#664: Have any of these thoughts ever crossed your mind? If I had more willpower, I’d achieve my financial goals. I’m doomed to fail with money. Budgets suck. They only show me what I did wrong and make me feel horrible. If so, you’re not alone. It’s not that you lack willpower. It’s not that you’re doomed to fail with money. It’s not that you’re a horrible person for blowing your budget. It’s that you’re human. And humans make emotional decisions all the time. Decisions that often defy logic. But making emotional decisions doesn’t have to be a financial death sentence. Money management is a skill, which means we can improve. When we understand the “why” behind our decisions, coupled with the marketing tactics that retailers use, we can guard ourselves against cognitive biases and sales strategies. That’s what today’s guest is here to discuss. Jeff Kreisler, co-author of Dollars and Sense and Editor-in-Chief of PeopleScience.com, joins us to talk about common money mistakes people make and how to avoid them. Jeff attended Princeton University and practiced as a lawyer before he became an author and a speaker. He co-authored Dollars and Sense with Dr. Dan Ariely, a bestselling book that explores behavioral economics and asks why we make faulty financial decisions. In this interview, Jeff names five common money mistakes and offers four solutions. For more information, visit the show notes at https://affordanything.com/episode664 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#663: We’re living through the first era in which an investor can ask a machine to read a decade of SEC filings in seconds. That sounds powerful, but also a little terrifying. Can we trust it? And how do we use it without falling for hallucinations or built-in optimism? In this episode, we dig into the practical, real-world ways AI can strengthen our investing process while avoiding its biggest pitfalls. If you’ve ever wondered how to blend old-school fundamentals with new-school tools, this conversation will open up an entirely new mental model. Our guest is Brian Feroldi, an investor who has spent more than twenty years doing classic, deep-dive fundamental research. He reads SEC filings for fun, and he’s embraced AI not as a stock picker, but as a force multiplier that can turn days of research into minutes. We talk about the specific guardrails that make AI useful for fundamental investors, including restricting sources to trusted filings, designing step-by-step instructions, and assigning the AI a role so it knows how to “think.” We also explore how to stress-test optimism bias, how to analyze companies like a forensic accountant or a short seller, and how to build prompts that match your own investing personality. Whether you’re an index-fund loyalist with a little “fun money” or a hands-on analyst, this conversation will expand the way you evaluate businesses and make decisions. Key Takeaways How a single prompt can transform AI from a loose generalist into a sharp, reliable research assistant.
 The surprising way optimism bias shows up in AI tools, and how to flip it to your advantage.
 Why limiting your data sources can make your analysis dramatically stronger.
 The role-play trick that helps you see a company the way a short seller, value investor, or even Warren Buffett might.
 A simple reframing that turns AI from a stock picker into something far more powerful for decision-making.
 The moment in the demo that revealed a blind spot even seasoned investors often miss. Resources and Links Get Brian’s free business-analysis prompt at longtermmindset.co/ai Check out Brian’s YouTube channel: Long-Term Mindset @BrianFeroldiYT Chapters Note: Timestamps are approximate and may vary greatly across listening platforms due to dynamically inserted ads. (03:02) Pros and cons of using AI for stock research
 (4:55) Why Brian invests heavily in individual stocks 
(12:52) Guardrails for reducing AI hallucinations
 (17:22) How to write step-by-step prompts 
(24:02) Using roles to shape AI’s output
 (35:57) Running Brian’s prompt on Kava
 (46:22) Understanding pricing power and recession behavior
 (01:00:02) Evaluating management teams
 (01:06:02) Using AI to reflect your investing personality Share this episode with a friend, colleagues, and your family around the Thanksgiving table: https://affordanything.com/episode663 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#662: Most teams hire for skills. The best teams hire for wiring. What if the reason someone accelerates your organization, or quietly derails it, has more to do with their response time, processing style, or sense of mission than their résumé? This episode dives into the hidden patterns that shape how people work, make decisions, and handle pressure; the clues we often overlook, and the tiny tells that reveal who will thrive. We’re joined by William Vanderbloemen, whose firm has completed nearly 4,000 executive searches. After reviewing years of candidate data, he discovered why some people create momentum everywhere they go and others struggle, even when they look perfect on paper. We explore what “fast thinkers” and “slow thinkers” bring to a team, how to spot agility before you hire someone, and why some workers need a mission while others need a measurable win. Along the way, we reflect on our own tendencies and how understanding them can change the way we build teams, manage energy, and make long-term decisions. Key Takeaways Response speed can signal mental wiring, not politeness, which makes it a powerful hiring clue. The real interview starts long before the formal meeting, which means every informal interaction counts. Agility shows up when plans change, so micro-tests can reveal how someone handles shifting conditions. Many high performers are driven either by purpose or measurable progress, and knowing which matters. Understanding our own lane helps us hire better, delegate better, and build systems that reduce friction. Resources and Links Simon Sinek, Start With Why https://www.youtube.com/watch?v=u4ZoJKF_VuA Vanderbloemen Group https://vanderbloemengroup.com/ Be the Unicorn by William Vanderbloemen https://www.amazon.com/Be-Unicorn-Data-Driven-Separate-Leaders/dp/1400247101 Chapters Note: Timestamps are approximate and may vary greatly across listening platforms due to dynamically inserted ads. (00:00) What thousands of executive searches revealed (10:35) The nine markers of high performers (22:01) Fast thinkers, slow thinkers, and finding your lane (25:35) Why response time predicts performance (25:48) Testing agility in real-world scenarios (47:16) Why purpose matters more to younger workers (55:13) Why curiosity is a career superpower Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode662 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#661: When your income drops, debt spikes, and a rental property starts bleeding cash, it can feel like your entire financial foundation is cracking beneath you. Veronica, our first caller, is navigating all of it at once, from a near-foreclosure to a luxury car payment that’s strangling her budget. Her question is simple but enormous, how do you rebuild when you’re overwhelmed and out of margin? Once we work through her path forward, we shift to a listener on the opposite end of the spectrum. Daniel has maxed his Roth IRA, HSA, 401(k), and 457, and now sits on growing surplus cash. We talk about where extra money belongs when you’re aiming for early retirement and wondering whether to invest, save, or crush a low-interest mortgage. And to close, we take on a question dominating every financial feed right now, what if AI stocks really are in a bubble? We break down what it means to short the market, whether put options are actually a “safe” bet, and how to position a portfolio if you’re worried about tech valuations. Listener Questions in This Episode Veronica asks (02:06): How do I dig out of debt, repair my credit, and stabilize my rental after nearly going into foreclosure. Daniel asks (28:17): What should I do with my surplus side hustle cash when I already max tax-advantaged accounts and have a 3.5 percent rental mortgage. Scarlet asks (49:20): If AI stocks are in a bubble like the dot-com era, is there any relatively safe way to profit from a crash, such as put options. Key Takeaways Why tackling the right problem first can change the entire trajectory of a debt recovery plan. How downsizing one major expense can unlock breathing room you didn’t realize you had. The surprising factor that often matters more than interest rates when choosing between investing and debt payoff. Why flexible money becomes essential when planning for early retirement. What most people misunderstand about betting against a bubble, especially in fast-moving tech sectors. The simple portfolio shift that can help calm bubble anxiety without trying to time the market. Resources and Links GreenPath Financial Wellness – nonprofit credit counseling and debt management support for people overwhelmed by payments and afraid of bad actors in the debt relief world. Our course: Your Next Raise – a deep dive on how to negotiate a higher salary at work, with a special comp offered in this episode. Paul Merriman Four-Fund Portfolio – the simple, diversified investing framework Daniel uses inside his retirement accounts. The Big Short movie Michael Lewis and the film adaptation. 1929 book by Andrew Ross Sorkin – a historical look at bubbles and crashes. Chapters Note: Timestamps are approximate and may vary greatly across listening platforms due to dynamically inserted ads. (0:00) Veronica’s debt crisis and rental challenges (16:46) Cutting car costs and rebuilding cash flow (22:28) Debt relief programs and avoiding bad actors (28:17) Daniel’s surplus cash and retirement strategy (37:52) Brokerage vs mortgage payoff discussion (49:20) Can you profit from an AI bubble burst (1:00:40) Why shorting and puts rarely pay off (1:08:18) Safer ways to position your portfolio Got a question: Call it in: https://affordanything.com/voicemail Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode661 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#660: Caring for an aging parent can morph into a second full-time job, and even the most financially savvy adults get blindsided. Bank accounts freeze, home sales stall, and family savings disappear faster than anyone expects. In this episode, we dig into what really happens when you take over a parent’s financial life, from the first power of attorney to the final tax return. We explore the emotional and logistical realities of dementia care, Medicaid, trusts, probate, and why a single smartphone setting can determine whether you can access the information you need. Veteran financial journalist and certified financial planner Beth Pinsker joins us to share the hard lessons she learned while managing her parents’ money, housing, and estate. She opens up about the “you don’t know what you don’t know” moments that hit even experts. We look at why almost every caregiver reaches a breaking point, the two documents that can save a year of stress and tens of thousands of dollars, how a forgotten zero-balance home equity line nearly torpedoed a real estate deal, and why phone access now belongs at the center of estate planning. We also confront the brutal math of long-term dementia care, the real differences between Medicare and Medicaid, how to evaluate facilities beyond brochures, and what happens when a parent dies without updated paperwork. Through it all, we focus on how clear conversations about wishes and values can reduce guilt and burnout for the people left steering the ship. Key Takeaways Financial caregiving comes for almost everyone eventually, and even experts hit roadblocks, so the goal is not perfection but reducing avoidable chaos. Power of attorney and healthcare proxy documents are foundational, often more urgent than a will, and they need to be current, state-appropriate, and shared with the people who may need to use them. A locked smartphone without a legacy contact can become a financial brick, cutting caregivers off from essential clues about accounts, subscriptions, and bills. Long-term dementia care can run five to six figures per year, outlasting even solid nest eggs, so families need to confront the realities of Medicaid and state-specific safety nets before the money runs out. How assets are titled, from bank accounts to real estate, determines whether heirs inherit smoothly through a trust or spend years and thousands of dollars navigating probate. The most important “plan” is knowing a loved one’s wishes for quality of life and end-of-life care, so financial and medical decisions feel like honoring them instead of guessing in the dark. Key moments (0:00) Why financial caregiving blindsides even the experts (05:18) The hidden home equity line that almost killed a real estate deal (10:54) Two documents every adult in your life should have (14:29) The critical phone setting that protects access to accounts and memories (21:23) What Prince’s estate taught us about wills and inertia (31:39) Planning for a decade of dementia care without going broke (35:16) How Medicaid really works and why “running out of money” is a process (38:46) The menu of care options from in-home help to CCRCs and nursing homes (44:31) The “smell test” for evaluating facilities in the real world (51:06) What to do in the first weeks after a parent dies (54:38) Trusts, titles, probate, and how one frozen account cost $5,000 to unlock (01:01:04) Knowing their wishes so money decisions feel like honoring, not guessing Resources and Links Beth Pinsker’s website: bethpinsker.com Beth’s retirement and financial planning columns at MarketWatch Beth’s book, My Mother's Money, on financial caregiving and planning for aging parents and loved ones Share this episode with a friend, colleagues, and anyone who is thinking about caregiving: https://affordanything.com/episode660 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#659: Imagine that you’re at the absolute peak of your career. You’re the CEO of a prominent advertising company at the age of 36, but you feel like you’re driving in the wrong lane. It’s wrong.Then you make a hard career pivot and it works out beautifully.My guests today know exactly what that’s like. We’re joined by James Patterson, the author who has sold more than 425 million copies of his books. He has co-authored books with President Clinton, Dolly Parton, and now his latest co-author is Dr. Patrick Leddin, who also joins us to talk about disruption. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Defining disruption versus gradual change (5:20) Positive disruption mindset and overcoming fear (8:12) Process for uncovering personal passions (10:25) Patterson disrupts publishing with six books per year (13:45) Research reveals 16 disruptive behaviors (16:30) Academia embracing different voices and perspectives (21:00) Mountain climber story shows gradual disruption (24:14) Framework for navigating career transitions (28:19) Limiting beliefs and psychological barriers (30:55) Being open to change versus stability (35:00) Taking ownership of disruptive choices (41:00) Mission versus purpose distinction (46:37) Advice for embracing positive disruption Share this episode with a friend, colleagues, and James Patterson book fans: https://affordanything.com/episode659 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#658: An unusual First Friday episode because we don't have a jobs report. However, we do know that in October, U.S. companies announced more job cuts in a single month than they have over any single month of the last 20 years. In other words, October was peak job cut month. By contrast, private payrolls, as reported by ADP, rose by 42,000 in October, so we have a little bit of conflicting data. Some pessimistic, some optimistic. We're going to take a deeper look at that in today's episode. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Conflicting Job Market Data (03:40) Youth Unemployment and AI’s Impact (10:16) Fed Rate Cuts and Housing Market (20:23) New Job Postings Lowest in 4 Years (20:54) Consumer Sentiment (22:04) Social Security Payments Increase in 2026 (23:33) Rising Car Costs and Repossessions (24:46) Good News for Prescription Drug Prices (31:50) Government Shutdown Impacts Learn more about your ad choices. Visit podcastchoices.com/adchoices

#657: This week, Paula and Joe dig into a listener’s question about ETFs that track the stock trades of U.S. politicians — including the Democratic “NANC” fund and its Republican counterpart “KRUZ.” They explore whether this strategy is smart investing or just expensive entertainment. Then, they shift gears to home ownership headaches. Another listener asks how to control ballooning maintenance costs, and Paula shares her best advice for finding trustworthy contractors, budgeting for repairs, and knowing when DIY doesn’t actually save money. Finally, an anonymous caller wonders if starting a small business just for tax breaks makes sense. Paula and Joe explain the IRS rules — and why energy and purpose matter more than deductions. From “fun money” investing to financial planning that actually works, this episode is all about balancing curiosity, caution, and common sense. Key Takeaways Congressional-trade ETFs aren’t a shortcut to wealth. They’re speculative, lag behind real trades, and carry high costs Home maintenance is predictable — plan for it. Create a repair timeline and build relationships with investor-friendly contractors DIY isn’t always cheaper. Factor in time, tools, and opportunity cost Never open a business just for taxes. If it doesn’t make a profit or bring joy, it’s an energy drain, not a strategy Separate fun money from freedom money. Keep speculation playful, and build wealth with focus and purpose Chapters Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Should You Follow Congress’s Trades? (06:00) The Lag Problem and Investor Bias (10:30) The “Fun Money” Rule (11:20) The Hidden Cost of Home Repairs (15:00) Finding Investor-Friendly Contractors (18:00) Planning Ahead for Repairs (22:00) DIY vs. Opportunity Cost (26:00) Starting a Small Business for Tax Breaks (29:00) The IRS “3-of-5 Rule” (32:00) Purpose Over Deductions (34:00) Final Thoughts https://affordanything.com/voicemail Share this episode with a friend, colleagues, and all the Nancys in your life: https://affordanything.com/episode657 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#656: What would you do if someone in authority told you to do something that felt wrong? Most of us like to think we'd speak up, push back, stand our ground. But research tells a very different story. In fact, when Yale researchers conducted a famous experiment in the 1960s, they found that 65% of people would administer what they believed to be deadly electric shocks to another human being... simply because someone in a lab coat told them to. Today's guest has spent over 15 years studying why humans comply with authority - even when every fiber of our being is screaming that we shouldn't. And when it comes to our money, this tendency to comply with authority figures - from financial advisors to real estate agents to car salespeople - can cost us dearly. Dr. Sunita Sah began her career as a physician in the UK's National Health Service. During one particularly exhausting period as a junior doctor, she agreed to meet with a financial advisor who had contacted her at work. That meeting sparked questions that would shape the rest of her career: Why did she feel pressured to trust this advisor, even after learning he had a conflict of interest? Today, she's a tenured professor at Cornell University, where her groundbreaking research on compliance and influence has been featured in The New York Times and Scientific American. She's advised government agencies, served on the National Commission on Forensic Science, and helps leaders understand the psychology behind why we say "yes" when we really want to say "no." Whether you're meeting with a financial advisor, negotiating the price of a home, or discussing rates with a contractor, understanding the psychology of compliance could save you thousands of dollars - and help you make better financial decisions. Today's conversation isn't just about psychology - it's about protecting your wealth by learning when and how to say "no." Resources Mentioned in the Episode: - Website: sunitasah.com - Newsletter: Defiant By Design | Dr. Sunita Sah | Substack - Connect with Dr. Sunita Sah - Follow Dr. Sah on Instagram About Dr. Sunita Sah Dr. Sunita Sah is a tenured professor at Cornell University specializing in organizational psychology. Her research focuses on how and why people comply with authority, even against their better judgment. A former physician in the UK's National Health Service, Dr. Sah brings a unique perspective to understanding human behavior and decision-making. Her work has been featured in leading publications including The New York Times and Scientific American, and she has served as a Commissioner on the National Commission on Forensic Science. Share this episode with a friend, colleagues, and your cohorts: https://affordanything.com/episode656 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#655: What would you do if, at the age of 23, you found yourself with $70,000 a year leftover after expenses? Would you pour everything into retirement and coast to financial independence, or stockpile a down payment before life gets pricier with kids, a mortgage, and maintenance costs? This week, we dive into that real-life dilemma and explore how to strike the perfect balance between freedom now and security later. Along the way, we question whether a 0.40% fee for automated tax-loss harvesting is really worth it, and debate if the rise of mega-corporations means small-cap value investing is dead. Listener Questions in This Episode “Julio” asks: How should we split savings between Coast FI and a future down payment, and where should that down payment sit? (01:48) Lindsay asks: Is 0.40 percent worth it for Fidelity’s tax loss harvesting and how do we unwind back to self managed index funds? (32:31) Greg asks: If a handful of giants dominate, should we ignore history and tilt to only the top companies instead of broad markets and small cap value? (50:51) Key Takeaways The right savings balance may depend less on math and more on clarity about what “home” really means to you Building a down payment might be the fastest way to reach Coast FI, but not for the reason you’d expect Parking cash safely is trickier than it sounds, especially when the market tempts you with higher returns That 0.40 percent fee could be either a silent drag or a smart trade-off, depending on one often-overlooked detail The rise of mega-caps might look unstoppable, yet history has a way of surprising even the biggest players True diversification isn’t about predicting winners, it’s about protecting future you from overconfidence today Chapters Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Are we headed for a dystopian future (01:48) A 23-year-old with a $125k income and a big savings gap 08:52) House price, down payment size, and the numbers that drive the split (10:47) The savings snowball case, match protection, and timeline trade-offs (25:14) Where to park the down payment, why cash beats stocks for readiness (32:31) Is 0.40 percent worth it for tax-loss harvesting (36:24) Fees versus claimed tax savings, turnover, and exit options (50:51) Should dystopia change our portfolio (54:36) Small-cap value beyond tech, acquisitions, and global opportunity (1:11:02) Optimism, innovation, and why investing still assumes progress P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode655 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#654: Fights about money are common, but they're rarely about math. They're about power, shame, vulnerability, and trust. And no amount of data or fancy spreadsheets is going to fix it. What you need is a better system for fairness, more open communication, and a shared ambition. In this candid conversation with Heather and Doug Bonaparte, we explore how two partners rebuilt confidence, handled their six-figure student loans, and designed a rhythm for money talks that actually works. Together they share how early money stories, law school debt, and the Great Recession shaped their dynamic, plus the tools they used to find fairness at home and in their finances Key Takeaways Why 50/50 isn't always fair and how to do it better The small ritual that turned dreaded money talks into something they actually look forward to How borrowing a strategy from the office made household decisions way less stressful The surprising fix for resentment that had nothing to do with chores or budgeting Why tackling six-figure student loans together became a turning point in their relationship The mindset shift that helped them see debt not as a burden but as a shared opportunity Resources and Links Money Together, the book DoMoneyTogether.com, learn more about the book and project The Joint Account, weekly newsletter on joint finances at ReadTheJointAccount.com Fair Play by Eve Rodsky, a framework for dividing household responsibilities Share this episode with a friend, colleagues, and anyone who is part of a couple: https://affordanything.com/episode654 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#653: What happens when we actually check our predictions? In this episode we play clips from our 2023 conversation with Scott Trench from BiggerPockets and ask the uncomfortable question: were we right? Two years ago we made some big calls about the housing market. Mortgage rates had doubled. Prices hadn’t crashed. Inventory was vanishing. Everyone had a theory about what would happen next. Now we look back with data and receipts to see which forecasts held up and which ones fell flat. Scott joined us in 2023 to talk about the lock-in effect, the shortage of sellers, and why homebuilders might be stronger than expected. At the time it sounded contrarian. Two years later the evidence is in. Homeowners with low mortgage rates are still staying put. Builders have taken market share by offering creative incentives. Multifamily supply has exploded in some cities, while small residential properties have held their value better than many expected. We revisit our old clips and grade them one by one. What did we get right about the housing market’s resilience and where did we miss? You’ll hear how rate volatility created bursts of demand, how regional migration reshaped supply, and why small investors can still find opportunities even when the headlines say otherwise. This episode isn’t about victory laps. It’s about accountability. If you’ve ever wondered whether experts truly revisit their own calls, you’ll love this one. Key Takeaways The lock-in effect remains one of the most powerful forces in today’s housing market Builders have been surprisingly resilient thanks to incentives and creative financing Multifamily oversupply is pressuring rents in some regions while small residential properties remain steady Market outcomes are more local than ever; national averages hide major differences Real estate predictions matter only if we’re willing to go back and test them Resources and Links Our course Your First Rental Property open for enrollment through October 30 at affordanything.com/enroll Chapters Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Why we’re replaying our 2023 predictions (4:24) The strange housing market of 2023 (5:04) The lock-in effect and vanishing inventory (6:03) Builders finding ways to keep selling homes (12:12) How rate dips created bidding wars (14:03) The construction pipeline and what happened next (37:24) 2025 check-in on prices and incentives (55:06) Regional winners and losers (58:27) Small residential versus large multifamily (1:06:08) Final reflections and what we learned Share this episode with a friend, colleagues, and anyone in the real estate space: https://affordanything.com/episode653 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#652: What if you did everything “right”, earned the degree, landed the six-figure job, and still felt broke? That’s exactly where Rose Han found herself. Fresh out of NYU with a finance degree and a Wall Street paycheck, she had a negative net worth, mounting stress, and a sinking feeling that traditional success wasn’t the path to freedom. In this conversation, Rose shares how she broke out of that cycle and built a seven-figure business that gives her time, independence, and peace of mind. We explore how she reframed her relationship with money, learned to scale her income, and built a life that aligns with her values. Key Takeaways When a “side hustle” becomes just a second job How your uniqueness is your greatest asset The slow season that led to a million-dollar leap Resources and Links Rose Han on YouTube Add a Zero by Rose Han Chapters Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Rose Han’s story begins: doing everything right yet still ending up broke (5:45) The Cancun moment that sparked Rose’s financial awakening (9:12) Discovering the three types of income and why some buy freedom while others don’t (13:45) How Rose Han built her “Add a Zero” framework for lasting wealth (21:30) From employee mindset to entrepreneur mindset (25:15) The three levels of leverage and how to scale your income (28:55) Why not every side hustle creates freedom (31:45) Overcoming the fear of selling (39:16) How to build a business while working full-time (47:10) Rose’s real estate lessons and the myth of passive income (53:55) Knowing when to walk away from an investment (1:10:15) What financial freedom really means and how to find your own version Share this episode with a friend, colleagues, and anyone who is interested in entrepreneurship and investing: https://affordanything.com/episode652 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#651: Many who reach CoastFI find themselves in a strange in-between: financially independent enough to stop saving, but not ready to fully retire. When you’re living off a taxable brokerage for decades, does the “never hold bonds in taxable” rule still apply? This episode explores how traditional asset location advice meets real-life spending. We unpack how to balance growth, taxes, and stability when your taxable account becomes your paycheck. Then we shift to two more listener dilemmas: helping a parent retire through shared home ownership, and using covered-call strategies to earn income from a stock-heavy portfolio. Listener Questions in This Episode Brandon (1:28): “I’m CoastFI and will withdraw from my taxable account for the next 20 years. Should I hold bonds in taxable, or keep it all in stocks?” Brandon’s retirement accounts can grow untouched, but his taxable brokerage will fund two decades of living expenses. The classic rule says avoid bonds in taxable, yet Paula explains why that advice isn’t universal. When your taxable account funds your life, it needs to act as a complete portfolio. We discuss how to balance risk, prioritize liquidity, and plan your glidepath into CoastFI life. Andrew (22:07): “My spouse and I co-own a home with my mother-in-law. How can we help her retire without creating family tension?” We explore fair, flexible ways to support an aging parent while keeping relationships healthy. Paula explains how to design a win-win deal and why seller financing can help balance cash flow and peace of mind. Chandan (49:16): “Can covered-call ETFs help me generate income from my stock portfolio and RSUs?” We explain how covered calls work, what “covered” really means, and the tradeoff between steady income and limited upside. For those with concentrated stock positions, Paula shares when covered calls make sense—and when simpler plans win. Key Takeaways The “no bonds in taxable” rule isn’t universal. When you’re drawing solely from taxable accounts for many years, that account needs to function as its own mini-portfolio, including bonds or cash for stability. Asset location follows purpose, not dogma. Tax efficiency matters, but liquidity and risk management take priority when the account funds your life. Think in terms of buckets. Your retirement accounts can stay growth-oriented while your taxable account carries the ballast for spending. Plan ahead for rebalancing. When taxable balances decline, know how and when to refill your bond/cash sleeve from other sources to keep your glidepath intact. The transition to CoastFI is a mental shift. You’re no longer optimizing for maximum returns, you’re designing for peace of mind and steady withdrawals. Chapters Note: Timestamps are approximate and may differ across listening platforms due to dynamically inserted ads. (01:28) Brandon’s CoastFI question: bonds in taxable when withdrawals start now (03:56) Why “no bonds in taxable” is a rule of thumb, not a law (12:42) How to treat taxable as a stand-alone portfolio (18:31) Balancing tax efficiency with cash-flow reality (25:26) Helping a parent retire through shared property ownership (01:05:40) Options: Buying or selling with Options (01:07:07) Covered calls explained simply, income with a ceiling Resources & Links Asset Location Cheat Sheet (free): affordanything.com/assetlocation Guide to Double-I FIRE (free): affordanything.com/fiire Share this episode with a friend, colleagues, your the person you buy garbage bags from: https://affordanything.com/episode651 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#650: Sarah Williamson is the kind of person who shapes the decisions that move trillions of dollars. She earned her MBA with distinction from Harvard Business School and holds both the CFA and CAIA designations, two of the most demanding credentials in finance. In this episode, she helps us understand how investing really works, who the major players are, how capital flows through the system, and why the incentives driving investors, activists, and asset managers often collide. Sarah spent more than twenty years at Wellington Management, where she rose to Partner and Director of Alternative Investments, after working at Goldman Sachs, McKinsey & Company, and the U.S. Department of State. Today she leads FCLTGlobal, an organization dedicated to helping companies and investors focus on long-term value creation. She is also the author of The CEO’s Guide to the Investment Galaxy. She explains why index funds now dominate corporate ownership, how Reddit and retail traders changed the market’s dynamics, and what it means when activists push companies to “bring earnings forward.” She also introduces a framework for understanding the “five solar systems” of investing, a map that connects everyone from day traders to trillion-dollar sovereign wealth funds. Whether you are a passive investor or simply curious about what drives the market, this episode gives you the clarity to see how capital really moves and why it matters. Key Takeaways Reddit and the meme-stock movement permanently changed how individual investors move markets Index funds now dominate ownership, creating both stability and new corporate challenges Activists often prioritize short-term profit over long-term innovation Sovereign wealth funds act like national endowments, investing with century-long horizons Understanding who owns what (and why) makes you a more informed, confident investor Resources and Links The CEO’s Guide to the Investment Galaxy by Sarah Williamson FCLTGlobal, a nonprofit that helps companies and investors focus on long-term value creation Chapters Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Meet Sarah Williamson: CEO, CFA, Harvard MBA, global finance leader (5:41) The five “solar systems” that organize the investing world (7:55) Reddit and the rise of the retail investor (16:25) Tesla, brand loyalty, and shareholder activism (22:57) How sovereign wealth funds invest for generations (28:57) Inside asset managers and their incentives (41:56) Activist investors and the tension between short and long term If you want to understand the real power dynamics behind modern investing, from Reddit traders to trillion-dollar endowments, don’t miss this episode. Share this episode with a friend, colleagues, and your cousin who is obsessed with latest meme stocks: https://affordanything.com/episode650 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#649: Many first-time buyers feel like they’re watching the train pull out of the station. If you’ve saved for years but can’t afford a home nearby, should you stretch to buy further (maybe hours) away or invest that cash instead? In this episode, we dig into the psychology, math, and lifestyle tradeoffs behind the “buy now or wait” dilemma. Plus, we unpack total return, explain when umbrella insurance is worth it, and share what every teen should learn about money. _______________________________________________ Listener Questions in This Episode Anonymous (aka “Lydia”) (3:26): ”I saved six figures for a down payment, but houses are still out of reach. Do I buy far away, rent forever, or invest the cash instead?” Lydia, an Australian listener, spent eight years saving for a home, only to find that every option feels like a compromise. Sky-high prices close to work, or long commutes for affordability. It’s a dilemma many face: does owning mean freedom, or does it just tie you down? We explore how to separate fear from opportunity, why “starter-home-turned-rental” plans often backfire, and how to measure the real cost of lost time when you move hours from work. Ultimately, it’s about aligning your money with your life, not the headlines. Anonymous (aka “Aristotle”) (29:38): “My ETF is up 10% and yields 3%. Is my net return 13%?” It’s a common question for anyone tracking their investments. We unpack the difference between total return and your personal rate of return, and why those two numbers rarely match. You’ll learn what actually drives performance, and how to read your brokerage dashboard like a pro. Joel (39:44): “Umbrella insurance; do we need it and how much?” If you own a home, drive a car, or rent out a property, you’re exposed to more liability than you might realize. We break down how umbrella insurance works, when it’s essential, and how much coverage makes sense. It’s one of the cheapest ways to protect your wealth. Julia (56:13): “I’m building a high-school personal finance course. Should I cover insurance or credit?” When teaching teenagers about money, where do you start? We explore why understanding decision-making (opportunity cost, compounding, and spotting bad financial advice) matters more than memorizing credit scores or insurance terms. Key Takeaways Don’t buy from FOMO; let lifestyle goals—not market panic—drive your choices. Total return includes price changes and income, but your broker’s “personal rate of return” shows the truest number. Umbrella insurance offers millions in protection for relatively little cost; bundle it with home and auto. Teach teens the “why” behind money choices before the “what.” Understanding tradeoffs beats memorizing rules. Chapters Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (4:14) Anonymous Lydia’s question: should I buy now or invest my down payment? (8:23) The emotional trap of FOMO and rising prices (11:45) Why “live there now, rent it later” rarely works (22:14) The hidden cost of long commutes and lifestyle tradeoffs (29:38) Anonymous Aristotle’s question: how do I calculate my true investment return? (39:44) Joel’s question: Is umbrella insurance worth it and how much should I buy? (56:13) Julia’s question: what high schoolers should learn first about money Share this episode with a friend, colleagues, or with the person at your school that teaches personal finance classes: https://affordanything.com/episode649 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#648: The U.S. government is shutting down. Bitcoin just hit a record high. Inflation whispers are back. And Wall Street is buzzing with speculation. What does this all mean for your money, your portfolio, and your long-term financial freedom? On this First Friday episode, we unpack the economic headlines you can’t ignore — and help you separate signal from noise. In this episode, we cover: Government Shutdown: What happens when Washington goes dark, and how it could ripple into the markets, interest rates, and your daily life Bitcoin at Record Highs: Why crypto is rallying, what history tells us about speculative manias, and whether this time might be different Jobs Report and Inflation Watch: The latest labor market data, its implications for the Fed, and how it could shape borrowing costs Investor Behavior in Uncertainty: Why volatility can make us overreact, and how to stay grounded in your long-term strategy Key Takeaways Government shutdowns create noise, but historically their long-term market impact is minimal Bitcoin’s surge reflects both speculation and broader demand for decentralized assets — but extreme volatility remains The labor market remains resilient, keeping inflation risks on the radar and Fed policy in focus Emotional investing is costly: staying calm during uncertainty is one of the best ways to protect your wealth. This month’s headlines feel dramatic — shutdowns, soaring crypto, inflation fears. But the timeless principles of money management still apply: diversify, stay disciplined, and don’t let headlines dictate your portfolio. Key moments: (00:00) Jobs Reporting from ADP (08:28) Interest Rates and Mortgages (18:07) Social Security Age (25:36) Consumer Spending and Inflation (31:56) Bitcoin and Gold reach new highs (34:31) Quarterly Reporting for Publicly Traded Companies may go to twice-a-year Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode648 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#647: What if you and your partner want to take a few months – or even a year – off work?  How do you handle health insurance once you leave your jobs?  And how do you make sure the time off isn’t wasted, but becomes a launchpad for what’s next? In this week’s Q&A, we dive into those questions.  We also cover three more listener questions: what to do with a leftover $125,000 in a 529 account, how one listener landed a fully remote job with a 30 percent raise, and whether you can amend your taxes after a FEMA-declared disaster. Listener Questions: Danielle (04:35): “We want a mini-retirement. What should we do about health insurance – and how can we make the most of the time off?” Danielle and her husband want a break, but don’t want to go uninsured, and they also don't want to squander their mini-retirement. We look at what happens when you leave a job, where to find coverage, and how to design a mini-retirement that sparks discovery instead of regret. Lee (32:17): “We have $125,000 left in a 529 account. No one needs it for school. What should we do?”A six-figure leftover balance sounds great, but it comes with tricky rules. Can you roll it into a Roth IRA? Use it for other programs? Withdraw without a tax hit? We explore the surprising flexibility inside a 529. Pedro (44:06): “I followed your job search advice – and just landed a new role!”Pedro once struggled with dead-end applications. Now he’s celebrating a fully remote job, a big raise, and better alignment. How did he do it? By targeting the intersection of his skills and industry, instead of casting a wide net. Melanie (53:35): “I spent $45,000 after a FEMA-declared disaster. Later, Congress passed retroactive tax relief. Can I benefit?”Disaster tax relief is confusing, especially when laws apply after the fact. Melanie asks if she can amend her return to capture new benefits. We talk timelines, amended return rules, and why professional help matters. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. Key Highlights How to get health insurance during a mini-retirement. Why treating time off as a “science experiment” can reshape your career. Smart options for a leftover 529 account (including new Roth IRA rollovers). A real listener’s success story: from stalled applications to a remote job with a 30% raise. What to know about amended returns for FEMA-declared disasters. Resources Pedro's original question on Episode 605 Healthcare.gov — ACA marketplace for insurance enrollment The Power of Fun by Catherine Price Digital Minimalism by Cal Newport Freedom app — tool for blocking distractions Share this episode with a friend, colleagues, your cousin who is obsessed with latest meme stocks: https://affordanything.com/episode647 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#646: What if you didn’t have to choose between grinding full-time until retirement or quitting work altogether? By 40, Andy Hill and his wife had built a $500,000 portfolio and paid off their home. Instead of racing toward early retirement, they chose a third way: scaling back to part-time work, becoming equal partners in parenting, and reclaiming their time. In this episode, recorded live at FinCon, Andy shares his 10-step framework for building a “Coast FIRE” lifestyle — where your investments can coast toward retirement while you focus on living today. __________________________ The Middle Path Beyond FIRE Most of us think of retirement as a cliff: one day you’re working, the next day you’re not. Andy challenges that binary. He and his wife structured their careers to work 20–25 hours per week each, creating a rhythm that gave them more time with their children, each other, and their health. He breaks down the mindset shifts and tactical steps — from eliminating debt and protecting your family with insurance to stockpiling FU money and designing a three-day workweek. Along the way, he explains how Coast FIRE frees you from mandatory retirement contributions and opens doors to a flexible, meaningful life. __________________________ Key Takeaways: Balance beats extremes. Neither full-time grind nor full-time stay-at-home felt right; designing a flexible, part-time work life created the equilibrium their family needed. Cash buffers change behavior. A 3–6 month emergency fund reduces stress and scarcity thinking, making it easier to parent calmly and make better money decisions. Choose time over trappings. Fancy upgrades aren’t worth trading away presence; prioritizing family time beats lifestyle escalation. Resources mentioned: Andy Hill's book on Amazon: Own Your Time Marriage, Kids, and Money Podcast (4:01) Why the shift (5:35) What their life looks like now (9:08) Why extremes didn’t work for Andy and Nicole (14:45) Step 1 Dream and define your ideal life (18:21) Step 2 Commit to living without high-interest debt (20:38) Step 3 Protect your family (insurance, estate plan, emergency fund) (27:04) Step 4 Invest to reach Coast FIRE (30:29) Step 5 Pay off your home (or optimize if renting (36:21) Step 6 Stockpile FU money (47:53) Step 7 Design a three-day workweek (57:02) Step 8 Plan your intentional four-day weekend (1:02:39) Step 9 Simplify to avoid lifestyle creep (1:08:56) Step 10 Teach your kids the path to time freedom Share this episode with a friend, colleagues, or with your neighbor with the tricked-out basement : https://affordanything.com/episode646 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#645: Mike (02:50): After 15 years of intentional living, Mike is 80 percent of the way to financial independence. Now he’s trying to help friends take control of their own financial future. But what happens when one spouse is eager to learn and invest, while the other isn’t interested? Michael (27:07): For two years, Michael has tracked his net worth monthly. So far, growth has been driven almost entirely by how much he saved. But when will investment returns begin to take over and shift that steady line into an exponential curve? Alvaro (34:00): After 15 years of investing in U.S. and European real estate, Alvaro has a big decision to make. Should he leverage a commercial loan to build an ADU for short-term rental income, or take on more personal debt to expand their family home? Jonathan (58:50): After hearing Paula and Joe discuss the efficient frontier — and then listening to Big ERN, Paul Merriman, and JL Collins — Jonathan can’t help but wonder: has Joe’s perspective evolved? Is the simple path still enough, or is there merit in a more complex approach? 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. Resources Mentioned: JL Collins Part 1 and Part 2 Karsten Jeske (Big Ern) Episode 643 Paul Merriman Episode 550 Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode645 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#644: Why do we both crave money and resent it? Why do some people sabotage their financial futures in the name of short-term comfort? And why is your brain — not the stock market — the biggest threat to your wealth? In this conversation, we explore the surprising ways that psychology and money intertwine. Our guest, Dr. Daniel Crosby, is a behavioral finance expert, psychologist, and bestselling author of The Soul of Wealth, The Behavioral Investor, and The Laws of Wealth. His research dives into how our emotions, childhood scripts, and personalities shape the financial decisions we make every day. Dr. Crosby shares why investing is an act of optimism, why income matters more than coupon clipping, and how our spending reveals truths about who we really are — even when we don’t realize it.. Key Takeaways Money is a mirror. The way you earn and spend reflects your real values, not just your stated ones. Tracking your money reveals gaps between who you say you are and how you actually live. Income drives wealth. Frugality matters, but once the basics are handled, your long-term financial future is determined more by growing your income than by cutting costs. Short-term comfort is costly. The biggest threat to your wealth isn’t the market — it’s the temptation to prioritize momentary relief (panic-selling, stress spending) over your long-term goals. Resources & Links Dr. Daniel Crosby on LinkedIn Standard Deviations Podcast Books by Dr. Crosby: The Soul of Wealth The Laws of Wealth The Behavioral Investor Personal Benchmark Closing This episode reminds us that building wealth isn’t just about math — it’s about mindset. The markets may fluctuate, but the greatest risks and rewards often lie within our own psychology. If you enjoyed this conversation, share it with a friend, subscribe to our newsletter at affordanything.com/newsletter, and connect with our community at affordanything.com/community. You can afford anything, but not everything. Choose wisely. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (03:24) Does money really buy happiness? Rethinking the $75k income myth. (08:48) Our conflicted relationship with money: Love, resentment, and the paradox of wealth. (10:32) Childhood money scripts: How early beliefs still drive adult financial behavior. (16:10) Personality traits & money outcomes: Why agreeableness and neuroticism matter. (24:15) Investing as an act of optimism: Human progress, markets, and long-term growth. (30:39) AI, work, and the future of wealth: Why EQ may outpace IQ in tomorrow’s economy. (39:46) Habits vs. willpower: Why automation and environment beat discipline. (44:28) Frictionless spending: How Apple Pay and subscriptions fuel overspending. (47:32) Offense vs. defense in wealth: Why income matters more than extreme frugality. (1:03:16) Chronic vs. episodic mistakes: Small leaks, lost compounding, and long-term damage. (1:06:24) The pre-mortem exercise: A Stoic-inspired tool to prevent financial failure. Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode644 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#643: Picture this: you're at the Federal Reserve years ago. The chairman literally hangs up a conference call, waits 30 minutes, then calls back — suddenly everyone agrees on the rate decision.  That's the kind of insider story Karsten Jeske (“Big ERN”) shares when he joins us to break down what's happening with the economy right now. Karsten worked at the Federal Reserve Bank of Atlanta for eight years, then spent a decade on Wall Street at Bank of New York Mellon.  Today he runs the popular Early Retirement Now website, where he applies his economist background to help people understand money and markets. You'll hear Karsten explain why the Fed is about to start cutting interest rates. The futures markets are pricing in a 90 percent chance of a quarter-point cut, with more cuts likely through the end of the year.  But why? After all, inflation just ticked up in the latest CPI report, yet the Fed is still planning to lower rates. We dive into how this affects real people. If you're thinking about buying or selling a house, Karsten suggests acting sooner rather than later.  He explains the "buy the rumor, sell the news" principle – the bond market may have already priced in the good news about rate cuts, so waiting might not help you. The conversation covers some surprising economics too. Did you know that high interest rates can actually cause housing inflation?  When mortgage rates are expensive, fewer people build new homes, which drives up prices. It's the opposite of what most people think happens. Karsten walks through the recent jobs report revisions that caught everyone off guard. The government had to subtract nearly a million jobs from their previous estimates. He explains how this happens – it's not that officials are making up numbers, but tracking new businesses is genuinely hard to do in real time. You'll also learn about two Fed tools most people haven't heard of: the dot plot and R-star. The dot plot shows where Fed officials think interest rates should go over time. R-star represents the theoretical perfect interest rate when the economy has no problems — currently around 3 percent. The interview wraps up with Carsten's take on Fed culture. The consensus-building era under Greenspan is giving way to more dissenting votes, which actually makes the central bank more like it was decades ago under Paul Volcker. Enjoy! Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (1:04) Carsten’s career path from Fed to Wall Street (1:57) Current economic growth limbo state (4:04) GDP formula and tariff impacts (5:10) Trade efficiency and comparative advantage (6:04) Supply chain threats from protectionism (8:20) Fed meeting and rate cut expectations (9:35) Market pricing in multiple rate cuts (12:19) Real estate timing and mortgage rates (13:55) How Fed rates affect treasury yields (18:50) Buy the rumor, sell the news strategy (22:13) Fed transparency and decision telegraphing (25:56) Fed consensus culture versus dissent (30:48) CPI data shows inflation ticking up (34:32) Transitory versus persistent inflation confusion (38:56) Fed behind the curve on rate cuts (40:00) Major jobs report revisions explained (44:24) Methodological issues with new business tracking (46:00) Dot plot and R-star concepts explained (52:29) Bond allocation strategies by age (57:25) Current bond yields look attractive Learn more about your ad choices. Visit podcastchoices.com/adchoices

