we discover the lessons that the history of the index fund holds.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode347
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Nov 05, 2021 |
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Ask Paula: How Can We Reach Financial Independence by 35?
3959
#346: Pensions make Chad uncomfortable, to the point of quitting his job to roll his $175,000 over to an IRA. Is the 12 percent match his employer offers good enough to beat the two percent growth of his pension? Or should he leave and never look back?
Anonymous and his wife have $275,000 saved and a child on the way. They’re 27 and want to reach financial independence by 35. They want to buy a house, but with this crazy market, what’s the smartest way for them to use their savings?
Anonymous and his wife are 30 and hope to reach financial independence in five years. They want to know: is a taxable brokerage account the best place for their leftover $1,000 after they max out their pre-tax 401k contributions?
Norm wants to buy a house in cash and doesn’t want his name on public record. Is it possible for him to stay anonymous?
Sharon called in on episode 336 and called back to clarify her question. Her husband purchased a below-market property which has a cap that limits how much they can sell it for. Should they keep the home, or sell it, even if they can’t get the full price for it?
Joe Saul-Sehy, my friend and former financial planner, joins me to tackle these questions on today’s episode.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information, visit the show notes at https://affordanything.com/episode346
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Nov 02, 2021 |
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How to Understand Your Medical Bill, with Marshall Allen
3122
#345: Let’s talk about one of the biggest expenses you might ever encounter: health care costs.
When you get a hospital bill, do you understand it? After all, it looks like it’s written in code (and sometimes it literally is).
How do you know if the bill is accurate? Has everything been coded properly? Are you being charged for the services that you actually received?
If you need to dispute an item, what’s the process?
Pulitzer Prize finalist Marshall Allen joins us to shed light on the complex world of medical billing. He breaks down the “explanation of benefits,” describes a step-by-step process for obtaining your medical records, and explains an actionable plan for how to contest a bill.
If you’ve ever felt overwhelmed by the complexity of your health care bills, you’ll learn a lot from this concise, informative episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode345
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Oct 26, 2021 |
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Ask Paula: I’m Bored at Work, and I’m 14 Years from Retirement; Should I Tough It Out?
3766
#344: Russell’s job offers the option to contribute to a 457 plan. Since he’s in the highest tax bracket, should he take advantage of the tax deferral offered through the 457 or invest within a taxable brokerage account?
Anonymous is on track to be financially independent in 14 years, but isn’t living up to her potential working a boring job. How can she live up to her potential and do more without sacrificing her quality of life?
C wants to know what tax implications she should consider before working remotely from abroad?
Daan is wondering if he should stake or lend his current cryptocurrency portfolio to make additional gains on assets he plans to hold long-term?
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information, visit the show notes at https://affordanything.com/episode344
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Oct 19, 2021 |
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Are We Heading for a Housing Crash in 2022?
3805
#343: The real estate market in 2021 has been bonkers.
That’s the technical term.
From 2012 to 2020, home prices nationwide rose at an annualized average of 5.8 percent per year.
From April 2020 to April 2021, home prices climbed 17.2 percent.
This sudden surge in prices has many homeowners and would-be investors fearful of a crash. The memories of the stark price run-up prior to The Great Recession are all too salient.
What goes up must come down, right?
Not exactly. In this episode, we walk through market fundamentals — discussing housing supply, lumber prices, and the distinction between cheap credit vs easy credit — to illustrate how today’s market is unlike anything we’ve ever seen.
More importantly, we offer tips for everyone —whether you’re a renter looking to get into your starter home, an empty-nester looking to downsize, an owner-occupant who wants to lock in your gains, or a curious aspiring investor who wonders if it’s too late.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode343
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Oct 11, 2021 |
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Ask Paula: How to Make Smarter Real Estate Decisions
4467
#342: Russell is a busy professional who’d like to invest passively in real estate. Is there data he can use to compare this approach to owning and managing their own properties?
Laura wants to purchase her first investment property in Miami. Should she cash out some RSUs and stock from her company to use as a down payment? And what type of mortgage is she eligible for since she already owns a home?
Jordan and his wife own three properties and are under contract on a new house since they have a new baby on the way. Should he sell any of his existing properties to be in a stronger cash position, thus mitigating the risk of future fluctuations in his income as a real estate broker? Or should he keep his rental properties since his goal is to reach financial independence through rental income?
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information, visit the show notes at https://affordanything.com/episode342
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Oct 04, 2021 |
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Courage and The Consequences of Inaction, with Ryan Holiday
3581
#341: Imagine a line.
Cowardice exists at one extreme end of that line. Recklessness exists at the other extreme end.
And in the balanced middle, you’ll find courage.
Today’s conversation is about courage. We’re not talking about inspiring physical acts of bravery in this episode; rather, we’re discussing moral and social courage.
The type of courage you need to make an investment. Buy a rental property. Invest in stocks. Start a business or side hustle. Retire early. Travel overseas. Have a difficult but diplomatic conversation. Express your feelings constructively rather than bottling them up inside. Raise an issue with immediacy rather than hesitation. Break bad news to someone. Ask for help. Launch an initiative. Try something new.
We’re talking about the type of courage that’s required to become a better, bigger person in your work, your relationships, your life.
We’re having this conversation with Ryan Holiday, the bestselling author of a series of books on Stoic philosophy.
Enjoy.
Resources Mentioned: Courage is Calling, by Ryan Holiday affordanything.com/realestate affordanything.com/viplist
For more information, visit the show notes at https://affordanything.com/episode341
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Oct 02, 2021 |
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How to Make $1 Million in Business with No Employees, with Elaine Pofeldt
4805
#340: Imagine this:
You start a side hustle. Maybe you sell planners or lead workouts in the park.
You make a few thousand dollars during your first year. It’s fun beer money, but not enough to quit your day job.
But you keep growing. You run this as a one-person operation, though you bring on freelancers or independent contractors.
Your revenue grows into the five figures. Then six figures. After a few years, you’re running a one-person, million dollar company.
This sounds like a pipe dream, right?
But it’s the true story of Laszlo Nadler, who created a line of planners and calendars. It’s the true story of Stacy Berman, who started leading 5:30 AM fitness bootcamp classes in the park.
And it’s the true story of hundreds of other solopreneurs interviewed by business journalist Elaine Pofeldt, who took a deep-dive look at the lives and businesses of entrepreneurs who run companies that gross more than $1 million, but have no employees.
In today’s episode, we take an inside look at the secrets behind one-person, million-dollar businesses.
If you’ve ever considered starting a side hustle or business of your own, don’t miss this.
This episode originally aired in March 2019.
For more information, visit the show notes at https://affordanything.com/episode340
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Sep 29, 2021 |
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How to Invest in Real Estate, Debt-Free, from Thousands of Miles Away, with Rich Carey
4818
#339: Have you ever thought, “I’d like to invest in rental real estate but there are no cheap properties in my area!”
“Homes in my city are too expensive. I’d have to invest out-of-state, but that sounds terrifying.”
Or have you ever thought, “I’m curious about real estate but I’m not a fan of the idea of taking on all that debt.”
Today’s interview is right up your alley. We talk to Rich Carey, who bought 20 single-family rental properties in Alabama, totally debt-free, while stationed in Germany and South Korea.
He invested not just out-of-state, but entirely from outside the country.
He bought his properties free-and-clear. And he did it on a military salary while raising two kids.
This interview originally aired in June 2018. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode339
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Sep 24, 2021 |
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Why Investors Need a Latticework of Ideas, with Morgan Housel
3862
#338: This month, we’re running four episodes based around the four pillars of F.I.R.E. — financial psychology, investing, real estate and entrepreneurship.
Today’s episode, which originally aired in April 2018, offers advice to investors who want to sharpen and hone their competitive edge.
Here are three lessons from this conversation with investment writer Morgan Housel:
Lesson #1: Great investors need patience and humility.
Lesson #2: Read broadly.
Don’t just read books about finance and investing. Read from a broad multi-disciplinary array of subjects, so that you can form a latticework of ideas.
Lesson #3: Play a strong defense.
On the surface, it seems like playing defense is a conservative strategy. Emergency funds and a strong income-producing allocation, for example, both sound conservative.
But in the long-term it could prove to be the opposite.
Enjoy this interview, which originally aired in April 2018.
For more information, visit the show notes at https://affordanything.com/episode338
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Sep 14, 2021 |
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Habits are Overrated, with Kristen Berman
3686
#337: Meet Kristen Berman, a top researcher in the field of behavioral economics. She’s the co-founder of Irrational Labs, which designs products that are evidence-based in the behavioral sciences.
Her co-founder, Dan Ariely, is the James B. Duke Professor of psychology and behavioral economics at Duke University, and one of the most famous behavioral economists in the world.
Here are some of the (counterintuitive!) ideas that Kristen shares:
Habits are overrated. Automate instead
Budgeting doesn’t change your spending behavior
Commit in advance
Forget about the outcome
Focus on the process
You need accountability
Think about the Three B’s: behavior, barriers and benefits
Tune into this episode to hear Kristen elaborate on these research-backed, evidence-based ideas about how to improve our spending, saving and investing habits.
For more information, visit the show notes at https://affordanything.com/episode337
*Note: This interview originally aired in October 2019.
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Sep 08, 2021 |
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Ask Paula: Should We Sell a Condo if We’re Barely Breaking Even?
4421
#336: Anonymous and his partner have a one-bedroom condo that they rent out in Pasadena, CA. The problem? They’re barely breaking even. Should they keep the condo, or sell it and make better use of the profits?
Sam wants to know: how much of an emergency fund does a rental property need?
Michael and his wife expect their taxable income to be less than $10,000 this year. Should Michael (age 56) take distributions from his 401k to minimize or eliminate their income tax burden?
Shanon wants to switch to an ethical bank with values that align with hers. How can she create a framework for making decisions about financial institutions when authentic information is scarce?
Sharon's husband purchased a property with a below-market loan in 2008. They now have an extra $4,000 per month, and Sharon wants to buy a property as a first-time buyer. They're torn between keeping the property or selling it. What should they do?
Former financial planner Joe Saul-Sehy joins me to answer more of your questions.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information and resources, go to https://affordanything.com/episode336
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Sep 03, 2021 |
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What You Think You Want vs. What You Really Want, with Luke Burgis
4014
#335: Have you ever spent years studying the wrong major, climbing the ladder at the wrong company, chasing the wrong career?
Have you spent years living in the wrong city? Wrong relationship? Wrong lifestyle?
It’s hard to discern what *we think we want* from what we really want.
Society teaches us what we’re “supposed” to want. And we follow along.
The result is keeping up with the Joneses. It’s the hedonic treadmill. It’s lifestyle inflation. And it causes conflict, both within ourselves and with others.
Today’s guest, Luke Burgis, discusses mimetic desire — how our “wants” are imitative — and how we can find our deeper truths.
For more information, visit the show notes at https://affordanything.com/episode335
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Sep 01, 2021 |
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Ask Paula -- What Paintbrush Did Michelangelo Use? (said no one ever)
3824
#334: In today’s episode, we answer three questions from a college senior named Rafael.
He asks about productivity tools and tactics, student debt, Robinhood and market investing, and how to establish yourself as an expert in a given domain.
We answer his questions by widening the lens.
People often ask about productivity tools. “Do you use Asana or Trello?” But nobody asked Michelangelo what paintbrush he used to paint the Sistine Chapel. The discussion around tools misses the point, which is to master the craft.
Sure, we answer his direct, overt questions. But we also dive deeper, refining these topics and exploring the questions *behind* his questions.
This is an episode in which we peel layers off the onion.
For more information, visit the show notes at https://affordanything.com/episode334
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Aug 25, 2021 |
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The End of Recessions?, with Ben Carlson
3934
#333: In the 1890s and early 1900’s, we had recessions every two years.
From 2009 to 2020, we enjoyed an 11-year bull run, the longest bull run in history. And when we finally had a recession, it lasted only two months. It was the shortest recession in U.S. history.
The duration between recessions is growing longer (these days, we average 10 years between recessions, as opposed to two years at the turn of the previous century).
And when recessions strike, we recover faster. The average length of recessions is growing shorter.
What does this mean? If we project these trends into the future, are we bound for the end of recessions?
That’s the question that kicks off this discussion with Ben Carlson, Director of Institutional Asset Management at Ritzhold Wealth Management and the host of the Animal Spirits podcast.
For more information, visit the show notes at https://affordanything.com/episode333
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Aug 18, 2021 |
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Ask Paula: What’s the Point of Financial Independence if I’m Not Going to Retire?
3682
#332: Ginger’s financial independence (FI) number is $2 million, but she doesn’t want to fully retire early. Once she hits ‘coast’ FI, she wants to 1) buy her time back with outsourcing, 2) take a mini-retirement, and 3) buy a vacation home. Does it make sense for her to divert retirement contributions to these goals, or should she aim to save $2M?
Wilson plans to have a two percent withdrawal rate in retirement. Given this low rate, should he go all-in on stocks? Or should he split up his retirement funds and invest one half conservatively and the other half aggressively?
Jennifer has a low-stress doggie-daycare, but she needs a bigger space to scale up. How the heck can she find a property to suit her needs in Austin, TX?
My friend and former financial planner Joe Saul-Sehy joins me to answer another round of listener questions.
(If you have questions on business, money, trade-offs, financial independence strategies, travel, or investing, leave them here and we’ll answer them in a future episode.)
For more information, visit the show notes at https://affordanything.com/episode332
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Aug 12, 2021 |
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Four Thousand Weeks, with Oliver Burkeman
3284
#331:
Four thousand weeks.
That’s how long we live if we’re lucky enough to celebrate our 80th birthday.
We rarely think of our lifespan in terms of weeks. When we do, it seems painfully short.
And that’s the point that Oliver Burkeman, author of Four Thousand Weeks, wants to drive home.
Rather than fight a losing battle against time, Oliver recommends that we embrace our cosmic insignificance, redefine what a meaningful life looks like, choose what to fail at, burn bridges, and ruthlessly limit our works-in-progress.
If the financial independence movement is a rebellion against trading the rest of our limited time for pay, Oliver’s unconventional view on time management is a rebellion against trading the rest of our limited time for an illusion of productivity.
For more information, visit the show notes at https://affordanything.com/episode331
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Aug 07, 2021 |
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Ask Paula: How Do I Know If I’m Ready to Retire?
3289
#330: Linda is 58 and wondering how to account for her Social Security benefits when thinking through the 25x expenditure equation. Her expected expenses are $100,000 - $150,000. How can she figure out if she’s ready to retire?
Alise has dreamed of living abroad for long periods of time and wants to buy a property in Portugal before the minimum spend requirement increases. Should she go through with this, or is there another way to gain dual citizenship or travel abroad for long periods of time?
An anonymous lawyer from Colorado has $250,000 in a SEP-IRA account that’s invested in mutual funds with fees ranging from 0.61 percent to 1.06 percent. Fees on these funds are projected at $200,000 over the next 20 years. Should he and can he transfer these funds to another SEP-IRA account? What are the consequences of doing that?
Mr. Man is eligible to retire with a full pension, health benefits, and social security at age 48. He has 20 years to go. Should he include his pension and social security benefits in his financial independence plan, or think of them as extras?
Former financial planner Joe Saul-Sehy joins me to answer more of your questions.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
For more information, visit the show notes at https://affordanything.com/episode330
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Aug 02, 2021 |
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Challenging Your Confirmation Bias, with Economist Larry Kotlikoff
3903
#329: Have you ever thought about how an economist views financial planning? Would you guess that it's vastly different from how some financial planners approach this work?
Today's guest, Laurence Kotlikoff, is a Professor of Economics at Boston University. The Economist named him one of the world's 25 most influential economists in 2014. Professor Kotlikoff has written 19 books, and hundreds of professional articles and Op-Eds.
He's here to explain why economists take a different view than financial planners on investing, retirement planning, and risk mitigation.
For more information, visit the show notes at https://affordanything.com/episode329
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Jul 29, 2021 |
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Ask Paula: I’m on the Verge of Retirement and My Taxes are Rising … Help!
3666
#328: Sarah O Sahara’s parents sold their rentals and business of 24 years. They’d like to create a trust for their grandkids with boundaries in place to avoid entitlement. How should they structure this trust?
Anonymous in Canada has a fully paid off condo that she wants to turn into a rental once her new townhome is ready. Should she mortgage against the condo to reduce the mortgage on her townhome? Are there any tax benefits to having a mortgage on a rental?
Luis’s wife wants to start moonlighting in her field. Can she open and contribute to a Solo 401k even though she has a TSP account with her 9-to-5 employer?
Russell and his partner want to emigrate to Canada in the near future. Should they move their investments into Canadian funds?
Renee and her husband are in their 60s, and most of their retirement funds are in pre-tax accounts. They have federal tax credits they’d like to use to move these funds into taxable accounts. Is this a sound strategy?
My friend and former financial planner Joe Saul-Sehy joins me once again to answer your questions. Enjoy!
(Have an investing, entrepreneurship, lifestyle, or decision-making question you’d like us to answer? Submit it here!)
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Jul 21, 2021 |
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Decoding Greatness, with Ron Friedman, Ph.D
3805
#327: The stories of success that highlight talent and hard work don’t tell a complete picture. The best artists, athletes, and entrepreneurs don’t always have innate talent. Not all of them have put in 10,000 hours of practice. What sets them apart is their framework for learning.
Award-winning social psychologist Dr. Ron Friedman discusses his new book, Decoding Greatness, which answers the question, “why are some people so good at what they do, and what can we learn from this?” You’ll learn how to harness the power of reverse engineering, create a collection of masterworks from the best in your industry, and why practicing in three dimensions improves performance.
If you have a specific skill set you want to develop or improve, tune in for Dr. Friedman’s framework for developing greatness.
For more information, visit the show notes at https://affordanything.com/episode327
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Jul 14, 2021 |
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Ask Paula: The Dangers of Frugality
3873
#326: Anonymous is struggling with being too frugal, possibly to the detriment of her health. I mentioned in a previous episode that I struggled with frugality for a long time. She wants to know: in what ways was frugality a hindrance or an asset, and how did I get myself out of such a frugal mindset?
John and his wife aren’t sure how much they should contribute to their daughter’s Ohio 529 plan. They want her to graduate from undergrad debt-free, but they imagine she’ll get help from scholarships and that she’ll work as a teenager. How much is enough?
Rafael just got a job as a 1099 sales associate and is wondering how the heck to calculate what he’ll owe in taxes.
Rafael has a second question: he opened an account at Vanguard in December 2020 and noticed that he could still contribute to that account for the first few months of 2021. Which year should he have focused on contributing to?
Elizabeth has two rental properties: one that’s paid off and profitable, the other which shows a loss. If she put her profitable rental into an LLC, could she still combine the rent from both properties?
My friend and former financial planner Joe Saul-Sehy joins me to answer another round of questions.
By the way, if you have questions on business, money, trade-offs, financial independence strategies, travel, or investing, be sure to leave them here and we’ll answer them in a future episode.
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Jul 07, 2021 |
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Bitcoin for Beginners
3362
#325: Okay, so everyone and their dog is talking about Bitcoin — but what exactly is it? And what’s Ethereum? If you’re feeling lost in the topic and confused by the jargon, start with this episode in which we cover the basics about blockchain technology and cryptocurrency.
For more information, visit the show notes at https://affordanything.com/episode325
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Jul 02, 2021 |
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Ask Paula: I Make $50,000; How Can I Buy a House?
4454
#324: Rob and his fiancé are grappling with what to do about her $400,000 of federal student loan debt. Should they pay it off immediately, or bank on a 20-year dismissal?
“Nurse Dreaming of FI” isn’t sure what her family’s next financial move should be. She’s torn between investing extra money into index funds, or using it to buy a fix-and-flip. Her goal is to make work optional. Which path will lead her there?
Daniel recently discovered the financial independence retire early (FIRE) movement and got a job earning $50,000 per year. He wants to househack a duplex to get closer to FIRE, but how the heck can he find anything in this seller’s market?
Anonymous and her husband have 457s with the City of Chicago. However, they found out that Illinois has a horrible credit rating. How can they - and should they - protect their funds? How much should they rely on their pensions?
Nick is curious: how have my views on wholesalers changed over the years, and why?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions today.
For more information, visit the show notes at https://affordanything.com/episode324
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Jun 28, 2021 |
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What's in Store for the Economy and the Future of Work?, with ChooseFI hosts Brad Barrett and Jonathan Mendonsa
5288
#323 Brad and Jonathan from ChooseFI join us for a deep philosophical and practical discussion around what we learned from 2020. We explore...
What the pandemic taught us about work, finance, and life
The importance of being mentally and logistically nimble and flexible
The distinction between directionality vs methodology
What we’ve learned about how to get a job, what type of education to get, and what to do with the rest of our lives
For more information, visit the show notes at https://affordanything.com/episode323
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Jun 21, 2021 |
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Ask Paula: If I Retire at 50, How Do I Bridge the Gap?
4653
#322: Jess wants to reach financial independence by the time she’s 50. But she’s worried that she doesn’t have enough money in cash or taxable brokerage accounts to bridge the gap in her first few years of retirement. What moves should she make, if any?
Yisell wants to invest money now. Should she cash out her $70,000 pension in hopes to generate more than the $1,000 per month she’s guaranteed from it?
Abbey is 22 and she would like to go back to graduate school for nurse anesthesia. Should she save up and pay for it in cash, or invest her money and take out federal loans?
Eliana enjoyed our interview with Paul Merriman on the two-fund portfolio. She’s curious about what growth stocks and value stocks are, and how they fit into a passive index fund investing strategy.
Finally, Sneezy wants to know: why aren’t stocks a good hedge against inflation?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode322
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Jun 18, 2021 |
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How to Transition to Your Dream Career, with Ashley Stahl
4304
#321: Have you dreamed of making a career transition, only to realize you have no idea where to start, who to talk to, or how to convey your skills to interviewers? Career expert Ashley Stahl has the information you need to take control of your career and pivot into something new.
Ashley struggled with this, too -- but in the process, she figured out a system for identifying someone’s core skills and core nature to find a career and company more aligned with both.