EXCLUSIVE: Is your money safe in today’s economy? In this bonus interview, Paula Pant sits down with financial expert Rob Berger to unpack the latest on inflation, interest rates, market valuations, and the future of Social Security. Together, Paula and Rob dive into the tough questions: Is the American Dream dead for Gen Z? Will there be another market crash? How should you invest when stocks feel overpriced? Can you still retire comfortably if Social Security gets cut? Rob also shares his insights on asset allocation, diversification, and long-term investing strategies — advice that matters whether you’re in your 20s saving for a first home or in your 60s planning for retirement. Don’t miss this conversation between Paula Pant and Rob Berger — a deep dive into money, markets, and the decisions that shape your financial future. Timestamps: (04:19) CPI Numbers, Mortgage Rates, and Market Outlook (05:05) Inflation, Jobs & the Fed’s Dilemma (05:46) Stagflation Concerns (06:38) Interest Rate Predictions (07:29) Stock Market Valuations & The Magnificent Seven (09:46) Diversification & Index Fund Concerns (10:53) Rules of Thumb for Asset Allocation (12:07) Bonds: TIPS vs. Nominal Treasuries (13:04) The Future of Social Security (14:41) Retirement Planning for Ages 55–60 (16:59) Should You Invest More Aggressively Near Retirement? (18:52) Gen Z, Millennials & the American Dream (21:08) Action Plan for a 25-Year-Old Buyer (22:45) Predictions for 2026 (and Why Predictions Fail) (25:12) Closing Thoughts & Where to Find Rob Berger Resources mentioned: The Rob Berger Show on YouTube Free Asset Location Cheat-Sheet For more information, visit the show notes at https://affordanything.com/robbergerhttps://affordanything.com/robberger Learn more about your ad choices. Visit podcastchoices.com/adchoices

#642: Curious about how individual stock picking could sharpen your investing skills—even if you’re an avid index fund investor? Paula sits down with David Gardner, co-founder of The Motley Fool and author of Rule Breaker Investing, to delve into the world of contrarian stock strategies and the mindset behind picking standout companies. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Sports team investing analogy (4:20) Individual stocks vs index funds (7:12) Values-based investing approach (13:16) Starbucks pick criteria (13:28) Six rule breaker traits (20:41) Why overvalued works (26:44) Market timing philosophy (32:20) Traditional metrics miss key factors (39:18) When to sell stocks (45:26) Winners vs losers math (48:32) Portfolio allocation rules (55:10) Sleep number concept (1:00:00) Adding to winners strategy (1:05:16) Evaluating unfamiliar companies (1:09:15) Dot-com bubble lessons (1:16:24) AI investing parallels (1:20:18) Sports betting critique Resource: David Gardner's book: Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth Learn more about your ad choices. Visit podcastchoices.com/adchoices

#641: Cristina has a $1.2 million portfolio and hopes to make work optional within the next decade. Is she invested in the right way? Or should she change up her asset allocation? Anonymous and her husband plan to retire in 5 years. They have 10 rental properties and a $2.75 million portfolio. They dream of slow travel, generosity, and family time. How should they structure their assets to support the lifestyle they want? Paula (the caller) and her husband are planning for three kids, private school, and possibly college down the road.  Should they front-load a 529 plan with a large lump sum, or take a different approach? 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. Resources mentioned in the show: Interview with Frank Vasquez Risk Parity Cheat Sheet Caller Christina's original call on https://affordanything.com/episode463 Afford Anything Episode 618 https://affordanything.com/episode618 Risk Parity Portfolio Blueprint https://affordanything.com/riskparity Joe's episode SB 1698 https://www.stackingbenjamins.com/create-your-retirement-spending-plan-1698/ Run The Line half marathon with Joe: https://runsignup.com/Race/TX/Texarkana/RuntheLineHalfMarathonTXAR SavingForCollege.com Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (01:42) Christina (16:42) Anonymous (33:40) Paula the Caller Learn more about your ad choices. Visit podcastchoices.com/adchoices

#640: The jobs report came out this morning and it was a painful one. The US added only 22,000 new jobs in August, according to the latest BLS report. And unemployment ticked up to 4.3%. What does this mean? Find out in today's First Friday episode! Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (01:48) ADP vs BLS Jobs Data (04:33) Mortgage Rates & Their Impact on Homebuyers and Sellers (11:30) Fed Chair Jerome Powell’s Remarks (12:54) The Fed’s Dual Mandate Explained (15:58) The Fed’s Changing Approach to Unemployment (18:13) Implications: Rate Cuts on the Table For more information, visit the show notes at https://affordanything.com/episode640 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#639: Aisha is excited to share how some life-changing advice has played out for her career. She wonders now: what limiting beliefs has Paula and Joe had to overcome in their businesses? Lesley is attracted to community bonds as a way to build collective wealth for the underserved. But do the same risks exist as they do in the traditional bond market? An anonymous caller is intrigued by the promise of Employee Stock Ownership Plans. Is this the answer to a smooth exit from her business that also leaves a legacy for her employees? 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. Resources mentioned in the show: Aisha's original call in Episode 473 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#638: Fifty dollars. That's how much this couple transferred to their "Trip to Europe" savings account each time they cooked dinner instead of going to a restaurant. By year's end, they had funded their dream vacation — not through budgeting or willpower, but by hacking their habit loop. This story illustrates how James Clear approaches habit change. Clear joins us to explain the four-stage cycle that drives every behavior: cue, craving, response, and reward. You see a restaurant (cue), predict it will be convenient and tasty (craving), eat out (response), and satisfy your hunger (reward). Repeat this loop enough times and the behavior becomes automatic. Clear translates these four stages into four laws for building good habits: make it obvious, make it attractive, make it easy, and make it satisfying. Want to break a bad habit? Flip the script — make it invisible, unattractive, difficult, and unsatisfying. We explore practical strategies like habit stacking, where you attach a new behavior to an existing routine. Clear suggests saying "After I make my morning coffee, then I will review my budget for two minutes" rather than relying on motivation alone. He explains temptation bundling — pairing something you need to do with something you want to do, like only listening to your favorite podcast while meal prepping. The conversation covers why most people focus on outcomes when they should focus on identity. Instead of saying "I want to save 10,000 dollars," Clear suggests thinking "I want to become a saver" — then asking what actions a saver would take daily. Clear addresses the challenge of delayed gratification with money habits. Saving feels unrewarding in the moment because the benefits come later. He shares techniques for creating immediate satisfaction, like the couple's Europe fund or using habit tracking to mark small wins. THIS EPISODE IS FROM OUR “GREATEST HITS” VAULT, AND ORIGINALLY AIRED IN 2018. ____
 Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) James explains four habit stages (5:22) Cue and craving examples (8:47) Four laws of behavior change (11:05) Making habits obvious through environment design (14:56) Habit stacking with existing routines (16:12) Travel and changing contexts (18:58) Temptation bundling strategies (25:21) Motivation rituals and triggers (29:52) First ad break ends (33:11) Habits of avoidance challenges (39:10) Social reinforcement and tribes (41:09) Making habits easy through friction reduction (44:03) Delayed gratification and immediate rewards (54:16) Second ad break ends (57:16) Making habits satisfying (1:03:01) Commitment devices and accountability (1:08:35) Identity-based versus outcome-based habits Learn more about your ad choices. Visit podcastchoices.com/adchoices

#637: Nick wants to set up an investment account for his nephew to contribute annually, creating a nest egg for college since the parents are already opening a 529. He's unsure whether a standard brokerage account, IRA or other options work best when you're not the parent. Diana asks whether she needs TIPS in her portfolio to protect against inflation. Or can she just rely on other investments that outpace inflation? She's also wondering about the tax implications of TIPS ETFs. This matters during her peak earning years. Prethive asks whether he should switch from Roth to Traditional 401(k) contributions. When he retires, he wants to move to a tax-free state. Or maybe move abroad. He wonders if moving to avoid state taxes in retirement would save more money long-term. 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/episode637https://affordanything.com/episode637 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#636: Behavioral economist Etinosa Agbonlahor joins us to discuss "money scripts" — the unconscious beliefs we inherit or develop about finances.  Agbonlahor, CEO of Decision Alpha and former Director of Behavioral Science Research at Fidelity Investments, is the author of "How to Talk to Your Parents About Money."  She studied financial management at Cornell University and explains how these hidden biases create problems when we try to discuss finances with family members. You might assume everyone thinks saving money makes sense, while your parents operate under completely different beliefs. These conflicting scripts can derail conversations before they start.  Agbonlahor shares the story of a single mother who became so anxious about money after her divorce that she refused to buy her teenager expensive shoes. Years later, she realized she was trying to teach extreme frugality to protect her daughters from the financial insecurity she experienced. The key to productive money conversations lies in three principles: care, curiosity and cooperation. You approach with empathy rather than judgment, ask open-ended questions to understand their situation, and work together toward solutions instead of trying to be the financial savior. The conversation covers specific topics you should address with aging parents: debt, retirement planning, long-term care preferences, and estate planning. Agbonlahor emphasizes starting these discussions early, before a crisis hits.  You want to understand their vision for retirement — whether they prioritize security, adventure or leaving a legacy — and then assess the gap between their goals and current reality. When parents refuse to discuss finances, you might need to involve trusted friends, spiritual leaders or professional advisors who can have these conversations instead.  Resources Mentioned: Book: How to Talk to Your Parents About Money, by Etinosa Agbonlahor The Humble Dollar Forum Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Introduction to money scripts (00:56) What behavioral economics studies (03:03) Hidden money beliefs (04:34) Money script examples (06:16) Adult trauma responses (09:32) Personality and money (11:57) Trauma changes personality (12:55) Protecting future habits (15:17) Debt conversation approach (22:03) When to start conversations (27:53) Using "I" statements (29:51) Sample conversation scripts (33:36) Handling resistance (43:35) Parents' money frameworks (56:46) Long-term care planning (58:02) Stepparent conversations For more information, visit the show notes at https://affordanything.com/episode636 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#635: Arielle’s head is spinning from the seemingly contradictory advice she hears about the best investments to hedge against inflation and a possible recession. What’s she missing? Dave is curious about private investments after listening to a recent First Friday episode. What are they, and should he consider them for his portfolio? Abbey is stoked about the raise she negotiated for her first job out of school. But she’s worried about liability risk related to her new position. How does she protect herself?  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/episode635 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#634: Picture this: you're 26 years old, fresh out of Wharton, and you decide to start a business with two friends. You spend years building a digital marketing firm that eventually works with Dollar Shave Club and Madison Reed. You bootstrap the entire thing without taking a dime of venture capital funding. That's exactly what one Wharton graduate did — and his story represents the reality of entrepreneurship that most people never hear about. Lori Rosenkopf, a management professor at Wharton Business School and head of Venture Labs, joins us to shatter the biggest myths about starting a business. The Mark Zuckerberg college dropout story? It's not just rare — it's misleading. Research shows that the most successful entrepreneurs, those in the top 0.1 percent of venture-backed firms, average late 30s to early 40s when they start their companies. Many continue launching businesses into their 50s and 60s.  Your age and corporate experience isn't holding you back from entrepreneurship — it's actually giving you an advantage. Rosenkopf breaks down seven different types of entrepreneurs, from disruptors who overturn entire industries to bootstrappers who build profitable businesses using their own resources. You'll hear about a founder who disrupted the hair color industry in her 50s with Madison Reed, and a banker who built an entire financial services division inside Square. We cover the rise of direct-to-consumer brands in 2013, why 80 percent of entrepreneurs are bootstrappers, and how artificial intelligence is creating new opportunities for people to start businesses without massive upfront investments. Rosenkopf explains her "six Rs" of entrepreneurial thinking: reason, recombination, relationships, resources, resilience, and results. She argues that most people already think entrepreneurially without realizing it — even parents who optimize their family routines are solving problems through innovation. We explore the world of "intrapreneurs" — people who build new businesses within established companies — and discuss acquisition entrepreneurship, where people buy existing small businesses instead of starting from scratch. Whether you want to start a side hustle, position yourself for a promotion, or eventually launch your own company, Rosenkopf's framework shows multiple paths to creating value through innovation. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Entrepreneurship myths (1:28) Data on successful entrepreneur ages (2:10) Seven entrepreneur archetypes  (3:09) Defining entrepreneurship through value creation (5:27) The disruptor model  (8:13) Direct-to-consumer origins (11:13) Bootstrapper  (14:03) Transitioning from employee to bootstrapper (18:38) AI's impact on entrepreneurship (28:27) Social entrepreneur  (35:31) Technology commercializer  (39:45) The Funder  (43:12) The Acquirer  (58:06) Intrapreneurship  (1:03:12) Finding your entrepreneurial calling (1:14:40) Six Rs of entrepreneurial mindset (1:19:50) More information For more information, visit the show notes at https://affordanything.com/episode634 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#633: Paul is worried the private equity investment he’s about to make could be a scam. How can he do his due diligence and stay protected when there’s a shortage of reliable information? Rob is questioning the purpose of a bond allocation in his eight-figure investment portfolio. Is he on to something, or is there a legitimate case to add them? Dan can retire in a few years, but he’s itching to do it now. Would buying a business be the key to unlocking an earlier exit from his W2? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! Resources: Interview with Dr. Eric Cole Interview with Katie Gatti Tassin P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode633 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Your Next Raise is open for enrollment! ⁠https://affordanything.com/how-to-negotiate-your-next-raise #632: There are 10 conversations that a person should have at work in order to do a better job, have better relationships at work, and make more money. Melody Wilding, Professor of Human Behavior at Hunter College, joins us to talk about how you can get the most out of your boss. Resources: Managing Up by Melody Wilding: managingup.com Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) The 10 Conversations Framework (02:37) Shifting Workplace Dynamics (06:11) Key Conversations for Alignment (10:02) Understanding Your Boss’s Priorities (12:02) Mapping Stakeholder Influence (15:28) Visibility and Proximity Bias (20:31) Managing Shifting Priorities (22:11) Understanding Boss Archetypes (28:01) Navigating Personality Frameworks (32:06) Articulating Your Communication Style (35:03) Taking Ownership and Suggesting Ideas (39:59) Building a Reputation Through Ownership (45:03) Setting and Framing Boundaries (56:01) The Ripple Effect of Unaddressed Issues (59:00) Feedback Conversations (01:03:02) Recapping the Framework Steps (01:11:09) Building Your Story Bank (01:18:01) Advancement and Compensation Conversations (01:25:15) Framing Your Compensation Request (01:29:00) Navigating Policy-Based Responses (01:31:51) Creative Compensation Solutions (01:34:29) Knowing When to Leave (01:36:13) Assessing Future Opportunities For more information, visit the show notes at https://affordanything.com/episode632 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Your Next Raise now open for enrollment! https://affordanything.com/how-to-negotiate-your-next-raise #631: Jason's analysis of his retirement plan shows that the simple path beats the efficient frontier. Is he right or is he missing something? Minerva is worried about the impacts of tax inefficiency to her wealth. Are her investments properly located? Scott feels frozen because he doesn’t understand the nuances of the efficient frontier. Where can he get a simplified explainer so he can start taking action? 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. Resources Mentioned: https://affordanything.com/how-to-negotiate-your-next-raise/ ⁠https://affordanything.kit.com/assetlocation ⁠Join Paula at Acorns and get your $5 bonus!⁠ https://affordanything.com/577-qa-the-efficient-frontier-was-perfect-until-hr-got-involved/ https://affordanything.com/547-ask-paula-we-have-2-million-at-40-now-what/ https://www.whitecoatinvestor.com/small-cap-value-etf/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Special bonus episode. The Bureau of Labor Statistics issues massive job revisions on Friday morning. The revisions wipe out nearly 90% of previously reported gains for May and June. This raises fundamental questions about how our most trusted economic data gets calculated. In this episode, we break down how the system works. We examine why the revisions are so large. We explore what this means for understanding the real economy. Friday arrives. The BLS delivers what appears routine: 73,000 new positions added in July. But the revisions tell a different story. May's initially reported 144,000 job gains become 19,000. June's seemingly solid 147,000 drops to just 14,000. These represent 87-90% overestimates. They fundamentally alter the economic picture for those months. The BLS surveys 560,000 businesses each month. They use payroll data from the 12th of the month. But only 60-73% of those businesses respond by the initial release deadline. The remaining portion gets filled through statistical modeling. The models rely on historical patterns. This approach typically produces revisions in the 20,000-50,000 range. But throughout 2025, average monthly revisions reach 66,000. That's triple the normal size. The statistical models aren't capturing current economic conditions effectively. The problem becomes clear when economic conditions shift rapidly. Historical patterns become unreliable guides. The 2024 annual revision was the largest since 2009. What happened in 2009? The Great Recession. Another period when traditional forecasting tools struggled with rapid change. ADP is a private payroll processor. They serve 460,000 companies. They provide useful comparison data. For May, their 37,000 private-sector job estimate aligns reasonably well with BLS's revised 19,000 total. For June, ADP reports a 33,000 job loss. BLS shows a 14,000 gain. ADP's independent data helps validate the revised numbers while highlighting the magnitude of the initial errors. These numbers drive real decisions. Federal Reserve officials use employment data for interest rate policy. Investors allocate capital based on these reports. Workers make career decisions based on perceived labor market strength. When the initial data misses by 90%, everyone operates with fundamentally flawed information. The revisions expose how fragile our economic measurement systems become when conditions change faster than models can adapt. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#630: Interesting observations about the current housing market, meme stocks (again), GDP, Fed Meeting, Stock Market, and the latest Jobs Report updates. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 00:00 Introduction to Economic Turmoil 01:21 Jobs Report According to the BLS 09:23 Impact of Tariff Negotiations 12:36 The Broader Trade Landscape 16:04 Stock Market Reactions 24:11 GDP and Inflation Insights 31:52 The Fed’s Steady Hand (Interest Rates) 39:55 Housing Market Dynamics 39:40 Affordability Crisis in Real Estate 50:23 The Return of Meme Stocks Resource mentioned: Spencer Jakab on The GameStop Revolution For more information, visit the show notes at https://affordanything.com/episode630 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#629: Here's the thing about personal finance advice: what works when you have $10,000 won't work when you have $1 million.  Yet most financial guidance treats everyone the same, whether you're scraping together a $1,000 emergency fund or deciding whether to upgrade to business class. Nick Maggiulli, author of "The Wealth Ladder," joins us to break down how money strategies must evolve as your net worth grows. He's mapped out 6 distinct wealth levels, each requiring different approaches to spending, saving and investing. The levels start simple.  Level 1 covers anyone with less than $10,000 in net worth — that's 20 percent of American households. Here, bad luck gets amplified. A flat tire that costs $200 could spiral into job loss and debt if you can't afford the repair. Level 2 spans $10,000 to $100,000 in net worth. Maggiulli calls this "grocery freedom" — you can splurge on the nicer eggs without checking your bank balance.  Level 3, from $100,000 to $1 million, brings "restaurant freedom."  Level 4, the $1 million to $10 million range, unlocks "travel freedom." Getting beyond Level 4 — into the $10 million-plus territory — requires business ownership or extreme patience. Maggiulli calculates that even saving $100,000 annually after hitting $1 million takes 23 years to reach $10 million, assuming 5 percent annual returns. The data shows income matters more than frugality, especially in the early levels. The median household income in Level 1 is $32,000, but in Level 4 it's $197,000, and in Level 6 it reaches $4.3 million. We discuss why homeownership dominates wealth in Levels 2 and 3, how investment assets become crucial in higher levels, and why many people in Level 4 choose "Coast FIRE" over the grinding path to Level 5. Resource Mentioned: Nick's book: The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction to wealth ladder concept (1:35) The 0.01% daily spending rule (3:43) Six wealth levels breakdown (7:35) Level 1 survival mode focus (11:21) Six levels population data (13:02) Level 1 bad luck amplification (15:08) Level 2 skills development priority (17:55) Income and wealth correlation data (25:28) Level 2 education strategies (28:05) Income opportunity heuristics discussion (32:24) Level 2 mobility statistics (36:38) Asset composition shifts by level (39:28) Level 3 to 4 progression (46:52) Level 3 and 4 similarities (50:14) Level 4 to 5 math (53:29) Business ownership requirements for Level 5 (56:07) Level 5 and 6 non-monetary focus (59:07) Wealth movement bidirectional data (64:09) Key takeaways summary begins For more information, visit the show notes at https://affordanything.com/episode629 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#628: You follow all the right personal finance advice. You know you should save more, invest regularly, and build an emergency fund. So why does it feel so much harder for some people than others? The answer lies in your personality. Dr. Sandra Matz, a professor at Columbia Business School, studies the intersection of psychology and money management. She joins us to explain why one-size-fits-all financial advice often fails. Her research found that agreeable people — those who are caring, empathetic, and put others first — have a harder time saving money. The solution isn't better budgeting apps or stricter rules. It's reframing financial goals to match your personality type. For example, agreeable people save more effectively when they view their emergency fund as protection for loved ones or a way to help others during tough times. By contrast, competitive personalities respond better to framing savings as getting ahead in life. This personalized approach extends beyond personality assessments. Algorithms can now predict your financial behavior using digital footprints — social media activity, spending patterns, even smartphone usage. With just 300 Facebook likes, artificial intelligence understands your money habits better than your spouse does. The conversation also covers the darker implications. Companies exploit these same psychological insights to manipulate spending decisions. Dr. Matz discusses data cooperatives as a solution — member-owned entities where people collectively benefit from their shared information. We dive into negotiation strategies for salary increases, breaking out of financial echo chambers, and using AI to optimize your money management without losing your decision-making autonomy. Resources Mentioned: Dr. Matz's book "Mind Masters" sandramatz.com Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Big data meets financial psychology (3:34) Psychology and computer science intersection (6:26) Algorithms vs spouses at predicting personality (7:21) Curly fries predict intelligence (9:01) Self-talk reveals emotional distress (11:04) Nice people struggle with money (14:03) Personality-based savings strategies (22:21) Privacy versus convenience tradeoffs (24:36) Data privacy management burden (26:28) Organ donation defaults (30:40) Data cooperatives concept (36:01) ChatGPT for financial advice (40:04) AI as unlimited intern (44:06) Breaking financial echo chambers (53:14) AI negotiation training For more information, visit the show notes at https://affordanything.com/episode628 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#627: Jlyn and her husband are 20 years from retirement, but they’ve got their eye on a second home they’ll live in when the time comes. Should they make the purchase now, or keep saving? Reese was recently laid off, and she’s struggling to choose between two financially responsible paths. Should she continue her long-term disability insurance? Or is it wiser to save money? Kip’s youngest has finally graduated from college, and he’s looking forward to an early retirement. But, with the eyewatering costs of long-term healthcare, is this still a viable path?  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. Resource mentioned: Reese's original question in Episode 417 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#626: A software programmer and an accountant walk into retirement planning. Are they being creative? Dr. Zorana Ivcevic Pringle, a senior research scientist at Yale University's Center for Emotional Intelligence, says absolutely. Pringle defines creativity as something that's both original and effective, whether you're solving an accounting problem or planning an unconventional retirement. We explore the gap between having ideas and actually implementing them. You have this brilliant vision for starting a business, changing careers, or retiring early, but somehow you never take the first step. Pringle calls this the implementation gap, and she explains why it happens. The conversation centers on a hypothetical couple: both 55 years old, one a programmer, the other in middle management. They want to retire at 57 and travel the world. Pringle uses this example to illustrate how creative problem-solving works in real life. She explains that creativity requires comfort with uncertainty. When you're doing something new, you don't have a blueprint or checklist. There's always the risk that your early retirement plan could fail spectacularly — imagine having to return to work at 59 after the market tanks and your portfolio gets crushed. Here's the key insight: you don't need full confidence to start. Pringle compares creative confidence to fuel in a car. You don't need a full tank — you can start with just a quarter tank and refuel along the way. Each small success builds more confidence for the next step. The bottom line? Innovation happens through constant iteration. Your final destination might change throughout your career and retirement, and that's completely normal. Resources Mentioned: https://www.zorana-ivcevic-pringle.com/ Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Implementation gap intro (1:00) Creativity beyond arts (2:00) Original plus effective (3:00) Ideas to action gap (5:00) Retirement as creativity (7:00) Openness drives creativity (8:00) Problem finding process (10:00) Big Five traits (12:00) Openness and creativity (15:00) Traits can change (18:00) Uncertainty creates risk (20:00) Courage versus comfort (23:00) Self-efficacy challenges (25:00) Quarter tank confidence (28:00) Creative failure recovery (32:00) Creative blocks (36:00) Pivoting versus quitting (39:00) Emotions as information (42:00) Metrics versus intuition (50:00) Implementation strategies Learn more about your ad choices. Visit podcastchoices.com/adchoices

#625: What do you do when you've reached financial independence? JL Collins says it depends entirely on your spending rate, not just your net worth. Collins joins us for part two of our conversation about what happens after you reach financial independence. He tackles the question of whether you should invest differently once you've "won the game." Someone with $5 million spending $100,000 per year sits in a completely different position than someone with the same amount spending $200,000 per year. The first person can afford to stay aggressive with stocks. The second person needs bonds to smooth the ride. Collins walks through his withdrawal strategy using his daughter as an example. She stepped away from corporate life in her early thirties and now follows an 80-20 stock/bond allocation. She pulls dividends from both funds into her checking account, covering about 2.5 percent of her target 4 percent withdrawal rate. Vanguard automatically sells shares to cover the remaining 1.5 percent. We cover Collins' thoughts on the 4 percent rule, which he calls extraordinarily conservative. He references Bill Bengen's research showing that 5 percent withdrawals succeed 86 percent of the time. Collins would take those odds to escape a soul-crushing job, especially since most financially independent people end up accidentally making money anyway. We discuss the tension between frugal habits that build wealth – and learning to spend money once you have it. Collins flies first class, but he drives a basic car. Collins explains why financially independent people often stay engaged with work — the problem was never work itself, but working without agency. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Intro (2:00) Investing when you've won the game (5:30) Spending rate versus total wealth (8:00) Three-year versus ten-year timelines (11:00) Adding bonds gradually or all at once (14:00) Why 4 percent is extraordinarily conservative (17:00) Soul crushing jobs and 5 percent risk (24:16) Withdrawal frequency and dividends (27:16) Automatic share sales setup (31:16) Starting business while financially independent (36:16) Accidentally making money after retirement (47:09) Agency versus having to work (50:09) Spending advice for frugal philanthropists (54:09) Charity auction magnifying effect Resources Mentioned: https://affordanything.com/377-how-i-discovered-the-4-percent-retirement-rule-with-bill-bengen/ https://affordanything.com/bill-bengen-created-the-4-rule-now-he-thinks-we-can-withdraw-more/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#624: JL Collins, author of "The Simple Path to Wealth" — the guy synonymous with VTSAX and chill — joins us for Part 1 of a two-part series where we skip the basics and dive straight into the complex stuff. We ask him whether his simple approach actually beats more sophisticated strategies, and his answer might surprise you. He says that Paul Merriman's four-fund portfolio probably outperforms his one-fund approach mathematically. But Collins argues that execution trumps optimization every time. Most people can't stick with complex strategies for 20 years, he says, especially when those strategies require selling winners to buy losers – something that goes against human nature. Collins prioritizes what works in real life over what looks good on paper. He calls index funds "self-cleansing" because they automatically rotate out failing companies and sectors while rotating in the new winners. You don't need to predict which companies will dominate next – you'll own whatever rises to the top. The episode covers his thoughts on VTSAX versus VTI, international diversification, and why he'd rather put Tabasco than Cholula on his eggs — his quirky way of explaining personal preferences in nearly identical investment options. Resources Mentioned: Episode 31, Interview in 2016 with JL Collins Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Intro (1:00) The efficient frontier (2:00) Simple vs optimal but complex paths (4:30) Paul Merriman's four-fund portfolio vs VTSAX (6:00) JL says Merriman's approach is mathematically superior but not behaviorally (7:30) Risk parity investing discussion (8:30) Sequence of returns risk and retirement bonds (12:30) JL's birthday email from Jack Bogle (15:00) VTSAX vs VTI  (17:00) Total stock market funds across brokerages (23:30) Mag 7 concentration risk (27:00) Sears story and self-cleansing index funds (30:30) International diversification and US dominance (39:00) World funds versus separate international (45:00) When to shift to world fund (47:30) Bond allocation timing strategies (48:30) Target date funds  (50:30) One-fund vs two-fund approach (52:00) Historical diversification and Nifty 50 For more information, visit the show notes at https://affordanything.com/episode624 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#623: An anonymous caller feels trapped in a no-win situation with her financially reckless mother. She has the means to bail her out, but it doesn’t feel right. What should she do?  Shannon is excited about investing in several companies overseas. But she can only access them using American Depository Receipts. What are they, and how do they work?  Jennifer calls back with an update on putting a vacation on a credit card and playing the rewards game. 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#622: #622: The headlines said America added 147,000 jobs in June. The reality? Private companies actually cut 33,000 positions. Grad students just lost access to unlimited borrowing. Parent PLUS loans now cap at $65,000. And tariffs are about to jump as high as 70 percent. Everything is changing at once — taxes, tariffs, student loans, and immigration policy. And data from the University of Michigan says that consumers feel more pessimistic than they did six months ago. Welcome to the 4th of July First Friday episode. On America's 249th birthday, we unpack these economic stories. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction (1:19) Historical trivia about the Declaration of Independence (2:28) Three presidents died on July 4th — statistical improbability explained (4:24) Trump signs domestic policy bill extending 2017 tax cuts (6:13) Student loan changes — borrowing caps and repayment plan eliminations (8:53) Tariff pause expires July 9th, new rates announced (12:00) Original tariff rates and Lesotho example breakdown (16:26) June jobs report headlines versus private sector reality (22:54) ADP reports private job losses while government hiring grows (26:46) Consumer confidence drops 18 percent since December (30:59) Inflation expectations versus actual 2.4 percent rate (34:19) Fed takes wait-and-see approach amid policy uncertainty (36:58) Labor market stagnation mirrors Federal Reserve strategy For more information, visit the show notes at https://affordanything.com/episode622 Learn more about your ad choices. Visit podcastchoices.com/adchoices

DOWNLOAD the FREE Cheat Sheet: ASSET LOCATION MADE SIMPLE at affordanything.com/assetlocation #621: Jared is attracted to the favorable terms of the annuity plan that his employer offers, but he’s hesitant to pay the opportunity cost of locking up his money now. What should he do? An anonymous caller is struggling to find the efficient frontier with only three funds to choose from in his Thrift Savings Plan. Is there any hope for him? Jack feels great about the funds in his portfolio, but he’s losing sleep over how to apportion them between his taxable, pre-tax and Roth accounts. What’s the best tax strategy for him? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#620: You probably think your value to your employer equals your paycheck. Katie Gatti Tassin has news for you — you're worth way more than that. The host of "Money with Katie" recently joined us to break down a framework that could change how you negotiate forever. Her formula is simple: Your worth equals your market rate plus what it costs to replace you, raised to the power of your unique skills. Most people focus only on market rate — what similar jobs pay in your area. You can find this through salary transparency laws, LinkedIn data, or job postings. But that's just the starting point. The real eye-opener? Replacement costs. When you leave, companies face recruiting fees, interview time, onboarding expenses, and lost productivity. For mid-level roles, recruiters charge 15 to 25 percent of your first-year salary. Senior positions cost even more — headhunters for executive roles charge 25 to 35 percent of total compensation. A company replacing an $80,000 employee might pay $20,000 just in recruiter fees. For a $200,000 executive, that jumps to $70,000. Add training time and the productivity gap while they search, and replacement costs can hit 50 to 200 percent of annual salary. Then there's your "special sauce" — the unique value you bring. Maybe you have deep client relationships, specialized skills, or institutional knowledge that would take months for a replacement to develop. Katie learned this framework through her own career pivots. She started as an ad copywriter but shifted into user experience writing after working closely with a UX designer who told her the pay was much better. That internal pivot positioned her for an external move that doubled her compensation from $70,000 to $140,000. Katie had to catch a flight — she visited our New York studios during her book launch tour — but the conversation covers practical tactics for earning more and building wealth. For more information, visit the show notes at https://affordanything.com/episode620 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#619: Dave is no longer happy with his financial advisor, but he’s nervous about switching over to self-management after being completely hands-off for so long. What should he do? An anonymous caller keeps hearing about the benefits of Cost Segregation for investment property. What is it? And should he apply this strategy to his recently acquired duplex? Another anonymous caller is eagerly anticipating a windfall from his employer’s upcoming IPO. How should he prepare for this, and what happens if it fails? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode619 Learn more about your ad choices. Visit podcastchoices.com/adchoices

DOWNLOAD the RISK PARITY PORTFOLIO CHEAT SHEET at affordanything.com/riskparity ______________ #618: Frank Vasquez watched his parents, ages 91 and 96, struggle financially in retirement. They were immigrants. His dad was a physician. They raised five kids. They retired in the early 1990’s. But by 2009, they ran out of money. When Frank was 45, in 2009, his parents would call asking for money to help make ends meet. This reality hit Frank hard and sparked a decade-long quest to crack the code on sustainable retirement withdrawals. At age 45, Frank set an ambitious goal: retire in his early 50’s while still supporting his parents financially. The problem? Most financial experts simply told people to spend less rather than optimize their portfolios for higher withdrawal rates. Frank wasn't satisfied with that answer. You'll hear how Frank discovered that many retirees leave money on the table by holding too much cash or following overly conservative allocation models. Through extensive research, he found a sweet spot for stock allocation that maximizes safe withdrawal rates — something most traditional advisors miss entirely. Frank walks us through his approach to portfolio construction, explaining why he believes in balancing growth and value stocks while keeping bonds limited to US treasuries for recession protection. He breaks down the math behind safe withdrawal rates and reveals why property taxes pose a hidden threat to retirement security as home values climb. You'll learn about risk parity strategies, macro allocation principles, and why diversification across uncorrelated assets creates more stability than traditional 60/40 portfolios. The conversation covers Frank's Golden Ratio Portfolio, a structured approach to asset allocation designed specifically for the retirement drawdown phase. Frank figured out how to fix what went wrong with his parents' retirement. His approach could help you avoid the same mistakes. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Introduction (01:04) Frank's parents' financial struggles (05:21) Finding a sustainable retirement portfolio (10:19) Learning from market crashes (13:25) Different types of investments (25:10) Building the perfect portfolio (32:25) Frank's real-world example (39:24) Property taxes and retirement goals (44:21) Safe withdrawal rate basics (45:22) How much to put in stocks (51:03) Why bonds matter (54:23) Adding alternative investments (1:00:14) The Golden Ratio Portfolio (1:12:11) Investment strategies for retirement (1:15:44) Taking money out of your portfolio (1:18:31) Taxes on withdrawals (1:21:14) Where to put your investments (1:23:35) Keeping it simple (1:26:07) How much cash to hold (1:28:20) Market timing risks (1:34:38) Giving back in retirement For more information, visit the show notes at https://affordanything.com/episode618 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#617: Austin and his wife are worried about moving to a single-income household while supporting two kids. Should they free up cash flow by paying off a car loan, or tighten up and stay the course? Paul has been retired for seven years, but still can’t shake his anxiety about not having enough. Is there a good way to know when he’s finally escaped the dreaded sequence of returns risk? Jonathan wants to build up his taxable brokerage account, but he’s having trouble letting go of the tax benefits of a Roth IRA. How does he get past his psychological hurdles? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#616: Two school teachers in Ohio saved their entire lives for one dream — buying a farm.  When they inherited $1.3 million and found the perfect property for $1.2 million, everything seemed perfect.  Five days before closing, they received what looked like a legitimate email from their closing company with wire transfer instructions. They sent the money and showed up at closing, only to discover they'd been scammed.  The email was fake, sent by hackers who had infiltrated the closing company's servers for months, waiting for exactly this type of high-value cash deal. That story comes from cybersecurity expert Dr. Eric Cole, who joins us to explain why ordinary people have become prime targets for cybercriminals.  Cole, a former CIA hacker who served as cybersecurity commissioner under President Barack Obama and advises high-profile clients including Bill Gates' personal estate, has a message: if you think you're too small to be targeted, you're wrong. While billion-dollar companies deploy teams of 60 cybersecurity professionals, you have virtually no protection.  Criminals know this. They're not trying to steal $100 million from one person anymore — they're stealing $50 from thousands of people every month.  You probably won't notice the small amounts vanishing from your accounts. Cole calls it "death by a thousand cuts," and it's happening right now. We talk through the most common attacks targeting your money. Bank hacking is simpler than most people realize. All criminals need is your account number — printed on every check you write — and your password. With that information, they can often perform electronic fund transfers of up to 50 percent of your account balance without triggering alerts. We also cover the China-TikTok connection, secure messaging options, and why Cole helped configure President Obama's smartphone to connect to fake cell towers that masked his actual location. Cole's bottom line: cybersecurity isn't just for tech companies anymore. Criminals are targeting ordinary people because we're easier prey than heavily protected corporations. Your money is under threat. Here's how to protect it.  Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction (1:17) Why ordinary people are cybercrime targets (2:29) The "death by a thousand cuts"  (4:05) How criminals destroy your credit with fake accounts (5:19) Cryptocurrency wallet attacks and empty life savings (6:08) Elder scams and the devastating impact on families (8:24) Different types of cyber attacks explained (8:44) Bank hacking  (14:25) Phishing scams using fake toll messages (18:53) Ransomware as a legitimate Russian business (23:44) How scams and cybersecurity overlap (35:31) Paula's phone security audit  (49:54) Smartphone security for high-profile individuals (54:55) TikTok's data collection and Chinese government access (59:44) Real estate scams targeting cash buyers (1:12:18) Essential security rules  (1:27:05) What to keep in a fireproof safe https://affordanything.com/episode616 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#615: Emily is nervous that buying their first home will derail her family’s journey to financial independence. What’s the smartest way to deploy their savings and stay on track? Based on cap rate calculations, Paul’s real estate investments have appreciated beyond their sensible holding point. Should he sell his assets, or is there more to consider here? Mike is recently retired while his wife still works. With a paid-off home and healthcare already taken care of, what are best practices for drawing down an investment portfolio?   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/episode615https://affordanything.com/episode615 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#614: The US just added 139,000 new jobs in May. That beat expectations. But the real story isn't in the job numbers — it’s in the bond market. Something unusual is happening in bonds. Treasury yields are spiking. The dollar is weakening. That combination almost never happens together. And it's signaling concerns about future inflation. Trade wars continue on. A federal court just struck down some tariffs. The administration will appeal. Meanwhile, the EU has until July 9 to cut a deal. If they don't, 50 percent tariffs kick in. As a result, many companies are playing defense instead of growing. The debt situation keeps getting worse. We owe $36.2 trillion. That's more than we owed at the end of World War II as a percentage of our economy. Moody's just downgraded our credit rating. We're not alone — Britain's bonds just hit their highest levels since 1998. The accredited investor rules could finally change. Right now you need an income of $200,000 ($300,000 as a couple) or $1 million in net worth to access private markets. Those numbers haven't changed since they were written in 1982, even though adjusted for inflation, that $200,000 would be $662,000 today.  The SEC might start loosening enforcement of the accredited investor rules. That could open up more investments to people who've been locked out for decades. Crypto is finding its footing. The SEC dropped cases against Coinbase. They're backing away from treating most crypto like securities. Bitcoin sits near all-time highs. The US keeps building its strategic Bitcoin reserve. The House just passed what's being called the "One Big Beautiful Bill." It extends 2017 tax cuts. Eliminates taxes on tips and overtime. The Congressional Budget Office says it'll add $2.4 trillion to the deficit over 10 years. That's sparked debate between deficit hawks and growth advocates —  including one particularly high-profile debate that has been plastered across the headlines. Consumer sentiment stays stuck at 2022 lows. People expect 6.6 percent inflation. The actual rate is 2.3 percent. That gap between what the data says and what people feel shows up everywhere. We cover all of this in today’s First Friday economic update.  For more information, visit the show notes at https://affordanything.com/episode614 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#613: Rachel Rodgers graduated from law school with $330,000 in student loans. Her starting salary? Just $41,000. Most people would have accepted this crushing debt-to-income ratio. They'd slowly chip away at payments for decades. Rodgers had a different plan. She deferred her loans and started her own virtual law practice in 2008 — during the recession, when jobs were scarce and most lawyers were struggling to find work.  Her mom thought she was crazy.  Her first year, she made around $65,000 in gross revenue with only $300 in overhead costs. By year two, she was earning $300,000. The key to her success wasn't cutting expenses or living on rice and beans. Rodgers focused entirely on earning more money.  We talk about the practical steps she took to scale her business.  She waited until hitting $250,000 in annual revenue before bringing on her first full-time employee — an administrative assistant who immediately paid for herself by responding to client inquiries faster than Rodgers could manage alone. Rodgers also shares insights from a CEO's perspective on what employees should know when asking for a raise.  Understand your company's goals. Know your boss's pain points. When you spot a problem, bring three solutions — not just the issue. She usually goes with whatever option her team recommends. "You are the asset," she explains. This mindset applies whether you're an entrepreneur or an employee trying to maximize your career potential. Our interview covers her transition from solopreneur to multimillion-dollar business owner, her approach to leading employees, and her philosophy on building wealth through entrepreneurship rather than cost-cutting. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction (2:00) Rachel's $330,000 debt with $41,000 salary  (5:35) Why earning more beats cutting expenses  (6:40) Starting solo law practice during 2008 recession (9:13) Hitting $300,000 revenue in year two (11:00) Debt payments versus business reinvestment  (14:20) Small Business Bodyguard digital product success story (21:00) Virtual law offices and perfect timing decisions (24:30) Taking calculated risks  (39:00) Financial independence and Fat FIRE goals (46:00) When to hire employees  (53:00) Why opportunity costs matter more than expenses (57:00) Being invaluable employee from boss POV (1:11:00) Salary negotiation tactics (1:19:00) Building relationships with remote team members (1:21:00) Launching adult kids into financial independence Learn more about your ad choices. Visit podcastchoices.com/adchoices

Grant Sabatier never worked in retail, never worked in a bookstore, and had no idea what he was doing when he opened Clintonville Books in Columbus, Ohio. But that's exactly the point. The experiment required 1,200 hours of solo work — measuring spaces, moving 40,000 books, and navigating city regulations. But it taught him something crucial: even experienced entrepreneurs face steep learning curves when they try something new. The serial entrepreneur and author of "Inner Entrepreneur" joins us to share his unconventional journey from online businesses to brick-and-mortar retail. He also explains why he believes everyone will become an entrepreneur within the next decade — whether they want to or not. We dive deep into Sabatier's framework for the four stages of entrepreneurship. The first stage is experimental — you're figuring out how entrepreneurship feels and testing ideas with minimal risk. Most people skip the crucial research phase and invest too much money too quickly. The second stage focuses on building sustainable systems as a solopreneur. Thanks to AI and modern tools, Sabatier launched a new website in 10 minutes recently — something that would have taken two weeks just five years ago. Stage three involves intentional growth. Sabatier warns against the common trap of scaling rapidly without considering how you want entrepreneurship to fit into your life. The final stage is empire entrepreneurship — using cash flow from successful businesses to acquire other companies rather than investing in traditional assets like stocks or real estate. Throughout our conversation, we explore the most common reasons businesses fail, how to avoid fragmented attention, and why Sabatier believes your story is your competitive advantage in an AI-driven world. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Introduction (01:15) Grant opens bookstore with zero retail experience (03:45) Four stages of entrepreneurship framework (05:20) Creative lease negotiation and getting the space (08:30) Why entrepreneurs invest too much money too early (10:45) Stage two solopreneur and building systems (13:20) Stage three growth and avoiding scaling traps (17:15) Three main reasons businesses die (21:45) Stage four empire building and holding companies (28:30) Four types of holding company structures (32:15) Managing multiple businesses without losing focus (48:20) Why everyone should try entrepreneurship (59:30) Three business types products services productized services (01:04:45) Sell to people with money For more information, visit the show notes at https://affordanything.com/episode612https://affordanything.com/episode612 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#611: With the state of the world changing so rapidly, Lesley is struggling to accept that “this time isn’t different.” Does the past still reliably inform the present in the face of major decisions today? An anonymous caller and her husband want to achieve financial independence through real estate within 10 years. Is it better to pay off existing mortgages or prioritize buying more rentals? Melanie feels duped by the FICO credit scoring system. She’s doing all the right things, but her credit score is still moving in the wrong direction. What’s going on here? 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/episode611https://affordanything.com/episode611 Learn more about your ad choices. Visit podcastchoices.com/adchoices