She also chats about the 10 core skill sets you can use to propel your career forward; the five root causes of burnout and what to do about them; and four sabotaging job hunting myths that can hold you back.
If you enjoyed our interview with Gorick Ng, you’ll like this one.
For more information, visit the show notes at https://affordanything.com/episode321
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Jun 08, 2021 |
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Ask Paula: Thinking about Money from First Principles
4900
#320: Rob is hoping to retire at age 60, but he has a pesky mortgage balance he wants to eliminate beforehand. He and his wife expect to inherit $300,000. Should they use this money to pay off their mortgage or should they bulk up their retirement accounts?
Another anonymous caller has two separate questions. One is about the tax efficiencies of ETFs vs. mutual funds, while the other is about Ginny Mae funds and whether there are bond funds that have an inverse relationship with equities.
Priya is looking for information on home equity loans: where can you get the best terms, and what are the disadvantages? Additionally, she’d like to know which city is best for rental investing: Atlanta, Dallas, or Raleigh?
My friend and former financial planner, Joe Saul-Sehy, joins me on the show to answer your questions. Let’s dive in!
For more information, visit the show notes at https://affordanything.com/episode320
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Jun 04, 2021 |
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The Scout Mindset, with Julia Galef
4063
#319: Julia Galef is an acclaimed expert on rational decision making. She’s hosted the Rationally Speaking podcast for the last decade, and she’s passionate about good reasoning. Her book, The Scout Mindset, highlights the importance of looking at situations objectively and honestly. This is something a lot of people struggle with -- humans are often irrational -- but Julia argues that this is a skill that we can develop with self-awareness.
In this interview, she shares the difference between what she calls a soldier mindset versus a scout mindset. She explains why we often default to the soldier mindset of defending ideas we desperately want to believe, and details several thought exercises that we can use to instead train our brains to scout for the truth.
Good decision making and ensuring you look for high quality sources of information can help when weighing trade-offs, and it can also save you from making costly investment mistakes. Julia and I also discuss specific examples of when having a scout mindset can prevent you from risk of ruin.
For more information, visit the show notes at https://affordanything.com/episode319
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Jun 01, 2021 |
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Ask Paula: How to Think About Finances at the 30,000-Foot Level
3610
#318: Joe is a new real estate agent and he’s looking for ways to save. Is opening a SEP IRA a good account when you’re no longer a W2 employee?
Grace has a similar concern: she’s a tutor, but she’s paid as a contractor. Should she forget about her Vanguard brokerage account and open a SEP IRA or Solo 401k?
Kim is newly divorced and celebrating the freedom to make her own financial decisions. She’s struggling to make a living -- also as a new realtor -- and wants to get started with real estate...but how can she do that on limited funds?
Kim also wants to know: should she move her funds from an actively managed Fidelity IRA to a Vanguard Roth IRA?
Chaz is 22 and has $2,100 - $2,500 left each month to put toward savings. Where should he keep this money if he’d like to move out-of-state in the near future?
Anonymous just got a raise, and while awesome, it might push her income to a level that prohibits her from making full Roth IRA contributions. Should she make a partial contribution this year, or start adding money to a Traditional IRA to do a backdoor conversion?
My friend and former financial planner, Joe Saul-Sehy, joins me to tackle these questions. Let’s dive in!
For more information, visit the show notes at https://affordanything.com/episode318
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May 25, 2021 |
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How to Win at Work & Succeed at Life, with Michael Hyatt & Megan Hyatt Miller
4032
#317: What if work and life can coexist together - without enormous trade-offs? What if all you have to do is ruthlessly prioritize within each area and manage the rest with automation and delegation?
If it sounds like a pipedream, it’s not.
Guests Michael Hyatt & Megan Hyatt Miller, authors of Win at Work & Succeed at Life, share how work/life balance is more achievable than you think. They also discuss how constraints increase productivity, why working over 40 hours a week can harm your mental and physical health, why rest is critical, and how self-care can give you an edge at work.
For more information, visit the show notes at https://affordanything.com/episode317
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May 19, 2021 |
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Ask Paula: I Doubled My Investments During the Pandemic. What Should I Do Next?
4901
#316: Pauly from Portland doubled the inheritance money he received from $50,000 to $100,000 during the pandemic. Now he’s wondering if it’s okay to use this $100,000 as a downpayment on a home in Portland. Is that a wise use of the money?
Preethi accidentally withdrew funds from her Roth IRA as an excess distribution, and she’s already filed her taxes. What should she know for tax time next year?
Michele wants to reach financial independence (FI), and her grandparents are leaving her their house. She already owns a home, and she’s torn between six potential options that will propel her toward FI. What should she do?
Casey is in the market for a second rental property and wants to know: would we recommend purchasing a rental in a complex where she already owns a condo? Or should she diversify into a different complex in a different, nearby, more stable town?
Fred doesn’t have access to a workplace retirement plan. Besides opening a Roth IRA, what else can Fred do to juice up his retirement savings?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode316
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May 11, 2021 |
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The Science of Behavioral Change, with Katy Milkman
3804
#315: Do you ever grapple with the differences between your present self and your ideal self? Katy Milkman, host of the Choiceology podcast and the James G. Dinan Professor at The Wharton School of the University of Pennsylvania, shares the science of getting from where you are now to where you want to be. Her new book, How to Change, is a “science-based blueprint for achieving your goals, once and for all.” In this discussion, Katy reveals 1) why your strategy is key to making lasting change, 2) how we can pick the right strategy for our circumstances, and 3) the handful of science-backed tactics that bridge the gap between our present selves and ideal selves. For more information, visit the show notes at https://affordanything.com/episode315
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May 07, 2021 |
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Ask Paula: I’m Worried About My Parent’s Retirement. What Should I Do?
4776
#314: Briale opened a Variable Annuity inside a 403b at work when she was 23. She has 17 years to go before retirement. As an elementary school teacher, her pension will be $6,000 per month. Should she stop contributing to the annuity and contribute to a Roth IRA instead?
Hunter put a credit freeze on his two children’s credit, which required sending each credit union documentation via mail. Experian and TransUnion confirmed the credit freeze, but Equifax didn’t. Upon calling, the representative gave Hunter a different mailing address for the documents. What should he do?
Debi has an extra $1,000 each month and isn’t sure where to save it. She also has $10,000 in a CD which will reach maturity in August 2021. Her goal is to buy a residence in the next five years. Should she save this all for a downpayment?
Anonymous is concerned about her parents retirement portfolio. Their advisor charges a fee of 1.5 percent assets under management. Her parents are frugal and they don’t realize how much they’re paying. Should she talk to them, or drop the issue?
Sarah isn’t sure whether she should put more of her savings towards a Roth 401k or a 529 fund for her future kids. Which option is best if she wants financial flexibility?
My friend and former financial planner Joe Saul-Sehy joins me once again to tackle these questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode314
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May 05, 2021 |
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The Unspoken Rules that Could Cost You Thousands, with Gorick Ng
5019
#313: Do you know the unspoken rules about how to get ahead in your workplace or industry (and as a result, how to earn more)?
Unspoken rules, and the corresponding social norms, create a major impact in how we’re perceived in the workplace -- and therefore how often we’re promoted.
But these rules are rarely taught.
Managers expect us to understand these implicit rules, but they never explain them to us.
How are we supposed to succeed?
Gorick Ng, a career advisor at Harvard who specializes in working with first-generation, low-income students, shares his wisdom on navigating the workforce at all stages of your career.
His advice can help you make more money, get promoted, and accelerate your ability to save and invest.
For more information, visit the show notes at https://affordanything.com/episode313
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Apr 28, 2021 |
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Ask Paula: How Should I Invest $5,000 Per Month?
4906
#312: After paying basic living expenses and maxing out their 401k’s and Roth IRAs, Caroline and her partner have $4,000 - $5,000 left each month. Where should they put this money if their goal is to simply have their money work harder for them?
Sanjay is torn between selling his townhome or renting it out. The rental numbers don’t work on his 15-year mortgage -- should he refinance to a 30-year mortgage instead?
Kyle wants to construct a portfolio with the highest Sharpe ratios and wants to know: would the risk parity model work? What are the downsides?
G is curious: does the stimulus check received for their children count as earned income for the kids? If so, can they put it toward the Roth IRAs they opened for their children?
Anonymous has two unrelated questions: what are our thoughts on the housing market in relation to the moratoriums on mortgage payments and emergency bans on evictions? What will happen when they go away? Additionally, what tools, questions, or resources do we recommend to have a productive financial conversation with your partner?
Finally, another anonymous caller wants to know: do they need to submit receipts for the HSA contributions they make?
My friend and former financial planner, Joe Saul-Sehy, joins me as usual to tackle these questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode312
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Apr 19, 2021 |
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The Surprising Solution to Overthinking, with Jon Acuff
4290
#311: Do you find yourself overthinking and getting stuck in unproductive thought loops?
According to a study commissioned by today’s guest, 99.5 percent of 10,000 people said they overthink. Chances are, you can relate.
That guest is Jon Acuff -- a New York Times bestselling author who loves to nerd out about goals. In this discussion, he shares 10 signs you're overthinking, explains the differences between overthinking and being prepared, and presents a framework called the three R’s (retire, replace, repeat) that can transform your destructive thought loops into healthy soundtracks.
For more information, visit the show notes at https://affordanything.com/episode311
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Apr 12, 2021 |
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Ask Paula: What Should I Do With $25,000?
5019
#310: Greta is tired of financial modesty. She wants to achieve financial independence through diversified income streams, and has her eyes set on owning local duplexes. What should she focus on to make this happen? Jeannie wants to know: when should you scale back 401k contributions so you can invest in something else, like real estate?
Steph and her husband came into $25,000 and aren’t sure what to do with it. Should they pay off their student loans, save it towards a house and starting a family, or purchase her company stock options?
J from California is curious: how do you strike a balance between optimization and simplicity in your financial plan?
Dawn has $65,000 in a 403b through Ameriprise and the fees associated with it are outrageous. Should she take the money out and put it elsewhere, or leave it?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these five questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode310
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Apr 07, 2021 |
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Are We Due For Another Housing Market Crash?
2530
#309: Are we in a housing bubble?
Are we going to see a repeat of 2006 all over again?
Are there any good investment deals to be found right now?
These are the questions playing on many people's minds, and we seek to explore the answers in today's First Friday bonus episode.
We start by exploring some of the forces that are at play in today's real estate market. What separates the market of 2006 from the market of today?
In the second half of the episode, Paula explains how and why she chose to buy a duplex in Indianapolis, despite it being a seller's market. There are deals to be had if you know where to look and what to look for. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode309
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Apr 03, 2021 |
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Ask Paula: I Want to Travel After I Retire; How Much Should I Save?
3662
#308: Ziggy purchased an $890,000 property in San Mateo, CA in 2016. After living there for a year, he had to move, so he rented it out. Unfortunately, it’s cash flow negative. Is this property worth holding onto, or should he sell?
Vivek has a paid-off primary residence that he’s interested in renting out for a few years, before selling. He’s worried about capital gains tax – does turning the home into a rental impact the amount he’ll pay?
Anonymous in Virginia wants to travel after retiring, which will increase her expenses for the first seven or so years of her retirement. How can she plan for a higher withdrawal rate at the beginning of retirement, and a lower withdrawal rate in the middle of her retirement?
Given the talk around student loan forgiveness, Jess wants to know: should she pay the minimum on her student loan debt and save the payments she would otherwise make? Or should she keep throwing extra at her higher interest loans?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Let’s dive in!
For more information, visit the show notes at https://affordanything.com/episode308
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Mar 29, 2021 |
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The Tax Risks That Could Blow Up Your Retirement Plan, with Ed Slott
4990
#307: “Taxes are the single biggest factor that separates people from their retirement dreams.”
That’s a quote from today’s guest, Ed Slott, a nationally recognized IRA distribution expert, practicing CPA, and bestselling author. He argues that there’s a high likelihood that tax rates could rise in the future, and as a result, we need to shovel more money into tax-exempt accounts like Roth IRA and Roth 401k’s.
Ed says taxes are one of the biggest threats to our retirement plans, and draws attention to tax events that catch seniors by surprise, such as the so-called “widow/widower” tax. If you’re wondering how taxes could derail your retirement -- and what you should do about it -- you’ll learn an enormous amount from this episode.
For more information, visit the show notes at https://affordanything.com/episode307
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Mar 24, 2021 |
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Ask Paula: How to Shift From Financial Independence to a Mini-Retirement?
4461
#306: Jake and his wife want to retire in five years, at which point they’ll have 14 years before they can access their 401k funds. To help bridge that gap, Jake wants to know: what should their asset allocation look like for their taxable brokerage account?
This year, Kim’s employer enrolled all employees into a “fully funded indemnity program combined with a nationwide direct primary care membership.” What the heck is this program, and how might it impact Kim’s finances?
Burnt Out in Boston is switching their focus from financial independence to taking a mini-retirement. How can they financially and mentally prepare for this leap?
Matthew is torn: should he and his wife -- both 26 -- max out their Roth IRAs and then save up for a rental property, or simply save cash for the rental and worry about their Roth later?
Finally, Deva and her husband are fed up with their messy tenants. They’re kind and responsible, but they’ve left the yard a mess. They have a clause in the lease that addresses this, so beyond that, what can they do?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode306
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Mar 17, 2021 |
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The 7 Steps to Financial Independence + 7 Rules of Investing, with JD Roth
5165
#305: Financial independence is a continuum, a spectrum. How do you know where you stand?
In this episode, financial writer JD Roth discusses the seven stages of financial independence, the seven rules of investing, the formula for calculating your lifetime wealth ratio, and the importance of managing your career as though it’s an asset.
For more information, visit the show notes at https://affordanything.com/episode305
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Mar 10, 2021 |
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Ask Paula: Help! I Can Only Save $200 a Month
4822
#304: Paige and her fiancé have two autumn 2021 goals: save for a wedding and an emergency fund. There’s one problem: they only have around $200 per month to save. How can they grow the gap when they’ve run out of things to cut and ways to earn more?
Kat’s investor friend connected her with a wholesaler who only deals in cash. How can she find $130,000 to buy her subject property?
Anonymous “Countryside Living” is renting their grandparent’s property, which they plan to make their forever home. It’s on the older side and needs renovations, but the repairs don’t need to happen immediately. How can they fund these repairs while also avoiding a mortgage payment in their 60s?
Annalis wants to know whose approach to business I prefer: Gary V’s, or Cal Newport’s? She also asks: how do you become a good speaker?
Anonymous “My Job Pays for My Housing” is planning for financial independence. Given that their employer covers their housing, when should they start looking for a house? Now, or in the last year of their job?
My friend and former financial planner Joe Saul-Sehy joins me to answer these five questions today. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode304
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Mar 05, 2021 |
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A World Without Email, with Cal Newport
5264
#303: Can you imagine living in a world without email? Most of us can’t - how would we get work done? - but this is what Cal Newport advocates for in his newest book, A World Without Email. Cal cites a study that found the average knowledge worker checks various communication tools once every six minutes. At that rate, it’s a wonder we get any work done at all.
Cal argues that modifying our habits (like checking email at designated times) isn’t enough. We need to look for solutions outside the inbox and seek to reduce back-and-forth communication at all costs. If you’re drained by your inbox, we chat about strategies, processes, and systems that can help streamline your work and communication flow.
For more information, visit the show notes at https://affordanything.com/episode303
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Mar 03, 2021 |
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The Financial Benefits of Optimism, with Michelle Gielan
3793
#302: Did you know that optimists worry about their finances 145 fewer days than pessimists? They’re also more likely to save money, and are 7x as likely to experience better financial health.
Michelle Gielan, bestselling author of Broadcasting Happiness, defines optimism “as the expectation of good things to happen and the belief that our behavior matters.”
She shares specific tactics and mindset shifts we can make right now to become more optimistic and resilient, and, in the process, develop a better relationship with stress.
For more information, visit the show notes at https://affordanything.com/episode302
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Feb 24, 2021 |
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Ask Paula: How Can I Reach FIRE in 11 Years?
5251
#301: Amelia is worried that she and her husband are under-insured. Should her husband get a short-term disability policy, even though it’s expensive and they’re unlikely to need it?
Sarah wants to refinance her owner-occupied triplex, but she’s torn between a 15-year and a 30-year option. Which is better in her situation?
Steven just discovered the financial independence (FI) movement in July 2020, and he wants to reach FI in 11 years. He has $30,000 in cash and $26,000 of student loan debt. How should he use his cash given his FI goal?
The South American Anthropologist wants to make a career change. His baby daughter has inspired him to become an example of living life on your own terms. Will his financial independence plan sustain him and his family for years to come?
Annalis and Mike are hunting for their first rental property, but they haven’t found anything nice that meets the one percent rule. Should they purchase a mansion and rent the rooms on Airbnb?
For more information, visit the show notes at https://affordanything.com/episode301
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Feb 16, 2021 |
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The Two-Fund Investment Portfolio, with Paul Merriman
4875
#300: Here’s the deal: Target Date Retirement Funds are simple, automated, easy. The problem? What’s simple might not be optimal. Investment expert Paul Merriman joins us to discuss the two-fund portfolio, a mix of one target date fund and one small cap value fund.
He describes why this could be the ultimate portfolio for buy-and-hold investors who want to boost their returns, without excessive complexity or risk. If you’re wondering what to do with your 401k, tune in.
For more information, visit the show notes at https://affordanything.com/episode300
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Feb 09, 2021 |
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Ask Paula and Joe: Should I Sell My $575,000 in Tesla Stock?
3934
#299: Chris bought Tesla a few years ago and Jinko Solar eight months ago. Both of these have gone up in value by a lot. What tax strategies can he use to sell these shares?
Holly and her three sisters stand to inherit two side-by-side duplexes. How can they structure the ownership of these properties in a fair way?
Eric feels hopeless about health insurance as a self-employed business owner. Are DPCs or healthshares the way to go?
Frank and his wife have a nine-year retirement plan that involves selling their home and moving to Costa Rica. How can they maximize their savings and existing investments to set themselves up for success?
My friend and former financial planner Joe Saul-Sehy joins me to answer these four questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode299
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Feb 05, 2021 |
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How to Talk to Friends about Money, with Erin Lowry
3397
#298: Money conversations with friends, family members, or significant others are unavoidable. Most of us dread these conversations - they’re awkward, heated, or draining.
Erin Lowry, author of Broke Millennial Talks Money, shares tips and scripts for tactfully setting financial boundaries and expectations without drama. If you’re anxious about being in a wedding, splitting the tab with friends, or asking your siblings about taking care of your parents, this episode is for you.
For more information, visit the show notes at https://affordanything.com/episode298
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Feb 03, 2021 |
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PSA Thursday Part II: Let the People Trade!
561
This morning, almost every major brokerage halted trading on the most volatile stocks, including GameStop, BlackBerry, Bed Bath & Beyond, Nokia, and AMC Theaters.
We're in a situation where major trading platforms are blocking retail investors - us - from placing trades, while allowing hedge funds and institutional investors to drive prices.
That is not a free market.
When you don't let people buy, and you don't let people sell, you're locking people out of the game entirely.
Yesterday, I was worried that grandma and grandpa would make the wrong investment choices and irrationally bet their life savings away. Now, they're prohibited from making any choice. 🤯
We deserve the right to make our own trading decisions.
For the latest updates, follow me on Twitter (https://twitter.com/affordanything) or Instagram (https://instagram.com/paulapant; check out my stories). I'm updating there as things unfold.
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Jan 28, 2021 |
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PSA Thursday: Wall Street Bets, GameStop, and the Rise of Meme Stocks
1355
If you blinked, you missed the biggest stock market story since the crash of March 2020. It’s a story that led GameStop, a brick-and-mortar company that sells *physical* video games (remember when games came on 5.25-inch floppy disks?), to skyrocket its share price by 700 percent in two weeks.
It’s a story of short selling, of high-frequency trading, and of individual investors who harbor deep anger towards hedge funds. It’s a story of social media vs. Wall Street ... and the innocent bystanders who get caught in the crossfire. That's the story we cover in today's episode.
For more information, visit the show notes at https://affordanything.com/psathursday
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Jan 28, 2021 |
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Ask Paula: Should I Househack or Pay Off My Student Loans?
4397
#297: George is torn between paying down his student loan debt (which he deferred) or buying a househack. Which is better for his long-term goal of reaching financial independence?
Mario is curious to know: is his two-fund portfolio at a 90/10 split is a good asset allocation for his Roth IRA?
Hanan wants to figure out if a backdoor Roth IRA conversion will work for her. She also wants to investigate whether a Vanguard Institutional 500 Index Trust and a Vanguard Institutional Total Bond Market Index Trust are ideal. Are trusts different from index funds or mutual funds and if so, how?
Vivian is worried about bridging the gap between when she retires and when she claims Social Security. Will her plan of doing a Roth conversion ladder work out the way she hopes?
Lastly, June and her husband netted $400,000 from the sale of some golden parachute ISOs. They want to help their children pay for college and are trying to figure out how to strategically use this money. Should they pay off their home, buy rentals, fund 529s, or Roth their 401ks?
My friend and former financial planner, Joe Saul-Sehy, joins me to answer these five questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode297
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Jan 25, 2021 |
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Investing is the Art of Probabilistic Thinking
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#296: There’s a lot happening in the market. The Dow is at a new high, there are runaway stocks causing irrational exuberance, and yet, unemployment claims are on the rise.
How can this be?
To make sense of this, we discuss how improving judgment and using mental models can protect us against risks and short-term thinking. We review one question people rarely ask that might save them from making costly investment mistakes. We then wrap up with a discussion on the so-called death of cities, and what this means for real estate investors.
For more information, visit the show notes at https://affordanything.com/episode296
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Jan 20, 2021 |
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What Your Childhood Taught You About Money, with Rachel Cruze
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#295: How well do you know yourself and the reasons why you manage money in the way that you do? You might not know at all, or you might have some degree of understanding, but digging into your money story can shed insight on your behaviors with money today.
Rachel Cruze, four-time bestselling author and daughter of Dave Ramsey, shares three frameworks that can help us better understand our money habits.
For more information, visit the show notes at https://affordanything.com/episode295
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Jan 12, 2021 |
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Ask Paula: If I Were to Interview Suze Orman Again Today, How Would It Go?