In 2005, Sebastien Page nearly died from a mysterious bacterial infection that doctors couldn't diagnose for a week. A single observant physician noticed cuts on his toes from running in wet terrain and connected the dots. The experience forced Page to confront mortality — and completely changed how he thinks about goals. Page, the chief investment officer at T. Rowe Price and author of The Psychology of Leadership, joins us to share why traditional goal-setting might be sabotaging your happiness. He explains how 80 percent of millennials say they just want to get rich, and 50 percent want to become famous. But research from Harvard's 80-year longitudinal study reveals something surprising: people who climbed the social ladder weren't meaningfully happier than those who struggled financially. The real predictor of long-term happiness? The quality of your relationships with others. We explore the dark side of goals through a concept called "goal-induced blindness." Page uses Mount Everest as an example — climbers have a 4 percent chance of dying, the same odds as eating four poisoned gummies out of 100. Yet people still attempt the summit because they become blinded by the goal itself. Page shares his own experience with goal-induced blindness during his demanding career in money management. The relentless travel and pressure contributed to his near-fatal infection in 2005. He learned that working less actually made him more productive. We dive into Page's framework called the "three Cs": core beliefs, curves, and control theory. Core beliefs are the filters through which you interpret the world — like whether you trust people or believe money should be spent versus saved. Curves refer to stress management, based on research showing optimal performance doesn't happen at zero stress. Control theory teaches you when to exercise "strategic patience" versus making quick decisions. Page also introduces the PERMA framework from positive psychology: positive emotions, engagement, relationships, meaning, and accomplishment. He calls the last four "proteins for your soul," while positive emotions are more like a sugar high. The discussion covers practical applications for everything from hiring decisions to relationship choices, using mathematical concepts like net present value to make better life decisions. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Eva is approaching financial independence, but she’s worried about messing up the transition. How does she set her portfolio up for success during the drawdown years of early retirement? Former financial planner Joe Saul-Sehy and I deep-dive into this question in today’s episode. Enjoy! P.S. Got a question? Leave it here. Episodes about the Efficient Frontier: https://affordanything.com/577-qa-the-efficient-frontier-was-perfect-until-hr-got-involved https://affordanything.com/357-practical-investing-and-the-efficient-frontier-with-joe-saul-sehy https://affordanything.com/380-ask-paula-how-to-optimize-your-investments-along-the-efficient-frontier-if-you-dare https://affordanything.com/episode597 https://affordanything.com/episode567 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#608: At age seven, Robert Rosenkrantz made a decision that would shape his entire life: he would take full responsibility for his future.As a child, Rosenkrantz watched his parents struggle financially. His father was unemployed for two years, and his mother worked as a drugstore clerk.Their financial insecurity was painfully obvious to young Robert. He never knew if the electricity or telephone service would be shut off.But rather than seeing this as an obstacle, he saw it as a path to self-reliance.By age 14, Rosenkrantz was managing investments for his family. By 35, he had amassed $400,000 — equivalent to about $4 million today. Then came the pivotal moment that changed everything: a negotiation with wealthy entrepreneur Joe Mailman.When Mailman expressed concerns about traditional investment structures that created a "heads you win, tails I lose" scenario, Rosenkrantz made a bold counter-offer. He put his entire liquid net worth at risk in exchange for a 50/50 profit split with no carried interest."First deal, we lost $100,000. The second one, we made $100 million," Rosenkrantz says during the interview. "So it averaged out."Now 82, Rosenkrantz joins us to discuss his book, "The Stoic Capitalist," and the principles that guided his career.For over 35 years, he's carried the same negotiation card from "Getting to Yes" in his wallet — a reminder that negotiation isn't about winning, but solving problems together.We talk about his counterintuitive investment philosophy: look for companies that require minimal specialized talent, like laundromats or self-storage facilities. He says these often make better investments than those needing exceptional management, like restaurants.This principle guided his first major success, a lawn and garden products business that essentially put dirt in bags — a simple operation that became a regional monopoly and eventually sold for $100 million.Today, Rosenkrantz funds scientific research on longevity and hosts debate programs that present balanced perspectives on contentious issues. His philanthropy includes backing a groundbreaking study that has extended worm lifespans from 15 days to over 250 days — potentially the longest lifespan extension ever achieved in any organism.When asked about retirement, he responds: "How do you spell that?"His advice for decision-making comes straight from stoic philosophy: focus only on what you can control — the present and future, not the past. This means disregarding sunk costs completely when making decisions and using reason to regulate emotions. For Rosenkrantz, counting the zeros — focusing only on opportunities with enough potential impact — helps prioritize time and delegate effectively. At 82, he still practices these principles daily, considering himself "biologically more like 70 and getting younger." For more information, visit the show notes at https://affordanything.com/episode608 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#607: George is a worried baby boomer, wondering if today’s generation is drowning in the noise of today’s financial landscape. How does one find a balance between information and overload? Heather is stunned by the notion that renting could make more financial sense than buying. Where she’s from, the numbers seem to always swing in favor of owning. What’s she missing? 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 For more information, visit the show notes at https://affordanything.com/episode607 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#606: Hospice nurse and end-of-life educator Suzanne O’Brien joins us to discuss the financial realities of dying in America — and they might surprise you. Remember Aretha Franklin? Her handwritten will was found in her couch cushions after she passed away. Despite her substantial wealth, this simple document was legally upheld. It's a powerful reminder that having any form of will is better than none at all. But there's more to worry about than just having a will or trust. The costs of aging and dying can add up fast. Long-term care costs can quickly deplete even substantial savings. Suzanne shares a story about a couple with over $5 million who were shocked to learn how quickly 24/7 care for dementia would consume their nest egg. Traditional funerals average between $7,000-$11,000, but there are much more affordable alternatives: Home wakes and natural burials can cost just a few hundred dollars Water cremation offers an environmentally friendly option Whole body donation to medical institutions costs nothing while contributing to education Planning ahead gives you control over these decisions and spares your loved ones additional stress. Multi-generational living arrangements can also reduce caregiving costs and address concerns like isolation and safety for aging family members. Suzanne also shares stories about the emotional side of dying. Did you know some people seem to choose when they go? She tells us about a 99-year-old woman in a coma who somehow held on for days until she turned 100, then passed away that very night. Resources Mentioned: Anatomical Board of the State of Florida » College of Medicine » University of Florida US Programs » Anatomical Board of the State of Florida » College of Medicine » University of Florida NATIONAL HOME FUNERAL ALLIANCE - Home https://affordanything.com/episode606 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#605: In light of recent federal mandates to return to the office, Pedro is having a hard time giving up on his fully remote lifestyle. Is there a creative solution to his dilemma?  An anonymous caller is excited to move abroad permanently. How should she structure her investments to support her international lifestyle while maintaining a home base in the US? 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 For more information, visit the show notes at https://affordanything.com/episode605https://affordanything.com/episode605 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#604: The biggest trade shake-up in 135 years is happening right now. April brought tariff levels that economists say haven't been seen since the 1890s, creating ripple effects throughout the economy. We're seeing a stark disconnect between official economic data and how people feel about their financial future. While the economy added 177,000 jobs in April — beating forecasts — consumer confidence has plummeted to alarming levels. Almost 70 percent of Americans now expect higher unemployment ahead, despite the strong job numbers. The tariffs have triggered some unexpected behaviors. Companies rushed to import goods before prices increased, which ironically pushed the trade deficit to record levels. Consumers went on buying sprees for cars, computers, and other expensive items, fearing they'd soon cost much more. Meanwhile, inflation expectations have surged to their highest levels in decades. What does this mean for investors? Bond markets reacted dramatically, with Treasury yields posting one of the sharpest spikes on record mid-April before settling back down. The dollar weakened significantly, and economists have raised recession probability to 45 percent — up from 30 percent just last month. Small businesses are feeling the uncertainty too. After initial optimism about potential tax cuts and deregulation, their expectations have soured amid concerns about how tariffs might hurt smaller firms disproportionately. Market volatility has hit retirement savers particularly hard. We take a call from a listener named Johanna who shared that she lost 30 percent of her portfolio due to recent tariff-related swings. She’s wondering whether she’s still "Coast FIRE" — even when market shocks alter her retirement math. Join us as we break down April's economic data, explain what's behind the market volatility, and discuss what these historic tariffs might mean for your money in the months ahead. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) The Economic Experiment (02:00) April 2025 Job Gains (05:41) Interest Rate Forecast (07:04) Benefit of Roth Conversions during market declines (08:17) Tariffs and the Smoot-Hawley Tariff Act (13:23) The Bond Market (17:49) The Dollar’s Decline (19:31) Economist's Recession Predictions (22:20) Consumer Sentiment (25:29) Consumer Spending Rises (27:13) Is Johanna still FIRE after the drop? For more information, visit the show notes at https://affordanything.com/episode604https://affordanything.com/episode604 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#603: Bethany’s partner wants to invest most of their money in gold and silver, but no one seems to talk about this kind of investing. Is this a red flag or a potential opportunity?  Diana is worried she’s been saving too much for her kids’ college - hundreds of dollars a month since they were born. How does she know when to stop?   Wendy’s pension and social security will cover all her basic expenses during retirement. Does the four percent rule still apply to her discretionary nest egg, or is there another approach? 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/episode603 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#602: Ever looked back at an old Facebook post and cringed? According to Olga Khazan, staff writer at The Atlantic, that discomfort is evidence of something powerful: your personality has changed, even if you didn't notice it happening. In our latest episode, Khazan, who recently wrote a book on the science of personality change, breaks down how our personalities aren't fixed traits but flexible characteristics we can intentionally shift to achieve our goals. The conversation centers on the "Big Five" personality traits — Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism (OCEAN) — and how they impact financial success and career advancement. If you work a regular 9-to-5, personality development can boost your career trajectory. Khazan highlights that conscientiousness — being organized, timely and detail-oriented — directly correlates with workplace success.  She suggests decluttering both your physical space and your commitments to increase productivity.  For introverts navigating office politics, she recommends "cosplaying as an extrovert" by signing up for regular group activities that are hard to back out of. Over time, social interactions become less draining, creating more opportunities for advancement.  And when engaging with colleagues, focus on asking meaningful questions about their experiences rather than collecting basic facts — this builds genuine connections that can lead to promotions and new opportunities. If you’re intimidated by new financial ventures like entrepreneurship or real estate investing, Khazan suggests learning from others who've succeeded in similar situations. Research shows you're more likely to implement strategies when you learn them from peers rather than experts.  When discussing successful entrepreneurs, Khazan reveals they typically share three key traits: high extraversion (energy for interacting with others), low agreeableness (ability to make tough decisions), and low neuroticism (emotional stability for risk-taking).  Think Steve Jobs — not always the nicest person, but his combination of vision, decisiveness and comfort with risk built one of the world's most valuable companies. The most important takeaway? Never tell yourself you can't do something because "that's just not who you are." Instead, take small daily steps toward your goal, and you'll gradually develop the personality traits needed for success. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) "The Surprising Science of Six-Figure Thinking" (1:16) What is personality - behaviors that help meet goals (2:24) Personalities change over time (3:34) Personality impacts success (4:12) OCEAN - the Big Five traits explained (5:48) Origins of personality research (8:20) Changing personality intentionally (9:52) Low vs high openness traits (12:05) Increasing openness gradually (15:36) Boosting conscientiousness strategies (23:09) Time management techniques (30:31) Extraversion benefits careers (33:19) Introvert's guide to social skills (37:25) Healthy boundaries, not people-pleasing (46:06) Meaningful conversations build connections (51:16) Reducing anxiety with mindfulness (56:52) CEO traits - extroverted, disagreeable, emotionally stable Learn more about your ad choices. Visit podcastchoices.com/adchoices

#601: Nick and his wife have $100,000 to invest, but they’re worried about the volatility of the current stock market. Should they look into alternative investments such as private equity? Even though Roth IRAs come with tax-free withdrawals in retirement, Josh is worried about his tax bracket going up and neutralizing the benefits. Is he right to be concerned? The retirement portion of Cindy’s financial three-legged stool is set, and she’s now focused on her taxable brokerage. What investment strategy will allow her to be work optional in 10 years? 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#600: Jillian Johnsrud was falling apart. After suffering a miscarriage, she couldn't pull herself together to return to her job as a youth pastor in DC. She decided to take a month off. That unexpected break became Jillian's first "mini-retirement" — a deliberate step away from work for at least 30 days to focus on something meaningful.  Today, Jillian is a mom of six who has taken more than a dozen mini-retirements with her kids, who currently range in age from 8 to 17.  During her first mini-retirement, she and her best friend piled into her green Honda Civic and drove from DC to Seattle, leaving her 13-year-old son Micah at home with her husband. A couple years later, Jillian took Micah, then 15, to Glacier National Park in Montana for another mini-retirement. They saw mountain goats, kayaked together, and swam in ice-cold waters.  This trip created irreplaceable memories. Sadly, Micah died six years later.  His death changed how Jillian sees time. She now understands that meaningful moments don't wait for perfect timing - they either happen now or vanish forever.  Waiting for "someday" might mean missing chances forever.  This drives her philosophy about mini retirements — life contains fleeting seasons that we either embrace now or miss entirely. "To be able to share those memories with him there is priceless," Jillian tells us. This understanding shapes her approach with her other children too. From a 10-week road trip to 10 national parks in a pop-up camper to a recent six-month journey across the eastern United States with her five younger children (now ages 8-17), Jillian prioritizes experiences that fit each season of family life. Planning your own mini retirement? Jillian recommends focusing on four key areas: managing your time (pick just 2-3 priorities), addressing career logistics (craft a compelling story for your employer), saving money (about 6.5 percent of your income for a month off every other year), and preparing for emotional revelations. Jillian emphasizes the importance of separating your mini retirement fund from long-term retirement savings. This separate fund, which she calls the "in-between bucket," allows you to spend freely on experiences now rather than postponing all enjoyment until traditional retirement age. As Jillian puts it: "You can't postpone every good thing in your life." Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction to mini-retirements (0:59) Definition of mini-retirement: stepping away from work for 30+ days to focus on something meaningful (3:03) Jillian shares her first mini-retirement story after experiencing personal loss (8:28) Taking time off to enjoy important life moments before they pass (12:12) Jillian's trip to Glacier National Park with her son Micah before he passed away (20:33) Four components of planning a mini-retirement: time, career, finances, unexpected challenges (34:14) Time management: choosing 2-3 clear goals rather than trying to do everything (42:39) Career strategies: how to present your mini-retirement to employers (1:01:29) Financial planning: saving 6.5% of income for monthly breaks every other year (1:14:34) Handling unexpected challenges that arise during your time off (1:20:01) How mini-retirements reveal personal issues you've avoided through work (1:33:32) Jillian's recent family adventures with five children Learn more about your ad choices. Visit podcastchoices.com/adchoices

#599: Becky and her husband are about to semi-retire. But the four percent retirement withdrawal rule doesn’t make sense for them. Are there other financial frameworks they should explore? Kris is excited about a potential boost in local real estate values when the World Cup comes to town. Will this have any significant impacts on his property?  Peyton’s parents are pressuring her to buy a house, but she’s worried this will cripple her early retirement goals. Is she right to be concerned? Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! P.S. Got a question? Leave it here (https://affordanything.com/voicemail) For more information, visit the show notes at https://affordanything.com/episode599 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#598: Tax day is approaching, and if you're like most people, you might be overlooking deductions that could save you money. In our latest podcast episode, tax strategist Natalie Kolodij joins us to reveal common tax misconceptions and share strategies that could potentially lower your tax bill. "The tax code is 70,000 pages," Natalie explains. "There's so much. So I really like to have people focus on a handful of things to be mindful of." For W-2 employees who often have fewer tax advantages, Natalie highlights several overlooked deductions. If you live in a state without income tax (like Florida or Washington), you can deduct sales tax instead — especially on major purchases. Don't forget about personal property taxes on vehicles, boats or RVs either. Medical expenses can be deductible, but only amounts exceeding 7.5 percent of your adjusted gross income. Natalie suggests consolidating elective procedures into a single tax year to maximize this benefit. Charitable deductions offer surprising opportunities too. Miles driven while volunteering, expenses from fostering animals, and even home renovation materials donated to organizations like Habitat for Humanity can all qualify. Natalie also explains how "bunching" donations in alternate years can significantly increase tax savings compared to giving the same amount annually. The interview tackles major misconceptions about selling your primary residence. While many believe living in a home for two years makes all gains tax-free, Natalie clarifies that any "non-qualified use" periods (like when it was a rental property) can still be taxable. For small business owners and real estate investors, Natalie recommends tracking all business-related expenses — even seemingly minor ones like industry-related books or educational materials. She emphasizes the importance of proper record-keeping and having separate accounts for business expenses. As we navigate tax law changes following the recent election, Natalie's advice rings true: maintain flexibility in your tax planning and consider working with professionals who specialize in your specific situation. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Intro to tax day discussion (2:46) Common tax savings for W-2 employees (4:12) Standard vs itemized deductions explained (5:46) Often forgotten property tax deductions (6:58) Sales tax deductions for no-income-tax states (9:06) Medical expense deduction thresholds (12:53) Charitable giving strategies and overlooked deductions (17:51) Bunching donations in alternate years (22:20) Home sale tax exclusion misconceptions (30:44) Tax withholding changes and common mistakes (44:35) Bonus payment tax myths debunked (52:52) Finding the right tax professional (1:02:02) Small business and real estate investor tips (1:09:38) Best practices for tax record keeping (1:15:14) Preparing for potential tax code changes For more information, visit the show notes at https://affordanything.com/episode598 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#597: A recession is coming, and it might be worse than most people expect. That's the sobering assessment from Bob Elliott, former Head of Ray Dalio's Investment Team at Bridgewater Associates, when he joins us on the podcast. Bob explains that several economic factors are converging to create challenging conditions. The combination of current trade policies, persistent inflation issues, and a Federal Reserve that's constrained in its response is creating significant economic headwinds. Tariffs play a central role in this economic outlook. While their inflationary impact remains debatable, their growth-negative effects are more certain. When imported goods become more expensive, consumers have less money to spend on other things. This reduces demand across the entire economy. Manufacturing and reshoring aren't simple solutions either. Bob points out that building new factories takes about five years, with payback periods stretching 30 years. This timeline explains why CEOs hesitate to make such investments, especially in an environment where policies change unpredictably. This uncertainty has driven CEO confidence to its lowest levels since the 2008 financial crisis, further complicating economic prospects. For individual investors, Bob offers surprisingly straightforward advice. Despite his sophisticated background managing billions, he follows a simple personal investment strategy: dollar-cost averaging and diversification. He even limits himself to reviewing his investments just once annually — typically the Wednesday before Thanksgiving. This disciplined approach prevents overtrading and removes emotion from investment decisions — principles that apply whether you're investing regular income or handling a windfall. Throughout our conversation, Bob emphasizes that the US economy fundamentally runs on consumer spending. When policies redirect money from discretionary spending toward necessities, the effects ripple throughout the entire system. Want to hear more of Bob's insights on recession probability, investment strategy, and economic policy? Listen to the full episode now. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introducing Bob Elliott, former head of Ray Dalio's investment team at Bridgewater (2:56) Bob discusses high probability of recession due to growth-negative policies (7:00) Tariffs likely growth negative in short-term despite long-term manufacturing goals (14:20) Transition from global supply chains to parallel and redundant manufacturing systems (19:50) Four economic levers: tariffs, tax policy, monetary policy, and government spending (26:15) Stock market reacts to short-term expectations despite positive long-term outlook (34:15) Bond markets performing well as growth slows; potential recession duration of 1-1.5 years (45:40) Long-term productivity growth creates wealth despite short-term volatility (53:15) Dollar-cost averaging and diversification recommended for individual investors (59:15) Bob discusses founding GiveWell to identify highest-impact charitable giving (1:11:10) Bob explains Unlimited Funds, making hedge fund strategies accessible to everyday investors For more information, visit the show notes at https://affordanything.com/episode597 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#596: Yesterday, the White House rolled out the biggest tariffs in a century, sending markets into their worst decline since the pandemic. While headlines focus on supply chains and inflation, there are important economic stories you're not hearing about. During the first half of this month's First Friday episode, we dig into what nobody's talking about. And in the second half, we grapple with the headlines. Student loan rules just changed again. The government added new limits to Public Service Loan Forgiveness. Right now, 9.2 million people — one in five borrowers — can't keep up with payments. Many folks don't even know payments started again after that four-and-a-half-year break. S&P just dropped a new report that backs what smart money already knows: index funds crush actively managed funds 90 percent of the time. Even with all those tech stocks dominating the market, you still come out ahead with simple indexing. You know who's gobbling up the mortgage market? Rocket Companies. They just bought both Redfin and Mr. Cooper. They'll handle one of every six mortgages in America. They've positioned themselves at every step of the homebuying journey — from when you search for homes on Redfin to financing and monthly payments for the next 30 years. The White House just made a surprising move with Bitcoin. They're setting up a Strategic Bitcoin Reserve to hold coins long-term. They're also creating a separate stockpile for crypto they seize in legal cases. Pretty clear signal that Bitcoin stands apart from other cryptocurrencies. In the second half, we dive into those significant new tariffs making headlines.  The S&P 500 dropped 4.8 percent on Thursday — we haven't seen a drop like that since the pandemic. The new rules put at least a 10 percent tariff on everything coming into the country. Then come the "reciprocal" rates: 20 percent for European goods, 27 percent for items from India, and a combined 65 percent for Chinese imports. We bring in Bob Elliott to make sense of this situation. His credentials are impressive — he spent 13 years at Bridgewater Associates (the world's largest hedge fund), served as head of Ray Dalio's investment team, and graduated magna cum laude from Harvard.  During the 2008 crisis, he directly advised the Treasury, Federal Reserve, and White House.  Bob offers a reality check about bringing back manufacturing jobs: you can't build factories overnight. These investments take years, and companies hesitate to make 30-year commitments when policies change every few months. Bob breaks down four economic forces all hitting at once: tariffs jacking up prices, government cutting spending, tax policies on hold, and the Fed moving like molasses. Put them together? Yikes. He doesn't sugarcoat it — the short-term outlook looks "pretty negative." For more information, visit the show notes at https://affordanything.com/episode596 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#595: Eva is finally closing in on her financial independence goals, but she’s grappling with how to make a smooth transition from accumulation to decumulation. What should she consider? John has noticed a game-changing omission from recent discussions about traditional versus Roth IRAs. Is this as big of a deal as he thinks it is? An anonymous caller is excited to convert his primary residence into a rental property. But he’ll only make a profit if he first sells some equities to pay down the mortgage. Is this a good idea? 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 For more information, visit the show notes at https://affordanything.com/episode595 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#594: Ever wonder if you could afford to travel for months at a time? According to Nomadic Matt, who's visited more than 100 countries over the last 19 years, you can see the world on just $75 a day. That's about $27,375 per year, less than many people's current cost of living. Matt Kepnes, better known as Nomadic Matt, joins us to challenge common assumptions about travel costs. He explains that long-term travel can actually be cheaper than staying home. When you're traveling, you shed many regular expenses that eat into your budget back home, like car payments, home insurance, and utility bills. The key is to "travel like you live," as Nomadic Matt puts it. This means using public transportation instead of taxis, shopping at local markets, and seeking out free activities — just like you might do in your hometown. It's not about staying at five-star resorts, but experiencing destinations authentically while keeping costs reasonable. Nomadic Matt also breaks down several travel myths. The old advice about booking flights on Tuesdays? Outdated in today's algorithmic pricing world. Using incognito mode to get better flight prices? No evidence supports this idea. He does confirm that booking round-trip flights often costs less than one-way tickets, even if you don't use the return portion. For those interested in credit card points, Nomadic Matt recommends choosing cards based on your specific travel goals rather than chasing the most popular options. Consider which airlines you use most and what perks you'll actually take advantage of. The pandemic has transformed travel in significant ways. While prices have increased and some budget travel services have disappeared, new opportunities have emerged — especially for remote workers who can now take advantage of digital nomad visas to live abroad while maintaining their income. Whether you're planning a two-week vacation or dreaming of becoming location-independent, Nomadic Matt's practical advice shows how international travel is more accessible than you might have thought. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Intro to Nomadic Matt and $75/day budget (1:00) Modern hostels aren't grungy anymore (3:00) Origins of the $75/day travel budget (5:00) "Travel like you live" approach saves money (8:50) Mix accommodations based on trip needs (9:40) Choose travel cards matching your specific goals (16:40) Use points before devaluation happens (20:00) Best booking times for flights (37:00) Social media's impact on global travel (42:00) Overcoming language barriers easily (48:30) Post-COVID travel costs and changes (56:20) Remote work visas for long-term travelers (1:02:40) Why travel costs less than staying home (1:05:50) How location independence evolved from unusual to mainstream For more information, visit the show notes at https://affordanything.com/episode594 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#593: An anonymous caller is brooding over a mistake he made in 2023 when he decided to contribute to his Roth instead of a pre-tax account. How does he get over this? June is annoyed that she triggered short-term capital gains and wash sales when she sold assets in her taxable brokerage last year. How does she avoid these issues in the future? Zerai wants to add mid and small-cap exposure, but his 457 plan has a limited selection of mutual funds. What’s the proper way to select the best fund among the available options? Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! P.S. Got a question? Leave it https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode593 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#592: Ever wonder what's happening in your brain right before you knock on your boss's door to ask for a raise? Dr. Joel Salinas, neurologist and brain health expert, joins us to explain the neurology of negotiation. When you avoid difficult conversations, your brain actually rewards you with a small dopamine hit. That temporary relief feels good, reinforcing the avoidance behavior. But Dr. Salinas explains this creates a problematic loop: the more you avoid conflict, the more uncomfortable it becomes when you face it. Breaking this cycle starts with a simple but powerful step: taking a breath. A long, slow exhale activates the more deliberative parts of your brain, helping you move beyond knee-jerk reactions. Dr. Salinas suggests focusing on what he calls the "Bigger Better Offer" — the meaningful reward that comes from pushing through discomfort. Thinking about what happens if you don't ask for that raise (struggling to pay bills, missing career advancement) can motivate you to overcome avoidance tendencies. Beyond workplace conflicts, we explore fascinating brain facts: Your brain constructs reality like "one great big hallucination" Neural pathways that fire together wire together Conflict isn't a sign of failure — it's actually necessary for authentic connection Want to boost your brain health? Dr. Salinas recommends regular exercise, brain-healthy foods like leafy greens and berries, quality sleep, supportive social connections, and challenging yourself with new skills. The conversation meanders through various aspects of brain function — from why humans are visual creatures to how trauma impacts neural pathways — all explained in accessible, engaging terms. Whether you're looking to have difficult conversations more effectively or simply curious about the remarkable three-pound organ controlling your reality, this episode offers practical insights into the science of your mind. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Intro (3:00) What happens in your brain when asking for a raise (6:30) How negativity bias shapes interactions with authority figures (10:41) The "Bigger Better Offer" technique for breaking behavioral loops (19:22) Why avoiding conflict creates reward pathways in the brain (29:12) Training your brain to tolerate disagreement (34:52) How salience and valence affect what we perceive as conflict (40:42) The role of internal conflict in decision-making (55:08) Understanding the structure and functions of different brain regions (1:00:53) Why imagination of possibility matters for breaking rumination cycles (1:06:45) How challenging our brain creates new neural pathways (1:11:42) Five key behaviors that improve long-term brain health (1:17:03) Brain plasticity and how it changes throughout our lifetime (1:22:51) Resources for learning more about conflict resilience For more information, visit the show notes at https://affordanything.com/episode592 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#591: Imagine you're about to ask your boss for a raise. Your stomach tightens. You've rehearsed what to say, but doubt creeps in. Should you be more assertive? More understanding of company constraints? Bob Bordone, who has taught negotiation for 25 years including 21 years at Harvard Law School, joins us to explain why you don't have to choose between empathy and assertiveness. In fact, combining them is key to successful negotiations. "It might feel like a tension, but it's not an actual one," Bordone explains. "I can fully appreciate what you're feeling without ever giving anything up in a negotiation." Bordone breaks down his three-part preparation framework: Mirror work: Identify the different sides of yourself in a negotiation — the empathic side that understands company constraints, the assertive side that knows you deserve recognition, and perhaps an anxious side worried about finances. Chair work: Give each side a voice through role-playing exercises, literally sitting in different chairs to embody each perspective. Table work: Bring these voices into the actual negotiation in an authentic way that doesn't make the other person feel attacked. He also introduces fascinating concepts like "conflict recognition" — how quickly we perceive something as a conflict — and "conflict holding" — our comfort with leaving conflicts unresolved. These differences often cause relationship problems when we're unaware of them. "My best friend and I might debate over Flaming Hot Cheetos for 25 minutes. For me, with high conflict recognition, it's completely fun. I go home and sleep like a baby," Bordone says. "For someone with low conflict recognition, they might think, 'That was horrible. Did I hurt the relationship?'" When someone tries to shut down your request with policy ("that's just how we do things here"), Bordone recommends what he calls the "Wizard of Oz tactic" — asking a few more questions rather than immediately accepting defeat. The skills you develop asking for a raise transfer to other challenging conversations — from family inheritance discussions to political disagreements with colleagues. Bordone emphasizes that conflict isn't something to avoid but rather a normal part of relationships. The question isn't whether we'll have conflict, but how we handle it when it inevitably arrives. Resources Mentioned Book: Conflict Resilience Web: BobBordone.com Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Introduction to Bob Bordone (02:35) Contentious times vs 25 years ago (04:26) Negotiation vs facilitation vs conflict resolution (05:56) Key negotiator skills (08:35) Empathy meets assertiveness (11:22) Mirror work explained (15:58) Chair work technique (19:58) Table work strategies (24:10) Role-playing in preparation (31:44) Rights, power, interests framework (35:39) Conflict recognition vs conflict holding (42:22) Handling power imbalances (50:13) "Difficult people" reconsidered For more information, visit the show notes at https://affordanything.com/episode591 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#590: In the left corner, we have Paul Merriman, the seasoned finance veteran weighing in at 183 pounds. In the right corner, Dr. Karsten Jeske, the scrappy newcomer at 208 pounds. The bell rings, and the small cap value debate begins. This episode features a financial boxing match between two investment heavyweights with dramatically different perspectives. Paul Merriman champions diversification through the efficient frontier, which means adding small cap value to your portfolio. Dr. Karsten Jeska has "thrown cold water" on this approach, favoring simpler strategies like "VTSAX and chill." The stakes are high — we're talking potentially millions of dollars in your retirement account over decades. Merriman argues that history shows clear evidence for small cap value's premium. From 2000 to 2009, small cap value outperformed the S&P 500 in all but one year, compounding at 10 percent while the S&P 500 returned negative 1 percent. He believes this pattern will continue, creating a powerful diversification effect when combined with broader market indexes. Jeska counters that small cap value's outperformance is mostly "front-loaded" in history, happening before anyone knew about it. Since 2006, small cap value has underperformed. He argues that once an advantage becomes widely known, it disappears in an efficient market. Adding small cap value might even be "di-worsification" — increasing complexity without improving returns. The debate expands beyond small cap value to touch on: Active vs. passive investing strategies Market timing vs. buy-and-hold approaches Simplicity vs. complexity in portfolio construction The role of faith vs. evidence in investment decisions While both experts disagree about small cap value's future, they agree on fundamentals: invest early, stay invested for the long term, and understand that no one can predict markets with certainty. What starts as a technical debate evolves into a philosophical discussion about evidence, probability, and the limits of our knowledge — all with millions of retirement dollars hanging in the balance. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Debate intro: small cap value vs index funds (4:01) Merriman: small cap value offers premium returns (9:40) Jeske: small cap value underperformed since 2006 (18:20) Historical performance data significance (25:15) Stakes: difference of millions over time (33:08) Diversification vs added volatility debate (41:45) Risk-adjusted returns comparison (49:08) Questioning true diversification benefits (57:40) Value traps and actively managed funds (1:05:08) Technology stocks vs value investments (1:13:45) Data selection bias in studies (1:19:40) Faith vs science in investment decisions (1:29:20) Personal risk tolerance considerations (1:36:08) Closing arguments on investment strategies (1:42:08) Paula declares the debate a draw For more information, visit the show notes at https://affordanything.com/episode590 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#589: Kimmy is worried that her mom’s retirement portfolio is invested too conservatively. Is she right to advise her to take on more risk? Peyton has heard the financial advice about staying away from Whole Life Insurance as an investment, but what about as a savings account for children? Is there good a use case for this? Jeff and his wife are in a great financial position, but they fear that their retirement savings are too heavily apportioned in traditional IRAs. Will they run into tax problems in the future?  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 For more information, visit the show notes at https://affordanything.com/episode589 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#588: Jobs are growing, interest rates are holding, and your student loan options just hit pause. Welcome to this month's economic rollercoaster. The economy is sending mixed messages this month. We added 151,000 new jobs in February, slightly better than January's 143,000. But unemployment ticked up to 4.1 percent. Health care is booming (52,000 new jobs). Restaurants and bars? They're hurting (lost 27,500 jobs). Federal government shed 10,000 positions while state and local governments added 21,000. The Fed isn't making any sudden moves. They'll likely hold interest rates steady at 4.25 - 4.5 percent when they meet March 18-19. Fed Chair Powell made this clear: "We do not need to be in a hurry and are well-positioned to wait for greater clarity." Meanwhile, Treasury Secretary Scott Bessent is working a different angle. He's targeting 10-year Treasury yields instead of pressuring the Fed on short-term rates. His strategy? Use fiscal and regulatory reforms to convince markets that inflation will be controlled long-term. Energy costs are a key part of his plan. Bessent believes lowering gas and heating oil prices does double duty: saves consumers money and boosts economic confidence. This matters because consumer spending is 70 percent of our economy. Speaking of confidence – it's plummeting. February saw the largest monthly decline in consumer sentiment since August 2021. People across all age groups and income levels are increasingly pessimistic. They expect inflation to hit 6 percent in the coming year (significantly higher than current rates). Got federal student loans? Applications for income-driven repayment plans are temporarily on hold. This affects all plans, even the older ones not being challenged in court. The pause came after a federal appeals court expanded a suspension of the SAVE plan. About 8 million borrowers had enrolled in this program, with more than 400,000 having their debts erased. If you're working toward Public Service Loan Forgiveness, this is particularly important since income-driven plans are a key requirement. In crypto news, bipartisan legislation for stablecoins is moving forward. The Senate has the GENIUS Act while the House has the STABLE Act (yes, that spells "stable genius"). These bills would establish clear rules about who can create stablecoins and require them to be fully backed by high-quality assets like U.S. dollars or Treasury bills. They would also officially classify stablecoins as payment instruments rather than securities – a significant regulatory distinction. The housing market? It varies dramatically by location. In DC, some zip codes are seeing prices climb rapidly while others face steep declines. The lesson: real estate is hyper-local. Success comes from becoming an expert in just a couple of specific zip codes rather than trying to understand entire metropolitan markets. As Fed Chair Powell wisely put it, the key is "separating the signal from the noise as the outlook evolves." That's solid advice for navigating our current economic landscape. Episode Mentioned: Afford Anything Episode 564, The Real Story Behind Those Economic Tariffs https://affordanything.com/564-the-real-story-behind-these-new-tariffs/ Timestamps: Note: The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) March's Economic Update (01:18) February Jobs Report (04:18) The Fed is to meet on March 18-19 about interest rates (08:14) Consumer Confidence Survey (10:33) Stock Market Performance (14:14) Deep Seek Chat Bot (17:28) New CFTC Chairperson is crypto friendly (20:34) Home Market in the D.C area changing (25:24) Income Driven Repayment Plan applications temporarily on hold (27:41) Stablecoins (30:58) Certain borrowers may be excluded from student loan forgiveness (31:54) Fed Chair Jerome Powell says the Fed is "awaiting greater clarity" Learn more about your ad choices. Visit podcastchoices.com/adchoices

#587: Debi is stressed about saving a down payment to buy a house in her high-cost-of-living area. Should she cash out her brokerage account to speed up the process? Lucas and his wife are high earners, but they’re tired and ready for a change. What strategies can they use to maximize their investments and confidently step away from their jobs? Grant is thrown off by recent discussions about the efficient frontier. It sounds a lot like market timing to base an investment strategy on an arbitrary set of historical dates. What’s he missing? 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 For more information, visit the show notes at https://affordanything.com/episode587 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#586: If you are a complete beginner at finances, or if you know someone who is, this episode is for you. The biggest hurdle for beginners? Money seems complex and intimidating. But Scott Yamamura, author of Financial Epiphany, explains personal finance doesn't have to be complicated. He breaks compound interest into three easy-to-grasp frameworks: Money as a Multiplying Ability: Just like athletes have peak physical abilities in their 20s, your money has its greatest multiplying power when you're young. At age 22, every dollar invested can multiply 16 times by retirement (assuming a 40-year career and 7.2 percent returns). The Doubling Framework: Money can double approximately every 10 years with average market returns. This explains why a dollar invested at 22 becomes $2 by 32, $4 by 42, $8 by 52, and $16 by 62. The Halving Concept: With each decade that passes, your money's multiplying power gets cut in half. This is the inverse of the above idea. Scott shares how these simple frameworks helped him front-load his son's college savings. "We can stop now because it's going to double," he said. For beginners struggling with analysis paralysis, Scott offers a Rubik's Cube analogy: You don't need to understand all 43 quintillion possible combinations to solve it — you just need one simple method to get started. Similarly, you don't need to master every financial concept to begin investing. The most important step is just to get started. You can learn the complexities later, but starting early gives your money more time to grow. Scott also emphasizes finding your "why" — a purpose bigger than just accumulating wealth. He shares a moving story about a man named Ernie who funded his mission trip to Sierra Leone, showing how money can be used to make a profound difference in people's lives. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction  (1:16) Scott discusses reframing compound interest as "money multiplying ability" (3:47) Money multiplying power works like athletic ability - strongest when young (7:02) Scott addresses challenges of saving when young and broke (10:29) Explanation of the Rule of 72 for doubling money (13:43) Every dollar invested at 22 multiplies 16x by retirement (17:08) What to do if you're starting late with retirement savings (20:44) Three core ideas of compound interest (23:19) Using the concept of "halving" to create urgency to invest (30:30) Finding your "why" to overcome financial temptations (33:07) Scott shares personal story about Sierra Leone mission trip (36:46) The joy of spontaneous giving as motivation for building wealth (40:53) Balancing retirement savings with paying off debt (43:38) Simplifying finance through the Rubik's Cube analogy (52:50) Paula's wrap-up with actionable investing advice for beginners For more information, visit the show notes at https://affordanything.com/episode586 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#585: Michael rebalances his portfolio every year. But he’s worried that triggering capital gains taxes on his brokerage account will cancel out the benefits of reallocation. Is there a better approach? Sam has an opportunity to switch jobs, but she’s confused about how an Employee Stock Ownership Plan stacks against her current employer’s 401(k). Is she getting a good offer? Carlos is excited about early retirement in Brazil, but he’s worried about the tax implications for his U.S.-based retirement accounts. How should he prepare for this move? Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! P.S. Got a question? Leave it https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode585 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#584: Think about how you spend an average day. Would the 10-year-old version of yourself be impressed? What about the 90-year-old version? These two powerful questions frame our conversation with Sahil Bloom, founder and managing partner of an early-stage venture fund with investments in over 60 startups and author of The Curiosity Chronicle, a newsletter that reaches more than a million readers worldwide. Sahil shares the story of his own wake-up call. While living in California and earning massive money as a venture inventor, he had a drink with an old friend who asked how often he saw his parents. When Sahil answered "about once a year," his friend asked how old they were. Learning they were in their mid-60s, his friend calculated: "So you're going to see your parents 15 more times before they die," assuming they'd live to about 80. That gut-punch realization led to massive change. Within 45 days, Sahil had left his job, sold his house, and moved across the country to be closer to family. This shift represents the core of Sahil's philosophy about the five types of wealth: 1. Time wealth: Control over your calendar and priorities 2. Social wealth: Deep, meaningful connections with others 3. Mental wealth: Curiosity, purpose, and personal growth 4. Physical wealth: Health and vitality 5. Financial wealth: Traditional money and assets Most of us focus exclusively on financial wealth because it's easily measurable. But Sahil argues that true wealth encompasses all five domains, and we should intentionally invest in each one. Sahil shares practical exercises for building each type of wealth: - For time wealth, create an "energy calendar" by tracking which activities energize versus drain you - For social wealth, map your relationships based on how healthy and frequent they are - For purpose, ask yourself what your world (family, community, etc.) needs from you - For physical wealth, focus on movement, nutrition, and recovery through simple practices - For financial wealth, clearly define what "enough" looks like for you These five domains aren't meant to be balanced perfectly every day. Instead, Sahil suggests thinking in seasons — some periods might emphasize financial growth while others prioritize family time. Sahil also discusses powerful concepts like goals versus anti-goals (what you're unwilling to sacrifice to reach your goals) and "Memento Mori" — the ancient Roman practice of remembering one's mortality to inspire present action. The conversation ends with a reminder that "your life has seasons" just like the weather — you don't expect to experience all four seasons in a single day, so don't expect perfect balance in every area of life simultaneously. For more from Sahil Bloom, find him on major social platforms or visit fivetypesofwealth.com. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. # Episode Timestamps (0:00) Would your 10-year-old self be impressed with your life? (1:46) Sahil's wake-up call: seeing parents only 15 more times before they die (4:19) The Tail End: visualizing how few books and moments remain in life (6:56) Small changes that dramatically increase time with loved ones (13:26) The tension between ambition and presence; why "later" becomes "never" (17:42) Why we measure financial wealth but not other forms of wealth (19:47) The five types of wealth: financial, time, social, mental, physical (30:09) Creating an "energy calendar" to track what energizes vs drains you (38:09) Relationship mapping: evaluating connections by health and frequency (42:33) Goals vs anti-goals: what you're unwilling to sacrifice for success (51:17) Why your purpose doesn't need to be your work (54:46) The 30-day health challenge: movement, nutrition, recovery (57:05) Vonnegut and Heller on having "enough" vs wanting more Learn more about your ad choices. Visit podcastchoices.com/adchoices

#583: Contrary to recent discussions, Jesse has concluded that a traditional IRA is the smarter way to go for most people once marginal tax rates are factored in. Is he missing something?   An anonymous caller is four years away from early retirement but she’s unsure if her portfolio allocations are in the right place. How and when should she start converting equities to cash? Luz is confused about how to handle company stock options. Is there an ideal spread between the exercise price and the stock price? And, what should she do once the stocks are exercised? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode583 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#582: They had it all. Six thriving children. A 40-year marriage. A household income of $200,000. Then in her 60s, she discovered a shocking truth: he had gambled away their entire retirement savings in penny stocks.  She had no access to their financial accounts during the marriage. After divorcing, she was left with nearly nothing. Today, she relies on her adult kids for support. Harvard-trained family law attorney Aaron Thomas joins us for a Valentine's Day discussion about prenuptial agreements — not just as divorce insurance, but as a framework for building stronger marriages. Thomas is a three-time winner of Atlanta's Best Divorce Attorney and a leading expert in family law. He’s the founder of prenups.com and authored The Prenup Prescription. Thomas explains that every married couple already has a prenup by default: their state's laws. In 41 states, judges have broad discretion in dividing assets "equitably" — which might mean a 70-30 split rather than 50-50. The remaining nine states are community property states, where assets are typically split equally. But even in community property states, determining what qualifies as joint property can spark fierce debate. For example: if you entered marriage with $100,000 in a 401(k) and continued contributing during the marriage, how much belongs to you vs. the marriage? What about a home you owned before marriage, but your spouse helped pay the mortgage? To prevent financial surprises, Thomas recommends couples hold "annual shareholder meetings" to review finances together. He suggests creating three buckets — yours, mine and ours — with clear agreements about spending. For example, his prenup requires both spouses to approve joint account purchases over $500. Beyond asset division, prenups can include requirements like marriage counseling before filing for divorce, or mediation if custody disputes arise. While prenups can't determine child custody or support payments, they can establish frameworks for working through conflict. The biggest benefit, Thomas argues, isn't protecting yourself in case of divorce — it's creating clarity and communication during marriage. By having difficult conversations upfront about money, expectations and conflict resolution, couples build stronger foundations for lasting partnerships. Listen to this episode to hear our full conversation about how prenups can strengthen marriages, prevent costly court battles, and help couples align on money management from day one. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) The hidden marriage contract (3:01) Legal definition of marriage and financial rights (12:42) Historical view: marriage as duty vs love (19:38) Prenups defined: financial rules for marriage (24:20) Annual money meetings between spouses (27:26) Why "everything is 50/50" is a myth (35:21) How separate property becomes marital property (39:26) Real examples: retirement accounts and homes (44:44) State prenup vs your own prenup (48:04) Using prenups for counseling and mediation (55:07) Pets in divorce: property not custody (57:30) Family loans and spending limits (1:01:57) Financial transparency prevents disasters (1:07:21) Community property vs equitable division (1:10:34) Why every couple needs money agreements (1:14:51) Postnups and no-nups explained Resources Mentioned: Home - Prenups | Website Prenups.com (@prenupguy) | Instagram Book Your 30-Minute Consultation Today - Afford Anything - Prenups | Website The Prenup Prescription | Book For more information, visit the show notes at https://affordanything.com/episode582 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#581: Today's question is different. There's something special about it — and you'll understand why in a moment. An 84-year-old listener left us a voicemail about his struggle to break free from mortgage debt. He and his 83-year-old wife need to move from their two-story townhouse because they can’t climb the stairs any longer. They found a single-story ranch house that fits their needs perfectly — except for one detail: it carries a crushing $4,200 monthly mortgage payment. They do have one potential escape route from this debt: selling their Florida condo, a vacation retreat that they haven't visited in years due to mounting chronic health challenges. But Hurricanes Milton and Helene ravaged their building last year. The storms spared their unit but destroyed the lobby and submerged their car in floodwater. The devastation slashed $100,000 from their property's value overnight. Now they face an agonizing decision: Should they accept this massive loss and sell the condo to free themselves from debt? Or would selling now, after such a steep drop in value, mean locking in their losses? Joe and I have answered hundreds of questions from our listeners over the years. But this question is special. It comes from my Dad. __________________________ Here’s the transcript of my father’s full question: Hi Paula and Joe,  My name is Prahlad. I am 84 years old, and my wife is 83. We live in a two-storied townhouse in Atlanta and also own a two-bedroom condo on the beach as a second home in Clearwater, Florida.  Recently, we purchased a one-storied ranch home in Atlanta so that we don’t have to go up and down the staircase at this old age.  Our condo in Clearwater is on the 9th floor of the 14 storied building. We love the condo with views of the Gulf of Mexico and the Bay. However, we have not been able to visit it for a long time due to our underlying health conditions.  We purchased the condo for $400,000 in 2015 and it was estimated to have appreciated to $800,000 in 2022. Since then, the price was estimated to come down to $775,000 in the Spring 0f 2024.   As you know, this area was hit by two major hurricanes Helene and Milton in September and October last year. The lobby of the building was flooded with extensive damage and it is still under construction. The parking area under the roof was also flooded and our car was totaled. Fortunately, our condo did not suffer any damage.  There has not been any significant real estate buy and sell activities in this neighborhood since it was hit by the hurricanes last year. My real estate agent estimates that the current value of the condo is $700,000.  This building has been preparing for a major renovation of the plaza deck for the past few years, and we or the future owner anticipate to be assessed a large amount – maybe $30,000 – for the renovation.  We were hoping that we could sell the condo and pay off the mortgage for the ranch home we recently purchased in Atlanta, and be debt free.  What do you think – should we sell it now or wait until some later time – maybe until next year?  Your advice would be highly appreciated. Thank you both for what you do.   For more information, visit the show notes at https://affordanything.com/episode581 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#580: "If you want to understand what's happening in the economy, look at bonds," begins today's episode, where we explore how the bond market acts as a crystal ball for economic trends. The bond market has been sending some clear signals lately. Interest rates remain elevated, with 10-year Treasury yields about 1 percent higher than their September 2024 low. After a challenging 2024 where bond returns flattened to just 1.18 percent, both the U.S. and U.K. are seeing historically high yields. We break down what's driving these changes and explain key concepts like term premium — the extra return investors demand for holding longer-term bonds. The Federal Reserve's recent moves are shaping this landscape. After cutting rates by 1 percentage point between September and December 2024, Fed officials are now signaling a more cautious approach, wanting to see further inflation decline before considering additional cuts. Then we explore why President William McKinley is suddenly relevant again. McKinley, whose term began in 1897, was known for his imperialist expansion and love of tariffs. His presidency came towards the end of what historians call "the long 19th century" — a period from the French Revolution in 1789 to the start of World War I in 1914. This era was marked by massive social upheaval, major technological advancement, the First Industrial Revolution, and huge migration into cities. It also included the California and Klondike Gold Rushes. The episode then turns to what some are calling the "Cold Rush" — the race to claim influence in the rapidly changing Arctic. With ice melting four times faster than global averages and the potential for ice-free Arctic days by 2030, nations are competing for new shipping routes and access to resources. We examine three emerging paths: the Northern Sea Route along Russia's coast, the North-West Passage along North America, and the Transpolar Sea Route across the North Pole. Finally, we dive into an overlooked story: the global tax war. In 2021, 136 countries agreed to establish a 15 percent minimum corporate tax rate to prevent profit-shifting to tax havens. While the U.S. already exceeds this minimum with its 21 percent domestic rate, implementation faces challenges due to different methodologies for calculating tax bases and recent political developments that could affect its future. Resources mentioned: https://www.federalreserve.gov/econres/notes/feds-notes/the-treasury-tantrum-of-2023-20240903.html https://www.pimco.com/us/en/insights/will-the-true-treasury-term-premium-please-stand-up https://www.bls.gov/news.release/pdf/empsit.pdf https://youtu.be/gQqcKepuQdA?feature=shared https://www.morningstar.com/bonds/how-largest-bond-funds-did-2024 https://www.npr.org/2025/02/05/1229167003/mckinley-trump-tin-tariffs https://www.economist.com/finance-and-economics/2025/01/23/the-arctic-climate-changes-great-economic-opportunity https://www.clingendael.org/pub/2020/presence-before-power/4-greenland-what-is-china-doing-there-and-why/ https://www.clingendael.org/pub/2020/presence-before-power/ For more information, visit the show notes at https://affordanything.com/episode580 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#579: Todd is in a real estate bind. He found out six days before closing on a new home that it wasn’t legally sellable. And renters are moving into his current home in two weeks. What should he do? Anonymous is excited about expanding her real estate portfolio. Should she sell her $2.5 million rental property in the Bay Area to do this, or can she keep it and leverage the equity instead? Former financial planner Joe Saul-Sehy and I tackle these two 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/episode579 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#578: Fear blocks smart money moves. Ask Harvard Business Review advisor Dr. Margie Warrell, who guides Fortune 500 companies through strategic risk-taking. Her client roster includes NASA, Morgan Stanley, and Google. Her understanding of courage started at home. Her 13-year-old daughter landed an Australian TV role. She flew to LA for acting classes. There, she learned the hard truth: Success meant waiting tables for 20 years. The daughter's verdict was clear: "Mum, I don't want it enough." This reveals what Dr. Warrell calls the courage gap. It's the space between your current life and the life you could create through brave action. For investors, this gap appears daily. It's the distance between dreaming of financial independence and taking concrete steps toward building wealth. Drawing on her doctoral research and Fortune 500 consulting experience, Dr. Warrell outlines five critical steps to bridge this gap: 1. Focus on what you want, not what you fear.  Our brains have a negativity bias — we're twice as sensitive to potential losses as potential gains. This explains why market downturns feel more intense than upswings.  2. Rewrite your story.  The narratives we tell ourselves shape our actions. Perhaps you see yourself as "too risk-averse" to start a business or "not smart enough" to understand investing. Reframe these stories so you can take smart financial risks. 3. Embody courage physically.  Fear lives in our bodies — whether it's anxiety about making your first investment or launching a side business. Try simple practices like deep breathing when facing big financial decisions. 4. Step into discomfort.  Growth and comfort can't coexist. Every successful investor and entrepreneur started as a beginner. Financial literacy and business acumen develops through consistent practice. 5. Find the treasure when you trip.  Market corrections, failed business ventures, and investment mistakes are learning opportunities.  Dr. Warrell emphasizes that courage isn't about waiting until you feel confident — it's about acting despite your fears.  This applies whether you're making your first stock purchase, buying your first rental property, or quitting your job to start a business. The takeaway: While you can't control market conditions or business outcomes, you can control your response to financial fears.  Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate. (0:00) Introduction (3:54) Fear's impact on financial decisions (6:13) Case study: Risk-reward in property investment decisions (10:28) Psychology of wealth decisions (14:21) How negativity bias affects investment choices (18:09) Five steps to bolder money moves (21:23) Navigating market uncertainty (26:52) Physical techniques for managing investment anxiety (31:28) Real example: Leading through market volatility (37:42) Finding clarity in financial goals (43:34) Why comfort zones limit wealth creation (47:59) Small steps toward investment confidence (53:11) Learning from market setbacks (58:38) Balanced approach to investment failures (1:02:51) Building long-term wealth resilience Resources Mentioned in the Episode: Website: Dr. Margie Warren Book: The Courage Gap Connect with Dr. Warrell on LinkedIn: Dr. Margie Warrell Follow Dr. Warrell on Instagram: Dr. Margie Warrell Interview with David Novak: Episode 534 For more information, visit the show notes at https://affordanything.com/episode578 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#577: Kelsey is excited about investing along the efficient frontier, but it feels impossible with the lack of fund options in her employer-sponsored 401k. What’s the best way to deal with this problem? Molly discovered that her rollover from a 401k to a traditional IRA hadn’t been invested in mutual funds and was still in a money market fund. Manually calculating her net worth helped her identify this oversight, and she shares her experience with us. Former financial planner Joe Saul-Sehy and I tackle this 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/episode577 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#576: The world's greatest investors have a secret: they're weird.  When one young fund manager met Bill Miller for the first time, he refused to shake hands. Instead, he locked eyes and declared: "I'm going to beat you, man." William Green joins us to share what he's learned from decades of conversations with investing legends — from the hyper-competitive to the deeply philosophical.  These conversations reveal that success isn't just about strategy; it's about understanding yourself and playing to your strengths. The best investors are mavericks who think differently. They're willing to look strange, be lonely, and diverge from the crowd. Templeton demonstrated this during WWII. When Germany invaded France and markets crashed, he bought 104 stocks trading under $1 — including 37 bankrupt companies. His contrarian bet paid off 5x when markets recovered. But Green emphasizes this isn't just about getting rich.  His decades of interviews reveal deeper wisdom about building a good life: Great investors focus on what they can control. They can't predict markets, but they can manage their behavior and emotions. They embrace simplicity. Jack Bogle advocated owning low-cost index funds rather than chasing complex strategies. They understand odds and risk. Howard Marks asks "What's the consequence if I'm wrong?" before making decisions. They play to their strengths. Charlie Munger says if you're 5'3", don't try to be a pro basketball player. They live below their means. As investor Tom Gaynor notes, "If you're living within your means, you're already rich." Green shares a practical framework called HALT PS — don't make important decisions when Hungry, Angry, Lonely, Tired, in Pain, or Stressed. This applies beyond investing to daily life. The conversation explores how to build resilience before market crashes through healthy habits, self-awareness, and preparation. Green notes that many successful investors practice meditation and read widely across disciplines. Even legends make mistakes. Bill Miller saw his assets drop from $77 billion to $800 million during the 2008 crisis. But he rebounded by staying true to his principles and learning from failure. Green's key message? Focus less on getting rich and more on building an "anti-fragile" life aligned with your values and strengths.  The best investors aren't just good at making money — they're skilled at creating lives of meaning and purpose. Find more from William Green at williamgreenwrites.com or on his podcast Richer, Wiser, Happier, featured on the We Study Billionaires feed. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (01:00) Meeting Sir John Templeton in the Bahamas (04:02) Templeton's WWII stock strategy during market crash (12:00) Wisdom vs survivorship bias in investing stories (14:55) Why great investors recommend index funds (23:34) Prioritizing freedom over wealth maximization (39:27) Bogle's client-first philosophy (51:32) Living below means for market volatility (01:01:37) HALT PS conditions leading to poor choices (01:06:45) Using data for better decision making (01:11:13) Bogle's emphasis on simple investing (01:14:30) Danoff's "stocks follow earnings" strategy For more information, visit the show notes at https://affordanything.com/episode576 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#575: Apar’s income has more than doubled after he started his own business. His advisor recommends Roth contributions but he’s skeptical due to his high income. Who’s right? Keith is frustrated by the conflicting advice he’s heard about Roth conversions. Is it better to do it while he’s young and earning a lower income, or should he wait until closer to retirement? Krish is fascinated by cryptocurrency and its impact on global investing. What opportunities should he capitalize on, and how? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#574: What would you do if someone in authority told you to do something that felt wrong? Most of us like to think we'd speak up, push back, stand our ground. But research tells a very different story. In fact, when Yale researchers conducted a famous experiment in the 1960s, they found that 65% of people would administer what they believed to be deadly electric shocks to another human being... simply because someone in a lab coat told them to. Today's guest has spent over 15 years studying why humans comply with authority - even when every fiber of our being is screaming that we shouldn't. And when it comes to our money, this tendency to comply with authority figures - from financial advisors to real estate agents to car salespeople - can cost us dearly. Dr. Sunita Sah began her career as a physician in the UK's National Health Service. During one particularly exhausting period as a junior doctor, she agreed to meet with a financial advisor who had contacted her at work. That meeting sparked questions that would shape the rest of her career: Why did she feel pressured to trust this advisor, even after learning he had a conflict of interest? Today, she's a tenured professor at Cornell University, where her groundbreaking research on compliance and influence has been featured in The New York Times and Scientific American. She's advised government agencies, served on the National Commission on Forensic Science, and helps leaders understand the psychology behind why we say "yes" when we really want to say "no." Whether you're meeting with a financial advisor, negotiating the price of a home, or discussing rates with a contractor, understanding the psychology of compliance could save you thousands of dollars - and help you make better financial decisions. Today's conversation isn't just about psychology - it's about protecting your wealth by learning when and how to say "no." Resources Mentioned in the Episode: - Website: sunitasah.com - Newsletter: Defiant by Design on Substack - Connect with Dr. Sah on LinkedIn - Follow Dr. Sah on Instagram About Dr. Sunita Sah Dr. Sunita Sah is a tenured professor at Cornell University specializing in organizational psychology. Her research focuses on how and why people comply with authority, even against their better judgment. A former physician in the UK's National Health Service, Dr. Sah brings a unique perspective to understanding human behavior and decision-making. Her work has been featured in leading publications including The New York Times and Scientific American, and she has served as a Commissioner on the National Commission on Forensic Science. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 0:00 Intro 4:00 Most people follow authority against their own judgment 7:01 Dr. Sah meets a pushy financial advisor as a young doctor 9:55 Why conflict-of-interest disclosures backfire 12:16 "Insinuation anxiety" makes us cave under pressure 14:13 The "sales pitch effect" creates unwanted obligation 17:29 Growing up conditioned to comply as a South Asian daughter 20:34 Career paths: following passion vs family expectations 27:29 The Milgram experiments reveal our tendency to obey 35:28 Using "quiet defiance" to resist pressure 42:20 Why managers misunderstand employee silence 46:43 Five elements that separate consent from compliance 53:03 Building defiance through small daily practices 58:13 The power of the pause in decision-making 1:02:54 Five stages to recognize and act on resistance 1:18:22 How to develop your personal style of defiance For more information, visit the show notes at https://affordanything.com/episode574 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#573: An anonymous caller has always put her large purchases on zero percent APR credit cards, but something’s been nagging at her. Is she walking on thin ice with this strategy? Von is confused why he keeps hearing that Roth accounts are better than traditional if they both lead to the same mathematical result. What’s he missing?  Molly and her husband are well on their way to financial independence, but they feel unfulfilled with their careers. Can they afford to plunge into student debt with a 50 percent pay cut? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode573 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#572: At age 7, Dr. Jordan Grumet lost his father. This early loss shaped his career path — he became a physician, following in his dad's footsteps. But by 2010, feeling burned out from internal medicine, he took an unexpected turn: he became a hospice doctor. In this episode, Dr. Grumet joins us to discuss what he's learned from thousands of conversations with people in their final days.  These discussions have revealed a pattern: people don't typically regret their bank balance on their deathbed. Instead, they regret not pursuing the activities and dreams that truly lit them up. Dr. Grumet explains the difference between what he calls "Big P Purpose" versus "little p purpose." Big P Purpose involves major life goals like becoming president or curing cancer. Little p purpose, by contrast, focuses on the process — finding activities you enjoy regardless of the outcome.  He shares the story of a young professional who loved competitive cycling. While working a demanding nonprofit job, this person started fixing bikes at races on weekends. This side project combined his skills and passion, eventually creating enough income for him to reduce his full-time hours. Dr. Grumet introduces three key concepts for building more purpose into your life: - Joy of Addition: Add activities that excite you, even if just for 15 minutes daily - Art of Subtraction: Remove activities that drain you - Substitution: When you can't add or subtract, swap one activity for another He emphasizes that money isn't the only tool for creating change. Youth, energy, relationships, skills and community can be equally valuable resources. A 22-year-old might lack funds but has the advantage of time and stamina that a 51-year-old doesn't possess. Dr. Grumet references the Harvard Adult Developmental Health Study, which found that strong relationships — not achievements or money — most strongly correlate with happiness. He suggests that pursuing activities you enjoy naturally leads to building these vital connections. The episode closes with a powerful story about his grandfather, who loved math and became an accountant in the 1950s.  This passion influenced Dr. Grumet's mother to become a CPA, which in turn helped young Jordan develop confidence in math, despite his reading challenges. Years later, this mathematical thinking helped him diagnose a rabbi's rare condition — proving how small actions can create ripple effects across generations. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 0:00 Introduction to Dr. Grumet, hospice doctor discussing end-of-life insights 1:06 Transition from medicine to hospice as side hustle 2:21 Hospice shifts from medical to emotional care 4:12 Palliative care vs hospice care explained 5:05 Age range of hospice patients 6:55 Life priorities and deathbed regrets 13:46 Harvard Adult Developmental Health Study on happiness 20:00 Purpose, happiness and flow states 26:35 Joy of Addition and Art of Subtraction explained 33:30 Using youth when lacking money 41:18 Calendar evaluation strategies 48:45 Managing family disappointment 56:08 Regrets as purpose anchors 1:03:26 Common end-of-life regrets 1:09:06 Small actions, big legacy For more information, visit the show notes at https://affordanything.com/episode572 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#571: An anonymous caller’s crypto investments have recently skyrocketed to 17 percent of her investment portfolio. Given the volatility of this asset, should she rebalance it or go all in?  Jocelyn wants to buy a house in three years but she’s reluctant to keep her sizable down payment in cash. What if she splits the difference and invests half the money instead? Allison feels antsy holding $1 million in cash with falling interest rates on the horizon. How does she optimize this money while keeping it liquid enough to buy a house on an uncertain timeline?  Former financial planner Joe Saul-Sehy and I tackle these three 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/episode571 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Grab your free copy of the 52-week guide to micro-improvements at https://affordanything.com/financialgoals _______ In 2012, the British cycling team pulled off what seemed impossible. After 76 years of losses, they won the Tour de France, took second place, and grabbed 8 Olympic gold medals. Their secret? Tiny improvements that added up to massive change. That's the philosophy behind "One Tweak a Week," a year-long financial roadmap broken into 52 small, manageable steps. Each tweak takes less than an hour — many just minutes — but compound into significant financial progress over time. The plan breaks down into four quarters. Quarter 1 lays the groundwork with foundational habits like writing a financial motivation statement, calculating net worth, and choosing key metrics to track. It's about getting clear on where you stand and where you're headed. Quarter 2 shifts focus to optimizing your money. You'll track prices, adjust thermostat settings to cut energy costs, create a "fun fund" for guilt-free spending, and develop strategies for charitable giving. This quarter also tackles professional development and emergency medical expense planning. In Quarter 3, the focus turns to systematic improvements — maintaining proper tire pressure to save on fuel, capturing work-from-home savings, planning for seasonal expenses, and building a buffer for unexpected price increases. Quarter 4 wraps up with fine-tuning your system. You'll evaluate housing options, manage variable food costs, set micro-saving challenges, and create strategies for handling market uncertainty. The approach mirrors what British cycling performance director Dave Brailsford calls "the 1 percent margin for improvement." He transformed the team by focusing on tiny details — everything from athlete hand-washing techniques to bringing specific mattresses to hotels for better sleep. Even painting the maintenance floor white to better spot problematic dust on bike gears. Like Brailsford's approach, these financial tweaks might seem small on their own. But together, they create a comprehensive system for building lasting wealth.  The guide is available at affordanything.com/financialgoals. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#569: Let’s take a look back on the biggest financial and economic stories of 2024 - and a look ahead to 2025! The Fed GDP The Bull Market The Deficit Inflation Bitcoin Basel III Endgame and Scientific Breakthroughs References and Resources: Michael Kitces interview https://AffordAnything.com/episode525 One Tweak a Week: https://AffordAnything.com/financialgoals For more information, visit the show notes at https://affordanything.com/episode569 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Marie Curie won the Nobel Prize in Physics in 1903 and the Nobel Prize in Chemistry in 1911. She’s famous for her work in radioactivity. Lin-Manual Miranda is a songwriter, producer and director who won the Pulitzer Prize in Drama in 2016, as well as several Tony awards. What do they have in common? They lived a century apart. They innovated in disparate fields. But they shared a similar productivity practice. Both achieved greatness by embracing the practice of slow productivity, says Georgetown computer science professor Cal Newport. Slow productivity is a three-part practice, Newport explains: (1) do fewer things; (2) work at a natural pace; (3) obsess over quality. We’re used to thinking of productivity as doing more in a short amount of time. This flips that idea on its head, focusing on doing less, but excelling. Slow productivity is the practice of doing fewer tasks better. In this episode, Newport explains how the practice of slow productivity diverges from the normal ways that people in modern society tend to work. Life can be stressful. Your to-do list might feel never-ending. This episode can help you focus on the few things that matter most. It can help you feel less stressed, less busy, and yet — paradoxically — more productive, at the same time. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Do you ever wonder what happens behind closed doors on Wall Street? Vivian Tu, also known as Your Rich BFF, is here to spill the tea. Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college. While working on Wall Street, Vivian saw some weird things. Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside. Vivian realized that there’s a group of high-income and high-net-worth people who handle money in drastically different ways than she learned in her frugal upbringing. She learned about investing, taxes, legal loopholes. She discovered new ways of thinking about money. She shares these insights — gleaned from her Wall Street days — in today’s podcast episode. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