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#294: Jeffrey is curious: if I were to interview Suze Orman today, would I agree more or less with her thoughts on the financial independence retire early (FIRE) movement?
Matt wants to know: if a property cash flows really well, is it worth paying significantly more than the appraised value to purchase that income stream?
Sara and her husband are returning to the states after living abroad for a few years. They’re moving to an expensive area where three to four bedroom homes cost $800,000+. They have $150,000 saved for a downpayment, but a $600,000 mortgage isn’t what they had in mind. What should they do?
Eva and her partner are squirreling away money before the birth of their baby. They’d like to pay off their $90,000 mortgage in three years, but they’re afraid to use the money in case of unexpected baby expenses. What’s their best move?
Justin and his wife want to take a gap year with their children in three years. They plan to visit Spain and London for six months each. What are unexpected expenses that they should factor into their budget?
Former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode294
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Jan 04, 2021 |
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The One Question That Makes Everything Easier, with Geoff Woods
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#293: Geoff Woods, Vice President of The ONE Thing and host of The ONE Thing podcast, is an expert on ruthless prioritization, habit development, and goal setting.
The simple framework he presents allows you to focus deeply and commit to the actions you need to take if you want to take your productivity to the next level this year.
For more information, visit the show notes at https://affordanything.com/episode293
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Jan 01, 2021 |
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PSA Thursday: Kickoff 2021 with a 31-Day Challenge
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Sign up to take the 31-Day Challenge for an Awesome 2021 at https://affordanything.com/31daychallenge
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Dec 31, 2020 |
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Ask Paula: I’m an Investor Who likes Volatility; What Should I Buy?
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#292: Three Kids, FI has an all-equities broad stock market index portfolio that he’s held for years. He’s confident he can handle maximum volatility, so what investments can he lean into to that will provide him with great long-term returns?
Jordan is a new listener and he has three questions: should he use $100,000 to buy more rental properties or invest in a brokerage account? Should he and his wife upgrade their home and buy a property that’s worth double their current home? And finally, how can self-employed individuals who earn more lower the cost of health insurance?
Alex’s wife lost her job due to the pandemic. They live in Washington state and are married filing separately due to his wife’s student loans. Can he use half of his income to qualify her for Roth IRA contributions?
Sarah rounds out this episode with a concern: a financial advisor told her that investing in VTSAX over-indexes her in large cap funds and technology stocks. Is this true, and what should she do about it?
I answer these four excellent questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode292
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Dec 29, 2020 |
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PSA Thursday - Year-End Tax Moves to Finish 2020
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Welcome back to PSA Thursday, a weekly-ish segment in which we talk about how to handle money, work, and life in the year that is 2020.
Today, we focus on the importance of end-of-year tax planning before you ring in 2021.
We cover these tips:
Open a retirement account
Adjust your tax withholdings
Check your 529 Plan
Make charitable contributions
Why this could be a good year to make a Roth conversion
Spend down the balance in your FSA
For more information, visit the show notes at https://affordanything.com/psathursday
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Dec 24, 2020 |
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How to Command Respect at Work, with Tracy Tutor
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#291: Tracy Tutor is the author of Fear is Just a Four-Letter Word as well as the first female real estate broker on Million Dollar Listing LA. Tracy took her 20 years of experience in the industry and distilled the lessons she learned into this book.
During our conversation, she shares tips and tactics for overcoming a fear of speaking out, how humor can help us connect with others, and why it’s important not to silence our inner voices.
For more information, visit the show notes at https://affordanything.com/episode291
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Dec 22, 2020 |
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Ask Paula: Is Upgrading Our Lifestyle Worth Mortgaging a More Expensive House?
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#290: Sharon owns two condos that are worth $1.4M and has a cash cushion of $120,000 plus a $50,000 emergency fund. She’d like to move into a small house while keeping her cash cushion intact. Should she take out a home equity loan on her mortgage to essentially pay for her house in cash, or get a traditional mortgage and use her savings towards the downpayment?
Jury and her partner are torn between two options: buying a condo, which would allow them to live off of one salary and invest the other, or buy a more expensive house – a much more attractive lifestyle option. Which should they purchase?
Daine’s IRA balance is a result of 401k rollovers. He’s concerned that his lack of monthly contributions cause him to miss out on compound interest. What can he do to grow his retirement funds?
Molly and her husband want to reach financial independence (FI) in 15 years, at age 50. They’re unsure of whether their rental property income will sustain their FI lifestyle. How can they plan for this?
I answer these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode290
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Dec 15, 2020 |
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PSA Thursday: What’s Happening with Student Loans?
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An update on the latest news in student loan forgiveness and forbearance, plus smart strategies for student loan repayment in 2021.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Dec 11, 2020 |
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Business Principles that Improve Your Life, with Josh Kaufman
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#289: Josh Kaufman, bestselling author of The Personal MBA, discusses the five parts to every business and how this information applies to everyone - not just entrepreneurs.
He shares many examples and ideas on how to level up your business or career through simple steps.
For more information, visit the show notes at https://affordanything.com/episode289
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Dec 08, 2020 |
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Ask Paula: How Should You Invest a $1 Million Lump Sum?
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#288: Karen and her wife are in their 50s, financially independent, and partially retired. They need $150,000 to buy a new home, and they aren’t sure which option is best. Should they take advantage of the CARES Act and pull money from their traditional IRAs? Raid their Roths? Or take out a mortgage?
Ingrid’s mom is retiring this year. To fund her retirement, she’ll sell her property for $1 million. How should she invest this money so that she can live off of it in perpetuity?
Elaine has saved $20,000 in a 529 plan for each of her two kids, but she realizes that they may not attend college. Should she keep the 529 plans, or save money elsewhere?
Amanda is afraid to tap the equity in her home and use it to purchase a rental property. How should she think through whether this move is right for her?
Lisa and her family plan to sell their home and move across the country. They might have the option to pay cash for a home, but they also want to buy an investment property. Should they get a mortgage on their new home or pay cash?
My friend and former financial planner Joe Saul-Sehy joins me to answer your questions on this episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode288
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Dec 04, 2020 |
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PSA Thursday: To Buy or Not to Buy?
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Many people in the personal finance / FIRE community have a complicated relationship with the concept of consumer spending.
They may see family, friends and neighbors demonstrate one extreme -- they’re profligate spenders who will buy anything -- and, in an effort to be nothing like them, they may overcompensate by becoming extreme penny-pinchers. (I see this often at the start of a person’s FIRE journey, when the pendulum is swinging sharply in the other direction).
The reality is that neither extreme is healthy.
There’s a middle ground between being so gullible that you’ll buy anything vs. being so cynical that you build a wall that shuts real value out of your life and hampers your growth.
In recognition of that balanced middle path, today’s PSA Thursday episode focuses on five questions that you should ask yourself before making a purchase.
#1: Do I have high-interest debt or an inadequate emergency fund? #2: Is this a purchase or an investment? #3: How long have I been thinking about this? #4: Is this only serving an emotional need, or does it also have greater utility? #5: The five “ity’s” -- longevity, durability, applicability, versatility, utility.
We elaborate on these five points in today’s PSA Thursday episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/psathursday
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Dec 03, 2020 |
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Put Yourself on the Hook, with Seth Godin
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#287: Seth Godin is the author of 19 bestselling books on mastery, creativity, business and marketing. His books have been translated into 35 languages, and one of his books was the top bestselling marketing book of the last decade. He’s an inductee to the Marketing Hall of Fame (yes, it exists).
Seth joins us today to talk about creativity, the importance of practice, and how to overcome your limiting ideas.
For more information, visit the show notes at https://affordanything.com/episode287
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Nov 30, 2020 |
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PSA Thursday: How to Slash Your Food Budget, with Rosemary Fotheringham
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According to the Bureau of Labor Statistics, in 2019, Americans spent just over $8,000 on food.
If you're on a tight budget, slashing your grocery bill is one of the easiest ways to spend less. But what if you don't want to compromise on healthy eating?
Today's guest, Rosemary Fotheringham, is a Functional Nutritional Therapy Practitioner (FNTP) who's also on the path to financial independence. She and her husband slashed their monthly grocery bill from $1,200 down to $300 - without eating pasta every night. She's here to explain their framework for healthy eating and her best tips for eating well on a tight budget.
For more information, visit the show notes at https://affordanything.com/psathursday
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Nov 26, 2020 |
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Ask Paula: How Long Will It Take Me to Become a Millionaire?
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#286: Kaitlyn has $78,000 saved for a property, but she isn’t sure whether she should buy a personal residence, a rental property, or both. How can she best use this money?
An anonymous listener wants to lower their housing expenses. Should she and her husband buy a cheaper property and turn their current home into a rental, or should they stay and pay off the mortgage as quickly as possible while saving for a downpayment on another property?
Alex is just getting started with financial independence and asks: how can you calculate your financial independence date, and how do you know how much you need to save to reach that number at a certain age?
Ell wants to know: what’s the difference between a high-yield savings account and a money market account, and how can you maximize the interest you earn in these accounts?
Jenn wants to know: is it possible for Canadians to find cash-flow positive real estate deals, either in Canada or the United States?
I answer these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode286
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Nov 25, 2020 |
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Ask Paula: How Can I Pay for Grad School?
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#285: Sam wants to use the funds in her Vanguard S&P 500 index funds for a downpayment on a house. She isn’t sure if she should keep her savings in the market. Should she move her money, and where?
Hailey purchased a duplex in March and is already looking to sell due to a hostile tenant during the purchase process. How can she shift her focus from her initial return on investment to a long-term outlook?
Zoe dreams of attending grad school, but her savings are locked away in retirement accounts. How can she save for grad school in the next two to three years?
Mohamed wants to monetize a new podcast with affiliate relationships, but the service providers he wants to promote don’t offer affiliate programs. Can he still make this work, and how?
I answer these listener questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode285
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Nov 20, 2020 |
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PSA Thursday: Broadcasting Live from FinConX
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Paula Pant and Andy Hill broadcast from Dallas, where they’re part of a bare-bones skeleton production crew that’s hosting the 10th annual FinCon, a conference for a community of personal finance podcasters, YouTubers and bloggers.
On the evening before the event, they reflect on the importance of community, especially when it comes to learning about money management. Enjoy this behind-the-scenes glimpse.
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Nov 13, 2020 |
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The Psychology of Money, with Morgan Housel
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#284: Morgan Housel is an award-winning financial journalist, and he’s a leading thinker and author in the world of investing. His new book, The Psychology of Money, highlights the influence that our behavior has on our financial success.
We discuss developing self-awareness around our biases, saving like a pessimist and investing like an optimist, being critical of who we take investment advice from, diversification, expectation management, tail risks, and much more on the topic of behavioral finance.
For more information, visit the show notes at https://affordanything.com/episode284
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Nov 09, 2020 |
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PSA Thursday: Teaching Technology to the Elderly
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Many of us have experienced disconnection from our loved ones this year, especially with older family members. It can be difficult to stay in touch when parents and grandparents aren't technologically savvy. They might not know how to text, how to use their cell phone to place a call, or how to initiate a video call.
We hope that can change after you listen to this episode. To help us learn how we can stay connected with the senior citizens in our lives, we brought on Bria Sullivan. For the past six years, Bria has had a side hustle teaching seniors how to use technology. Today, she shares her best tips on how we can do the same with the elders we love.
For more information, visit the show notes at https://affordanything.com/psathursday
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Nov 05, 2020 |
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Ask Paula: Could the Stock Market Be Too Much of a Gamble?
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#283: Andrea’s parents have a seemingly salesly financial advisor. He tried to get them to purchase a second life insurance policy, among other potentially pushy moves. Are her parents better off without his advice?
Teresa can’t shake the feeling that the stock market is more of a gamble than an investment. Is there any advantage to holding funds for the long-run if the market drops and you lose your gains?
June is curious about the best college planning strategies for families who are working toward, or close to, financial independence. How can you help your children while securing your financial future?
Big Sister’s little sister rents a mobile home in an area she loves. The owner wants to sell, but her little sister might not obtain financing. Should Big Sister buy the property and sell it to her via seller financing?
Managing for Mom in Massachusetts has an investment strategy that he wants to run by us. Does it make sense to shift a 50/50 stocks and bonds portfolio to 100 percent stocks, and shift back to a 50/50 split after the market returns to pre-pandemic numbers?
My friend and former financial planner Joe Saul-Sehy joins me to answer these questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/283
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Nov 02, 2020 |
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PSA Thursday - The Affordable Care Act, with Tanja Hester
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With the uncertainty of the Affordable Care Act (ACA) looming before us, many are asking:
How can we plan for healthcare - now and in the future? How much will I need to save to cover healthcare in retirement? What can I do if I can't afford the expensive premiums?
As a community of entrepreneurs and early retirees, this is a major concern.
To help us understand the healthcare landscape, Tanja Hester, author of Work Optional and the blog Our Next Life, joins us.
For more information, visit the show notes at https://affordanything.com/psathursday
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Oct 31, 2020 |
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The Smart Way to Start a Side Hustle, with Alan Donegan
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#282: Alan Donegan is the cofounder of PopUp Business School.
His mission is to change the way entrepreneurship is taught and to make it more accessible. If you’ve daydreamed of starting a side hustle, Alan’s simple advice and actions will give you the knowledge you need to get started now.
You’ll know if your idea is viable within a month.
For more information, visit the show notes at https://affordanything.com/episode282
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Oct 30, 2020 |
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PSA Thursday - What’s in Store for the Rest of 2020?
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After a brief hiatus, PSA Thursday is back!
For this episode, we take a short break from covering current events to
1) reflect on why this show exists, and
2) give you a sneak peek of future PSA Thursday episodes.
Enjoy!
For more information, visit the show notes at https://affordanything.com/psathursday
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Oct 15, 2020 |
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The Art of Decision-Making, with Annie Duke
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#281: Annie Duke, best-selling author of Thinking In Bets and former world champion poker professional, discusses the decision making strategies and tools outlined in her new book, How to Decide. Learn how to make quicker decisions, overcome hindsight bias, make decisions with incomplete information, and improve your decision making skills.
For more information, visit the show notes at https://affordanything.com/episode281
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Oct 14, 2020 |
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Ask Paula - Could This NYC Couple Contribute Only $10,000 Per Year Towards Retirement?
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#280: Amy and her husband have $900,000 saved for retirement. They’re 40 years old and plan to retire at 65. Due to a job change + pay cut, they might only have $10,000 per year to save for the next 25 years. Will this be enough, given their yearly expenses of $144,000?
Janie wants to get a solar power system for her house, but isn’t sure how to pay for it. Should she borrow funds from her seven-month emergency fund, or use funds from a taxable brokerage account that were earmarked for retirement?
CJ and his wife netted $200,000 from the sale of their home. They aren’t sure when they’ll purchase their next home – their timeline could be as short as three years or as long as six years. Where should they keep the $200,000 to use towards a downpayment on their next home?
Brandon wants to retire in the next five to ten years. He contributes 20 percent to his Roth 401k. Since he can’t withdraw those contributions early, does it make more sense to contribute up to the match of his 401k and invest the rest in an IRA with the goal of doing a Roth conversion?
Anonymous “am I missing out?” wants to know the deal with tax-loss harvesting. When is it worthwhile? My friend and former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode280
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Oct 06, 2020 |
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How to Avoid Financial and Life Disasters, with Dr. Gleb Tsipursky
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#279: You might know several decision-making principles, but do you have a step-by-step strategy that pieces those principles together?
Dr. Gleb Tsipursky is an internationally-recognized thought leader on decision-making strategies. He shares two decision-making techniques for any aspect of your life in this episode.
For more information, visit the show notes at https://affordanything.com/episode279
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Oct 02, 2020 |
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The Loopholes That Destroy Our Ability to Form Habits, with Gretchen Rubin
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#278: Does this sound like you?
You want to exercise, but you can never find the time for a workout. Eventually, you grow tired of putting exercise off. You commit to working out every morning. You become so enthusiastic, you buy new gym clothes for the occasion.
Your enthusiasm carries you for five days, and on day six, you’re swamped with work. You promise yourself you’ll exercise tomorrow - after all, taking a break for one day won’t hurt. And then … you never get back on the wagon. The cycle repeats.
Most habits and routines start with good intentions. But good intentions aren’t enough to carry you through tough times. Good intentions aren’t enough to overcome the excuses you’ll make, either.
That’s what today’s guest, Gretchen Rubin, is here to explore.
Gretchen Rubin is the New York Times best-selling author of The Happiness Project, Better Than Before, and The Four Tendencies. She joins us on the podcast to discuss the loopholes that we use - the excuses that we make - when it comes to breaking bad habits and forming good habits. Why is this important? The more aware we are of loopholes, the better we can resist them.
For more information, visit the show notes at https://affordanything.com/episode278
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Sep 29, 2020 |
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Timeless Financial Lessons from My Grandma, with Michelle Singletary
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#277: Michelle Singletary writes The Color of Money, for The Washington Post and is a winner of the prestigious Gerald Loeb Award. Her column is syndicated in more than 100 newspapers nationwide. She’s the author of three finance books and holds an MBA from Johns Hopkins University.
But her strongest financial education came from her grandmother.
Her grandmother raised five grandchildren while working full-time as a Nursing Assistant at a hospital. She earned $13,000 per year, but never took welfare, was never late on a bill, and “handled her money like a pro.”
In this podcast episode, Michelle shares timeless financial lessons she learned from her grandmother, including:
Save from every penny or dollar you receive
Live below your means
Hate debt like it’s the devil
Save for the future
Don’t buy more than you can afford
Don’t care about what other people think about what you wear or drive
Michelle’s grandmother taught her resourcefulness, humility and the value of a strong work ethic.
Michelle joins us to chat about the financial independence retire early (FIRE) movement, emotional spending, how her experience growing up poor gives her a unique perspective in financial media, and the falsehood behind the phrase “it’s not what you earn, it’s what you save.”
You’ll enjoy this episode if…
You’re new to the world of personal finance or FIRE and want to learn more about the basics. (#lessonsfromgrandma)
You can’t relate to some of the discussion around FIRE because it seems unachievable to you.
You love down-to-earth guests who tell it like it is.
For more, visit https://affordanything.com/episode277
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Sep 21, 2020 |
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Cut the Fluff and Become a Digital Minimalist, with Dr. Cal Newport
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#276: Have you found yourself mindlessly scrolling through social media feeds over the last few months? Have you also found yourself in a state of sadness, anxiety, or aggravation afterwards?
We live in an increasingly noisy world. A world in which many of us use social media, or the internet in general, to escape. But our escapes often leave us feeling empty and annoyed at ourselves for wasting several hours of precious time.
Here’s one possible remedy for this tiring, relentless cycle: embrace the philosophy of digital minimalism.
"Okay, I’m in. But...what’s digital minimalism?"
Digital minimalism is a term coined by Dr. Cal Newport, today’s guest.
It describes a three-step process:
Cull the time you spend staring at a screen
Spend more time on digital activities that align with your values
Ignore everything else
For more information, visit https://affordanything.com/episode276
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Sep 15, 2020 |
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Avoid These 13 Hidden Money Mistakes That Most People Make, with Jill Schlesinger
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#275: Even the nerdiest of money nerds are susceptible to making a dumb financial mistake. “Nope, not me! There’s no way I make any financial mistakes. I live and breathe this stuff.” You’re not capable of making any financial mistakes? Even 'hidden' mistakes, like having the wrong life insurance policy, not having an estate plan, or listening to the wrong ‘experts'? Exactly.
Jill Schlesinger, author of The Dumb Things Smart People Do With Their Money, sets the record straight on 13 things you shouldn't do with your hard-earned cash.
For more information, visit the show notes at https://affordanything.com/episode275
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Sep 08, 2020 |
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Finding Hope and Happiness in a Confusing World, with Mark Manson
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#274: What does it take to create a sustainable sense of hope? That’s the question that I invited Mark Manson, megabestselling author of Everything is F*cked and The Subtle Art of Not Giving a F*ck, to answer. Mark says that three basic factors contribute to a sense of hope: 1) autonomy, 2) purpose, and 3) community.
Mark and I keep these three factors in mind as we discuss how to define success, find new challenges, and choose what’s meaningful in life. We touch on the importance of emotional regulation and avoiding crises of hope. And we talk about how they relate back to the financial independence retire early (FIRE) movement.
For more information, visit the show notes at https://affordanything.com/episode274
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Sep 04, 2020 |
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The Emotional Complexity of Money, with Dr. Dan Ariely
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#273: Dr. Dan Ariely, famed behavioral economist and best-selling author of Predictably Irrational, returns to discuss how to handle the emotional and financial volatility of 2020.
Specifically:
Preparing for a job loss
The value of resilience
Handling emotional spending
Cutting through the noise to find a signal.
For more information, visit the show notes at https://affordanything.com/episode273
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Aug 31, 2020 |
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PSA Thursday - How to Avoid Parental Burnout, with Andy Hill
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Andy Hill, father of two and founder of Marriage, Kids, and Money, joins us to discuss parental burnout in the midst of the pandemic.
He shares his best tips on creating a family schedule, learning to embrace the reality of working from home with interruptions, and maintaining sanity as kids venture back to school - all while being a good enough parent and partner.
For more PSA Thursday episodes, go to https://affordanything.com/psathursday
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Aug 27, 2020 |
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Ask Paula: I’m Three Years from Retirement. How Should I Invest?
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#272: “Anonymous Moving-Back-home” and her partner earn $150,000 per year after taxes. They’re currently saving 80 percent by living with family. What should they do with their savings?
Leigh and her husband are three years away from retirement. They have an extra $50,000 in income this year and plenty of options for where to invest this money. Which one is the best?
Kelsey doesn’t feel comfortable investing in total stock market index funds and would rather invest in ESG funds. How can she tell if she has the necessary $2,000 invested in a company to submit a proposal to participate in a proxy voting? Also, Vanguard has a poor history of supporting shareholder resolutions. What can we do about this?
Dylan and his wife rolled her 401k into a rollover IRA with pre-tax contributions. They’ve continued contributing to this IRA with post-tax contributions. Should they separate the accounts, or can they worry about this when they’re ready to retire?