If you’ve ever thought: “I’d love a business BUT …“I don’t have TIME.” “I don’t have MONEY.” “I don’t have IDEAS.” “I have TOO MANY ideas and I don’t know where to start.” “I’m not technical.” “I’m not creative or artistic.” “I’m not good at sales.” You’re not alone. Countless people don’t start businesses or side hustles for these reasons. And they’re losing thousands — perhaps millions — in opportunity cost. How much could you make if you started a side hustle that eventually scaled into a business? Possibly millions. Today’s guest, Noah Kagan, is living proof. Noah was employee #30 at Facebook. His stock options, if fully vested, would be worth over $1 billion today. (If you want to do the math — his stock options came to 0.1 percent of the company, which has a current market cap of $1 trillion.) But Noah was fired just a couple months before his stock options vested. So rather than getting a billion-dollar payout, he got nothing. He sank into a deep depression, eventually recovering with the help of a therapist who counseled him on how to reframe the experience. Then he rolled up his sleeves and got to work. He became a serial entrepreneur, building multiple businesses. His most successful venture now makes $80 million in gross revenue, and his personal take-home is $3.3 million per year (which comes from a $200,000 annual salary and $3.1 million profit distribution.) His net worth is $36 million. Not a billion, but still not too shabby. Noah recently wrote a book called “Million Dollar Weekend: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours.” He sits down with us (in person!) to share: — how to find business ideas — how to overcome objections and rejections — how to scale By the end of the episode, the common objections that you often hear — like “I don’t have time/money/ideas” — will be quashed. Please enjoy! We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Great communication will get you a raise. It’ll get you promoted. You’ll land the corner office. You’ll make friends and be the life of the party. You’ll land business deals and form lucrative partnerships. Supercommunication is a superpower. But how do we build it? Sometimes, you might walk away from a conversation with the joy of having made a cool new friend. Or you snagged a critical piece of information that you realllllly needed. Or you successfully negotiated an extra $5,000 off your car. On the flip side, sometimes you’ll walk away from a conversation, scratching your head and wondering … “What just happened?” If either of these situations have happened to you, Charles Duhigg will help you understand WHY. Duhigg is a Pultizer Prize winning reporter. He holds an undergrad degree from Yale and an MBA from Harvard. He wrote for the LA Times and New York Times, before landing at The New Yorker. His first two books, The Power of Habit and Smarter, Faster, Better, have sold more than 5 million copies. Recently, he came out with a new book called Supercommunicators. He chats with us today to discuss the power of communication. Duhigg shares why communication is a critical component to happiness and success in every part of life. He discusses the different styles of conversations that people can have, which lead to either connection or disconnection. He also shares critical tips to help us all become supercommunicators and live richer lives. Enjoy! Resources Mentioned: Supercommunicators: How to Unlock the Secret Language of Connection, by Charles Duhigg | Book The Power of Habit, by Charles Duhigg | Book Smarter Faster Better, by Charles Duhigg | Book We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ever made a flippant, seemingly minor decision that radically changed the course of your life?Morgan Housel has experienced this. At age 17, he made a quick decision that ended up saving his life. Sadly, two of his friends were less fortunate. He shares that story in today’s podcast episode, and sheds light on the lessons he’s learned from it. Housel says that his lifesaving choice — and many of our other important decisions — are snap verdicts, ones that we don’t spend much time thinking about. If pivotal moments are decided in a flash, how do we navigate risk? How do we evaluate our options? Housel says this comes understanding concepts that remain constant, consistent, and universal. We need to accept that humans aren’t rational. We must appreciate the reasons why the best answer doesn’t always win. We ought to remember that we overlook many good things happening around us. These constants will most likely impact our futures. Housel was named by MarketWatch as one of the 50 most influential people in the market. He is the New York Times bestselling author of The Psychology of Money. He joins us to discuss the ideas in his book, "Same As Ever". We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#568: Jason is confused by the recent discussions about the efficient frontier and Paul Merriman’s four-sector strategy. It seems a lot like another form of stock-picking. What’s the difference? Michelle straddles the Roth income threshold and is frustrated that she never knows if she’ll qualify for a Roth contribution until tax season. Is her current savings plan too complicated? Evan has $100 to spend on personal finance books for his high school’s library. What books would Paula and Joe put on this limited shelf space? 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/episode568 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#567: What happens when an astronaut goes blind during a spacewalk? For Chris Hadfield, this wasn't a hypothetical scenario. While working outside the International Space Station, cleaning solution from his helmet visor spread into both eyes, leaving him completely blind in the vacuum of space. His response? Stay calm and methodically evaluate options. He could call Houston. He could have a crew member rescue him. He could try to cry to flush out his eyes - though that's tricky in zero gravity. This story opens our conversation with Polina Marinova Pompliano, former Fortune Magazine reporter and author of the new book "Hidden Genius." Through her interviews with high-performers across fields — from astronauts to investors to extreme athletes — she uncovers patterns in how people handle uncertainty and build resilience. Take trust, for example. Reid Hoffman's formula is simple: Trust = Consistency + Time. It's not enough to show up sporadically when it's convenient. Trust builds through meeting deadlines, following through on commitments, and maintaining clear communication — even during challenges. Reliable consistency compounds over time, much like interest in an investment account. Or consider Charlie Munger's approach to beliefs. Rather than defending positions "to the death," he argues you should only claim to believe something if you can argue the opposition's viewpoint better than they can. This forces you to genuinely understand different perspectives rather than just reflexively disagreeing. The conversation explores how people navigate major setbacks, from Conrad Anker surviving an avalanche that killed his climbing partners to Polina's own experience of quitting Fortune magazine right before COVID hit. A key theme emerges: resilience isn't about avoiding difficulty, but about training yourself to handle it through small daily practices. Former Navy SEAL David Goggins calls this "callusing the mind." By deliberately doing one uncomfortable thing each day - whether that's running in the rain or having a difficult conversation - you build your capacity to handle larger challenges. The goal isn't to become superhuman, but to expand your comfort zone step by step. Other topics include: - How immigrant experiences shape risk perception - The shift from institutional to individual trust in media - Reframing "failure" as redirection - Building competence as an antidote to fear - Finding signal in the noise of information overload Enjoy the conversation! For more information, visit the show notes at https://affordanything.com/episode567 Resources: James Clear Episode 156: https://affordanything.com/156-how-to-build-incredible-habits-with-james-clear/ Annie Duke Episode 281: https://affordanything.com/281-the-art-of-decision-making-with-annie-duke/ Annie Duke Episode 424: https://affordanything.com/424-the-power-of-knowing-when-to-walk-away-with-annie-duke/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#566: Jackie is sold on Paul Merriman’s “Four Funds” approach, but she’s overwhelmed by the logistics of diversifying her single fund portfolio.. What are the best practices to redistribute her investments, handle taxes, and manage rebalancing? Heidi’s mother recently passed and she’s struggling to decide between distribution options, their tax implications, and investment options for the annuity she inherited.  An anonymous caller and her husband want to buy a second home, pay for their children’s college, buy a car in cash, travel well, and save $3 to $4 million for retirement. How do they prioritize and manage their competing goals? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#565: When Codie Sanchez worked in finance, she wasn't planning to buy a laundromat. But facing 60-70 hour workweeks and realizing she didn't want her boss's job, she started looking for an exit strategy. Instead of buying a fancy car during her "midlife crisis," she purchased that first laundromat - a decision that would lead her to acquire multiple laundromats, car washes, and other local businesses. Codie joins us to break down how regular people can buy and run profitable local businesses, even without previous ownership experience. These "Main Street" businesses - think laundromats, car washes, landscaping companies, and other local services - often generate steady cash flow without requiring complex technology or massive scale. She shares eye-opening stats about business ownership in America: while 80 percent of Americans owned a business in the 1800s, today that number has dropped to just 6 percent. Meanwhile, private equity firms have increased their ownership of small businesses from 4 percent in 2000 to 20 percent by 2020. But there's good news for aspiring business owners. Codie breaks down 21 different ways to finance a business acquisition, from seller financing to equipment loans. She explains that 60 percent of businesses sell with some form of seller financing, making ownership more accessible than many realize. Want to avoid common pitfalls? Codie introduces her RICH framework: - Research: Define what type of business fits your goals and skills - Invest: Get skin in the game, but never risk bankruptcy - Command: Use systems and metrics to avoid accidentally buying yourself a job - Harness: Build toward bigger goals if desired She emphasizes starting small — master one business before attempting to build an empire. A successful acquisition requires understanding the "roadmap to making money" - the 5-7 key steps that drive profit in any business. The numbers tell an encouraging story: while 90 percent of startups fail within 10 years, small business acquisitions have a 75-95 percent success rate. Codie attributes this to buying proven business models rather than starting from scratch. Perhaps most importantly, she challenges the notion that "boring" businesses can't generate serious wealth. From a roofing company founder becoming one of the world's wealthiest women to a garbage collection entrepreneur building a billion-dollar enterprise, Main Street businesses have created numerous millionaires and billionaires. Want to learn more? Check out Main Street Millionaire. For more information, visit the show notes at https://affordanything.com/episode565 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#564: Our economy just gave us two big surprises that shape how we'll do business and invest in 2025. Our job market is going through major changes. Sure, we added 227,000 jobs - way more than anyone expected. Healthcare and hospitality are booming. But here's what you need to watch: our unemployment rate just climbed to 4.2%. When you look at how many people are joining or leaving the workforce, you'll spot some interesting signals about where we're headed. You've probably heard about these new trade proposals making waves. They're targeting our biggest trading partners - Mexico, Canada, and China. Let's talk about what tariffs really mean for your wallet. Some industries win, others lose. Your grocery bill? That might change. Your job prospects? That depends on your industry. We'll help you connect these dots. This matters because you need to know how these shifts affect your money, your job, and your business decisions. Our markets are changing. Our policies are evolving. But when you understand what's happening, you can make smarter moves. Join us as we break down these economic changes into practical insights you can actually use. For more information, visit the show notes at https://affordanything.com/episode564 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#563: Bitcoin is hitting new all-time highs. Is this just another bull cycle, or are we witnessing a fundamental shift in how the world thinks about money? That's the question at the heart of our conversation with Tatiana Koffman, General Partner at Moonwalker Capital and author of "The Myth of Money." Koffman joins us to explain why Bitcoin might be considered "digital property" rather than just a currency. She breaks down how Bitcoin derives its value from mathematical scarcity – similar to how gold becomes harder to mine over time, Bitcoin becomes more difficult and expensive to create every four years through events called "halvings." The conversation moves through several key developments in cryptocurrency. We discuss the recent approval of Bitcoin ETFs and how traditional financial institutions like JPMorgan Chase (whose CEO Jamie Dimon once openly criticized crypto) are now embracing these products. Koffman shares insights about crypto adoption worldwide, from El Salvador's experiment with Bitcoin as legal tender to Dubai's emergence as a crypto hub. When discussing Africa's cryptocurrency landscape, Koffman explains how Nigeria's unstable banking system has driven crypto adoption, with many young people using decentralized exchanges to participate in global markets. She describes how some Nigerians have built significant wealth starting from nothing, using "airdrops" (free tokens given to early adopters) to begin trading. The interview includes a debate about inflation rates and economic data reporting, with Koffman expressing skepticism about official figures, while I push back on claims made without supporting evidence. Koffman also explains different categories of crypto investments, distinguishing between Bitcoin as a potential store of value and what she calls "meme coins" – speculative assets she compares to gambling. She provides context about stable coins, particularly USDC and Tether, and their role during the Silicon Valley Bank collapse. For those interested in investing in cryptocurrency, Koffman suggests starting with exposure to Bitcoin through regulated platforms like Coinbase or ETFs, while emphasizing the importance of proper security measures. She explains concepts like "cold wallets" and "seed phrases," comparing them to different levels of bank security. Looking ahead, Koffman discusses cryptocurrency's potential role in reducing dependence on the U.S. dollar, particularly in developing economies, while acknowledging the challenges of creating stable alternative currencies. Find Koffman's weekly newsletter at mythofmoney.com or follow her on Twitter and Instagram @TatianaKoffman For more information, visit the show notes at https://affordanything.com/episode563 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#562: More than 90 percent of people who ask to get their credit card annual fee reduced are successful. Yet most people never ask.  Why? They assume the answer will be no. Matt Schultz, the author of “Ask Questions, Save Money, Make More,” joins us to explain the psychology and tactics behind successful negotiation.  The key insight: companies want to keep your business. Banks, employers, and service providers invest in long-term relationships because it's more profitable than constantly finding new customers.  This gives you more leverage than you might think. For credit cards, Schultz points out that calling the retention department directly (rather than general customer service) often leads to better results. He shares his own experience of getting his $600 annual fee cut in half just by making a yearly call. With mortgage negotiations, Schultz suggests getting quotes from 3-5 lenders on the same day, since rates change frequently. A quarter-point rate reduction on a $360,000 mortgage saves $20,000 over the life of the loan. The fees themselves can differ by $5,000 between lenders. When it comes to workplace negotiations, Schultz recommends keeping a weekly log of your accomplishments. Note both your regular duties and times you went above and beyond. This creates a strong foundation for salary discussions. The most effective negotiations frame requests as win-win scenarios. Instead of just asking for tuition reimbursement, explain how additional education will help you contribute more to the company. Rather than demanding a lower rent, offer to sign a longer lease that reduces the landlord's vacancy risk. Schultz emphasizes building relationships during negotiations. The person at the call center has likely dealt with angry customers all day. Being pleasant and making a human connection can lead to better outcomes. The interview also covers negotiating with family members about money, choosing when to negotiate versus pay full price (like at charity shops or with small businesses), and how to time requests effectively.  The common thread: success comes from understanding the other party's interests and finding ways to align them with your own. This episode will show you how to save hundreds — or thousands — in your regular spending, simply by asking.  Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00 Intro: Most people fear asking for discounts/negotiations (1:37) Keep weekly notes of work accomplishments for better negotiations (3:38) Companies want long-term customers - use this as negotiating leverage (6:04) Credit card fee negotiations - 90% success rate when asking (8:36) How to negotiate mortgage rates and compare lender quotes (13:15) Open-ended questions get better results than yes/no questions (19:41) How to handle pushy mortgage reps who bash competitors (26:41) Tips for millennials who hate phone calls but need to negotiate (31:17) Framing tuition reimbursement as benefit to company (39:19) Building rapport during negotiations vs being aggressive (44:42) When to walk away from difficult negotiations (49:20) Negotiating with small businesses vs large corporations (54:53) Red flags in workplace negotiations (58:38) How companies signal if they value employee growth (1:06:38) Final thoughts on customer lifetime value and negotiating power For more information, visit the show notes at https://affordanything.com/episode562 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#561: Joanne is confident that her short and long-term financial plans are set, but she’s not certain about the medium-term. What’s the proper way to allocate money for different time horizons? Jessie is intrigued by Paul Merriman’s simple portfolio recommendations but wonders about his lean away from growth stocks. Are value funds generally better for everyday investors? Nancy is worried she’ll miscalculate her financial independence number because her net worth includes pre and post-tax money, plus liquid and illiquid investments. What’s the right approach?  Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode561 Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Joe, did your clients severely miscalculate their own FIRE number? (03:14) Joanne (31:42) Jesse (47:00) Nancy P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#560: Bill Bengen, the former rocket scientist who discovered the "4 percent rule" of retirement planning, joins us at the Bogleheads conference in Minnesota. Bengen clarifies that calling it a "rule" is misleading since it doesn't fit everyone's situation. The 4 percent figure came from studying the worst-case scenario since 1926, when someone who retired in 1968 could only safely withdraw 4.2 percent annually. Out of 400+ retirees in his database, that was the only one who had such a low safe withdrawal rate — most could take out much more. Recent research has pushed the "safe" withdrawal rate closer to 5 percent. But Bengen identifies eight key factors that affect how much you can withdraw, including how long you'll be retired and whether you're drawing from taxable or tax-deferred accounts. For early retirees planning for 50-60 years, Bengen says the safe withdrawal rate asymptotically approaches 4.2 percent — meaning even with an infinite time horizon, it won't drop below that. He thinks the common advice to use 3 percent for early retirement is unnecessarily conservative. Bengen shares what he calls the "four free lunches" in retirement planning: 1. Using an equity glide path (reducing stocks at retirement, then increasing later) 2. Diversification across asset classes 3. Regular portfolio rebalancing 4. Slightly overweighting higher-returning assets like small-cap stocks When it comes to market drops versus inflation, Bengen has clear advice: Don't panic during bear markets — they typically recover. But if you hit extended high inflation early in retirement, it's time to "head for the bunkers" and cut expenses drastically. Beyond finance, Bengen shares his excitement about space exploration as a former rocket scientist who graduated from MIT just months before the moon landing. He hopes to live long enough to see humans reach Mars and believes space tourism helps people appreciate Earth's beauty and fragility. The interview ends with a light-hearted discussion about whether Pluto should still be considered a planet (Bengen still calls it one, out of habit) and speculation about future tourism to Saturn's moon Titan once the sun's expansion makes it warmer in a few hundred million years. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 0:00 Paula introduces Bill Bengen, creator of the 4% withdrawal rule 2:19 Bengen explains how the 4% rule represents a worst-case scenario from 1968 10:14 Bengen warns against using a fixed percentage withdrawal method, as it could lead to dangerously low income in down markets 17:32 Discussion of the "smile" pattern in retirement spending - high at start, dips in middle, rises at end for medical costs 23:22 Bengen shares the four "free lunches" in retirement planning, including equity glide path and diversification 34:25 Conversation shifts to bonds and stocks no longer being inversely correlated in 2022 35:44 Deep dive into Black Swan events and how to prepare for unpredictable market crashes 42:14 Bengen advises when to panic (inflation) and when not to panic (bear markets) during retirement 49:20 Analysis of spending categories that rise faster than inflation, like healthcare and housing 51:27 Bengen discusses graduating MIT in 1969, just before the moon landing 51:56 Conversation turns to current space exploration and plans for Mars missions 53:39 Bengen speculates about future tourism to Saturn's moon Titan 54:17 Light-hearted debate about Pluto's planetary status Resource Mentioned https://affordanything.com/377-how-i-discovered-the-4-percent-retirement-rule-with-bill-bengen For more information, visit the show notes at https://affordanything.com/episode560 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#559: An anonymous caller, whom we name “Samantha,” and her husband are financially strained and feeling torn. Shortly after purchasing two rental properties, their income dropped dramatically. Should they sell? Tina is a full-time environmentalist. She’s worried that her index funds don’t align with her values on sustainability. Is there a world where she can be a savvy investor and fight climate change? Another anonymous caller, whom we name “Sarah,” is excited and uncertain about her growing business. Should she hold steady or invest more resources into it? And how does she know if she’s making the right call? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode559 The Efficient Frontier: Join Joe for an exclusive live session all about the efficient frontier (aka the secret sauce of smarter investing). This 90 minute online event is Thursday November 21st at 8pm ET / 5pm Pacific. Head on over to http://stackingbenjamins.com/efficient to grab your spot. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#558: What happens when you spend three decades talking to retirement experts? You learn that most of what people think they know about retirement planning is oversimplified or wrong. Christine Benz, director of personal finance and retirement planning at Morningstar, joins us on the Afford Anything podcast to share what she's discovered after 31 years of interviewing experts across personal finance, tax planning, and Social Security. One key insight: The standard advice about withdrawing 4 percent of your portfolio annually in retirement misses the mark. Real-life spending isn't that simple. In your 60s, you might spend more on travel. By your 80s, healthcare costs often rise. Benz suggests creating separate "pots" of money for different purposes - like a travel fund you aim to deplete within your first decade of retirement. Want to protect against market crashes early in retirement? Benz recommends keeping 5-8 years of planned withdrawals in cash and high-quality bonds. This prevents having to sell stocks during downturns. We talk about why retirement doesn't need to be all-or-nothing. Instead of going from 40 hours to zero, Benz describes how many people benefit from a phased approach. This might mean keeping the parts of your job you enjoy while dropping the rest, or finding new ways to use your skills. The conversation shifts to housing choices. While many assume retirees move to Florida or Arizona, the data shows most stay put. Those who do move often end up near their oldest daughter. And while single-family homes tend to make people happier until around age 75, apartment dwellers report more satisfaction after that — largely due to increased social interaction. Benz shares her own retirement planning process. Despite being a retirement expert herself, she works with an hourly financial planner who tells her she'll likely struggle to spend as much as she could in retirement. It's a common problem — after decades of saving habits, many retirees find it psychologically difficult to spend their money. The interview wraps up with a discussion about relationships in retirement. Research shows that while older adults often have smaller social circles, these relationships tend to be deeper and more meaningful. They've pruned away the "good enough" friendships to focus on their closest connections. Benz's insights come from her new book "How to Retire" and her work at Morningstar, where she creates free model portfolios and hosts The Long View podcast. Beyond the financial aspects, she emphasizes that successful retirement planning involves thinking about purpose, relationships, and how you want to spend your days — not just your money. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 0:00 What 30 years of retirement expert interviews reveal 1:34 Why spending in retirement is harder than saving for it 3:12 Beyond money: need purpose, not just leisure 4:00 The challenge: planning for an unknown time horizon 8:52 Should market fears delay your retirement? 13:42 How much cash and bonds to keep safe 15:49 When bonds don't protect against stock crashes 18:33 Phased retirement: keep what you love, drop what you don't 29:24 Take mini-retirements throughout your career 33:20 Spending shifts: from travel to healthcare costs 46:14 Why most retirees don't actually move 57:31 After 75, apartment living beats houses 1:00:42 Friendship patterns change: quality over quantity 1:04:58 Virtual vs real-life connections 1:06:25 Where to find more info For more information, visit the show notes at https://affordanything.com/episode558 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#557: Imagine saving nearly your entire paycheck while your rental properties cover your bills. That's exactly where real estate investor Andrew finds himself — and yet he's at a crossroads.  At FinCon, a personal finance conference, former financial advisor Joe Saul-Sehy and I sit down with Andrew and another attendee who bring their money dilemmas live on stage. Andrew's question seems simple at first: should he sell his index funds to pay off his rental mortgages? But the real story runs deeper.  He feels called to entrepreneurship and wants to quit his corporate job to pursue it full-time. He could achieve minimal financial independence (lean-FIRE) if he pays off the properties, but that might limit his options. Next, Chris, a Gen X dad, opens up about his Gen Z kids' gloomy money outlook. His 22 and 24-year-old children, especially his daughter, believe their generation "will never retire." They see high inflation, expensive housing, and low wages as insurmountable obstacles. This sparks a deeper conversation about generational perspectives. We note that similar fears existed 15 years ago when millennials entered the workforce during the Great Recession. Joe shares how he helped his own kids develop healthier money mindsets by introducing them to financial voices they could relate to, like Broke Millennial author Erin Lowry. The discussion evolves into how today's young people actually have more opportunities than previous generations — they can work remotely, start online businesses with minimal capital, and create multiple income streams through platforms that didn't exist before. Chris's daughter, for instance, sometimes makes $35/hour driving for DoorDash during peak times. We wrap up by talking about the importance of focusing on what you can control and finding purpose beyond just retirement planning. As Andrew points out, it might be worse to spend the best years of your life doing work you don't care about than to face uncertainty in retirement. The key is taking action on the things within your control while building toward long-term security. Throughout the conversation, both guests share personal stories that illuminate their situations - from Andrew's experience at an oil refinery that pushed him toward entrepreneurship to Chris's daughter storing cash for taxes from her DoorDash earnings, showing she's more financially aware than she might think. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 1:50 Andrew asks about index funds vs real estate allocation 4:04 Could Andrew reach lean-FIRE by paying off rentals? 5:00 Joe suggests keeping investments flexible vs mortgage payoff 8:05 Debate over HELOC vs index fund liquidity 10:10 Andrew's bigger dreams beyond real estate investing 17:40 Choosing between W2 security and entrepreneurial freedom 19:20 Andrew saves nearly entire salary while rentals cover bills 24:20 Chris worried about Gen Z kids' financial pessimism 28:40 How Joe helped his kids find relatable money role models 33:40 Millennials faced similar fears post-Great Recession 37:20 Today's expanded opportunities vs previous generations 43:20 Andrew's wake-up call at oil refinery job 49:20 Chris's daughter earning $35/hour on DoorDash 52:00 Finding meaning beyond retirement numbers For more information, visit the show notes at https://affordanything.com/episode557 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#556: An anonymous caller was raised to work hard, live below his means, and save. He feels undeserving of his recent $1,000,000 inheritance and struggles to spend it. What should he do? Jack bought a house with a seven-year adjustable-rate mortgage. He’s confused about when and how he should refinance out of it. What should he do? Jack is also wondering how to do the breakeven calculation between contributing to a Traditional IRA with upfront income tax savings versus a Roth IRA with deferred savings on investment gains. Former financial planner Joe Saul-Sehy and I tackle these three 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/episode556 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#555: Brandon Ganch (known online as MadFientist) joins us from Scotland to share how his life has transformed since retiring in 2016 at age 34. “I thought retirement was an age, not a function,” he said. “And when I realized it was just a math function, it changed my entire life.” Eight years into retirement, Brandon talks about how his spending and lifestyle have evolved. While his investment portfolio has grown "exponentially," he's had to push himself to spend more money. He and his wife have doubled their spending in the last three years, yet still haven't reached the 4 percent withdrawal rate that's common in early retirement. Having two young kids (a two-year-old son and one-month-old daughter) has changed their spending patterns. Restaurant bills and craft beer costs have dropped significantly, while they've invested in a house — their third, but the first one Brandon says he actually enjoys owning since he's no longer "hyper-frugal." Brandon shares his few regrets from his journey to financial independence, mainly missing friends' bachelor parties in his twenties because he didn't want to pay for two transatlantic flights in one month. The book "Die with Zero" has shifted his perspective on spending, making him realize there are "seasons in life" for certain experiences. Brandon suggests trying to live your "post-FI life" before actually reaching financial independence. By traveling for three months straight, he learned that constant travel wasn't actually what he wanted. He emphasizes that financial independence isn't just about early retirement — it's about having choices and power in your career. You can find Brandon at madfientist.com or listen to his music at madfientist.com/album. A Sampling of MadFientist Articles: Retirement withdrawal strategies: https://www.madfientist.com/discretionary-withdrawal-strategy/ Baseline portfolio vs. optimized portfolio: https://www.madfientist.com/guinea-pig-experiment/ FI spreadsheets: https://www.madfientist.com/financial-independence-spreadsheet/ FI laboratory: https://www.madfientist.com/resources/ How to use an HSA as a Super IRA: https://www.madfientist.com/ultimate-retirement-account/ How to Stack Tax Benefits: https://www.madfientist.com/stack-tax-benefits/ And of course, his passion project in retirement — the album: https://www.madfientist.com/album/ Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 0:00 - Paula opens with a Guy Fawkes Day reference and historical background 2:06 - Brandon Ganch (MadFientist) introduces himself as having retired in 2016 at age 34 4:09 - Brandon explains how HR discovering his Scotland location led to his early retirement 7:01 - Discusses the "power of quitting" and how having FI helped him negotiate better work terms 11:26 - Explains how spending habits changed post-retirement, especially around house ownership 13:37 - Talks about having kids and how that decreased spending on travel, restaurants and beer 19:27 - Shares his only regrets about the FIRE journey, including missing friends' bachelor parties 26:58 - Discusses the "Die with Zero" book and its impact on his financial philosophy 33:32 - Explains why optimization and hyper-frugality are no longer priorities in his life 40:06 - Updates on his music passion project and performing live with his brother 44:21 - Advises people to start living their post-FI life before reaching financial independence 48:36 - Explains why FI might not be for everyone but financial security matters for all 51:28 - Shares thoughts on AI's impact on software development jobs and being glad he's already FI For more information, visit the show notes at https://affordanything.com/episode555 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#554: The U.S. jobs market hit a surprising speed bump in October, adding just 12,000 new jobs — way below the expected 100,000.  A mix of natural disasters and labor unrest explains the slump. Recent hurricanes in the Southeast wiped out somewhere between 40,000 to 70,000 jobs, while strikes at Boeing and other companies added to the slowdown. Against this backdrop, the Federal Reserve looks ready to cut interest rates next week by 0.25 percent. Meanwhile, gold is having its biggest moment since 1979, but not for reasons you might expect. Central banks, especially in China and India, are loading up on physical gold like never before. Poland's central bank has grabbed 167 tons of gold and wants to keep 20 percent of its reserves in gold — a move that hints at banks preparing for possible global shake-ups. Remember when I-Bonds were the hot ticket in 2022, paying out 9.6 percent? Those glory days are gone. The new rate has dropped to 3.1 percent, making your standard high-yield savings account look pretty good in comparison. In the stock market, it's all about the "Magnificent Seven" — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. These tech giants account for 62 percent of all S&P 500 gains over the past year. The other 493 companies aren't doing too shabby either, with profits expected to grow 13 percent next year. As for the upcoming election, both presidential candidates' economic plans would push the federal deficit higher. The Wharton School of Business says Trump's proposals would add $5.8 trillion to the deficit over 10 years, while Harris's would add $1.2 trillion. There's also talk about tariffs that could spark inflation and maybe even kick off a global trade war. Here's the kicker: during the 2016 election, a 24-year-old Sam Bankman-Fried correctly predicted the outcome before anyone else and made $300 million in a single night trading on that information. But by morning, the markets had swung so wildly that he'd lost $600 million.  The lesson? Even if you guess the election right, predicting how markets will react is a whole different ball game — one that you should avoid. Think long-term, buy-and-hold.  Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 3:15 October jobs report falls short: only 12,000 new jobs added 7:45 Gold prices surge to 45-year high 11:30 Central banks lead global gold buying spree 16:20 The end of the gold standard 20:45 I-Bond rates plummet from 9.6 to 3.1 percent 24:03 The Magnificent 7 create most S&P 500 gains 28:58 US deficit hits 6 percent, tops G7 countries 33:31 Inflation risks and tariff concerns ahead of election 40:10 Why you shouldn't trade the upcoming election Resources Mentioned Wharton’s Trump Campaign Economic Analysis: https://budgetmodel.wharton.upenn.edu/issues/2024/8/26/trump-campaign-policy-proposals-2024 Wharton’s Harris Campaign Economic Analysis: https://budgetmodel.wharton.upenn.edu/issues/2024/8/26/harris-campaign-policy-proposals-2024 The Economist, Editorial Board Endorsement: https://www.economist.com/in-brief/2024/10/31/why-the-economist-endorses-kamala-harris Bloomberg Endorsement: https://www.bloomberg.com/opinion/articles/2024-10-31/michael-bloomberg-why-i-m-voting-for-kamala-harris The Financial Times endorsement, which is unfortunately behind a paywall: https://www.ft.com/content/3db1db35-f536-4efc-b463-a1fc98a785b0  For more information, visit the show notes at https://affordanything.com/episode554 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#553: This is the third and final episode in a three-part series. Dr. Brad Klontz and Adrian Brambila join us to share 21 harsh truths about building wealth.  This episode focuses on the final 11 harsh truths, following up on their previous conversations about the first 10 harsh truths. The conversation begins with a key distinction: poor people buy stuff, while rich people buy time. They explain how wealthy people focus on building passive income streams rather than trading hours for objects. Brambila shares how he learned this lesson personally, discussing his pickleball court purchase through investment income rather than active work hours. The duo challenges common assumptions about luxury brands, arguing that people who constantly show off designer items are usually compensating for insecurity. Klontz shares his own experience of buying an expensive watch early in his career to prove his success. They examine whether college, marriage, and homeownership are necessary for wealth building. While data shows these traditional paths often lead to higher net worth, they acknowledge these aren't the only routes to financial success. On the topic of retirement, both guests argue that completely stopping work can be psychologically harmful, sharing examples of successful people who stayed active well into their later years. They break down specific money-saving strategies like getting roommates, using public transportation, and cutting your own hair. Brambila demonstrates how women can cut their own hair during the interview. The discussion covers specific side hustle opportunities, with detailed explanation of how to make money doing Amazon product reviews. Brambila shares how his videos have generated significant income, including $2,000 in a single day during Black Friday. They address money myths about credit cards, particularly the misconception about carrying balances to improve credit scores. Real examples and personal stories illustrate their points. Klontz shares how his 11-year-old son is making $5,000 monthly doing Amazon reviews, while Brambila discusses living in a van while earning six figures to demonstrate that wealth isn't about outward appearances. The episode concludes by connecting financial security to Maslow's hierarchy of needs, explaining how building wealth enables higher-level personal growth and positive impact. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. 0:00 Introduction 2:02 Poor people buy stuff, rich people own time 13:20 Wealth mindset invests in passive income vs trading time 21:20 Only insecure people flex luxury brands 30:00 Debating necessity of college, marriage, homeownership 38:20 Why retirement can harm mental health 48:40 Wealthy people aren't afraid to ask for help 54:40 Don't rely on politics for financial freedom 1:03:20 Complaining keeps you poor 1:05:20 Alternative saving strategies: roommates, bus, sobriety 1:15:20 Netflix binging vs side hustles 1:19:40 Making money with Amazon product reviews 1:28:20 Credit cards must be paid in full monthly 1:31:00 The importance of thinking rich 1:33:30 Where to find more resources and bonuses For more information, visit the show notes at https://affordanything.com/episode553 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#552: In this special three-part series, we discuss some of the 21 Harsh Truths About Money.  For more information, visit the show notes at https://affordanything.com/episode552 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#551: Financial psychologist Dr. Brad Klontz and Youtuber Adrian Brambila join us to talk about money psychology, starting with a dark but revealing story about an experiment with dogs.  Scientists put dogs in electrified cages from which they couldn't escape. Eventually, the dogs stopped trying to escape and just lay down, even when later moved to cages where escape was possible. This 'learned helplessness' mirrors how people can get trapped in negative beliefs about money when they grow up with financial hardship. The conversation explores four main "money scripts" - deep beliefs about money that shape our behavior: 1. Money Avoidance: Thinking money is bad and rich people are evil 2. Money Worship: Believing more money will solve all problems 3. Money Status: Equating net worth with self-worth 4. Money Vigilance: Being careful and anxious about money (this one actually leads to the best financial outcomes) Adrian shares his journey from making $27,000 at a call center in Iowa to becoming successful through YouTube, explaining how he had to find mentors online since no one around him understood his goals. He talks about feeling like a "lone wolf" with uncommon aspirations in a small town. Dr. Brad reveals some surprising findings - like how meditation is linked to lower net worth (because being present-focused can work against future planning). His solution? "Automate before you meditate" - set up your savings and investments first. They discuss how your friend group shapes your money views. The FIRE (Financial Independence Retire Early) movement, for example, creates status around having high savings rates instead of fancy cars. But they note some FIRE followers end up "FIRED" - Financially Independent Retire Early Depressed - because they never learned to enjoy spending money. Dr. Brad shares a personal story about realizing in couples therapy that his fear of becoming poor was causing harmful stress, even though he was financially secure. This highlights a key theme: money scripts affect both rich and poor, and having more money doesn't automatically fix unhealthy money beliefs. All these insights come from Dr. Brad and Adrian's research and personal experiences, which they've collected in their book "Start Thinking Rich." The core message? Your money beliefs probably came from your childhood and culture, but you can change them once you understand them. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. 0:00 Intro to 3-part series on thinking rich 3:01 Psychology experiment reveals how learned helplessness affects money habits 8:12 Adrian's journey from call center worker to YouTuber 14:16 How friend groups sabotage financial success 19:52 Brad's struggle sharing book-writing aspirations 29:30 Being the lone ambitious person in a small town 40:24 Introduction to the concept of money scripts 48:20 Money script #1: avoiding wealth and villainizing rich people 56:52 American consumerism vs other cultures 1:02:40 Money script #2: believing money solves everything 1:09:20 Money script #3: equating net worth with self-worth 1:16:40 Money script #4: vigilance leads to better money outcomes 1:20:40 Why meditation correlates with lower wealth 1:22:48 When parents can't enjoy their retirement money 1:29:44 Overcoming the fear of becoming poor again For more information, visit the show notes at https://affordanything.com/episode551 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#550: Paul Merriman, a former wealth manager turned financial educator, joins us to share investing wisdom that could reshape how you think about your money. We kick things off talking about portfolio diversification. Paul suggests a simple four-fund strategy that includes large cap, small cap, and value stocks. He says this mix has historically beaten the S&P 500 with lower risk. We then dive into international investing. Paul explains that while adding international stocks doesn't necessarily boost returns, it can help smooth out the ride. He keeps half his equity portfolio in international stocks, even at age 81. Got kids? Paul's got some advice for you too. He tells us about putting money aside for his new granddaughter, aiming to fund her Roth IRA as soon as she can earn income. He breaks down how investing just a dollar a day from birth to age 21 could turn into millions by retirement age. It's a powerful lesson in starting early and the magic of compound interest. We also chat about some common investing mistakes. Paul stresses that young investors often underestimate the power of stocks over bonds for long-term growth. He shares some eye-opening numbers: $100 invested in bonds since 1928 would have grown to about $12,000, while the same amount in small cap value stocks would be worth nearly $15 million. Paul wants you to think of investing as a partnership with businesses. When you buy a mutual fund, you're becoming a senior partner in thousands of companies. At first, your contributions drive most of the growth. But over time, market returns take over, and you become the junior partner to a much larger fortune. We wrap up with Paul sharing his excitement about a 40-hour financial education program he helped create at Western Washington University. It's designed to teach students essential money skills throughout their college years, from budgeting as freshmen to understanding 401(k)s as seniors. Throughout our chat, Paul's message is clear: start early, stay diversified, and think long-term. He believes that with the right education and mindset, anyone can build a solid financial future. 4 Fund Combo Guide https://www.paulmerriman.com/4-fund-combo#gsc.tab=0 Table Numbers https://soundinvesting.com/wp-content/uploads/2020/04/Table-Numbers.pdf Quilt Charts https://soundinvesting.com/wp-content/uploads/2021/01/2020-Year-End-Podcast-Charts.pdf Historical Risk and Return Tables https://www.paulmerriman.com/historical-risk-and-return-tables#gsc.tab=0 Portfolio Configurator https://lookerstudio.google.com/u/0/reporting/a941a5d4-0929-45ea-b22e-3bb82dc334ff/page/99wxc?s=hqmha3-AK5k Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. 0:00 Intro to Paul Merriman and podcast topic 0:57 Two-fund portfolio strategy 3:55 Four-fund portfolio strategy explained 5:31 Large cap performance concerns 7:06 S&P 500 vs Total Market Index 10:59 AI impact on large companies 14:43 Market trends and historical performance 20:41 International equity in portfolios 25:26 ETFs vs index funds 29:41 Non-US investor asset allocation 38:41 Setting up kids financially 43:57 Early investing importance 48:37 Common investor mistakes 50:25 Investing as business partnership 52:51 Evolving financial education landscape For more information, visit the show notes at https://affordanything.com/episode550 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#549: Steven is stuck on the question of financial stability. How do you know if you have it? Is there an objective answer based on net worth? Or is it a calculation relative to your income and age? Jack isn’t sure how to factor his house into his net worth. It’s an asset, but he has a mortgage against it, and there are transaction costs associated with selling it. How should he frame it? Patricia and her husband are debt-free with a $2.2 million net worth, but she’s constantly stressed about their finances. Are her concerns valid? Or is she a financial hypochondriac? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode549 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#548: Economist Dr. Karsten Jeske talks with us about the current economic landscape. Karsten, who retired at 44, breaks down the Fed's recent decisions and how they might affect our finances. He explains how markets often anticipate interest rate changes before they happen. Karsten challenges traditional views on inflation and unemployment, telling us that textbook models don't always match reality. Karsten shares his personal investing experiences, covering both market highs and lows. He emphasizes the value of consistent investing regardless of market conditions. For those eyeing retirement, Karsten dives into safe withdrawal rates. He advises paying close attention to current market valuations when planning. On the topic of mortgages, he offers clear guidance on when refinancing makes sense. We also touch on economic history, discussing the Weimar Republic's hyperinflation. Karsten uses this to critique modern monetary theory, expressing skepticism about unrestricted money printing. Throughout our conversation, Karsten explains complex economic concepts in accessible terms. He draws on his background as both an academic and a Wall Street professional to provide well-rounded insights. Karsten, also known as Big ERN, is the author of EarlyRetirementNow.com, where he writes about safe withdrawal rates and personal finance while enjoying his retirement. For more information, visit the show notes at https://affordanything.com/episode548 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#547: An anonymous caller and her husband have a $2 million net worth at 40, but they’re worried that the one-fund portfolio that got them there isn’t good enough anymore. Are they right?  Jared feels frustrated that so much personal finance media is centered around tech and freelance workers. Does Paula and Joe have negotiation advice for someone in the union? Sam owns two overseas properties in a country that’s experienced runaway inflation for the past decade. He’s worried he’ll lose $500,000 worth of assets. How does he control the bleeding? Steve is calling back with an exciting update on his house-swapping journey from Episode 487.  Former financial planner Joe Saul-Sehy and I tackle these three 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/episode547 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#546: The Federal Reserve slashed interest rates by half a percentage point. What does this mean for your mortgage, your savings account, and the economy at large? In this First Friday economic episode, we dive deep into the Fed's decision. But that's just the beginning. As the presidential election looms, we'll also unpack the economic proposals from both candidates, examining how their plans for housing, taxes, and more could shape your financial future. We emphasize critical, non-partisan analysis of economic proposals. We want you to understand complex economic issues and their potential impacts, rather than advocating for specific political positions. Here are more specifics about this episode: The Federal Reserve's decision to cut interest rates by half a percentage point – the first rate reduction since the pandemic – is the biggest economic story of the month. We start by exploring the implications of the Federal Reserve’s rate cut, from falling mortgage and auto loan rates to potential increases in home prices and a tightening housing inventory. We also touch on the flip side: declining yields on high-interest savings accounts and CDs. We unpack the reasoning behind the Fed's decision, including shifting concerns from inflation to unemployment. We delve into economic indicators like the "dot plot" and "R-Star," explaining their significance in predicting future interest rates and economic trends. Then we discuss the latest jobs report, with 254,000 new jobs added in September, surpassing expectations. We break down the unemployment rate's drop to 4.1 percent. As the conversation shifts to the upcoming election, we take a nonpartisan approach to examining economic proposals from both presidential candidates. The episode focuses on policy rather than politics, encouraging critical thinking about each proposal's potential impacts. One area of bipartisan agreement - a proposal for no tax on tips for service workers - is scrutinized. We explain why economists across the political spectrum view this idea skeptically, highlighting the lack of specificity in defining "service workers" and "tips." Housing policy takes center stage, with both candidates proposing regulatory streamlining for home construction and opening federal lands for development. We discuss the limitations of federal intervention in what are often local zoning and regulatory issues. The episode also examines proposals for first-time homebuyer assistance, explaining how subsidizing demand in a supply-constrained market could potentially lead to higher housing prices. Throughout the discussion, we emphasize the importance of evaluating these policies based on their potential economic impacts rather than political affiliations. This episode will help you make more informed decisions about personal finances and policy preferences. Timestamps Note: timestamps will vary on individual devices based on advertising length 0:00 Introduction to the Fed's recent interest rate cut 2:35 Unpacking the impact of rate cuts on mortgages and savings 5:12 Explanation of the dot plot and R-Star concepts 9:47 Analysis of September's job report and unemployment figures 15:23 Discussion on labor force participation trends 21:08 Introduction to election-related economic policies 25:40 Examination of bipartisan "no tax on tips" proposal 31:15 Analysis of housing policies from both candidates 37:22 Critique of down payment assistance for first-time homebuyers 42:56 Exploration of the Tax Reform Act of 1986 and its housing impact 48:03 Discussion on proposed acts to limit corporate housing investments 52:17 Case study of Argentina's recent housing market changes For more information, visit the show notes at https://affordanything.com/episode546 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#545: Kat feels thrown off. She’s realizing that the simple investing strategy that nearly 5x’d her portfolio in six years might be unwise. Should she course correct? And how? Ryan and his wife are torn between buying what they want (a single-family house) and what seems prudent (a multi-family house). How do they decide? Is there a third way? At 30, Danielle has saved enough for a traditional retirement. But she’s confused about how this meshes with planning for an early retirement. How should she think about money buckets? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode545 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#544: Remember that time you found a $20 bill in an old jacket pocket? The rush of excitement, followed by the quick mental math of what you could buy with it? That's your money mindset at work. In this episode, we dive deep into the psychology behind our financial decisions. You'll hear about the three money mindsets: anxious, obsessed, and avoidant. Ever clutched onto every penny out of fear? That's the anxious mindset. Spent big to impress others? Money obsession. Ever thought "I'd rather be happy than rich" or felt uncomfortable talking about money? These could be signs of a money-avoidant mindset. The episode shares a personal journey from being terrified of running out of money to developing a healthier relationship with finances. It's not just about saving or spending - it's about using money as a tool to express your values. You'll learn why being "good with money" isn't as simple as “just don’t spend it!” Think about Ebenezer Scrooge - he had plenty of cash but lived like a pauper. Is that really good money management? On the other end of the extreme, you have Montgomery Burns from The Simpsons as another example. He's loaded but obsessed with getting even richer, showing how the endless pursuit of wealth can leave you lonely and isolated. The talk covers how your beliefs about money can become self-fulfilling prophecies. If you think you're bad with money, you might make poor financial decisions without realizing it. You'll hear about the balance between time and money. Both are limited resources, and sometimes it's smart to spend money to buy back your time. After all, you can always make more money, but you can't make more time. This episode tackles the myth that work is always a drag. It suggests finding work that gives you a sense of purpose can lead to both job satisfaction and financial success. Investing comes up too. You'll learn why it's often simpler than the financial industry wants you to believe. Sometimes, doing less with your investments can lead to better results. We wrap up by talking about imposter syndrome - that feeling that you don't deserve your financial success. If you've ever felt like a fraud because your bank account looks better than it used to, you're not alone. Throughout the episode, you'll get insights into how your past experiences shape your current money habits. By the end, you'll have tools to start examining your own money mindset and working towards a healthier relationship with your finances. For more information, visit the show notes at https://affordanything.com/episode544 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#543: Picture this: You're at a car dealership, trying to get the best price on your dream car. The salesperson hits you with a "take it or leave it" offer. Your palms are sweaty, your heart's racing. What do you do? That's just one of the tricky situations we dive into in this episode. We're tackling seven types of hardball negotiation tactics that can trip you up in all sorts of situations - from asking for a raise to haggling at a flea market. First up, we break down the "take it or leave it" tactic. We share a real-life story of Sarah, a software developer, facing this exact situation in a job interview. You'll hear how she turned it around and got what she wanted. Next, we talk about psychological warfare. Sounds intense, right? It can be. We tell you about Emma, a graphic designer, who had to deal with a client trying to throw her off her game. You'll learn how she kept her cool and came out on top. Ever heard of the "good cop, bad cop" routine? It's not just in movies. We share a story of how this played out in a business deal and give you tips on how to spot it and handle it like a pro. Then there's the "snow job" - when someone dumps so much information on you that your head spins. We break down how to cut through the clutter and focus on what really matters. We also cover what to do when someone's holding back important info, how to spot a fake-out (when someone pretends to care about one thing but really wants another), and the sneaky "nibbling" tactic where people ask for just one more small thing... and then another... and another. For each tactic, we give you the lowdown on: What it looks like in action Why it works (yep, there's some psychology involved) How you can spot it What you can do to counter it We wrap up with a handy checklist for each tactic. Think of it as your negotiation cheat sheet. By the end of the episode, you'll have a toolkit of strategies to help you navigate tough negotiations, whether you're buying a car, negotiating your salary, or just trying to decide where to go for dinner with your friends. Remember, negotiation isn't about "winning" at all costs. It's about finding solutions that work for everyone. With the tips from this episode, you'll be better equipped to do just that, even when things get tricky. For more information, visit the show notes at https://affordanything.com/episode543 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#542: Ever feel like you're never doing enough with your money, even when your finances look good on paper? You're not alone. Katie Gatti Tassin, host of the Money with Katie podcast, dives into a phenomenon called "money dysmorphia" in today’s interview. She shares how she got flooded with responses when she asked her listeners about money dysmorphia. Folks with hefty savings and investments still worry they're not doing enough. It's like they're always waiting for the other shoe to drop. Where does this come from? Katie points to a few culprits. Social media is an obvious scapegoat. But traditional media plays a role too. Think about all those TV shows where "normal" families live in massive houses and drive fancy cars. It skews our perception of what's average. Location matters too. Katie talks about how moving from Dallas to Fort Collins changed her spending habits. Different cities have different vibes and social norms around money. The conversation takes an interesting turn when Katie shares her own experience buying a Porsche. She felt conflicted, worried her FIRE (Financial Independence, Retire Early) community would judge her. It highlights how even personal finance experts grapple with these issues. They also touch on how the pandemic shook up financial priorities. When faced with uncertainty, some people realized saving for a far-off future might not be the only goal worth pursuing. Katie and Paula discuss the importance of balance. It's good to save, but not at the expense of living your life now. They suggest seeking out voices in the personal finance world to get a more rounded perspective. Travel comes up as a way to gain financial perspective. Seeing how people live in other parts of the world can make you appreciate what you have or show you where your own country could improve. Katie and Paula offer food for thought on how to navigate our complex relationship with money. It's a conversation that might make you think differently about your own financial mindset. Timestamps Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. 01:13 - Define money dysmorphia concept 02:22 - Social media's influence on financial perceptions 03:57 - Traditional media's impact on financial normalcy 06:03 - Wealth displays in TV and movies 09:52 - Regional cultures affect spending habits 11:35 - Social engineering in consumer culture 14:36 - TV shows shape perceptions of normal lifestyles 17:19 - Lower-income portrayal in media 20:22 - Social circles influence financial habits 23:35 - Importance of balance in financial perspectives 26:34 - Travel's role in gaining financial perspective 29:12 - Key takeaways about money dysmorphia 31:30 - Media's influence on financial normalcy perception 33:46 - Balancing future planning with present enjoyment For more information, visit the show notes at https://affordanything.com/episode542 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#541: Ever wondered if you're making the right choice between a Traditional and Roth 401(k)? You're not alone.  In this episode, Katie Gatti Tassin, host of MorningBrew’s Money with Katie podcast, joins us to tackle this common retirement savings dilemma. We deep-dive into the debate between using Traditional vs. Roth 401(k) accounts for retirement savings, in the context of: Future tax rates  Tax complexities for small business owners and high earners Social Security uncertainty Stock-based compensation  Incentives for business owners vs. employees Katie explains her strategy for maximizing retirement savings while minimizing taxes. She suggests that for some people in higher tax brackets, maxing out a traditional 401(k) and then investing the tax savings elsewhere might be the way to go.  But as we dig deeper, it becomes clear that there's no one-size-fits-all answer. We explore the Traditional vs Roth question, discussing how your current income and expected retirement spending can affect your choices.  It's not just about the math, though. The unpredictability of future tax rates and policies adds another layer of complexity to the decision. Social Security plays a major role, as well. We discuss its current funding situation and the challenges it might face in the future.  This leads to a fascinating discussion about how AI might impact future costs and lifestyles. Could things actually get cheaper in the future?  Taxes for high earners and small business owners is another focus. We break down some misconceptions about who falls into high tax brackets. It's not always as simple as it seems. Stock-based compensation is another hot topic. We discuss how it affects corporate decision-making and the wider economy. This leads to an interesting comparison of the incentives for business owners versus employees. Throughout the episode, we keep coming back to one key point: no matter which type of account you choose, the most important thing is to contribute as much as you can.  Your contribution amount has a bigger impact on your retirement savings than the type of account you use. By the end of this interview, you'll have a better understanding of the factors that go into choosing between a Traditional and Roth 401(k). More importantly, you'll see how this decision fits into the bigger picture of retirement planning and overall financial health. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. Here are the condensed timestamps and descriptions: 0:00 Introduction 1:46 Katie explains strategy for maximizing retirement savings 3:19 Discuss assumptions behind traditional vs Roth 401(k) decisions 5:54 Compare scenarios of traditional and Roth contributions 8:54 Explore how income affects retirement account choice 13:51 Talk about media's impact on financial perceptions 15:20 Discuss unpredictability of future tax policies 18:03 Explain current state of Social Security funding 21:05 Explore AI's potential impact on future costs 24:41 Discuss how location influences spending habits 28:16 Examine tax implications for high earners 31:12 Talk about effects of stock-based compensation 33:55 Compare incentives for business owners vs employees 36:06 Emphasize importance of contribution amounts For more information, visit the show notes at https://affordanything.com/episode541 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Originally aired August 2023: Stanford psychology professor Jamil Zaki shares his research and findings around the science of empathy – and how we can apply this to improving our relationships with colleagues, clients, customers, co-founders, and business and investing cohorts. Zaki is the director of the Stanford Social Neuroscience Lab, and the author of “The War For Kindness.” We'll break down the science. We talk about why empathy matters in business, investments, and in career growth, and we’ll discuss its digital age dynamics. How does AI impact the way in which we relate to others? If you want to learn the science of emotional intelligence, and how to apply this to your career and business interactions, you’ll learn a lot from today’s episode. Enjoy! The original show notes can be found at https://affordanything.com/episode456 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#540: What can M&Ms, McDonalds, Harry Potter, Aquafina, Taylor Swift, Jeopardy, and Bed Bath & Beyond teach us about landing a dream job or securing a promotion? Plenty. Imagine you're at a job interview. You've rehearsed your answers, polished your resume, and you're feeling confident. But what if the key to landing that job isn't just about your skills and experience? What if it's about how you make people feel? How you make people feel is your brand, Zane says.  That's what Leslie Zane, a Harvard Business School alum and prominent branding expert, talks about in this interview. She says that whether you're trying to get a new job, a promotion, or more customers for your small business, it all comes down to how you build your personal brand. Zane breaks it down into three main ideas: be salient, be relevant, and be distinctive. Being salient means making sure people remember you. It's not just about doing your job well, but about connecting with people all over your company. Zane gives an example of a dental hygienist who calls patients after their appointments to check on them and offer advice. This extra touch helps the hygienist stick in people's minds. Being relevant is about focusing on the good stuff. Zane says if you make a mistake at work, don't dwell on it. Instead, do more good things to push out the bad memory. She talks about how McDonald's dealt with rumors about "pink slime" in their food. Instead of denying it over and over, they started showing how they make their food with fresh ingredients. This helped people forget about the pink slime and think about good things instead. Being distinctive means standing out, but in a way that still feels familiar. Zane tells a story about the game show Jeopardy. When the longtime host Alex Trebek died, the producers tried inviting different celebrities to host the show. But viewers didn't like it. The ratings only rose when they chose Ken Jennings, a former champion contestant, as the new host. He was familiar enough that viewers felt comfortable with him. Zane also talks about how these ideas can help small businesses. She says it's important to reach out to new customers, not just focus on the ones you already have. She suggests finding ways to connect your business to things that people already enjoy. If you run an accounting firm in Kansas City, for example, you might talk about local sports teams or famous barbecue to help people feel a connection to your business. Throughout the interview, Zane emphasizes that building a strong personal brand isn't about bragging or being fake. It's about creating genuine connections with people and consistently showing your best qualities. You’re creating buzz about yourself. The more positive connections you make, the stronger your brand becomes. Zane's advice goes against some common ideas about marketing and self-promotion. She says you don't need to stick to just one thing or only target a specific group of people. Instead, she encourages reaching out to as many people as possible and finding ways to connect your skills or business to things they already care about. Timestamps Note: Timestamps will vary on individual listening devices based on dynamic ad lengths 0:00 - Importance of becoming a personal brand for career growth 6:04 - Tapping into the instinctive mind 8:54 - How brands grow in people's minds 13:40 - Situational salience using M&M's example 18:40 - Why Harry Potter is a salient brand 24:23 - Three key elements of building a personal brand 29:20 - McDonald's addressing negative brand associations 35:40 - Be distinctive, not unique 41:00 - Jeopardy! host change and brand continuity 46:56 - Creating buzz about yourself at work 52:40 - Why core customers can be a business trap 57:20 - Handling negative feedback or associations 1:02:40 - Tips for standing out in job interviews For more information, visit the show notes at https://affordanything.com/episode540 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#539: An anonymous caller feels trapped. She owes $100,000 in back taxes on earnings she had to give up as a result of a lawsuit with her former business partner. What should she do? Saul and his wife want to retire in Mexico but they don’t want to give up the ability to continue investing in US stocks. Can they buy a primary residence that doubles as a short-term rental? Nina and her partner are eager to start a $500,000 renovation on their home but they’re still three years away from saving enough. How can they bridge the gap without risking too much? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode539 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#538: The latest jobs report just dropped, and it's a game-changer. Job creation numbers are lower than expected, at 142,000 new jobs in August. This comes on the heels of the biggest downward revision in job numbers since 2009. We're diving deep into what this means for the Federal Reserve's long-anticipated first rate cut. Are we looking at a modest quarter-point cut in interest rates, or a more substantial half-point drop? The Fed's decision could mean the difference between that dream house being within reach or slipping away. We'll break down the latest data and translate what it means for you. In our second segment, we're celebrating Warren Buffett's 94th birthday by exploring how he continues to lead Berkshire Hathaway with razor-sharp acumen — and what this teaches us about aging. Finally, we'll turn our attention to Selena Gomez, who just became a billionaire. Around 81% of her wealth comes from her makeup line; only 3% of her net worth comes from acting and singing. Her story highlights the power of entrepreneurship in building massive wealth. Join us for a blend of timely economic analysis and inspiring success stories. For more information, visit the show notes at https://affordanything.com/episode538 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#537: Frequent contributor Joe Saul-Sehy shares an emotional, personal story of getting into a soul-crushing level of debt in his 20s and early 30s. He owed so much in back taxes to the IRS that he didn’t file a tax return for three years. He ran out of gas and was stranded on the side of the highway, with 85 cents remaining in his bank account. By the time he pulled himself out of debt, his twin son and daughter were seven years old. Learn the gripping, gut-wrenching story of Joe’s past money mistakes in today’s episode. For more information, visit the show notes at https://affordanything.com/episode537 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#536: NYU Psychology Professor Dr. Tessa West has spent nearly two decades studying relationships, including those in the workplace. She talks about her research on why people feel disconnected from their jobs and what to do about it. Dr. West breaks down five main ways people might feel unhappy at work: 1. Crisis of identity: This is when you've poured a lot into your career, but you're starting to question if it's really who you are anymore. 2. Drifting apart: This happens when your job changes, not you. Maybe your company's gone through some big shifts, or your day-to-day tasks are different now. Or maybe your industry has totally changed. 3. Stretched too thin: We've all been there - too much to do and not enough time. 4. Runner up: Always close to that promotion or raise, but never quite getting there. 5. Underappreciated star: You're doing great work, but no one seems to notice. Dr. West digs into each of these, explaining what they look like and why they happen. She talks about how work relationships are a lot like romantic relationships — just as you might feel disconnected from a partner, you can feel the same way about your job. She describes a matrix that shows how satisfied you are with your job versus how much you identify with it.  She also gets practical stuff, describing how to manage distractions at work and be more productive. There's a neat concept called "working spheres" that might help you organize your tasks better. If you're thinking about leaving your job, Dr. West suggests doing some self-reflection and networking to learn about other industries or companies. She warns that there's often a lot of "hidden" stuff about jobs that you won't find in the job description, so it's essential to dig deeper. At the end, she talks about how to figure out if a new job will actually be better. Her main tip? Ask tough questions in interviews. Don't be afraid to dig into the not-so-great parts of the job or company. Dr. West doesn't sugarcoat the tough parts of work life, but she offers practical advice for dealing with them. Whether you're happy in your job or thinking about a change, you'll find something useful here. Timestamps Note: Timestamps will vary slightly on individual listening devices based on dynamic ad lengths. 1:09 - Dr. Tessa West. Psychology professor. Workplace relationships. 3:10 - Five major ways people feel disconnected from work. 4:55 - Work relationships mirroring other relationship types. 9:04 - "Crisis of identity" at work. 13:40 - Matrix: job satisfaction vs. identity centrality. 18:20 - "Drifting apart" from your career. 21:40 - Common changes causing career drift. 25:55 - "Stretched too thin" at work. 29:35 - Managing external work disruptions. 31:40 - "Working spheres" for better productivity. 37:37 - "Runner up" at work. 40:29 - Common reasons for not getting promoted. 47:51 - "Underappreciated star" at work. 51:18 - Next steps if unhappy at work. 55:56 - Determining if a new job will be better. For more information, go to https://affordanything.com/episode536 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#535: Melissa and her partner are preparing for the best earning years of their lives. Could they benefit from automated tax-loss harvesting and transition from DIY investing to a robo-advisor? An anonymous caller just learned something surprising about their Roth 401k and feels squeamish about making future contributions to this account. What’s Paula and Joe’s advice? Hampton is following up on a question from Episode 524 to spark an intriguing discussion on the generational tax advantages of a Roth IRA. Former financial planner Joe Saul-Sehy and I tackle these three 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/episode535 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#534: We sit down with David Novak, the co-founder and former CEO of Yum! Brands, the giant parent company behind KFC, Taco Bell, Pizza Hut, and the Habit Burger Grill. David shares stories from his remarkable career, offering insights into leadership, decision-making, and personal growth. We dive into one of David’s most memorable projects: the creation of Crystal Pepsi. David talks about how the idea was born out of a gut instinct when he noticed a trend toward clear beverages. The media buzz was massive, and he was convinced it was a winner. But the Pepsi bottlers pushed back, saying it didn’t taste enough like traditional Pepsi. David pressed on anyway. The product launched to a lot of fanfare but ultimately flopped.  David reflects on this experience as a lesson in the importance of listening to feedback, even when you’re sure you’re right. The conversation then shifts to David’s unique upbringing. He lived in 23 different states before high school. This taught David to adapt quickly, make friends fast, and assess people and situations—a skill set that became invaluable in his leadership roles. David then takes you through his early career, from being a mediocre student who found his passion in advertising, to making a pivotal move from marketing to operations at PepsiCo. This shift was crucial, setting him up to eventually lead Yum! Brands.  David’s journey is filled with stories of hard decisions, like turning down a bigger job at Frito-Lay because it didn’t align with what truly made him happy. He shares his philosophy on prioritizing joy and finding fulfillment in your work, a principle that guided his entire career. Leadership is a major theme in the discussion. David talks about the balance between confidence and humility, using Warren Buffett as an example of someone who embodies both. He also shares his thoughts on how to handle criticism and feedback.  According to David, the key is to listen carefully, avoid being defensive, and understand whether the feedback is valid before making decisions. David also offers practical advice on personal development. He talks about his “Three by Five” exercise, where he regularly assesses who he is today and what he needs to work on to become more effective. This habit of self-reflection has helped him stay grounded and continually improve as a leader. The episode wraps up with a discussion on company culture. David believes that creating an environment where everyone feels valued is essential for success. He emphasizes the importance of leaders modeling the behavior they want to see in their teams and being the first to extend trust and positivity. David’s stories and insights provide a deep dive into what it takes to lead a major company, make tough decisions, and continually grow both personally and professionally. Timestamps Note: Timestamps will vary on individual devices due to dynamic advertising run times. 0:00 - Introduction to David Novak and his leadership background 6:17 - David’s personal journey and learning framework 11:25 - Importance of listening to feedback in decision-making 17:31 - Impact of frequent childhood moves on David’s adaptability 23:32 - Identifying and focusing on what brings joy in life and work 29:26 - Value of learning that leads to action 35:58 - Overcoming challenges by reframing your approach 42:20 - Learning from mentors who have succeeded in your field 48:35 - Criteria for board membership: contributing and learning. 54:47 - Building a high-performance culture at Yum! Brands 1:01:02 - Mapping out learning needs for project success 1:07:25 - Gaining confidence and skills for leadership 1:13:23 - Maintaining integrity and taking the high ground 1:19:03 - A mentor relationship that shaped David’s leadership 1:26:02 - Evaluating what successful companies are doing right For more information, visit the show notes at https://affordanything.com/episode534 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#533: Kristin is floored by the 60 percent increase in her homeowner’s insurance this year. Should she cancel the policy and self-insure instead? Susana and her husband are torn. They bought their dream home last year but now need to relocate indefinitely. What should they do with the house? An anonymous caller wants to help his soon-to-be wife invest a five-figure gift she received in another country. How do they untangle the complexities of managing money from abroad? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode533 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#532: We’re diving deep into the art of negotiation, especially when it comes to asking for a raise. The episode is broken down into three main parts, each designed to give you practical tools and insights that you can apply right away. First up, setting the stage. Before you even think about negotiating, it’s crucial to understand the difference between “interests” and “positions.” You’ll learn why knowing the underlying reasons behind what both you and the other party want is key to finding a win-win solution. We’ll also talk about how to prepare yourself, including knowing your BATNA (Best Alternative to a Negotiated Agreement), your aspiration point, and your reservation point. Plus, you’ll get tips on how to build rapport and strategically frame your requests to set the tone for a successful negotiation. Next, we move into taking action. Here’s where you get the practical strategies you can use during the negotiation itself. We’ll cover techniques like anchoring—where you set the initial offer to guide the conversation—and how to make strategic concessions. You’ll also learn about the power of silence, managing your emotions, and making sure that any concessions you make are balanced by getting something in return. Finally, we tackle more complex situations. Sometimes, negotiations aren’t straightforward. Maybe you’re dealing with a difficult negotiator who’s being aggressive, uncooperative, or even deceitful. In this part, we’ll discuss how to handle these tricky scenarios while still aiming for a win-win outcome. Throughout the episode, you’ll get a clear, actionable framework that you can use to negotiate effectively, whether it’s for a raise, closing a business deal, or even in your personal life. The focus is on preparation, understanding what both sides truly want, and using smart strategies to reach an agreement that works for everyone. ____ Timestamps Note: Timestamps will vary on individual devices based on dynamic advertising run times 1:15 - Introduces negotiation, focusing on asking for a raise 3:45 - Explains interests vs. positions in negotiation 6:10 - Prepares by knowing your BATNA, aspiration, and reservation points 9:30 - Builds rapport and trust before negotiating 12:20 - Frames arguments to align with other party’s interests 15:05 - Introduces anchoring to set the tone 18:40 - Makes concessions while ensuring reciprocity 22:10 - Uses silence strategically in negotiations 25:55 - Manages emotions, avoids triggers in tense talks 29:40 - Creates value by expanding negotiation scope 33:25 - Prioritizes and bundles issues in multi-issue negotiations 37:15 - Deals with difficult negotiators like aggressors and stonewallers 41:00 - Recognizes closing signals to finalize a deal 44:45 - Documents agreements to avoid post-settlement disputes 47:30 - Reflects on each negotiation to improve For more information, visit the show notes at https://affordanything.com/episode532 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#531: Let's talk about negotiations. You know, those back-and-forth talks where you try to get the best deal possible on a used car, a house, or a couch on Facebook Marketplace? Or when you ask your boss for a raise? Turns out, asking the right questions can be a game-changer. According to Jeff Wetzler, Ed.D., people often hold back information when they're negotiating. They might be worried about looking bad or giving away too much. But if you can get them talking, you can learn a lot. It's like peeling an onion – layer by layer, you discover what really matters to the other person. The key is to be curious and listen carefully. Show the other person you're interested in what they have to say. And don't just focus on what they're saying; pay attention to how they say it. Their body language and tone can tell you a lot. By understanding the other person's point of view, you can find ways to work together and reach a deal that benefits everyone. It's all about building trust and finding common ground. For more information, visit the show notes at https://affordanything.com/episode531 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#530: We sit down with financial educator Brian Feroldi to dive into the often-overlooked world of stock-based compensation. This form of compensation is becoming more common, especially in large companies, but many employees don’t fully understand how to make the most of it. Brian helps break down the basics, explaining what stock-based compensation is and why companies use it to attract and retain employees. We start by discussing why companies offer stock options or restricted stock units (RSUs) instead of just higher salaries or bonuses. Brian explains that stock-based compensation is a way for companies to align your interests with the success of the business. When you own a piece of the company, you’re more likely to care about its performance, which can drive you to work harder and stay longer. This also allows companies to conserve cash while still offering competitive compensation packages. Brian also highlights the importance of understanding the different types of stock-based compensation. He breaks down stock options, where you have the right to buy company stock at a set price, and RSUs, where you’re given shares of stock that vest over time. Each has its pros and cons, and understanding these differences can help you make better decisions about your compensation. One of the key takeaways from our discussion is the importance of negotiation. Brian emphasizes that the best time to negotiate stock-based compensation is when you’re first hired. Companies often have more flexibility with stock options than with salary, so it’s crucial to ask for more stock or a shorter vesting period upfront. This can make a big difference in your long-term financial gains, especially if the company’s stock value increases over time. We also touch on the tax implications of stock-based compensation. Brian explains that different types of stock options are taxed differently, and understanding these tax rules can help you minimize your tax bill. For instance, holding onto stock after exercising options can lead to lower taxes if the stock price rises and you qualify for long-term capital gains. Throughout the interview, Brian shares practical tips for you, such as targeting companies in industries like technology and healthcare that are known for generous stock-based compensation packages. He advises you to educate yourself on your company’s specific policies and to be proactive in managing your stock options to avoid leaving money on the table. By the end of the episode, you’ll have a clearer understanding of stock-based compensation and how to leverage it to build wealth. Brian’s insights are particularly valuable if you’re switching jobs and want to maximize your compensation package. Resource Mentioned: Finchat.io For more information, visit the show notes at https://affordanything.com/episode530 Timestamps: Note: Timestamps will vary on individual devices based on dynamic advertising run times. 2:16 - Explain why companies offer stock compensation over salaries 4:00 - Discuss how stock compensation aligns employee and company goals 7:28 - Introduce types of stock compensation: stock options vs. RSUs 12:24 - Explain the significance of vesting schedules 17:00 - Discuss tax implications of stock options and RSUs 28:00 - Emphasize the long-term impact of stock-based compensation on financial independence 34:00 - Identify industries with high stock compensation, like tech and healthcare 40:00 - Discuss benefits of Employee Stock Purchase Plans (ESPPs) Learn more about your ad choices. Visit podcastchoices.com/adchoices