Anonymous wants to buy and househack one duplex every year to achieve financial independence and leave his office job within the next three to four years. Is his plan realistic?
Former financial planner Joe Saul-Sehy joins me to answer these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode272
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Aug 24, 2020 |
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PSA Thursday - Here's a simple framework for deciding how to earn extra income
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Millions of people are in financial limbo now that the $600 supplemental federal unemployment benefit has expired. The new $300 supplemental benefit is slooowly getting approved by FEMA, state-by-state, through an excruciatingly snail-like process, and you might not have time to wait. This episode will help you take action. We cover how to think about the ways in which you can earn extra income and decide which path is best for you.
For more information, check out our guide at https://affordanything.com/extraincome
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Aug 20, 2020 |
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Retirement Planning in 2020, with Dr. Wade Pfau
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#271: Dr. Wade Pfau, one of the foremost experts in the academic field of retirement planning, joins us to talk about how the events of 2020 might impact your retirement plans. If you’re wondering if you need to change your investing strategy, Wade’s recommendations may fascinate you.
Watch out! These are NOT the recommendations you’re expecting from a typical financial independence retire early show. Prepare to be caught off-guard by what he says.
For more information, visit the show notes at https://affordanything.com/episode271
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Aug 19, 2020 |
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Ask Paula: Buy a Home, Buy Investments, or Pay Off Debt? How Do I Decide?
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#270: Briana and her husband want to buy a home, but they don’t have enough saved for a downpayment. They also have student loan debt and a car loan. Which should they prioritize?
Javier is sick of being in debt. What can he do to put himself in a better situation?
Tracie wants to buy her first rental property, but she has student loans and a car loan to pay off. If she receives $20,000 from a cash-out refi, how should she use this money?
Vanitha wants to start a non-profit organization in memory of her uncle. She wants to know: what does this process look like?
Margie went under contract on a primary residence listed as a six-bedroom property. She found out that, legally, it’s a four-bedroom home. Should she re-negotiate the price, or ask for credits at closing?
I answer these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode270
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Aug 13, 2020 |
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How to Ask Better Questions, with Charles Duhigg
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#269: Are you scared to take the first step toward the habits that you want to build? Do you believe in your ability to change? Or are you completely lost as to where to start?
Charles Duhigg, the Pulitzer Prize-winning journalist, author of the best-selling books The Power of Habit and Smarter Faster Better, and host of the How To! podcast, joins us to tackle these questions. By asking “why” instead of “how,” layer-by-layer we can reveal the factors that truly hold us back from taking action.
For more, go to https://affordanything.com/episode269
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Aug 07, 2020 |
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PSA Thursday - Get Ready for a School Year Like No Other with Mandy Bert and Rob Phelan
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Do you have school-age children? If so, then brace yourself for a school year like no other.
This year, some children will return to school five days a week. Others will learn from home five days a week, and yet others will experience a hybrid of the two.
You and your kids may face wildly different schedules and challenges than anything you've encountered before.
How can you cope with this? Mandy Bert and Rob Phelan, who both work as teachers and are on the K-12 Education Team at the ChooseFI International Foundation, join us to share tips to help your children - and you! - survive the school year.
For more information, visit the show notes at https://affordanything.com/psathursday
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Aug 06, 2020 |
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Ask Paula: Should I Invest or Pay Off My Mortgage Early?
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#268: Natasha has $3,300 per month to either invest or use toward an early mortgage payoff. Which option should she choose?
An anonymous caller and military member wants to know if she should move money from a USAA brokerage to Vanguard to pay less in fees. Her goal is to retire in 12 years with $3,000/month in passive income from rental properties, which will supplement her military pension. Should she only contribute to her TSP up to the match, and invest the rest in rentals?
Chaim and his wife live in the Middle East and have $30,000 in a U.S. bank account. However, they don’t plan to relocate. How can they best use this money?
June and her husband are in a sticky situation: they bought their dream house in Michigan last winter, ahead of plans to relocate there. June lives there with their kids, but her husband is unable to find a job despite the numerous contacts he has in the state. He currently works in a job that he dislikes in Southern California, living apart from his family. They’re currently a one-income family, though June has plans to open a firm in Michigan. What should they do?
Anonymous in Portland has three questions: is a 75/25 US stock/international stock split aggressive? Is an S&P 500 index a close enough equivalent to a total US stock index? Is Betterment worth it for automatic tax harvesting?
My friend and former financial planner Joe Saul-Sehy joins me to answer these questions. Enjoy!
For more, go to https://affordanything.com/episode268
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Aug 04, 2020 |
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How to Talk To Your Tenants About Financial Difficulties
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Welcome back to PSA Thursday, a mostly-weekly segment (sometimes on Thursdays) in which we talk about how to handle money, work, and life in the middle of a pandemic.
This week, we continue the conversation on what landlords can do to create and maintain open lines of communication with tenants. Doing so can help you avoid a situation in which your tenants ghost you.
If you find these tips helpful, head to https://affordanything.com/psalandlord to download word-for-word scripts you can use with your tenants.
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Jul 31, 2020 |
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This Year’s Financial Reckoning, with Farnoosh Torabi
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#267: This week, one of the most acclaimed names in the world of personal finance journalism joins us to reflect on the events of 2020.
Farnoosh Torabi started covering personal finance in 2003 as a reporter for Money Magazine. She later became a correspondent for Jim Cramer's The Street and the host of CNBC's primetime show Follow the Leader. She's the host of the award-winning So Money podcast and the author of several bestselling personal finance books, including When She Makes More: 10 Rules for Breadwinning Women.
She's a contributing editor to NextAdvisor, a personal finance platform in partnership with TIME, as well as a financial columnist to O, The Oprah Magazine and a contributing editor for Bloomberg Business.
She joins us to discuss how the events of 2020 have led to a great financial reckoning.
You'll enjoy this if: - You want to hear candid discussion about race, privilege, and the wealth chasm - You're curious to hear about how the personal finance landscape has changed in the last two decades - You're wondering if, in fact, "this time it's different"
For more information, visit the show notes at https://affordanything.com/episode267
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Jul 28, 2020 |
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Ask Paula: Your Real Estate Questions, Answered
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#266: Paul’s parents own a property worth $100,000, and they owe $80,000 on the mortgage. If he wants to buy this property from them, how should he do it?
Max is torn between investing in a rental property or taking advantage of a mega backdoor Roth 401k through his company. Which is the better option?
Ali is a travel nurse and wants to get into real estate investing. Should she buy a duplex that needs fixing up or a cheaper apartment that’s rent-ready?
Kate and her husband own a townhome that has appreciated substantially, but they need a bigger house. They’re wondering: is it wise to keep it, rent it out, and use a cash-out refinance as a downpayment on their next property?
I answer these questions on today's episode. Enjoy!
For more information, visit the show notes at http://affordanything.com/episode266
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Jul 22, 2020 |
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PSA Thursday: The Impact of Evictions, with Princeton University Eviction Lab expert Alieza Durana
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Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
This week, our focus is on answering a question that many landlords in our community have asked in recent months: what do we do when our tenants can't pay the rent, and our bills are due?
To answer this, we asked Alieza Durana, a journalist who works with the Eviction Lab at Princeton University, for her expertise.
The Princeton Eviction Lab is a group that rigorously researches the causes and consequences of the affordable housing crisis, housing instability, and the impact of evictions. Alieza shares data gathered from The Eviction Lab and offers tips for landlords who want to be part of the solution, but struggle with the reality of having their own bills to pay.
For more information, visit the show notes at https://affordanything.com/psathursday
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Jul 17, 2020 |
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Personality Isn’t Permanent, with Dr. Benjamin Hardy
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#265: Are you the same person you were five years ago? Ten years ago? Fifteen years ago?
Of course not. Things in your life have changed: your interests, hobbies, decision-making process, and habits are different than they were a decade ago.
Likewise, our personality changes -- and this means we can decide who we want to become.
Today’s guest, organizational psychologist Dr. Benjamin Hardy, literally wrote the book on personality impermanence. During this episode, he shares research on why our personalities aren’t as fixed as we think they are and the strategies we can use to change.
Dr. Hardy is the bestselling author of Willpower Doesn’t Work and Personality Isn’t Permanent. He’s a contributor to Inc. and Psychology Today. From 2015-2018, he was the number one writer on Medium.com.
If you want to rise to the level of your goals, rather than fall to the patterns of your past, this episode is for you.
For more information, visit the show notes at https://affordanything.com/episode265
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Jul 14, 2020 |
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PSA Thursday: How to Stay Safe During the Reopenings
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Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
This week, we focus on life and staying safe when venturing outside of your home.
Many of us are concerned with reducing the risk of coronavirus infection in places like grocery stores, gas stations, or backyard BBQs, but the guidelines on how to stay safe aren't always clear.
In this episode, we discuss specific precautions to take...
When using a public toilet
When picking up food at a quick-serve restaurant
When you're exercising at the gym
When filling your car with gas
In your general day-to-day life when you're out and about
For more information, visit the show notes at https://affordanything.com/psathursday
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Jul 09, 2020 |
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Ask Paula: How Do I Pick the Right Mix of Investments for My Retirement Portfolio?
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#264: An anonymous listener, whom we call “Mary,” is curious about the auto-rebalancing feature offered by M1 Finance. Is it too good to be true?
J isn’t happy with the target date retirement fund she chose for her 401k. She has limited options and is wondering: should she move funds around? If so, is now a bad time, considering the market volatility?
Another anonymous listener is wondering how to choose the right mix of investments for a retirement portfolio. She also wants tips on rebalancing a portfolio. And when should she execute a Roth conversion?
Tami has $160,000 in a G fund in her TSP. Should she move this money to a Lifestyle fund to increase her earnings?
Andy and his wife contribute the maximum to their children’s 529 accounts, and they have three investment options to choose from. Should they continue with an aggressive managed portfolio, or choose something less risky?
My friend and former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode264
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Jul 06, 2020 |
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PSA Thursday: The History of the PPP -- and 4 Extra Relief Options for Entrepreneurs
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Here's the sordid history of the Payroll Protection Program, plus four additional options for getting pandemic relief as an entrepreneur.
In this episode we share the following resources for small businesses:
Economic Injury Disaster Loans (EIDL) Employee Retention Credit. SBA 7(a) Program Mainstream Lending Program
For more information, visit the show notes at https://affordanything.com/psa-thursday
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Jul 02, 2020 |
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How to Build Financial Resilience in 2020, with Dr. Brad Klontz, financial psychologist
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#263: It’s been a tough year, and we’re only halfway through it.
Today’s guest has insights and actions to help you build financial resilience in 2020. Not only will you emerge from the events of this year stronger, you’ll also face future personal challenges and economic downturns with more confidence and knowledge.
Our guest is Dr. Brad Klontz, a clinical psychologist and Certified Financial Planner. He’s the author of five books on the psychology of money, a founder of the Financial Psychology Institute, a managing principal of Your Mental Wealth Advisors, and a fellow of the American Psychological Association. He’s also a former associate professor of personal financial planning at Kansas State.
Dr. Klontz appeared on our show in April 2018 to discuss unhealthy attitudes towards money. We invited him back for his expertise on coping with recent situations and developing financial resilience
For more information, visit the show notes at https://affordanything.com/episode263
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Jun 30, 2020 |
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Ask Paula: I'm Taking a Mini-Retirement in a Pandemic. What Should I Do?
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#262: Tyson is taking a year off of work and plans to devote some of his time to domestic travel, volunteer work, and bolstering his rental property portfolio. He originally planned to travel internationally, but won’t due to the pandemic. How does this plan sound?
Jace is wondering whether she should take advantage of the low stock market prices or keep a larger emergency fund due to the pandemic. Which is the better option, given her goal of financial independence?
Jace also wants to know: where do you park your money after maxing out a 401k and Roth IRA?
Venkat had to relocate after living in a condo for one year. He rents out the condo, but he’s in the red. Should he sell this condo? If so, when?
TW has $250,000 in cash that he can use to either pay off his rental property or purchase two more properties. Which is the better option?
For more information, visit the show notes at https://affordanything.com/episode262
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Jun 23, 2020 |
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PSA Thursday - Your Complete Guide to Donor Advised Funds
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For more information, go to https://affordanything.com/tag/psa-thursday
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Jun 19, 2020 |
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Why I Quit My Job in the Middle of a Recession -- Interview from Lessons from a Quitter
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#261: I quit my job at the beginning of a recession and made it work. Two years ago, I did an interview with Lessons From a Quitter explaining how.
Given that so many community members want to leave their jobs for something better in the future, whether it's freelancing, self-employment, or early retirement, I'm re-airing the interview.
I hope my story sheds light on what's possible in the most inopportune times.
For more information, visit the show notes at https://affordanything.com/episode261
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Jun 15, 2020 |
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PSA Thursday - How Does the CARES Act Impact Student Loans?
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Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
In this episode, we cover how to manage student loans in the midst of the pandemic with Travis Hornsby, a Chartered Financial Analyst and the founder and CEO of Student Loan Planner. He's an expert in the complex topic of student loans.
Travis shares deep insights into the changes that have occurred, and how those changes might alter the way you think about and manage your student loans going forward.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Jun 11, 2020 |
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Ask Paula: Should I Fire My Financial Advisor During a Pandemic?
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#260: Katelyn wants to fire her financial advisor and move her investments from mutual funds into Vanguard index funds. Should she do this during the pandemic? Or should she wait?
Marisa asks: can you invest in a Roth IRA if your income is inconsistent and might exceed the cap?
Anonymous Moving-for-a-New-Job had a Simple IRA at her old job that she can no longer contribute to. She also can’t contribute to a 401k until she’s been at her new job for a year. Where should she put her money in the meantime?
Anonymous “Olivia” is interested in a Roth conversion ladder, but wants to know: does the pro-rata rule apply here as it does with a backdoor Roth conversion?
Mary received an $80,000 grant of RSUs from her employer when she started. These RSUs began to vest after one year, and the price per share has increased 44 percent. What should she do with the shares?
My friend and former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode260
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Jun 08, 2020 |
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How to Lead with a Vision, with Michael Hyatt
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#259: Leadership comes in all forms. Whether you’re a small business owner, a manager or department head at work, or the head of a volunteer organization, having a crystal clear vision is critical to success. Without a clear vision, you’re likely to stumble along a path that leads to nowhere -- or worse, a dead end. Wouldn’t it be better to have an idea of where you’re going?
Michael Hyatt, a prolific bestselling author on the topics of business and leadership, shares the pitfalls of not having a vision and 10 ways to nail down a solid vision that will lead you to the path you want to be on. Check out bonus resources: http://visiondrivenleader.com/afford
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Jun 05, 2020 |
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PSA Thursday -- Actions Speak Louder Than Words
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We have muted the podcast thusfar this week, in support of the #amplifymelanatedvoices movement and in support of the #theshowmustbepaused movement.
We have assembled a list of resources that highlight books, websites, podcasts, nonprofit organizations and GoFundMe campaigns that I would like to direct your attention to in lieu of our normal programming. These resources can be found at https://affordanything.com/psathursday
We are also matching $3,000 in donations to the Committee to Protect Journalists, the Atlanta Community Food Bank, and the Children's Development Association. Please DM me on Instagram with a screenshot of your donation and I'll match it. Instagram: paulapant
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Jun 04, 2020 |
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PSA Thursday - Your Guide to Giving: How to Donate, Volunteer and Practice Spontaneous Kindness
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Let's start with the good news: the majority of U.S. households, 6 in 10, donate money to nonprofits and charities, and 1 in 4 adults in the U.S. volunteer their time and talent.
The only way our society is going to get through the struggles and the stresses that we face is if we are good to each other. Compassion and common humanity are crucial.
In this PSA episode we discuss strategies around giving, including how to donate money and volunteer time effectively, as well as how to embrace the opportunity to practice informal, random, spontaneous acts of kindness.
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May 29, 2020 |
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Ask Paula: Can I Quit My Job Before I'm Financially Independent?
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#258: “Burned Out in Boston” wants to reach financial independence.
But she’s not sure she can stick it out in Boston much longer.
She and her husband want to move to an area that doesn’t have many job prospects, and they want to make this leap soon, ideally before they reach FI. How do they know when it’s the right time to jump ship to their dream location?
We tackle this topic, plus four other questions about stock market and real estate investing strategy, on today's Ask Paula episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode258
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May 26, 2020 |
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How to Stop Screwing Up Our Finances, Even in a World That Leads Us Astray -- with Dr. Dan Ariely
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#257: “The checking account is like the trash can of personal finance.”
Today’s podcast guest, the famed behavioral economist Dr. Dan Ariely, is not a fan of checking accounts. Or supermarket end caps. Or anything that distracts us from our financial goals.
In this episode, he explains why.
Dan Ariely is one of the world’s most renowned behavioral economists. He’s the James B. Duke Professor of psychology and behavioral economics at Duke University.
His TED Talks have been viewed more than 15 million times. In 2018, he was named one of the 50 most influential living psychologists in the world.
He’s the New York Times bestselling author of many books, including Predictably Irrational, a book that challenges our assumptions about our ability to make rational decisions. He also wrote Dollars and Sense, a book about our cognitive biases, and The Honest Truth About Dishonesty, a book about how we lie to everyone, including ourselves.
For more information, visit the show notes at https://affordanything.com/episode257
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May 18, 2020 |
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PSA Thursday: How Can I End 2020 in a Stronger Position Than I Started It?
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How can you find business and investment opportunities in today’s tough pandemic bear market?
What should you do to emerge from 2020 stronger than you started?
We cover 7 specific, immediate actions that can set you up to succeed in this recession. Here's a peek: think about hiring a team, create an original piece of work, take online classes, and keep your plans intact (even if that means quitting an unfulfilling job).
For more information, visit the show notes at https://affordanything.com/psathursday
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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May 14, 2020 |
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Ask Paula: Bonds Are Tanking. Should I Switch to Real Estate Instead?
4790
#256: Jon is wondering if now is a good time to move his RRSP into a tax-free savings account, given the market downturn. He knows you can’t time the market, but the opportunity is tempting. What should he do?
Laurel’s question revolves around the CARE Act and early withdrawal from a 401k. She needs to rebalance her 401k and wants to buy a rental. Instead of selling stocks, should she sell bonds as a form of rebalancing and to withdraw for a rental property?
After seeing so many businesses experience financial hardship, Rebecca and her husband are curious: why don’t companies have emergency funds?
Salome sees the stock market downturn as an opportunity for tax-loss harvesting, but does this hold if you’ve held stocks for less than a year?
Sheena has the option to purchase company stock at a 15 percent discount through an Employer Stock Purchasing Plan. However, it’s volatile right now. Should she contribute the maximum amount, or nothing?
My friend and former financial planner Joe Saul-Sehy joins me to answer these questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode256
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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May 11, 2020 |
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PSA Thursday: How Is The Pandemic Affecting the Housing Market?
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Before the pandemic, the U.S. housing market was strong. Home prices were at historic highs. Borrowers were more qualified than ever, with two-thirds of mortgage originations going to borrowers with excellent credit. As of January 2020, delinquencies (borrowers more than 30 days late on a payment) reached a 20-year low.
How has the pandemic affected the market? Are we due for another spate of foreclosures? What's going to happen to housing supply? What about demand? Are buyers still buying? Are sellers still selling? And if you're thinking about buying a home -- either as an owner-occupant or as a rental property investor -- what do you need to know about the new pandemic landscape?
We dig into depth in this short, researched-packed PSA Thursday episode.
For more information, visit the show notes at https://affordanything.com/PSAThursday
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May 07, 2020 |
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How Your Personality Affects Your Finances, with Dr. Sarah Stanley Fallaw
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#255: When a crisis hits, do you stay calm and collected, or do you launch yourself down a rabbit hole of worry and worst-case scenarios?
When the stock market spirals downward, do you shrug and stay the course, or do warning bells explode in your brain?
When news of the pandemic hit, was your first instinct to form a calm and reasoned action plan, or rush to the store to buy months of supplies?
Your personality influences your reactions to these scenarios.
Today’s guest, Dr. Sarah Stanley Fallaw, has a Ph.D. in applied psychology and is the founder of DataPoints, a research firm based on the science of building wealth.
What links between personality and money management has research uncovered? We discuss this topic in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode255
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May 04, 2020 |
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Ask Paula: Should I Invest During the Pandemic?
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#254: Lydia earns income as both a 1099 contract worker and a part-time W2 employee. She filed for unemployment as a W2 worker, but can’t find information on how to file as a contractor. Is there a process contractors can follow to file for unemployment? Florina and her husband have $70,000 in cash to invest. Where should they put this money in light of the current market?
Ali and his wife saved eight months of living expenses in their emergency fund in case they get laid off during the pandemic. Is this too excessive?
Danielle wants to take advantage of pandemic stock prices - what should she invest in?
Anonymous in Real Estate wants to buy a multifamily property with the equity in their first rental as a downpayment. Their husband doesn’t want three mortgages. Should they accelerate mortgage pay-down and be one mortgage down in four years?
I answer these five questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode254
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May 01, 2020 |
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PSA Thursday: How Bad Is the Stock Market Crash?
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Welcome back to PSA Thursday, a segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
Today, our focus is on money - specifically, the stock market.
Why did it crash in March? What effect did that have on us as a society? Why has it rebounded in the middle of a shutdown, and what does that mean? Are valuations too high relative to earnings?
How can we handle our investments and retirement savings at a time when the movements of the market seem irrational and unpredictable?
We explore these questions in today's episode.
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Apr 30, 2020 |
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The Thinker's Guide to Market Volatility, with Dr. Steve Wendel and Sam Lamas
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#253: Dr. Steve Wendel is a behavioral economist and the head of behavioral science at Morningstar, an independent investment research firm.
Samantha Lamas is also a behavioral researcher at Morningstar.
They discuss the hidden biases in our decision making and how these hidden biases affect us - particularly during this pandemic and during times of high anxiety and stress.
They also discuss techniques that will help us avoid deceiving ourselves.
For more information, visit the show notes at https://affordanything.com/episode253
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Apr 27, 2020 |
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Ask Paula: Will the Stimulus Cause Massive Inflation?