#529: Anonymous, 60, recently lost her job and is worried about retirement. She owns a paid-off triplex, living in one unit and renting the others for $30,000 a year. She used her 401(k) funds to buy the triplex and now has $50,000 in retirement savings and $150,000 in cash. She expects only $2,400 a month from Social Security at age 67. After losing her son two years ago, she's seeking advice on managing her underfunded retirement. Noelle, 40, and her husband, 49, want to cancel his whole life insurance policy. They are debt-free, own their home, and plan to retire soon, relying on Noelle's $80,000 income. They have $504,000 in retirement savings. Should Noelle keep her $100,000 term life policy until she retires? Sleepless in San Antonio, age 35, plans to retire at 45 but is concerned about how this will affect Social Security benefits, which is calculated based on the top 35 earning years. Should they work longer in order to boost their Social Security benefits? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode529 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#528: The Federal Reserve recently decided to hold interest rates steady, leading to significant shifts in the stock market. The Dow dropped over 850 points, and the NASDAQ entered correction territory, falling more than 10% from its peak. But what do these numbers mean for you? We break down the latest jobs report, which shows a rise in unemployment to 4.3%, triggering a recession indicator known as the Sahm Rule. This isn't just economic jargon; it affects real lives, impacting job security, investments, and financial planning. We discuss potential ripple effects on various sectors, such as real estate, where interest rates influence housing affordability.  We also examine the technology sector's volatility and how recent market corrections might influence tech stocks and the overall investment landscape. Understanding this can help you make informed decisions about your investment portfolio. Every First Friday of the month, we bring you our "First Friday Monthly Economic Report," where we help you make sense of these trends.  We aim to make complex economic concepts accessible. Join us as we explore these pressing economic issues.  Timestamps Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. 1:23 - Discuss the Fed's decision to hold interest rates steady and its economic impact. 3:15 - Explore how recent economic changes affect the Dow and NASDAQ for investors. 5:30 - Explain the SAM rule and why unemployment rising to 4.3% matters. 7:45 - Analyze how interest rates affect housing affordability and real estate. 10:05 - Examine tech sector volatility and its impact on stocks and investments. 12:30 - Look into how economic trends influence consumer spending patterns. 14:42 - Offer tips on managing debt, building emergency funds, and smart investments. 17:03 - Stress the importance of informed decision-making and understanding trade-offs. 19:27 - Highlight the role of "First Friday Monthly Economic Reports" in understanding trends. 21:15 - Wrap up with insights for applying knowledge to financial decision-making. For more information, visit the show notes at https://affordanything.com/episode528 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#527: Luke and his wife are breaking some personal finance rules in the name of financial independence. Are they right to take this approach or is there a better way? Christina is worried. She’s retired with a paid-off condo in Florida. But rising fees, insurance rates, and a major HOA assessment are killing her cash flow. Is it time to become a renter? Les is surprised by Paula and Joe’s allocation recommendations for international equities. Based on market capitalization, it makes no sense. What’s he missing? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode527 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#526: Recorded LIVE on stage at the Morningstar Conference in Chicago! We chat with behavioral finance professor Meir Statman. He breaks down the differences between standard finance and behavioral finance, making it clear that understanding human behavior is an essential part of investing. Statman starts by explaining that standard finance assumes people are rational. They make decisions purely based on logic and aim to maximize wealth. However, behavioral finance sees people as normal, not always rational. We often act on emotions and cognitive shortcuts. For instance, people might prefer receiving dividends over selling shares, even if both result in the same financial gain. This is because dividends feel like income, while selling shares feels like dipping into savings. He uses a great metaphor to explain how investors view their portfolios. Think of a dinner plate: behavioral investors like their investments separated, like mashed potatoes on one side, vegetables on another, and steak in the middle. Rational investors don’t care if it’s all blended together because they only focus on the total nutrients. This shows that normal investors have different needs and want to balance safety with growth. Statman talks about the importance of diversification. He recalls a lunch with Harry Markowitz, the father of Modern Portfolio Theory, who supported the idea of having a mix of safe and risky investments. Markowitz himself had municipal bonds to avoid poverty and stocks to grow wealth. Diversifying helps investors manage risk and meet both their safety and growth needs. We then dive into how people manage money across their life cycle. Statman points out that young people know they need to save but are tempted to spend. They often control this urge by putting money into retirement accounts like 401(k)s. As people get older, they become so good at saving that they sometimes forget to spend and enjoy their money. Statman gives a funny example of his mother-in-law, who refused to replace an old sofa because she didn’t want to dip into her savings. Statman also touches on asset pricing and market efficiency. He explains that while traditional finance focuses solely on risk, behavioral finance considers other factors like social responsibility. Some investors are willing to accept lower returns to stay true to their values. Additionally, he argues that market prices do not always reflect true value, and it’s hard to predict when they will. Towards the end, we discuss the broader aspects of wellbeing. Statman emphasizes that financial wellbeing is just one part of a happy life. Family, health, work, and community are also crucial. He believes financial advisors should help clients achieve overall life wellbeing, not just financial success. For more information, visit the show notes at https://affordanything.com/episode526 Timestamps Note: Timestamps vary on individual listening devices based on advertising run times. 1:23 - Explain the differences between standard and behavioral finance. 4:30 - Discuss Harry Markowitz's influence on modern investment strategies. 6:08 - Highlight life cycle investing and saving/spending behaviors over a lifetime. 10:02 - Explore mental accounting and differentiating between income and capital. 11:14 - Talk about common trading mistakes due to cognitive errors. 14:26 - Discuss utilitarian, expressive, and emotional benefits of financial decisions. 17:41 - Explain the difference between System 1 and System 2 thinking. 21:39 - Discuss how emotions and moods impact investment decisions. 25:59 - Explore the concept of regret and how it affects financial decisions. 30:21 - Emphasize the importance of human touch in financial advising. 44:00 - Discuss the impact of AI on different industries and investment decisions. 48:24 - Highlight the need to balance financial wellbeing with overall life wellbeing. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#525: We chat with renowned financial advisor Michael Kitces at the Morningstar Investor Conference in Chicago. Kitces answers a big question: Is the economy worse than we think? He explains that a few big companies like Nvidia, Meta, and Alphabet are holding up the S&P 500. But this doesn’t mean the economy is bad. It's common for a small group of companies to drive the market. Since it’s hard to predict which companies will do well, he stresses the need for diversification. Kitces tells us to focus on long-term growth instead of trying to time the market. He shares a famous quote from economist John Maynard Keynes: "Markets can remain irrational longer than you can remain solvent." This means it’s better to invest broadly and wait for the market to grow over time. Kitces also says that career development is important. He believes boosting your income through career advancements can have a bigger impact on your financial health than trying to get the highest returns on your investments. He says, "Spending more time focusing on my career and getting a raise... will actually be more meaningful than trying to improve the returns on my own money." We discuss the importance of index investing and proper asset allocation. Kitces advises owning a diversified portfolio that includes international and small-cap funds. Even if these funds aren’t performing well in the short term, diversification helps spread risk and capture growth from different sectors and markets. Kitces talks about the cyclical nature of markets. Some people worry that the market will go down just because it’s been up for a long time. He explains that markets don’t "die of old age." Many factors influence market cycles, and it’s hard to predict when a downturn will happen. This reinforces the idea that staying invested and diversified is usually the best strategy. Finally, we talk about inflation and interest rates. Kitces explains that it’s hard to predict when inflation will return to the Fed’s target rate of 2 percent. This means that interest rates might stay high for a while. It’s important to keep a long-term perspective and not make drastic changes based on short-term market movements. This episode offers practical advice on investment strategies, the importance of diversification, and why focusing on your career can be more beneficial than trying to outsmart the market. Kitces’ insights help anyone who wants to reach financial freedom. Timestamps [Note: Time codes will vary on individual listening devices based on advertising run times.] 1:23 - Becoming a famous financial advisor. 2:08 - Role of a small number of companies in holding up the S&P 500. 5:11 - NVIDIA's role in AI and cryptocurrency. 7:38 - Importance of diversification. 11:27 - Irrationality and efficiency of markets. 16:26 - Role of international and small-cap funds in diversification. 18:10 - Impact of regulatory frameworks on AI development. 32:11 - Demographic advantages of emerging markets. 40:01 - Cyclical nature of markets and investor fears. 51:30 - Inflation and wage growth. For more information, visit the show notes at https://affordanything.com/episode525 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#524: Mark and his partner will soon inherit an IRA worth over a quarter million dollars. With today’s elevated interest rates, would throwing it all at a primary residence be the smartest play?  An anonymous caller and his girlfriend are musicians who dream of building a home with a monetizable recording studio. How do they untangle personal wants from business needs? Will feels stumped about the options in his defined benefit pension plan. When should he choose a guaranteed annuity over a lump sum payment?  Former financial planner Joe Saul-Sehy and I tackle these three 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/episode524 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#523: How much is an hour of your time worth? Google's Executive Productivity Advisor , Laura Mae Martin, joins us to answer that question. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#522: Emily Anne is worried about her obsessive tracking behavior. She’s in great financial shape but struggles to shake the constant compulsion to check her accounts. What should she do? An anonymous caller and his partner plan to use geo-arbitrage to retire early before reaching their financial independence number. Can they have their cake and eat it too? Kevin and his wife are having second thoughts about their Delaware Statutory Trust (DST) real estate investments. How do they back out without compromising their estate plan? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode522 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#521: If you're a longtime listener, you'll enjoy this candid, behind-the-scenes conversation about entrepreneurship and growth between Paula Pant and former financial advisor and Stacking Benjamins host Joe Saul-Sehy. For more information, visit the show notes at https://affordanything.com/episode521 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#520: Happy 248th birthday, USA! In this 5th of July First Friday economic update, we cover five topics: the economic impact of elections in the UK; the S&P 500 topping 5500; the effect of the Supreme Court’s Chevron ruling on Social Security and retirement planning; the latest jobs report; and California’s new law allowing accessory dwelling units to get sold separately as condos. For more information, visit the show notes at https://affordanything.com/episode520 Resources Mentioned: UK’s Office for National Statistics: May 2024 report SupremeCourt.gov: Loper Bright Enterprises v. Raimondo Federal Register: SSA Social Security Administration: Will Social Security Be There for Me? Bureau of Labor Statistics: June 2024 jobs report Learn more about your ad choices. Visit podcastchoices.com/adchoices