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#252: The government issued a $2 trillion stimulus. How will that affect the economy? Could we endure massive inflation or hyperinflation?
Bradley kicks off today’s Ask Paula episode with this timely question. What inflation rate will we see in 2020, and how can we prepare? How should we hedge against hyperinflation?
Anonymous Retiree (whom we call Sequencing Sally) is 64 and retired last year. She lives off of monthly withdrawals from a Vanguard portfolio. Given the bear market, should she leave her portfolio alone and spend from an emergency fund?
Additionally, her target allocation is off-kilter. Should she rebalance now or later?
Jay wants to reach financial independence in five years, but she’s in a job that will pay her $270,000 student loan balance if she stays there for another 17 years. Should she stay, or quit and face the balance?
Jan has $500,000 in a managed fund with a three percent annual fee. He wants to move his funds into his Vanguard personal brokerage account, without incurring a ton of taxes from the sales of his holdings. How can he accomplish this?
My friend and former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode252
Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Apr 20, 2020 |
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PSA Thursday: 31 Tips to Stay Productive as you Work From Home
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Download the 31 Tips to Stay Productive as you Work From Home at https://affordanything.com/productive
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Apr 16, 2020 |
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From High School Dropout to Successful Entrepreneur, Author and World Traveler -- with Chris Guillebeau
4029
#251: Do you love the idea of making money on your own -- without a boss?
Can you imagine deciding how you spend each day?
Are you bored and looking for a challenge? Do you love the thought of adventure?
Today’s guest, Chris Guillebeau, knows all about hustling, living an unconventional life, working towards seemingly impossible goals, and combining his interests into an epic lifestyle business that brings him freedom and joy.
Chris is the New York Times bestselling author of The Art of Non-Conformity, The $100 Startup, and The Pursuit of Happiness. He has traveled to 193 countries, served four years as a volunteer on a hospital ship in West Africa, and is a successful speaker, writer, and entrepreneur.
Oh yeah, and he’s a high school dropout. (A super accomplished high school dropout.)
How did Chris accomplish so much without a high school degree? How did he forge a path toward his goals despite depression and anxiety? What advice does he have for aspiring side hustlers and entrepreneurs? Find out in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode251
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Apr 13, 2020 |
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PSA Thursday: How to Build an Emergency Fund During an Emergency
2377
A weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic. Here's how to build an emergency fund during an emergency, and how the bear market affects your investment strategy.
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Apr 10, 2020 |
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Ethical Investing 101, with Dr. Jon Hale, Head of Sustainability Research for Morningstar
4208
#250:
Should we invest in sustainable funds?
If we choose sustainable funds, will our investment returns suffer? Will our expense ratios be sky-high? What drawbacks might we face?
How do we know that these funds are actually ethical? And what choices are out there for people who want to invest ethically or sustainably?
We invited Dr. Jon Hale to our show today to answer these questions.
Dr. Jon Hale is a chartered financial analyst and the global head of sustainability research for Morningstar. He directs Morningstar’s research on sustainable investing, which launched with the Morningstar Sustainability Rating for Funds in 2016.
For more information, visit the show notes at https://affordanything.com/episode250
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Apr 08, 2020 |
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How to Talk to Your Parents About Retirement and Beyond — with Cameron Huddleston
4490
#249: I’m recovering from Covid-19 at the moment, so I couldn't put together a new episode this week. But in honor of the First Friday of the month, I wanted to re-air this interview with Cameron Huddleston, which we originally aired in August 2019.
In this interview, we discuss how to have those important but awkward conversations with your parents and grandparents about estate planning, wills, trusts, power of attorney, and more.
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Apr 03, 2020 |
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PSA Thursday: I Tested Positive for Coronavirus. Here's What It Feels Like.
1576
Paula describes the experience of having Covid-19, the illness caused by coronavirus.
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Apr 02, 2020 |
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Covid-19 and the Bear Market
3713
#248: We are living in a time of extreme uncertainty.
Many of us are questioning how we can best use the funds we have to survive it.
“Should I sell the funds I have invested in the market, or keep contributing?”
“Should I continue with my plans to invest in real estate?”
“Should I hoard all of my cash in case this gets worse?!”
My friend and former financial planner Joe Saul-Sehy joins me on today’s show to shed light on the answers and how to handle the stock market collapse.
Here are the key points we discuss in this episode:
Don’t panic sell and convert paper losses into real losses. Stay the course.
If this is your first bear market, welcome to being a real investor! This is how you grow in the long-term.
Dollar-cost averaging is your best friend.
How this upcoming recession might be different. The silver lining? The economy was doing well going into this. But the speed at which our markets recover depends on the speed and dedication with which we flatten the curve.
The financial principles you can use that will guide you to security in these rough times.
P.S. – Unless you’ve been tested, default to the assumption that you’re infected and act accordingly.
For more information, visit https://affordanything.com/episode248
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Mar 25, 2020 |
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OMG Monday: Welp, I Have a Fever of 102.3 Degrees
303
It's Quarantine Day 10, and thank goodness I've been staying in, because yesterday I learned that I have a 102.3 degree fever.
I don't know if it's Covid-19 or if it's a fever with extraordinarily bad timing.
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Mar 23, 2020 |
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PSA Thursday: Social Distancing is Social Solidarity
1250
A new segment giving tips to help flatten the curve and manage your money during this global event.
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Mar 19, 2020 |
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Ask Paula: Is the Stock Market Going to Crash in 2020? How Should I Invest in a Bear Market?
5734
#247: Caroline wants to buy her first home in Denver, CO. How can she calculate how much mortgage she can comfortably afford?
Anne plans to retire later this year on rental income (woohoo!). She’s saved up a hefty emergency fund for her properties, and she wants to know 1) if she should invest a portion of this in index funds, and 2) whether she should rebalance her portfolio to account for this huge cash allocation.
Anonymous Nurse has over $100,000 in debt, not including their mortgage. They want to invest in rental properties, but with so much debt, they're thinking of selling their home or renting it out. Which option is best given their interest in real estate?
Joy wants to know if she should put $50,000 towards her primary residence mortgage, or use it as a downpayment on her first rental property. What are the pros and cons of each option?
Anonymous owns a cash-flow positive condo...on leased land. The land will revert back to the owners in 32 years. When is the best time to sell this property?
I answer these five questions in today’s episode. Enjoy!
For more information, visit the show notes at http://affordanything.com/episode247
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Mar 16, 2020 |
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Pain, Grief, and the Pursuit of Financial Independence, with Jillian Johnsrud
4105
#246: At 19 years old, after completing her first year of college, Jillian married her husband.
During their first year of marriage, they lived in a camper and earned a combined salary of $12,000.
One year later, Jillian's husband graduated college and joined the military. They relocated to Washington D.C., where they earned a combined $60,000 per year. They saved half of their income and used that savings to chip away at $55,000 of debt.
At 22 years old, Jillian and her husband adopted a son.
Not long after that, they had a biological newborn.
At 24 years old, they accumulated their first $100,000.
Jillian and her husband remained committed to saving half of their income. This allowed them to buy a house in cash, invest in two rental properties, and invest in index funds.
At 32 years old, Jillian and her husband achieved financial independence. All on a modest five-figure income.
How did Jillian and her husband live on $12,000 per year? How did they save $100,000 after three years on a $60,000 per year salary? What sacrifices did they make? And how did they transition from saving to spending? Find out in this raw, emotional interview.
____________
You'll enjoy this episode if:
You earn less than six-figures and question your ability to reach financial independence
Guilt prevents you from spending the money you’ve saved (“I can’t spend on X if I want to achieve FIRE!”)
You want a relatable, realistic take on the journey to financial independence
For more information, visit the show notes at https://affordanything.com/episode246
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Mar 09, 2020 |
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Ask Paula: I’m 24 and Won a $1 Million Settlement. How Should I Handle This Money?
4855
#245: Joe has a 24-year-old friend who won a $1 million settlement. How can she use this money to set herself up for financial independence?
Jay is 52 years old and wants to retire at 59.5. He began investing in individual stocks to achieve this goal, and has had excellent returns so far. Is this a sound plan for early retirement? Or should he work until age 62 for Social Security?
Steve is 54 years old. He plans to retire at 60, which is when he can collect 67 percent of his pension. A Vanguard advisor suggested that he direct some of his 403b contributions as Roth contributions, rather than pre-tax contributions. Should he act on this suggestion?
Anonymous in New York City wants to invest their HSA contributions this year, but the expense ratios seem high. Can they move their HSA to a different provider? What fees are normal for HSAs?
Brit has a similar question. She wants to know: is it possible to invest in the S&P 500 Fossil Fuel Free Index through Vanguard?
My friend and former financial advisor, Joe Saul-Sehy, joins me on the show to answer these six questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode245
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Mar 06, 2020 |
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Why I Quit My Job with No Savings When My Wife Was Five Months Pregnant (and What Happened Next?!), with Grant Baldwin
4616
#244: Grant Baldwin felt burned out.
He worked as a youth pastor, which felt like a 24/7 profession. He had to attend student events held late into the night, which left him exhausted.
One night, he came home to find his wife crying. She told him that she felt like she had a roommate, rather than a husband, because he was gone so often.
So Grant did something drastic: he quit his job, with negligible savings, when his wife was four to five months pregnant.
For the following year, he waited tables and worked odd jobs, cobbling together gig-economy money while raising a newborn. During his rare unscheduled moments, he started crafting a new career for himself as a self-employed public speaker.
Today, Grant Baldwin is a speaker, entrepreneur, coach, and author of The Successful Speaker. He’s earned multiple seven-figures in speaking fees and has helped over 2,000 people become professional speakers.
He shares how he made his dream a reality in this episode.
For more information, visit the show notes at https://affordanything.com/episode244
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Mar 02, 2020 |
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Ask Paula: How Can I Retire in 10 Years with Rental Properties?
4387
#243: Adam is 23 years old and wants to achieve financial independence as quickly as possible. However, he’s nervous about investing in the stock market and real estate. How can he overcome his fears?
Paris, age 35, has a similar question. She earns $150,000 per year, is debt-free, and doesn’t own a home. How can she reach financial independence in less than 10 years?
Paul wants to househack his first home, but none of the properties he's seen meet the one percent rule. He doesn’t want to rent forever. Does he need to compromise on his commute time, or wait until he finds an undervalued gem?
Anonymous Househacker rents an apartment with three bedrooms, two of which he rents out on an inconsistent, short-term basis. They want to know: does the money they earn count as rental income if they aren’t making a profit on it?
Ben is a real estate investor who’s curious about growing his portfolio from four units to 20 units. What’s the best approach to take?
I answer these five listener questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode243
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Feb 27, 2020 |
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The Art of Trusting Your Most Dangerous Ideas, with Ash Ambirge, The Middle Finger Project
4360
#242: Ash Ambirge grew up in a trailer park in Pennsylvania. She never met her father. Her disabled mother, who raised her on government assistance, passed away when she was 20.
Her childhood goal? To join the middle class. She dreamed of becoming one of those people who eats lemon pepper chicken. What’s more middle-class than that?
She attended college on a full scholarship. When she graduated and accepted her first cushy office job, earning $30,000 per year, she blew her paychecks. She bought a brand-new car, rented a luxury apartment and financed a $5,000 mattress. Yet despite her material luxury, she felt that some important element was lacking.
In her quest to find meaningful and creative work, she launched The Middle Finger Project, a company that teaches skills like entrepreneurship, battling perfectionism, and trusting your most dangerous ideas.
She joins us on today’s podcast episode to share her incredible story about struggling to join the middle class, shrugging off a conventional career, and trusting her most dangerous ideas.
For more information, visit the show notes at https://affordanything.com/242
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Feb 17, 2020 |
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Ask Paula: Should I Raid My Retirement Savings to Pay for School?
5153
#241: Anton wants to accelerate his flight training so he can get hired within two to three months, rather than two to three years. He has to raid his retirement savings to achieve this. Should he?
Linda and her husband have their eyes on early retirement, but they aren’t sure what their post-retirement lifestyle will cost. How can they budget for unknown expenses that include travel?
Joseph contributes 15 percent of his income to both a Roth 457b and Roth IRA. He wants to retire before age 59.5. Given his early retirement goal, should he focus solely on his Roth 457b?
Henry wants to know how rebalancing and dollar cost averaging interact with each other. Should he rebalance his all-equities portfolio? If so, what approach should he take?
Joe maxes out his 401k and IRA each year. He can make after-tax 401k contributions, or fund his Vanguard taxable brokerage account. Which should he prioritize?
As usual, my friend and former financial advisor, Joe Saul-Sehy, joins me on the show to answer these five listener questions. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode241
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Feb 10, 2020 |
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10 Questions to Master Successful Investing, with David Stein
4697
#240: Are you investing, speculating, or gambling? What are the three drivers of asset performance? Are you aware of who’s getting a cut from your investments? Do you even know who’s on the other side of the trade?
David Stein is the author of Money for the Rest of Us, a book that answers these questions. He’s the former Chief Investment Strategist & Chief Portfolio Strategist at Fund Evaluation Group, a $70 billion investment firm. If you’re thinking of adding a new investment to your portfolio, David’s investment philosophy and framework can help you avoid expensive mistakes.
For more information, visit the show notes at https://affordanything.com/episode240
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Feb 07, 2020 |
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Ask Paula: Should I Put My Student Loans in Forbearance? Should I Buy a Vacation Rental? and More
4850
#239: Lo is in a good spot with her career, but she’s struggling with a ton of student loan debt, and consequently, credit card debt. What should she do to manage it?
Anonymous wants to know how to set up a backdoor Roth IRA.
Eric and his wife own a property in Savannah, GA that brings in more money as an Airbnb than a traditional rental. They want to invest in more properties and are wondering if this model is the best path to take.
James wants to own a vacation rental in the Vermont mountains that he can use when it’s vacant. What features or qualities would make a profitable vacation rental? What red flags should be on his radar?
Ayesha is looking at buying a rental property that has a partial HUD claim on it. What kind of complications should she anticipate? Or should she let this property go completely?
Shelbi and her husband own a rental property that they purchased for $178,000 that’s now valued at $300,000. They’re looking at a multitude of options - sell it, move into it, or keep it. What’s best given their FIRE goal?
For more information, visit the show notes at https://affordanything.com/239
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Feb 03, 2020 |
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How to Stop Making So Many Money Mistakes, with Jeff Kreisler
4004
#238: “If I had more willpower, I’d achieve my financial goals.” “I’m doomed to fail with money.” “I’m horrible for not keeping to a budget.”
These are common thoughts, but they’re erroneous.
You can’t willpower your way through money management, you’re not doomed to fail, and you’re not horrible for blowing your budget. You’re human, and humans make emotional decisions. Those emotional decisions don’t have to mean a financial death sentence, though.
Jeff Kreisler, co-author of Dollars and Sense and Editor-in-Chief of PeopleScience.com, tells us how we can avoid common money mistakes and rewrite our financial future.
For more information, visit the show notes at https://affordanything.com/238
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Jan 27, 2020 |
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Ask Paula and Joe -- Should I BUY a Business, Instead of Starting One?
5083
#237: Katie wants to know how to purchase a business that’s already cash-flow positive. What indicators can she look for?
Rob will retire from the military with an inflation-adjusted pension. Does he need a bond allocation in his investment portfolio?
Brian conquered a large sum of credit card debt, but still has student loan debt and a mortgage. Should he pay off his student loans, refinance them, or refinance his mortgage?
Jeff is curious about the pros and cons of investment apps. When should you use them?
Another Kati (without an e!) wants to live a healthy and wealthy life before she’s 70. Where should she allocate her savings so she can retire early?
We answer these five questions in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode237
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Jan 20, 2020 |
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How We Saved $1 Million and Retired at 31 and 32, with Kristy Shen and Bryce Leung
4254
#236: Kristy Shen and Bryce Leung achieved financial independence four years ago at age 31 and 32. They saved $1 million and live on $40,000 per year while traveling the world.
Kristy and Bryce don’t worry about running out of money, they created new identities after quitting their jobs, and their community has quadrupled in size. Here’s how they achieved this lifestyle.
For more information, visit the show notes at https://affordanything.com/episode236
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Jan 13, 2020 |
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Ask Paula: Sooo … I Quit My Job. What Type of Business Should I Start?
4143
#235: Anna has made the leap to self-employment … but what’s next? She lives in the Bay Area and she’s trying to choose between five business ideas; she needs to make enough money to stay in her high-cost area.
Doug recently won $9,000 from an online poker side gig and is wondering how best to use the funds: pay off high-interest student loan debt, or keep it to increase his poker earning potential?
Alex and his partner want to househack a single-family property with a mother-in-law suit. What should they consider as far as zoning goes?
Darrell is on track to retire in two years at age 55 and wants to know what he should do with his primary residence. Should he rent it out? Or should he sell it and use the profit to invest in rental properties? Or use the profit to buy his retirement home?
Mara is curious about 1031 exchanges. She has equity in a rental property that she’d like to harvest, but she wants more information before making the move.
Michael and his wife are struggling with competing goals. They want to invest in real estate, but they also want to move into an apartment closer to work to reduce their long commutes. Should they sell their home and invest the equity into a rental property, or should they take a HELOC on their home instead?
For more information, visit the show notes at https://affordanything.com/episode235
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Jan 06, 2020 |
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26 Easy Moves to Improve Your Finances in 2020
3898
#234: We review 26 quick, easy actions that improve your financial life, plus 10 new added bonus ideas that came directly from our community. We issue a challenge for you to tackle one action per week for the first 26 weeks (six months) of the year, so you’ll build stronger financial health by summertime.
Download the free book that accompanies this episode at http://affordanything.com/2020kickoff and join us in the 2020 One Tweak a Week challenge!
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Jan 03, 2020 |
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Ask Paula: How Can I Retire in 12 Years?
4410
#233: Deepak is considering downsizing his family’s home, but wants to know if the savings are worth the transaction costs he’ll have to pay.
Anonymous and her husband hold $900,000 worth of privately-owned company stock. How should they plan for handling this money?
Shelby is 25 years old and works for a company that awarded her restricted stock units. What should she do with these? Additionally, she traded in a 2013 Prius for a 2018 Subaru, for which she now owes $19,000. Should she sell it for a used vehicle or stick it out?
Katelyn is interested in learning more about annuities. What should she know in order to make an informed decision?
Max FI and his wife want to retire in 12 years. How should they invest to achieve this?
Anonymous’s former employer offered a Roth and Traditional 401k, and his new employer only offers a Traditional option. How should he rollover his former Roth 401k?
For more information, visit the show notes at https://affordanything.com/episode233
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Dec 31, 2019 |
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How to Avoid College Debt, with Anthony ONeal
4341
#232: Anthony ONeal is the bestselling author of Debt-Free Degree, a book that teaches parents how to help their children graduate from college without student loans.
He’s part of the Dave Ramsey Solutions team, which teaches people how to pay off and avoid debt, and he's the co-author of Graduate Survival Guide, along with Rachel Cruze.
Anthony joins us on this episode to share tips and hacks to help you save on tuition and find money for college.
For more information, visit the show notes at https://affordanything.com/episode232
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Dec 27, 2019 |
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Ask Paula: How Can I Get My Spouse Interested in Frugality?
3253
#231: Avie needs to decide between two options: paying off a rental property, or funding a retirement account. Which should she choose?
Lisa wants to know: when should you fund an HSA account?
Sofia’s parents have lived with her for the past few years, but Sofia’s job is relocating her out-of-state. How can she transition her home to a rental for her parents?
Jim is a saver and his wife is a spender. How can he interest her in frugality?
Candice wants to know my thoughts about online real estate investment crowdfunding platforms. Good idea or bad idea?
Kristen has a mortgage on her primary residence and a rental property. They have similar interest rates. Which should she pay off first?
I tackle these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/epidode231
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Dec 16, 2019 |
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How to Develop Emotional Agility, with Dr. Susan David
4914
#230: Dr. Susan David, a psychologist on the faculty at Harvard Medical School, joins us to talk about emotional agility.
Dr. David has researched emotional agility for around 20 years. A few years ago, she summarized her work on this concept for the Harvard Business Review. Her article became one of the most popular articles of the year, and the publishers heralded it as the Management Idea of the Year.
Dr. David gave a TED talk on emotional agility, which went viral, gaining more than a million views. She then published a book called Emotional Agility which became a #1 Wall Street Journal Best Seller.
The concept of emotional agility won the Thinkers50 Breakthrough Idea Award. She’s provided consulting around this concept with clients that include the United Nations, the World Economic Forum, the NASDAQ, Google, and Microsoft.
She joins us today to explain how to define emotional agility, how to develop it in your life, and how it applies to any goal that you want to pursue - whether that’s financial independence, early retirement, career advancement, or greater success in your health and your relationships.
For more information, visit the show notes at https://affordanything.com/episode230
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Dec 09, 2019 |
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Ask Paula: Help! My Mom or Dad Took Out a Credit Card in My Name. Am I On the Hook?
4902
#229: Normally, we’re a once-a-week podcast, with episodes airing every Monday. But on the first Friday of every month, we have a First Friday bonus episode!
Helen discovered that her mother fraudulently opened credit card accounts in her name. Eek! How can she protect herself? What will happen to these accounts once her mother passes away?
Amelia and her husband cannot fire their financial advisor. How can they minimize the damage and maximize the benefit they receive from him in the meantime?
Anonymous asks if she should live off an inheritance and max out her 401k contributions during her first year of working full-time. She wants to reduce her taxable income. Is this a good idea?
A different anonymous caller read a USA Today article claiming that “index funds are in a bubble.” How true is this? How can index funds be in a bubble?
Shawn is self-employed. He invests in a Solo 401k that features both a Roth and Traditional component. How should he manage this account?
Another anonymous listener is thinking about downshifting to part-time work. He holds around $278,000 in home equity. How can he capitalize on this?
Former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode229
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Dec 06, 2019 |
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What I Learned from Losing $170 Million, with Noah Kagan
3929
#228: In November 2005, when Noah Kagan was 24, he was hired as Employee #30 at Facebook. His stock options would have been worth $170 million if he’d cashed out in 2014, he says.
But he didn’t see a dime.
In June 2006, merely 9 months after he started working at Facebook, Noah got fired. Instead of making $170 million, he made zero.
He fell into a deep depression for a year. Then he rescued himself by becoming a serial entrepreneur. He tried his hand at a lot of things -- including developing Facebook games, selling discount cards, creating a payment processor in the gaming space -- but he’s best known for his two most successful companies.
In 2010 he started a company, AppSumo, which offers discounts on small business software. By 2012, AppSumo was grossing $4 million per year in revenue, with annual net profits of $500,000.
Yet Noah wasn’t fulfilled. He pivoted. In 2015 he started a sister company, Sumo.com, which develops marketing tools for websites and online businesses.
In today’s episode, Noah and I discuss reflections on business, money and life.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode228
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Dec 02, 2019 |
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Ask Paula: How Can I Get the Most from My Mini-Retirement?
5031
#227: Lien is taking a year off of work to live the van life with her husband. She wants to know how she can make the most of this sabbatical to figure out how to turn her less-than-inspiring career into a lifestyle that she loves.
Lien called in again to say that she wants to start a new business and a family when she returns from her gap year. Her former job offered excellent health benefits and maternity leave, but she doesn’t really want to go back. What should she do?
Eddie wants to build his real estate portfolio. How should he approach downpayments - put down more to net more profit, or put down less to acquire more properties?
Wilson is wondering if it’s a good idea to partner with a friend on real estate ventures. What are the downsides?
Wilson also wants to know about real estate business expenses, and the pros and cons of short-term rentals vs. long-term rentals.
Sean has an inconsistent employment history and is struggling to find a lender that will give him a mortgage. He wants to know if there are any other ways he can get a mortgage for a 4-plex?
An anonymous listener is thinking about taking the leap into real estate investing and wants to know how to overcome the fear they have about it. Also, should they put all of their savings towards real estate?
Anonymous is also wondering: how do you calculate net worth when you’re married?
For more information, visit the show notes at https://affordanything.com/episode227
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Nov 25, 2019 |
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How to Make Time for Things That Matter, with John Zeratsky
4423
#226: Feeling time-crunched? Today’s episode is for you.
Today’s episode features productivity expert John Zeratsky, who shares specific, action-packed time management strategies, with a focus on email management. If the term inbox zero sounds laughable, these strategies are up your alley.
John’s interest in productivity began one winter morning in 2008, when he realized that the past few months had been an eerie blur. He realized that time was slipping away. He knew he needed to figure out a better way to manage his time - and his life.
He started deep-diving into time management strategies and eventually co-authored a book, Make Time.
If you want to learn how to redesign your daily schedule, you’ll enjoy this episode.
For more information, visit the show notes at https://affordanything.com/episode226
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Nov 18, 2019 |
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Ask Paula: How to Invest for the Next Five Years
5126
#225: Lauren is 26 and earns $48,000 per year after taxes.
She saves $12,000 annually in retirement accounts, and an additional $18,000 per year for a downpayment on a home.
She wants to buy a home in the next five years. Where should she keep her savings in the meantime?
Sawyer has a five-year financial independence plan. She owns two high-end condos in a NYC suburb. She lives in one unit and rents the other, but she’s bothered by the fact that she’s forgoing collecting rent on her home unit. Should she move?
Katie’s husband is going to grad school and they want to pull money out of a Vanguard account to fund his tuition. Should they do this?
Cassie is in the process of finalizing a divorce. She and her daughter will receive between $80,000 - $116,000. Should they use the funds to buy a home with a 20 percent down payment or pay off their $30,000 debt?
Andy is curious: should you re-adjust the 4 percent withdrawal rule if your investment portfolio grows?
Joe wants to become self-employed but is concerned about health insurance. What are some affordable options?
Laura is ready to retire. She’s also engaged, and her fiance wants to keep working. Should they file taxes jointly or separately?
Doug is interested in learning more about equity sharing programs. Are these safe investments?
Tania wants to know: can you open and fund a Roth IRA if your only source of income is alimony?
Brian took out a 401k loan to buy a car. He regrets his decision. Should he take out a personal loan to pay back the 401k loan?
Former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode225
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Nov 11, 2019 |
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The Science of Rapid Learning, with Scott Young, author of Ultralearning
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#224: Scott Young, author of Wall Street Journal best-selling book Ultralearning, talks about the 9 principles of Ultralearning, which can help you learn new skills, reinvent yourself, stay relevant, and adapt to whatever life throws at you. If you think you know the best way to learn something, think again. This book will challenge your assumptions.
Whether you want to develop hard skills to become more valuable at your job, soft skills for your journey to self-improvement, or you want to honor your love for learning, these 9 principles will help you become more effective at developing new skills.
If you enjoyed my interviews with James Clear or Cal Newport, you’ll enjoy this one.
For more information, visit the show notes at https://affordanything.com/episode224
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Nov 04, 2019 |
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Ask Paula: Should I Choose This or That? How to Weigh the Tradeoffs
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#223: Elizabeth is curious to know: what does a good net worth breakdown look like? Is it appropriate to have a lot of your net worth tied up in real estate?
Marie wants to start her own business, but she’s living paycheck-to-paycheck. Is incurring debt her only option to make this dream a reality?
Bria wants to take a second mini-retirement and has a good chunk of money saved up. She wants to come back to the workforce with a cash cushion. What should she do with her money while traveling?
Connor is facing a dilemma. Is he correct in not prioritizing 401k contributions given that his employer doesn’t offer a match, combined with his goal for financial independence? Is his strategy of using his savings for real estate investing better?
Caroline is wondering: should she aggressively pay off her home and her rental properties, or use her excess savings to fund a brokerage account?
Anonymous is relocating from Southern California to Florida. She wants to know if she should rent an apartment and buy a rental property, or buy a primary residence with the $150,000 she has saved.
Today’s episode is full of exploring and weighing tradeoffs.
For more information, visit the show notes at https://affordanything.com/episode223
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Nov 01, 2019 |
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Seven Ways to Escape the Rat Race - with Michael Robinson
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#222: Michael Robinson and his wife, Ellen, achieved financial independence at age 33. They ‘retired’ (they still enjoy working) three years later at age 36 on two five-figure incomes. Today, Michael and Ellen are raising their two children to be bilingual by slow traveling throughout Latin America.
Michael and Ellen blog about their FIRE adventures at uncommondream.com. They believe that “the Uncommon Dream is the dream pursued – the dream met with planning, action, and sacrifice. With just a dream and those three tools, you can accomplish almost anything.”
Today, Michael joins us on the show to talk about the seven ways that he and Ellen escaped the rat race and achieved FI at 33. If you enjoy hearing stories and case studies from people in this community who have reached FI, then you’ll love this interview.
For the full show notes, go here: https://affordanything.com/episode222
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Oct 28, 2019 |
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Ask Paula: How Much of My Company Stock Should I Buy?
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#221: Vanessa is curious about Fidelity and Vanguard. She asks: what are your thoughts on the no-fee Fidelity index funds? What are your opinions on Vanguard’s financial advisors?
Andy wants to know: should my wife and I continue maxing out our traditional 401k and backdoor Roth IRA, or should we start contributing to the Roth 401k my employer offers?
Kyle is wondering - how can he minimize his taxes when he earns $450,000/year?
Rob is self-employed and has been maxing out a Roth IRA, but recently discovered that he can open a self-employed IRA. Should he move his Roth IRA money over, or just open a new account and fund it from scratch?
Christina is torn. Her and her husband have been saving to buy a house, but because they live in New York, their savings won’t go very far. Is it a good idea for them to continue renting, despite their dreams?
Mercedes is wondering how REITs compare to stocks and owning actual real estate. Additionally, she’d like to know more about Forex trading.
Craig has an employee stock purchase plan (ESPP). Since these tend to be risky, he’s wondering: is he better off moving the $25,000 that he puts towards the ESPP into mutual funds? Or is an ESPP a good way to diversify his funds?
Myself and former financial planner, Joe Saul-Sehy, answer these questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode221
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Oct 21, 2019 |
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Stillness is the Key, with Ryan Holiday
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#220: In a hectic world, stillness is the key to a calm, enjoyable life.
That idea comes from Ryan Holiday, author of Stillness is The Key.
Stillness is finding flow, staying present, and being impervious to the pressures of the outside world. It doesn’t mean removing yourself from society and sitting in a forest; to the contrary, many CEOs and world leaders have practiced remarkable stillness during times of crisis.
Bestselling author Ryan Holiday discusses actionable tips on how to practice the art of stillness, as well as its applications to the pursuit of financial independence or any massive goal.
For more information, visit the show notes at https://affordanything.com/episode220
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Oct 14, 2019 |
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Ask Paula: How Should I Invest $4,000 Per Month for Early Retirement?
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#219: Stella is working toward FIRE and wants to know: how can she create passive income in her retirement years? Is a portfolio with stocks and bonds enough, or should she invest in real estate?
Travis and his wife are also on the FIRE path, and are comparing their investment options. Travis is concerned about the inefficiency of reinvesting returns in real estate. How can you factor this into your decision when buying a property?
Stephanie and her husband are also interested in FIRE (hooray!) and they have $20,000 to invest. How can they best use this money to help them FIRE sooner?
Cade, a 24-year-old listener, wants to FIRE by age 30 (we’re on a roll!). He’s saving $4,000/month and wants to know how to invest these savings.
Anonymous and their partner are taking a mini-retirement and have questions surrounding the logistics of healthcare. What options should they consider?
On a different note, Amanda works in academia. After listening to Episode 12, she’s looking for tips on managing long-term, complex collaborative projects now that she’s in a leadership position.
Steve’s question brings us to the topic of building an online business and social media following. Should he have one brand for all of his interests, or divide these interests into separate channels?
I tackle these questions in today’s episode of the show. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode219
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Oct 07, 2019 |
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Why We're Irrational with Money - with Kristen Berman
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#218: Kristen Berman is co-founder of Irrational Labs, a behavioral product design company, along with Dan Ariely.
She has a fascinating job that involves looking into why people behave the way they do with their money, and discovering the easiest solution to help them create more positive financial behavior.
In short, she’s a proponent of redesigning the current financial system to make saving automatic and easy, and that’s part of what we discuss in this episode.
If creating better financial habits has been a challenge for you, or if you have trouble framing spending as a positive thing, rather than a loss, then Kristen has awesome advice for you.
Here are some key takeaways from the interview:
1. Habits are overrated - one-time decisions are more effective. 2. Simplify decision-making by giving yourself a rule-of-thumb to follow. 3. Pre-commit to your financial goals. 4. Measure process versus outcome. 5. Use accountability partners to reach your goals. 6. The Three Bs - Behavior, Barriers, and Benefits.
For more information, visit the show notes at https://affordanything.com/episode218
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Oct 04, 2019 |
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Interview on the FI Show: Financial Independence Philosophy and Origin Story | Paula Pant from Afford Anything
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#217: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.
In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.
Earlier this year, Cody and Justin from The FI Show interviewed me and asked some excellent questions about my journey to financial independence, entrepreneurship and passion, and minding the gap between your income and expenses.
We talk about the importance of side hustling and how to create a well-paying job from your skills.
We touch on real estate and why I chose this strategy to reach FI.
We also discuss the bone I have to pick with the financial independence movement.
Finally, we chat about what financial independence is really about, because it’s not about sipping margaritas on a beach. It’s about having the freedom to use your time in whatever way you want.
I hope you enjoy it as much as I did!
Thank you to Cody and Justin for giving us permission to air this interview.
P.S. - Starting with the next episode, we’ll return to our usual routine of brand new interviews and Ask Paula episodes. :)
For more information, visit the show notes at https://affordanything.com/episode217
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Sep 30, 2019 |
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How Much Can I Spend in Retirement? - with Dr. Wade Pfau
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#216: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.
In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.
Welcome to another episode from our archives! This one was recorded in March 2018, and Dr. Wade Pfau had a ton of insight into the four percent rule that so many of us are concerned with.
First, here’s a brief history of how the four percent rule came to be.
In 1994, William Bengen decided to look at 30-year timespans throughout U.S. History, beginning with the year 1926.
He worked under the assumption that a retiree held 50 percent stocks (in the form of S&P 500 Index), and 50 percent bonds (intermediate-term government bonds).
He looked at two things: the worst-case scenario, and how much an investor could sustainably withdraw from their portfolio under that worst-case scenario.
The year 1966 ended up being one of the worst to retire during, and an investor could withdraw 4.15 percent during the first year, and 4.15 percent, adjusted for inflation, every subsequent year.
That is how the 4 percent rule came to be.
Dr. Wade Pfau, a Professor of Retirement Income at The American College of Financial Services, argues that the 4 percent rule may not be the end-all-be-all we think it is.
He voices his hesitations and explains how you can determine how much you can afford to spend in retirement on this episode.
Enjoy!
P.S. - We’ll return to our regular podcast production schedule in October!
For more information, visit the show notes at http://affordanything.com/216
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Sep 23, 2019 |
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The Seven Stages of Financial Independence, with Joshua Sheats
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#215: We are really digging into the archives with today's episode. This originally aired back in 2016!
Besides being another fun and fascinating interview, this is one of our most popular episodes. Which isn't surprising, given the topic we're exploring. :-)
Financial independence means many things to many different people, which might be why we find it challenging to settle on a definition that everyone can agree on.
Regardless of what your personal definition is, Joshua Sheats, a financial planner and host of the well-known Radical Personal Finance podcast, says that financial independence can be separated into seven stages.
We explore these seven stages of FI in this episode, and we also talk about how to enjoy the journey no matter what stage you're at.
Enjoy!
For details, visit the show notes at https://affordanything.com/stages-financial-independence-joshua-sheats/
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Sep 16, 2019 |
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ChooseFI Interview
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#214: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.
In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.
I’m super excited to share an interview I did with Brad and Jonathan of ChooseFI back in December 2018. It was fun to have the tables turned, and Brad and Jonathan left no stone unturned in their interview with me.
If you ever wanted to know my origin story, including where my love for travel comes from, where my desire for freedom came from, and how I combined both, then give this interview a listen.
We talk about everything from:
How travel wasn’t a big part of my life until college
How I prefer to travel
Why the idea of mini-retirements is so important
Making the transition from freelancing to having my own business and giving up that business in favor of focusing on Afford Anything
Dealing with imposter syndrome
Overcoming and working with a scarcity mindset
What financial independence means to me
The importance of self-care
Brad and Jonathan are two of the most thorough interviewers I’ve ever recorded with, and this interview was a lot of fun. If you want to learn more about them, I returned the favor by interviewing them on this show on this episode https://www.choosefi.com/105-you-can-afford-anything-but-not-everything-paula-pant
Thanks to Brad and Jonathan and ChooseFI for giving us permission to air this interview!
P.S. - We’ll return to our regular podcast production schedule in October!
For more information, visit the show notes at https://affordanything.com/episode214
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Sep 09, 2019 |
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Andrew Hallam (Part Two): The Nine Rules of Wealth You Should Have Learned in School
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#213: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.
In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.
If you missed the last episode, you might want to listen to it before diving into this one, as Andrew and I go into the finer points of investing here.
Seriously. This is one of the most in-the-weeds shows I’ve done to date.
If you’re playing catch up: Andrew Hallam is a teacher who became a millionaire in his 30s and reached FIRE in his 40s. His starting salary was $28,000 - net.
If you want to know how he did it, and what his first three rules of building wealth are, then listen to episode 212.
Otherwise, tune into this episode, where we review his six other rules that can turn middle-class people into millionaires:
Understand your inner psychology. Conquer the enemy in the mirror. Learn how to build a balanced, responsible portfolio. Create an indexed account, no matter where you live. Don’t resign yourself to taking this journey alone. Inoculate yourself against slick sales rhetoric. If it sounds too good to be true, it probably is.a
While these rules sound simple on the surface, Andrew and I go way beyond that, talking about hedge funds, human psychology, and casinos.
This was a favorite among listeners back in 2017 and it’s one of the most enjoyable interviews I did. I hope you enjoy!
P.S. - We’ll return to our regular podcast production schedule in October!
For more information, visit the show notes at http://affordanything.com/episode213
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Sep 06, 2019 |
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Andrew Hallam (Part One): How I Became a Millionaire on a Teacher's Salary
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#212: It’s September!! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.
In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.
First up is a two-part interview with Andrew Hallam, a teacher who became a millionaire in his 30s and reached FI in his 40s.
How? Beyond investing small sums (we’re talking less than $100 per month) throughout college, he also saved half of his starting salary of $28,000.
This episode is for anyone who thinks it’s impossible to reach FIRE on a low salary.
I originally interviewed Andrew in January 2017, and we could not stop talking. Which is why our three-hour interview was divided into two parts.
In this first part, Andrew shares his story - how he became a millionaire, and why he wanted to achieve FIRE in the first place.
He also shares three principles from his book, Millionaire Teacher: Nine Rules of Wealth You Should Have Learned in School:
Rule 1: Spend like you want to grow rich. (Don’t waste money on junk.) Rule 2: Use the greatest financial ally you have. (Time.) Rule 3: Small percentages pack big punches. (Avoid high-fee funds.)
As for the other six, they’re coming up in Part 2. :)
Enjoy!
P.S. - We’ll return to our regular podcast production schedule in October!
For more information, visit the show notes at https://affordanything.com/episode212
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Sep 02, 2019 |
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What’s Your Why? Financial Independence, Debt Freedom and More
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#211: Hey there!
I’m writing this from Croatia, where I’m beginning five weeks of travel that I’m calling my September Sabbatical. From now through September 23rd, I’ll be exploring the globe and enjoying a one-month break.
Today, I’m kicking things off with a community-based episode. Here’s the backstory behind today’s show:
There’s an event called CampFI, which is a 3-4 day gathering for people who are interested in financial independence. CampFI holds around half a dozen events per year in various locations; I spoke at one in Colorado Springs this past July.
While I was there, two other podcasters and I decided to interview the participants to find out their “why of FI.” What motivates them to build financial independence?
These interviews and stories from the community are today’s episode.
Enjoy!
For more information, visit the show notes at http://affordanything.com/episode211
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Aug 26, 2019 |
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How to Be an Adult - with Mark Manson
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#210: We live in a fascinating era: huge sections of society are more prosperous, advanced and safe than at any other point in human history, yet depression and anxiety are at record highs. It’s a paradox of progress: the richer the nation, the more likely its citizens are to suffer from mental health issues and report feeling crushing isolation and unhappiness.
What gives?
At the individual level, pursuing financial independence and early retirement (FIRE) often fills people with enthusiasm, purpose and meaning. Yet once people reach FIRE, they often report feeling purposeless or rudderless. It’s a paradox of hope: nothing kills a dream like achieving it. And in the absence of anything else for which to hope, a person becomes, by definition, hopeless.
Ouch.
When we’ve taken care of the bottom of the Maslow Pyramid, how do we find hope and meaning? How can we create purpose in a vast world?
This week, I invited one of my favorite writers, megabestselling author Mark Manson, to join me on the Afford Anything podcast to discuss these critical issues.
Mark Manson is the author of The Subtle Art of Not Giving A F*ck, which sold six million copies and became the #1 bestseller in 13 countries. His latest book, Everything is F*cked: A Book About Hope, lays a framework for finding hope and happiness in a confusing world.
For more information, visit the show notes at http://affordanything.com/episode210
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Aug 19, 2019 |
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Ask Paula: Are Index Funds Unsafe?
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#209: Anonymous wants to retire early and often. They’re going overseas, where they’ll make their annual salary within six months. Where should they put their extra income?
Anonymous also wants to know: how can they find a financial advisor they can actually trust?
Another anonymous listener wants to know - is it possible to spend more while minimizing taxes in early retirement?
JuanCarlos asks: is $20,000 too little to invest with a financial advisor?
Angela is wondering how to create a Roth IRA account for a teenager.
Rose is thinking about switching from mutual funds to index funds because it means encountering less fees, but her and her husband are in their 60s. Does this make sense?
Ari has $700,000 to invest in a taxable brokerage account. He wants to know if a 90 percent total stock market index and 10 percent bonds is a good asset allocation.
Dave and his wife want to use their defined benefit plans as their primary income stream in retirement, and supplement with Roth and 457 incomes. Where else should they be saving?
Myself and former financial planner Joe Saul-Sehy answer these questions on today’s episode.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode209
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Aug 12, 2019 |
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How to Talk to Your Parents About Retirement and Beyond -- with Cameron Huddleston
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#208: Well, this could get awkward.
Your parents and grandparents are aging. (Duh.) You want to have a few important financial conversations with them. It’s time to get the answers to questions like:
“So … are you ready for retirement?”
“You’ve been retired for 10 years … how’s that going? How are your finances looking?”
“Do you have a will or legal trust? What’s your estate plan situation?”
“Do you have an advance health care directive?”
“To whom have you given your power of attorney?”
“What types of accounts do you have, and how can I -- or someone whom you designate -- access the passwords if and when the appropriate time comes?”
These financial conversations are important, but awkward. Most people would rather discuss the news, the weather, or the Kardashians.
How do you introduce these conversations to your family? What specific topics should you cover? What documents and other information should you gather? How do you manage these conversations when siblings, half-siblings and step-siblings are involved? What about step-parents? What if your parent lives outside of the U.S. and the laws are different; how should you plan?
In today’s podcast episode, award-winning personal finance journalist Cameron Huddleston discusses these critical issues.
Huddleston has spent nearly two decades writing about money for Kiplinger Personal Finance, the Chicago Tribune, Fortune, USA Today, MSN and more. She’s the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
She joins us to discuss how to navigate these tricky family conversations.
For more information, visit the show notes at https://affordanything.com/208
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Aug 09, 2019 |
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Ask Paula: Should I Take a $30k Paycut for Better Work-Life Balance, or Stick it Out?
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#207: Matt and his fiance earn $7,500 per month combined. They save more than half of their income. He’d like to take a different job that will decrease his income by $2,000 per month, but improve his quality of life. Should he?
Suja wants to take out a loan for business growth. What red flags should she watch for?
Anonymous and her husband are thinking about buying half-million-dollar home, purchasing a second car, and having a baby. They’ve saved an emergency fund and a 20 percent downpayment. Are they ready?
Trayci wants to quit her 9-to-5 and start working as a 1099 self-employed lifestyle. How should she manage this transition?
Daria is curious about the economics of a podcast. What do the income and expenses look like?
Jared wants to retire early and then sell off his rental properties, but he’s worried about the depreciation recapture tax rate. How should he plan?
Ali wants to set up a long-term giving plan, but most of the advice out there is geared towards wealthy donors. How should middle-class workers set up their charitable giving?
Financial planner Sophia Bera (hailed by Investment News as one of the Top 40 Under 40) joins me on today’s episode to answer these seven questions.
For more information, visit the show notes at https://affordanything.com/episode207
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Aug 05, 2019 |
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When Career Zigzagging is Smarter - with David Epstein
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#206: We live in a society that values career specialization.
You’re not a “doctor” -- you’re a pediatrician, an anesthesiologist, an oncologist.
You’re not a “lawyer” -- you practice family law, or bankruptcy, or criminal law.
You’re not an “engineer” -- you’re an electrical engineer who specializes in solar technologies, or a civil engineer who specializes in the application of artificial intelligence in highway traffic design.
Specialization is beneficial and necessary, but specializing too early in life or too narrowly can also have drawbacks. According to today’s podcast guest, New York Times bestselling author David Epstein, overspecialization can stifle innovation if we’re all digging in parallel trenches. Sampling a broad range of subjects prior to specializing (e.g. at the undergraduate level, or as a hobby) allows people to make connections between far-flung domains and ideas.
If you’re an athlete, spend your childhood playing a variety of sports before you commit to the one you’d like to develop.
If you’re a musician, try learning different instruments before you pick your primary focus.
If you’re bound for a graduate degree in a STEM field, consider a multidisciplinary undergraduate that pulls from chemistry, physics, biology and perhaps even art. Specialization can come later.
We hear stories of people who specialized early in life. Tiger Woods won his first golf competition at age two, beating everyone in the age-10-and-under category. Many world chess champions started training in early childhood. The notion is that early specialization provides a headstart; if you haven’t started training at chess or golf by age 12, it might be too late.
But chess and golf are limited in their scope. They’re contained games with fixed, predictable rules.
In the wider world, in which challenges and assumptions fluctuate and problems are ill-defined, being a generalist is a lifehack.
For more information, visit the show notes at https://affordanything.com/episode206
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Jul 29, 2019 |
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Ask Paula: Am I On-Track for Retirement?
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#205: Is it ever a good idea to use your 401(k) as an emergency fund?
What's the best way to break up with your financial advisor so that you can move all of your funds to Vanguard?
Should you put all of your Roth IRA money into index funds, or is there a better option for your money?
A listener has a job offer working less hours for more money, but without a retirement plan. Is this a good move?
When running a small business as a sole proprietor, are there tax advantages to incorporating or forming an LLC? If so, what should you consider?
What's the best way to maximize the earnings on a large amount of savings while keeping the savings liquid? Can a robo-advisor help with this?
Myself and former financial planner Joe Saul-Sehy tackle these six questions in today's episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode205
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Jul 22, 2019 |
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Upgrade Your Thinking, with Super Thinking authors Gabriel Weinberg and Lauren McCann
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#204: You make decisions on a daily basis about your career, family, friendships, health and investments; these choices shape your life.
But how much have you thought about how to think?
There are common threads and collective wisdom across disciplines. These common threads create mental models, which are frameworks for understanding the world. Mental models allow us to apply insights from a variety of unrelated fields, using reasoning by analogy to make better choices about our lives.
For example:
Critical mass is a concept from physics that can be applied to our understanding of microeconomics or entrepreneurship.
The availability heuristic and filter bubble are concepts that we can use to check in with ourselves whenever we’re assessing risk in our businesses, careers or personal safety.
Loss aversion and information aversion are notions that, when articulated, allow us to understand why we hesitate to learn more about investing during recessions.
Mental models can make us better thinkers. Warren Buffett’s business partner, Charlie Munger, says he relies on mental models to evaluate businesses and make investing choices.
What we know is that we’ll never be right. But mental models can help us become less wrong.
On today’s episode, Gabriel Weinberg and Lauren McCann join us to discuss Super Thinking, their book about how to use mental models to improve the skill of thinking.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode204
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Jul 15, 2019 |
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Ask Paula: Early Retirement and The Four Percent Rule
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#203: Many people in their 50’s or 60’s warn us about catastrophic or ‘black swan’ events. But what’s the likelihood that this will actually happen?
How can you use the 4 percent withdrawal rule for early retirement planning, given that your portfolio will be split among accounts with different tax treatments? How do you adjust your retirement plan for future taxes?
Should a couple in their 30’s switch from term life to whole life insurance?
Should a couple in their 50’s with adult children bother buying life insurance in the first place?
Is it okay to keep all your assets at one investment brokerage, like Vanguard or Fidelity?
And can you deduct rental losses if your income is over $150,000?
Former financial planner Joe Saul-Sehy and I answer these questions in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode203
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Jul 08, 2019 |
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Slow Travel is Cheap Travel - with Nomadic Matt
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#202: In 2006, Matt Kepnes worked at a hospital in Boston, and he felt miserable. He dreaded fighting traffic, spending his days under his offices’ fluorescent lighting, drinking stale coffee.
He decided to take one year off -- a “gap year” -- thinking that after his sabbatical, he’d resume another 40 years of punching the clock.
He worked 60-hour weeks in order to save money for his sabbatical year. He saved $30,000, then handed his boss a resignation letter.
Matt traveled for 18 months, returned to Boston, and realized he had lost his willingness to punch the clock. He couldn’t sit still in an office any longer.
He re-packed his bags, bought a one-way flight to who-knows-where, and reinvented himself as a travel writer known as Nomadic Matt. He lives on a budget of $18,250 per year, or $50 per day.
In the last decade, his travel information website, NomadicMatt.com, has become one of the most popular travel blogs in the world, drawing millions of visitors. His writing has been featured in The New York Times, CNN, National Geographic Travel, and the BBC. He’s a New York Times bestselling author, and he’s traveled to more than 100 countries.
In today’s episode, Matt and I discuss the art of slow travel.
For more information, visit the show notes at https://affordanything.com/episode202
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Jul 05, 2019 |
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Ask Paula: Which House Should I Pay Off First?
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#201: Ross and his wife are both in the Navy. They bought a home while they were stationed in Hawaii. Then the Navy sent them to Virginia, where they currently live; they’ve purchased a home there, too. They kept the Hawaii home as a rental property, and they’d like to move back into it when they retire. Which home should they repay first?
Mike is 33, debt-free except for his mortgage, and earns more than $200,000 per year. He saves half of his income. What should he do with his savings? Pay off his mortgage? Invest?
Josh has a nervous habit of checking his investment account balances daily. How can he break this habit?
Amanda and her husband live in a duplex. They have $115,000 in equity in their home, and another $115,000 remaining on the mortgage. They’d like to move. Should they hold the duplex as a rental? Or should they sell and use the proceeds to buy a cheaper home, with a goal of being mortgage-free?
Christy wants to know how to compete with other aggressive real estate investors who are bidding on homes.
I answer these five questions in today’s episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode201
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Jul 01, 2019 |
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What I’ve Learned from Interviewing 500 Millionaires -- with Jaime Masters of Eventual Millionaire
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#200: Nine years ago, I had no idea that personal finance blogs existed.
Then, as I was flipping through an issue of Kiplinger magazine, I came across an article about a woman who paid off $70,000 in debt in 16 months.
Her name was Jaime, she lived in Maine, and she earned 3x her husband’s income. He made $30,000 per year; she made $100,000. They wanted to have a baby, and she wanted to stay at home for the first year, but their debt load made this impossible.
She aggressively went into debt-crushing-mode, working 70 hour weeks while 7 months pregnant in order to tackle their debt. She started a blog (and later a podcast), Eventual Millionaire, to track her journey and interview millionaires.
This article made me aware of the existence of personal finance blogs. I immediately thought, “I want one.”
The following year, I started my own site, Afford Anything. Like Eventual Millionaire, it later became a podcast, as well.
Today, we’re celebrating Episode 200 of the Afford Anything podcast. And so it feels fitting that the special guest for Episode 200 should be the woman whose story inspired the creation of this platform, Jaime Masters.
For more information, visit the show notes at http://affordanything.com/episode200
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Jun 24, 2019 |
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Ask Paula: The Three-Year Reunion with J. Money
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#199: Ashley is paying affordable rent for a home she enjoys, but she feels certain that the real estate market in her local market will stay strong. She’s thinking about buying a home with 3 to 5 percent down, but she doesn’t have much in savings.
Should she wait for a year to save more? Or should she take advantage of a rising market and relatively low interest rates?
Ian and his girlfriend live together in Washington D.C. and have a combined 40 percent savings rate. He’d like to buy a rental property, but his girlfriend has $18,000 in student loans and is about to re-enroll in school. Should they buy an investment home, or use their cash to repay her loans and cash flow her new academic program?
Annette is about to travel to Spain with her family. How can she plan an affordable and high-value international trip?
William is concerned about losing his job. What if he can’t pay his bills, especially his new mortgage? How can he protect himself?
Anonymous is a renter, and she often encounters surprise fees and charges when she arrives at the lease signing. Can she negotiate with her landlord?
I answer these five questions in today’s episode, and I also feature a short interview with special guest J. Money, my former podcast co-host from the early days!!
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode199
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Jun 17, 2019 |
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The Japanese Art of Being a Zen Millionaire, with Ken Honda
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#198: Money flows.
When you receive money, you’re in the path of this flow.
Money flows from someone else to you, and eventually, it’ll flow from you to someone else, either in the form of a purchase or an investment.
A healthy relationship with money is to feel gratitude when money flows towards you, and to release your money without attachment or resentment when it flows away from you.
Today's guest, Ken Honda, is known as the “Zen Millionaire” of Japan. He’s sold more than seven million books in Japan about the intersection between wealth and happiness. In today’s podcast episode, we discuss four core principles for developing a healthy emotional relationship with money.
For more information, visit the show notes at https://affordanything.com/episode198
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Jun 10, 2019 |
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Ask Paula: Traditional IRA vs. Roth IRA -- What Should I Choose?
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#197: Should Bret invest in a Traditional IRA or a Roth IRA?
If Amanda gets married, how will her child support be affected? What about her student loan forgiveness?
Joe is investing in bonds, which average a rate of return that’s equal to the interest rate on his mortgage. Should he switch to all-equities and redirect his bond investments into mortgage payoff, instead?
Taunia has a car loan, a 401k loan, a home improvement loan, a primary mortgage, and a second mortgage. She also has an emergency fund that only covers two months of expenses, and she’s trying to save for college for her two children. What should she prioritize?
Mickey has a six-month emergency fund. Should he leave it in a savings account or invest in bond ladders?
David made $10,000 from a side hustle last year. Can he open a Solo 401k or SEP-IRA for his side hustle business? If so, which one should he choose?
Should Andy invest in a Target Retirement Date fund, or should he split his money between a U.S. index fund and an international index fund?
Former financial planner Joe Saul-Sehy and I answer these seven questions in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode197
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Jun 07, 2019 |
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Starting Over at 40 with Six Kids, with Wendy Mays
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#196: When Wendy Mays was in her early 20’s, she earned $12 an hour working as the office manager of a pest control company.
She wanted higher income, so she enrolled in college at age 22. By the time she finished her undergraduate degree, she was 26, married, with a child.
Her husband worked low-paying jobs to make ends meet. They struggled to pay the bills. Wendy decided to enroll in law school, so that she could bring in more money. She graduated around age 30, and became the primary breadwinner for the household. She opened her own law practice.
The couple starting bringing in a combined household income of around $200,000 annually. They bought a large house, with a swimming pool. Sounds like the American Dream, right?
Except it was all financed.
By age 38, Wendy and her husband accrued nearly $800,000 in debt. Around $480,000 came in the form of mortgage debt. Another $20,000 comprised of vehicle loans. The other $300,000 came in the form of student loans. They lived paycheck-to-paycheck.
They decided to expand their family through adoption. Rather quickly, Wendy and her husband had six children.
They realized they needed to repay their debt in order to give their family a more stable home life. At age 38, Wendy and her husband committed to repaying their debt, building their retirement accounts, and getting themselves onto a smart financial track.
How did they re-start their financial life at age 38, with six children and $800,000 in debt? Find out in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode196
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Jun 03, 2019 |
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Ask Paula: I Make $168,000 Per Year and Spend $5,000 Per Year. What’s Next?
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#195: Alex makes $168,000 per year, combined between her full-time job and her side hustle. Her company pays for breakfast, lunch and dinner during the work week, plus a cell phone subsidy, health, dental and vision insurance, a gym membership, and commuting costs. She also househacks, so her living expenses are only $400 per month. What should she do with her ample savings?
Christine is 38 and earns $70,000 per year running her own business. She holds $70,000 in investment accounts, has another $16,000 in savings, bought a condo with 20 percent down, and has no debt. What can she do to fast-track her path to financial independence?
Amy is unsure whether she should pay off her mortgage, downsize to a smaller home, or invest.
Katherine is 23 and househacking into a duplex. How much should she set aside for cash reserves?
Miriam started a podcast and wants to know how to morph a passion into a lucrative income stream.
Nick wonders if the FIRE movement should plan an annual gathering … you know, like a FIRE Festival. (But not like the Fyre Festival.)
I tackle these six questions in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode195
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May 27, 2019 |
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The 7 Faces of Fear -- with Ruth Soukup
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#194: Fear shows up in our lives in countless ways.
Sometimes, fear takes the form of procrastination. We're afraid of botching something, or we don't like the feeling of anxiety that a project gives us, so we avoid it, dodge it, and indefinitely put it off.
Other times, fear takes the form of perfectionism through endless iterating and tweaking. We want to keep tinkering with a project, to get it "just right." We applaud ourselves for our attention to detail.
Fear takes the form of making excuses and rationalizations for why we can't pursue a goal or dream. We tell ourselves that some outside factor is to blame.
Fear takes the form of throwing ourselves pity parties and locking ourselves into a negative self-talk spiral. We get easily discouraged.
Fear takes the form of thinking others can't be trusted, and pushing people away.
Fear has many faces.
Today's podcast guest, Ruth Soukup, surveyed 4,000 people to find out how fear manifests in their lives. She joins us on this episode to discuss the seven fear archetypes that she discovered.
Those archetypes are:
The People Pleaser: This is the fear of disapproval and fear of not being liked, expressed in the form of weak boundaries and putting others needs first to a self-harming extent.
The Procrastinator: This is the fear of making a mistakes. This shows up as over-planning to the point of "analysis paralysis," of spending all your time researching and none of your time taking action. Perfectionism is an overlapping quality, as well.
The Rule Follower: This is a fear of authority. This person is afraid of breaking the rules or doing something in a way in which it's not 'supposed' to be done.
The Outcast: This is the fear of rejection, which often -- ironically -- causes this person to reject others first so that they cannot get rejected. They're highly self-motivated and driven to succeed and feel the need to prove themselves, but they have trouble collaborating and working in groups.
The Self-Doubter: This is the fear of inadequacy, of not being good enough, which causes the self-doubter to forgo opportunities, play it safe, and not take risks. They can also be highly critical of others.
The Excuse Maker: This is the fear of taking responsibility or being blamed, which shows up in the form of always having a justification as to why this person can't pursue a goal, or why an outcome isn't their fault.
The Pessimist: This is the fear of pain or adversity, often held by people who have been through an immense amount of pain or trauma. The pessimist gets locked into patterns of negative self-talk and self-pity, and believes that they have it worst than most. They can be sensitive to criticism, feel emotion intensely, and has trouble moving beyond the challenges from their past.
In today's episode, Ruth and I discuss these seven fear archetypes and cover specific action plans that people can take if they recognize these tendencies within themselves.
For more information, visit the show notes at https://affordanything.com/episode194
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May 20, 2019 |
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Ask Paula: I Spent Ten Years in School, and Now I’m Behind on Retirement Savings
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#193: Lori is behind on retirement savings, as a result of being a full-time student for more than a decade. She makes good money and lives frugally, but she’s aware that she’s behind for her age. What should she do?
Sierra wonders whether she should apply her savings towards paying off her mortgage or building investments.
Jenessa plans to retire at age 35, and she’s wondering if the 4 percent withdrawal rule applies for such a long time horizon. Her friend swears that it’s designed to cover a 30-year retirement, not a 60+ year retirement. Is that correct?
Jacqui is 24 and recently married. She’d like to open a 529 College Savings Plan for her future children, which she doesn’t plan on having for another 8 to 10 years. Should she do this?
David is on-track to reach financial independence at age 50. He would like to start adding bonds to his taxable brokerage accounts. How should he manage this?
Mikayla lives in Atlanta. Her employer gives her a stipend to use public transportation. This money can only be used for that purpose. She’s thinking of getting rid of her car so that she can start using public transit, and applying the cost-savings of getting rid of her vehicle into a downpayment fund for a future home. Should she do this?
Former financial planner Joe Saul-Sehy and I answer these six questions on today’s episode.
For more information, visit the show notes at https://affordanything.com/episode193
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May 13, 2019 |
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The Latte Factor, with author David Bach
4799
#192: “Don’t buy lattes.”
This classic snippet of personal finance advice isn’t specifically anti-Starbucks. “Lattes” are a metaphor for the tiny expenses that leak money from our pockets, often without us realizing how much we’re spending.
Your “latte” could be a pile of subscriptions: HBONow, YouTube Red, Spotify Premium, Netflix, Hulu Plus, the CostCo membership that you haven’t used in two years, and -- for that matter -- the gym membership that you also haven’t used in two years. (Ahem.)
Your “latte” could be buying bottled water and snacks at the airport, or absentmindedly shopping online when you’re bored, or ordering restaurant take-out or delivery too often.
Your “latte” might be spending too much on trinkets and souvenirs during your vacations, when photographs would capture the memory.
David Bach is the New York Times bestselling author who created the phrase “don’t buy lattes.” He joins us on today’s podcast episode to discuss The Latte Factor.
For more information, visit the show notes at https://affordanything.com/episode192
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May 06, 2019 |
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Ask Paula — Would You Live in an RV to Save Money?
3921
#191: Should Russell rent a cheap apartment, or should he take out a loan for an RV in order to save money on rent?
Carl is working two jobs that each pay $12 per hour. He has $5,000 in student loans. What can he do to improve his situation?
Caroline is about to finish paying off her student loans, and in the next few years she wants to buy a home. Where should she park her savings in the meantime?
Philip is saving for financial independence, but he’s not sure what to do with his time once he quits his job. How can he discover what ignites him?
Amanda is receiving an inheritance, a New York City 4-plex valued at $500,000. How should she handle this?
And an anonymous caller wants to know what the step-by-step path to wealth building would look like.
I answered all of his questions in today’s episode, plus I feature a short follow-up interview with Kim, the firefighter whom we met in Episode 139.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode191
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May 03, 2019 |
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The Next Millionaire Next Door, with Dr. Sarah Stanley Fallaw
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#190: More than 20 years ago, affluence researchers Dr. Thomas Stanley and Dr. William Danko surveyed a vast number of millionaire households in the United States.
What they discovered was groundbreaking at the time.
The average U.S. millionaire, they found, lives a frugal lifestyle. They are disproportionately clustered in modest, middle-class neighborhoods. They drive used cars. They don’t spend money on jewelry, watches, boats or other high-ticket items. They’re self-made, meaning they did not inherit their wealth; they’re first-generation millionaires.
In 1996, the researchers published their findings in a book called The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. The book became a mega-bestseller and, to this day, remains a top personal finance classic.
Fast-forward to 2012.
Dr. Thomas Stanley’s daughter, Sarah, followed in her father’s footsteps. She’s grown up to become a researcher, earning a Ph.D. in applied psychology and exploring the world of behavioral finance. She became the Director of Research for the Affluent Market Institute, the research company her father founded, and she launched her own research firm, DataPoints.
In 2012, Dr. Sarah Stanley Fallaw and Dr. Thomas Stanley decided to update their research on millionaire households in anticipation of the 20th anniversary of the publication of The Millionaire Next Door. They wanted to see what attributes are different, 20 years later, and what qualities remain the same.
They crafted another large-scale survey of millionaires. Yet before they could complete the project, tragedy intervened.
In 2015, Dr. Thomas Stanley was killed in a car accident. He was hit by a drunk driver.
His daughter resolved to finish the research that the two of them started together. She sent out the survey they created, gathered and analyzed the results, and published a sequel, The Next Millionaire Next Door, co-authored with her late father.
The book is Dr. Thomas Stanley’s final, posthumously-published book. The book was released in October 2018, twenty-two years after the original.
On today’s podcast episode, Dr. Sarah Stanley Fallaw joins us to describe what’s different about millionaires, more than two decades later …
… and what’s remained the same.
For more information, visit the show notes at https://affordanything.com/episode190
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Apr 29, 2019 |
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Ask Paula: How Does My Net Worth Compare to Others My Age?
4480
#189: Julie, age 27, calculated her expected net worth based on the formula taught in the classic personal finance book The Millionaire Next Door. She’s concerned. Her current net worth is significantly lower than the number that the formula revealed. Is she on-track?
Anonymous wants to save for a downpayment on a home. Should she reduce her 401k contributions in order to amass these savings? Should she store some of that money in a Roth IRA?
Samantha is more than halfway finished with paying off her debt. In order to make this happen, she took on a second job. How much will she owe in taxes?
Maxime works at a job in which his 401k only offers expensive choices. Should he put his money in a taxable brokerage account, instead?
Leslie’s parents are going to retire in five years, but they’ve only saved $65,000. What should they do? How can she help?
Claire is creating an estate plan. What should she be thinking about?
Former financial planner Joe Saul-Sehy and I answer these six questions in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode189
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Apr 22, 2019 |
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The Scientific Secrets of Perfect Timing, with Daniel Pink
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#188: In May 1915, a renowned 58-year-old sea captain, Captain William Thomas Turner, made a series of questionable decisions.
He was the captain of the Lusitania, a ship with 1,959 passengers, sailing from Manhattan to London. The first World War was taking place around them, and Captain Turner knew he needed to move swiftly to evade German submarines.
His ship approached England; land was in sight. They had almost made it. Yet for reasons that will always remain a mystery, around 1 pm on May 7th, Captain Turner slowed the speed of the vessel to around 18 knots, slower than the 21 knots that they needed to outpace the threat of submarines. Around 45 minutes later, he executed what's called a "four-point bearing," which forced him to pilot the ship in a straight line rather than a zigzag course, which would be better for outmaneuvering torpedoes.
At 2:10, the ship was ripped apart by a torpedo. Nearly 1,200 people were killed. Since that fateful day, historians have pondered why he made those two decisions, simple choices which may have permanently altered the lives of thousands.
Today's podcast guest, Daniel Pink, has an unusual theory. He believes Captain Turner may have made those sloppy choices because it was the afternoon.
Daniel Pink is the author of When: The Scientific Secrets of Perfect Timing. In his book, he makes the case that the time-of-day in which we take actions -- early morning, mid-afternoon, or nighttime -- makes a bigger impact than we realize. Our energy and attention unfold in waves, with a rise, then a drop, then a resurgence.
The secret to perfect timing isn't simply a matter of managing daily routines, however. Daniel Pink also shows how this pattern emerges over the span of a natural human life, with the choices we make in our sunset years more prone to editing, to curating, than the choices we make in our younger years when time feels abundant. Senior citizens may have smaller circles of friends, he says, not due to loneliness but rather because they're editing their circles down to the few people who matter most.
He discusses how midlife is a fascinating point in which our brains signal that we've squandered half of our time. These midpoints can act as either a slump or a propellant.
He talks about how we appreciate things more if we believe that they're ending. In one study, researchers gave five Hershey Kisses to subjects; they asked the subjects to rate their taste and enjoyment. When the researchers handed out the fifth Hershey Kiss, they told half of the subjects "here is your fifth chocolate," and they told the other half of the subjects, "here is your final chocolate." The ones who were told that they were receiving the final chocolate rated their enjoyment of it more highly.
How much does timing affect our lives? How do we manage our days, and our decades, with a stronger awareness of the way that chronology impacts our mood, energy and priorities?
Daniel Pink answers these questions in his book, When: The Scientific Secrets of Perfect Timing. He talks about it on today's show.
For more information, visit the show notes at https://affordanything.com/188
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Apr 15, 2019 |
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Ask Paula - The Real Estate Episode
4495
#187: Sarah needs $36,000 per year in rental income to reach FIRE (Financial Independence, Retire Early). She owns several rentals. When can she comfortably consider herself FIRE?
AyV wants to rent out his primary residence. Should he renovate?
Anonymous lives in a high-cost-of-living city, but she found a small city nearby with Class B and C+ multifamily properties. These properties need a little work. How can she estimate repair costs?
Carly bought a property that underperformed the one percent rule. It’s appreciated in value. Should she sell?
Erin is trying to decide if she should buy a $270,000 personal residence in northern Virginia, or a $50,000 rental property in Huntsville, Alabama.
Nancy wants to buy rental properties from overseas, but she’s having a tough time finding real estate agents who take her seriously as a buyer. What should she do?
I answer these six questions in today’s final Ask Paula - Real Estate episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/187
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Apr 08, 2019 |
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How Mike and Lauren Retired at 30 with an Average Income of $56,000 / Year
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#186: Mike and Lauren have run a cleaning company, started and sold a biodiesel company, repaired and resold motorcycles, opened a coffeeshop, owned a DVD rental box, sold e-cigarettes, bought a storage warehouse, launched a YouTube channel with nearly 150,000 subscribers, moved to Manhattan, moved back to Florida, backpacked across Europe and gave birth to two children in Costa Rica.
Whew. I’m exhausted by just writing their list of entrepreneurial experiments.
Their willingness to take risks has paid off … big time.
Mike and Lauren reached financial independence at age 30 and 29, respectively. Today, they join us on the Afford Anything podcast to discuss how they did it.
For more information, visit the show notes at https://affordanything.com/186
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Apr 05, 2019 |
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Ask Paula: How Do I Talk to Friends who Ridicule the Idea of FIRE?
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#185: Hello from Austin, Texas! I’m living in an Airbnb here for the next 5 weeks. Listen to the end of today’s episode to find out why … and discover how these next 5 weeks, for me, exemplify the “why” of financial independence.
In the meantime, though, the show must go on! Here are the questions that we’re answering in today’s episode.
An anonymous listener named Seeking FIRE wants to know how she can talk about financial independence with people who ridicule the topic. What do you say to those who laugh at the very idea?
Russell owns a landscaping company and is also a part-time student. He’d like to earn more money on the side, but his schedule is overbooked. What can he do?
Nick and his family are moving to the Washington D.C. area for approximately two to six years. They own two rental properties free-and-clear, and would like to buy a personal residence when they move. How should he save for the downpayment?
Gerardo lives in Mexico and wants to retire on his investment portfolio, using the 4 percent withdrawal rule. How should he invest, given currency fluctuations and other international factors?
Anonymous left her job and wants to know if she should roll over her 401k from her old employer.
We tackle these five questions in today’s episode. We also answer a comment from a listener who says that individual stock-picking and active management doesn’t get the credit it deserves.
For more information, visit the show notes at https://affordanything.com/episode185
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Apr 01, 2019 |
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The Alter Ego Effect, with Todd Herman
4164
#184: In 2003, Beyonce Knowles-Carter felt shy about performing sultry lyrics and dance routines on stage. She needed a tactic to overcome her nerves and stage fright. So she created an alter ego, Sasha Fierce, to bring out her more assertive side.
Beyonce is one of many top performers -- along with other top artists, athletes, executives, speakers, investors, bankers, lawyers, negotiators, and more -- who use alter egos as a tactic to overcome their insecurities and become better versions of themselves.
Today's podcast guest, Todd Herman, is an expert at the practice of creating alter egos to improve your performance in any arena of life. He says that crafting an alter ego can help you become a better worker, leader, manager, investor, and even a better parent.
Todd joins us on today's podcast to describe the "why" and "how" of creating an alter ego at work, at home, and in social settings.
For more information, visit the show notes at https://affordanything.com/episode184
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Mar 25, 2019 |
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Ask Paula: Should I Sell My Rental Property to Pay Off My Student Loans?
3166
#183: Should a newlywed couple with two cash flowing rental properties sell one to pay off $92,000 of student loan debt?
What percentage of your portfolio should you have in rental properties?
What's the smartest way to approach rental property investing, particularly if you get anxiety thinking about tenant requests?
How much should high interest rates impact your decision to buy a rental?
I answer these four questions on today's episode, plus, I have a big announcement regarding the future of real estate Ask Paula episodes, so check it out. :)
For more information, visit the show notes at https://affordanything.com/episode183
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Mar 18, 2019 |
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Thirteen Dumb Mistakes Smart People Make with Their Money - with CBS News analyst Jill Schlesinger
4412
#182: Millions of smart, educated and successful people make dumb mistakes with their money ... and they don't realize it.
I'm not talking about obvious dumb mistakes, like spending 85 percent of your income on a fleet of Ultra-Luxe-Fancymobiles for your 16-car garage. That's clearly a bad idea.
Instead, I'm talking about hidden dumb mistakes that you may not realize until it's too late.
Perhaps you don't have enough insurance, or you hold the wrong types of policies for your age and life situation.
Maybe you don't have an estate plan, or you haven't updated your estate plan after your childbirth or divorce or remarriage.
What if you're taking financial advice from the wrong people, or buying products that you don't understand? Are you rushing to buy a home too soon? Did you take out too much debt for college?
Today's podcast guest, Emmy-nominated CBS News business analyst Jill Schlesinger, describes 13 dumb mistakes that smart people make with their money.
For more information, visit the show notes at https://affordanything.com/episode182
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Mar 11, 2019 |
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Ask Paula: How Should I Plan a Mini-Retirement?
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#181: Imagine that you’re going to take a 6-month to 9-month mini-retirement. How should you plan? What should you do? Sure, you’ll need to have enough savings to cover your expenses. You might want to find some part-time work. You may need to sell off a few investment. And of course, you’ll need to think about health insurance.
But what else should you consider? And how will your first taste of voluntary unemployment impact your mental and emotional health?
Former financial planner Joe Saul-Sehy and I discuss this in today’s podcast episode.
For more information, visit the show notes at https://affordanything.com/episode181
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Mar 04, 2019 |
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The Million-Dollar, One-Person Business, with Elaine Pofeldt
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#180: Nearly two decades ago, Stacy Berman, a personal trainer, launched a fitness bootcamp in New York City. She called it Stacy’s Bootcamp.
She invited her clients to join her for 5:30 am outdoor workout classes in Central Park. At first, only three or four people showed up. Then the group grew to 10 people. Then 20 people. Then demand grew beyond a capacity she could reasonably accommodate.
She hired personal trainers as independent contractors who led additional classes. She limited class size to 20 people who paid $30 to $37 per class, depending on the package they purchased.
Her business expanded to Manhattan’s Battery Park and Brooklyn’s Prospect Park. After six years, Stacy’s Bootcamp grossed more than $1 million. The company had zero employees; the other teachers were contractors.
Stacy is one of the many entrepreneurs profiled by Elaine Pofeldt, author of the book The Million Dollar, One Person Business. In today's episode, we talk about solopreneurs who make a million without any employees.
For more information, visit the show notes at https://affordanything.com/episode180
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Mar 01, 2019 |
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Ask Paula: We Want to Start Househacking in a Duplex. Should We?
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#179: Should a couple in New Orleans sell their single-family home and use the sale proceeds to househack into a duplex?
What do you think about turnkey investments?
What tax consequences will someone face if they transfer their property to their parents?
How do you handle tough situations related to the way some home renovation contractors treat women?
What’s the latest update on your real estate course?
I answer these five questions on today’s podcast.
For more information, visit the show notes at https://affordanything.com/episode179
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Feb 25, 2019 |
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How to Make Work Optional, with Tanja Hester
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#178: Tanja Hester retired at age 38.
She had a negative net worth until her late 20's, thanks to a combination of student loans, buying expensive cocktails and clothes, living far beyond her means, and not paying attention to her money. If you were to have met the 27-year-old version of Tanja, you wouldn't guess that she'd be a likely candidate for retiring early.
Yet a decade later, she's saved 40x of her annual cost of living.
How? Tanja worked as a political consultant in Los Angeles, and during her career, ascended to important high-ranking roles. Every promotion came with more grueling hours, accompanied by a raise.
Tanja maintained her same standard of living, banking every raise. This simple strategy allowed her to rapidly grow her net worth.
She didn't obsess about penny-pinching. She didn't clip 50 cent coupons for shampoo and soap. Instead, she focused her efforts on getting that next promotion, that next raise, and when it arrived, she saved and invested every additional cent.
Today, at age 39, Tanja has published her first book, Work Optional, about saving enough to retire and live a lifestyle in which paid work is an option rather than a necessity.
She joins us on this week's podcast to talk about the lessons she outlines in Work Optional.
Here are 5 takeaways from this conversation.
#1: We're taught that "you are what you contribute to the economy." Most of us learn, either explicitly or implicitly, that our self-worth is directly correlated with our economic efforts. This is an idea that we need to unpack and process as we face retirement, a mini-retirement, or any career transition.
#2: Research shows that we perceive all change as loss, even if the change is positive. Retirement is a loss of identity. It's one of the most stressful and anxiety-producing life events.
#3: Retirement and wealth will not create happiness. Money won't magically fix your life, health, relationships, outlook, or anything else. It's a tool that can help, but it's not a silver bullet.
#4: A morning routine is grounding. It's an effective way to start your day feeling centered and calm. I'd recommend this for everyone, regardless of whether you're retired or not.
#5: The easiest way to save is to keep living at the same level you're currently at, while earning more.
Enjoy the podcast episode!
For more information, visit the show notes at https://affordanything.com/episode178
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Feb 18, 2019 |
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Ask Paula: Should I Buy a House or Catch Up on Retirement Savings?
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#177: Imagine that your job is extremely well-paying, but you don’t enjoy it.
You’d like to switch employers, even though this will probably require a paycut. But before you make the switch, you want to accomplish two goals: buy a home and catch up on retirement savings.
Should you pursue both goals? Or should you defer the home purchase, given the potential future paycut?
If you decide to pursue both goals, which one should come first?
This is one of the five questions that former financial planner Joe Saul-Sehy and I answer in this week’s podcast episode.
We also answer a question from a listener who’s self-employed and wants to contribute more to his retirement accounts. We talk to another listener who’s living on $600 monthly paychecks while maxing out his Mega Backdoor Roth contributions.
We talk to a 22-year-old with an $80,000 salary who’s debating between paying off her student loans vs. investing. And we answer a question from a listener who’s wondering what she should do with 401k accounts from previous employers.
For more information, visit the show notes at https://affordanything.com/episode177
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Feb 11, 2019 |
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Digital Minimalism - with Dr. Cal Newport
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#176: Cal Newport created a philosophy called digital minimalism, which is idea of reducing your digital life down to only the most important core essentials. Remove the apps from your phone, then slowly re-introduce only the ones that are the most useful and beneficial. Take control of your smartphone, rather than letting it control you.
Digital minimalism is a philosophy of technology use. This philosophy pulls from the concepts of minimalism, essentialism, the slow movement, and the 80/20 principle, applying these ideas towards your digital life.
Cal discusses the digital minimalist philosophy on today’s episode.
For more information, visit the show notes at https://affordanything.com/episode176
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Feb 04, 2019 |
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Three Percent is the New Four Percent - with Larry Swedroe, Retirement Planning Expert
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#175: Larry Swedroe is one of the most respected investment thinkers and writers of our time.
He's published 8 books on investing, including one of the first books to explain the science of investing to a layperson audience. He recently wrote an ultra-comprehensive guide to retirement planning.
He joins us on the show today to discuss the nuances of investing and retirement planning. We talk about the stock market (is it going to fall soon? Are we heading for a recession?), we talk about risk (including three dimensions of risk that all investors should consider), and we talk about what traditional retirees vs. early retirees should know.
For more information, visit the show notes at https://affordanything.com/episode175
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Feb 01, 2019 |
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Ask Paula: I'm 48 and Retiring Next Year. Should I Buy More Rentals?
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#174: Should a 48-year-old New Yorker who’s retiring next year buy more rental properties? Should a Michigan-based first-time homebuyer use an FHA loan to buy a duplex for $135,000 that rents for $1,800 per month? Should a 40-year-old music professor who owns a duplex transfer his property into an LLC? Should a New Jersey condo owner sell her unit as For Sale by Owner? And should a woman who’s anxious about owning her own rental properties dive into real estate crowdfunding deals instead? I answer these five rental property questions in today’s podcast episode. For more information, visit the show notes at https://affordanything.com/episode174
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Jan 28, 2019 |
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When a Child of Financial Chaos Stumbles into Adulthood - with Paulette Perhach
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#173: Paulette Perhach is a journalist who has been published in The New York Times, Slate, ELLE, Marie Claire, and Cosmo.
But we’re not going to talk about that today. We’re going to talk about the fact that she’s made every decision by putting her life first, and then forcing her career to follow.
She’s hiked through jungles and watched eclipses and volunteered with the Peace Corps. She’s been on crazy adventures in far-flung places. She endured unimaginable pain and it’s because of those challenges -- not despite them, but because of them -- that she knows her one precious, wild life is too short to spend in a cubicle.
Many people who pursue financial independence are looking for a fully-funded lifestyle change. But Paulette made an unfunded change. She lives her life, and then figures out how the money follows.
What can we learn from her resourcefulness? Find out in this episode.
For more information, visit the show notes at https://affordanything.com/episode173
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Jan 21, 2019 |
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Ask Paula: Should I Buy a Nice Car or Save My Money?
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#172: Should a 25-year-old homeowner with healthy savings and no debt (other than his mortgage) upgrade his car? Should he make this choice if his current car is fine, and upgrading puts him into new debt?
Should a couple without access to an employer-sponsored retirement plan put their savings into a taxable account, or should they save for a downpayment on a rental property?
The market is fluctuating like mad; if someone has a lump-sum of cash, should they invest it now or should they slowly meter it in?
Should someone without an emergency fund enroll in an HSA-qualified health insurance plan? Or should they stick with a plan that has a smaller deductible?
How should a husband-and-wife team that’s self-employed and running a company together handle their health insurance?
Former financial planner Joe Saul-Sehy and I answer these five questions on today’s podcast. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode172
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Jan 14, 2019 |
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The biggest study of everyday millionaires in 25 years - with Chris Hogan
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#171: Chris Hogan surveyed 10,000 millionaires in the United States. Here's what he discovered:
- 89 percent of millionaires have a net worth between $1 million to $5 million dollars
- 62 percent graduated from public state schools
- 9 percent didn't graduate from college
- Close to 50 percent had a B average or less in school
- 55 percent give to charities and churches on a regular, monthly basis
- 73 percent never had a penny of credit card debt
- 18 percent are self-employed
- 62 percent earned a household income of less than $100,000 annually
- 80 percent exercise at least three times a week.
On average, their homes are 2,600 square feet, and they've lived there for an average of 17 years. Two-thirds have a paid-off mortgage. They paid off their home on average in 11 years.
Their net worth breaks down as one-third their home, and two-thirds their investments. They became millionaires at the average age of 49.
They spend, on average, $35 on a pair of jeans.
What can we learn from these everyday millionaires? Find out in today's episode! For more, visit https://affordanything.com/episode171
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Jan 07, 2019 |
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Ask Paula - When Should I NOT Use the One Percent Rule for a Rental Property?
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#170: When should you NOT use the one percent rule for rental property investing? In today’s episode, I encourage two callers to violate the One Percent Rule for real estate that they already own.
WHAAATTTT? Why would I say that? Especially given that I’ve gained a bit of a reputation as The World’s Most Staunch Advocate of the One Percent Rule? (Long title, I know, but someone’s gotta wear it.)
And if you’re not going to use the One Percent Rule, how should you make decisions about your real estate investments instead?
Find out in this podcast episode. Enjoy!
For more information, visit the show notes at https://affordanything.com/episode170
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Jan 04, 2019 |
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One Tweak a Week in 2019 -- Easy Improvements to Your Financial Life in 2019
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#169: Happy New Years! To kickoff 2019, we've created a free book called One Tweak a Week, outlining 26 easy, actionable ways that you can improve your financial life.
Today's podcast episode covers these 26 tweaks, so you can listen in audio format, in addition to reading the book.
If you put these into action for the first six months of 2019, you'll be in a more stronger position in June than you started in January.
Each tweak takes less than one hour (some are as quick as five minutes), and taken together, these tweaks can accumulate into a serious impact.
Improve your money management and get closer to financial independence with our free book, One Tweak a Week. You can download it here: https://affordanything.com/2019
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Dec 31, 2018 |
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How to Optimize Your Time and Energy -- with Mike Vardy, The Productivityist
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#168: You can do anything, but not everything ... and definitely not everything at the same time.
How can you optimize your time and energy? How do you choose what's worthwhile and what's a waste of time?
How can you eliminate small decisions so that your mind is free to focus on the few choices that make a massive 10x impact?
How can you spend less time struggling with your Inbox, and more time on long-term projects that can boost your income?
When inspiration strikes or new opportunities present themselves, how can you decide whether or not this new project is worth your time?
What's the difference between being efficient vs. being effective?
How can you eliminate distractions? Can you train yourself to pay attention to important tasks, rather than getting distracted by Facebook, email, television and other time-wasters? When is it okay to relax?
And what are the keys to a great morning routine?
In today's episode, productivity expert Mike Vardy describes his answers to these questions.
Here are five of the nine takeaways from today's episode:
1) Eliminate decisions. Don't waste your time and energy deciding what to work on; create a system that makes this decision for you in advance, and review that system periodically. Your decisions, therefore, are focused on the system, not the daily tasks inside of it.
2) Create boundaries, so that you know your limits, and also don't be afraid to break them. Boundaries are a guidepost, not a strict law.
3) Rather than setting New Years Resolutions, choose three words that will be the "theme" of your year. These words will be the values that guide your decisions throughout the year, helping you identify what projects to undertake and which ones to defer or decline.
4) Time-management tactics are really meant to be a compass. The purpose of "productivity hacks" is not tactical task-management; it's strategic decision-making.
5) Productivity is not about getting things done. It's about aligning your attention with your intentions.
Enjoy!
For more information, visit the show notes at https://affordanything.com/episode168
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Dec 24, 2018 |
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Ask Paula: Should I Pay Off Student Loans While in School?
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#167: Angelisa is a college senior with $30,000 in student loans. She has a part-time job, from which she’s saved $2,500. Should she keep saving money, or should she get a headstart on paying down her student loans while she’s in school?
Mackenzie is also a college senior with some student loans. She recently received a settlement from a car accident. Should she invest this money? If so, how?
Franchesca is 35 and is carrying $212,000 in debt, mostly student loans. Could she reach financial independence, even with a late start?
Erica wants to make environmentally-friendly investments. How should she approach this?
Caroline is 42 and has started making after-tax (non-Roth) 401k contributions. Is this a good idea?
Schaffer is curious about podcasting. How did I get started?
I answer these six questions on today’s podcast episode, alongside former financial planner Joe Saul-Sehy. Enjoy!
For more information, visit the show notes at https://affordanything.com/167
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Dec 17, 2018 |
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Everything I Learned About Money Came from My Grandmother - with Michelle Singletary of the Washington Post
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#166: Michelle Singletary learned everything she knows about money from her grandmother.
Well, okay, I shouldn't say "everything" that she knows. After all, Michelle also has an MBA from Johns Hopkins University. She writes about personal finance for the Washington Post. Her nationally-syndicated personal finance column, The Color of Money, is published in more than 100 newspapers nationwide. She's written three financial books.
Michelle has been learning, thinking, writing, researching and speaking about money management for decades. Yet the most important education she received, she says, came from the lessons her grandmother taught her.
Today, Michelle joins us on the Afford Anything podcast to talk about what she learned about financial independence, and her views on the FIRE movement.
For more information, visit the show notes at http://affordanything.com/episode166
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Dec 10, 2018 |