#519: We sit down with Jim Kwik, a brain coach and expert in memory improvement, speed reading, and optimal learning. As a child, Jim suffered a brain injury that made learning difficult. He was labeled "the boy with the broken brain," which deeply affected his confidence and performance in school. Today, he’s an expert in memory, focus, learning, cognition and mental performance. He’s here to remind us that our brains are our number one wealth-building tool. He talks to us about strategies for improving memory. He debunks myths like multitasking being efficient. He talks about the negative impact of digital distractions and the myth that we only use 10% of our brains. He describes a great brain diet, and discusses nootropics and other brain supplements. This episode is packed with practical advice. If you want to improve your memory, learn faster, and maintain better brain health, you’ll enjoy Jim Kwik’s tips. Timestamps: [Note: Time codes will vary on individual listening devices based on advertising run times.] 0:58 - Jim shares his childhood experience with a traumatic brain injury 2:26 - Impact of being labeled "the boy with the broken brain" 3:59 - Struggles with school and a turning point with a friend’s father 5:33 - Encouragement to write down dreams, leading to a new perspective 8:22 - Introduction to personal development books and reading challenges 9:59 - Consequences of overworking and lack of self-care during college 10:45 - Realization of the need for better learning methods 11:50 - Breakthrough in understanding learning and memory techniques 12:25 - Teaching others and a student’s powerful story 13:35 - Importance of knowledge as a superpower 13:50 - Introduction to the concept of building a better brain 15:03 - Description of the four brain types and their traits 17:23 - Significance of understanding one’s brain type 19:18 - The forgetting curve and memory retention 20:11 - The three keys to a better memory using the "MOM" method 21:01 - The importance of motivation in remembering names and other information 22:37 - The role of observation in memory and being present 23:15 - Anecdote about Bill Clinton’s exceptional memory and presence 24:55 - Connection between being present and having a powerful memory 26:11 - The concept of "digital distraction" and its impact on focus 26:56 - The "four horsemen of the mental apocalypse" driven by technology 29:18 - The myth of multitasking and its negative effects 30:59 - The importance of monotasking for better focus 31:15 - Introduction to the "Faster" method for learning 32:06 - The role of forgetting in learning 32:50 - The misconception of multitasking and the benefits of focusing 33:35 - The significance of state and emotion in learning 35:22 - Tips for maintaining a positive learning state 36:11 - The power of teaching to reinforce learning 37:20 - Common misconceptions about learning 39:20 - The myth of using only 10% of our brain and neuroplasticity 41:08 - Importance of challenging limiting beliefs 43:08 - Influence of self-talk and belief systems on performance 45:04 - Scheduling time for learning and implementing new knowledge 47:04 - Making the most of conferences by setting aside time for implementation 48:48 - Application of AI to enhance human intelligence and learning 51:09 - Best practices for brain health and cognitive performance 57:25 - Importance of taking care of your brain as a wealth-building asset 59:04 - Steps to improve brain health, including diet, exercise, and positive peer groups 1:03:33 - Role of brain supplements and nootropics 1:06:00 - Influence of a positive peer group on behavior and performance 1:09:22 - Conclusion and final thoughts on brain health and continuous learning For more information, visit the show notes at https://affordanything.com/episode519 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#518: If you want to learn about building wealth through entrepreneurship, you’ll enjoy this episode. When Rachel Rodgers graduated from law school, she didn’t take the conventional path to working at a big law firm. Instead, she opened her own practice, specializing in intellectual property law. Many of her clients were entrepreneurs and small business owners. Rachel quickly realized that many of her clients faced significant challenges in trying to grow their business. This ignited a new vision in her: to not just provide legal services but to help entrepreneurs achieve financial success. She pivoted, shutting down her law practice to open Hello Seven, a company that offers comprehensive business strategies to help entrepreneurs reach seven-figure incomes. She joins us today to share actionable insights that can help any entrepreneur, side hustler or small business owner reach seven figures in revenue. Timestamps: [Note: Time codes will vary on individual listening devices based on advertising run times.] 1:10 - Rachel introduces herself and her background in intellectual property law. 3:45 - Decision to start her own law practice. 5:27 - Challenges faced as a new lawyer and entrepreneur. 7:15 - Importance of financial independence and wealth-building for marginalized communities. 10:05 - Inspiration behind founding Hello Seven. 12:30 - Vision for Hello Seven and its mission to help entrepreneurs reach seven-figure incomes. 15:20 - The need for scaling businesses and making strategic decisions. 18:45 - Transition from a legal practice to a broader business coaching platform. 22:10 - Impact of Hello Seven's programs on entrepreneurs' lives. 24:55 - Concept of the "Million Dollar Badass." 28:30 - Success stories of clients. 31:15 - Challenges of balancing business growth with personal life. 34:05 - Importance of mindset in achieving business success. 37:20 - Introduction of the Hello Seven Foundation and its focus on supporting black mothers and babies. 40:00 - Plans for the future of Hello Seven and commitment to social impact. 42:30 - Advice for aspiring entrepreneurs looking to build successful businesses. 45:10 - Importance of mentorship and community support in entrepreneurship. For more information, visit the show notes at https://affordanything.com/episode518 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#517: Kimiko is dismayed that the asset allocation books she’s read led her down a path to an underperforming portfolio heavy in ex-US stock investments. Where should she go from here? Julie and her husband dream of owning a vacation rental in the Denver area even though the math doesn’t add up. It seems like everyone around can make it work though. What’s missing?  Casey is excited to build his real estate portfolio and purchase his third rental property. He’s also worried that his plan to fund the purchase with his 457 Plan is flawed. What should he do? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode517 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#516: Have you ever wondered how small, seemingly insignificant actions can have massive impacts on your financial life?  In today's episode, we talk to Dr. Brian Klaas, a Professor at University College London and an affiliate researcher at the University of Oxford.  He explains how our decisions can lead to unintended and unanticipated consequences.  He describes why resilience is more important than efficiency when it comes to protecting your investments and career from unexpected shocks. You'll learn how to tell the difference between predictable problems and those that are full of uncertainty, giving you a new way to think about your decision-making process. Key Takeaways: Embrace the unpredictability of life and recognize the interconnectedness of your actions. Prioritize resilience over efficiency to mitigate catastrophic risks. Understand the difference between predictable and uncertain challenges to make smarter decisions. For more information, visit the show notes at https://affordanything.com/episode516 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Jessica and her husband are juggling two home sales and one home purchase within the next two to four years. How do they execute wisely while navigating a tight real estate market? Zerai works two jobs that both offer a pension and retirement plan. Can he take advantage of everything at his disposal or must he make some tough choices? Emily and her husband bought their home a year ago. But a national builder tempts them to sell and upgrade using a 3-2-1 buydown mortgage. Should they do it? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! TIMESTAMPS: Please visit the show notes at https://affordanything.com/episode515 Resources Mentioned: https://www.irs.gov/retirement-plans/how-much-salary-can-you-defer-if-youre-eligible-for-more-than-one-retirement-plan https://www.irs.gov/retirement-plans/irc-457b-deferred-compensation-plans https://www.stackingbenjamins.com/start-2024-right-with-goals-jon-acuff-1459/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#514: The S&P 500 hit a record high — and the GameStop guy is back, and he now owns 9 million shares of GME, making him the 4th largest shareholder. Interest rates from remain the same, and are expected to hold steady until September. Inflation remains unchanged from last month. Last month we saw a massive explosion of new jobs, at 272,000 — nearly 90,000 more than predicted. But we also saw unemployment tick up, which created mixed signals. Learn the implications of the latest economic news — and how it impacts your wallet — in this month’s economic update. For more information, visit the show notes at https://affordanything.com/episode514 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#513: Jason Tartick, a former banker and TV star from The Bachelorette, discusses finances in relationships. He describes eight crucial questions about money that every couple should discuss. When a couple is dating, but before they get serious, he says, each person should divulge their debt-to-income ratio. This is your monthly debt payments divided by your gross monthly income. Keeping this ratio below 30-40% is crucial for financial stability. Banks consider this when approving loans. Couples still in the dating stage should also discuss their credit scores. If you're thinking about becoming serious with someone, you need to understand their history with debt, and their attitude towards debt, since you'll likely be co-borrowing together if the relationship lasts. A couple with a good credit score can save around $100,000 on a $300,000 mortgage over 30 years. Couples should avoid shaming or blaming each other during these money conversations, he says. The goal is to understand each others' financial attitudes, habits and history -- not to point fingers or make judgments. After marriage or lifetime commitment, Jason emphasizes the importance of having both individual and joint bank accounts. This allows each person to enjoy autonomy, while also contributing towards shared expenses. Regularly reviewing your net worth as a couple provides transparency and helps avoid misunderstandings. He also talks about financial infidelity -- what is it, and how can you spot it? Finally, Jason encourages couples to discuss spending habits, in order to understand each others' values and goals. Here's a great question to ask your boyfriend, girlfriend, spouse or partner: "If you had an unlimited budget, what's the first thing you would you spend it on?" The answer reveals the persons' priorities. For more information, visit the show notes at https://affordanything.com/episode513 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#512: An anonymous caller who received a large inheritance feels paralyzed by all the investment philosophies he’s read about. How does he pick a winning strategy he can stick with? Josh is an expectant dad looking to buy a bigger house but doesn’t know how much everything will cost. Should he save more or invest more? Another anonymous caller worries that large expenditures like buying a new car or replacing her home’s roof will blow up her budget in retirement. How does she plan for unexpected expenses? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode512 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#511: Sara is five years from retirement with a paid-off house. But she’s worried that her money will run out before she turns 80. What does she need to do now to protect her future self?  Lauren is a personal finance nerd who gets it. But one question perplexes her: When should she should choose an ETF over an index mutual fund? What about vice versa? Paula and Joe explain. An anonymous caller plans to sell her house and live a “slow-madic” lifestyle. But she’s on disability and needs to keep her money safe. How should she invest her $500,000 windfall? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode511 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#510: Maybe you’re trying to convince: – Your spouse | to embrace the FIRE movement. – Your teenage kids | to invest some of their summer job money in stocks. – Your neighbor | to sell you their house in a private, off-market deal. – Your boss | to give you more vacation time. – Your client | to pay you more. Today’s episode is about how to change minds, build trust, navigate conversations, and influence and persuade others. We chat with Michael McQueen, a social researcher, strategist, and the author of 10 books. He’s spoken alongside Bill Gates, Apple co-founder Steve Woznick and Dr. John C. Maxwell, and was named Australia’s Keynote Speaker of the Year. His latest book, Mindstuck, focuses on how to be more persuasive. Here are some of the ideas we cover: Stubbornness: We tend to be stubborn because of our inherent desire to protect our existing beliefs and identities. This is partly due to the fact that the human mind has a tendency to make quick judgments and resist challenges. Logical Fallacy: People often rely on confirmation bias and tribalism when evaluating information. We tend to favor information that aligns with our existing beliefs and groups we identify with. Complexity over Extremes: When presented with opposing viewpoints, exposure to extreme viewpoints can – counterintuitively – make people more entrenched in their own beliefs. Introducing complexity and nuance can foster a more open-minded approach. Here are some of his tips: Uncover the Hidden Fear Address the Loss Aversion Use "Right and Reflect" to Get People Talking Build Rapport and Choose the Right Moment Frame Your Message for Impact Move Beyond Persuasion and Focus on Progress McQueen elaborates on these tips in today’s podcast episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode510 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#509: Rob wants to retire early, but a real estate investment led to $30,000 of credit card debt. Should he take on more debt to pay it off? An anonymous return caller took Paula’s advice and ran with it, doubling her income within a few years. Should she update her investment strategy now that she’s in a higher tax bracket? Humaira is tired of paying rent with nothing to show for. Can she leverage some benefits by using her credit card to pay the bills? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode509 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#508: Recently I chatted with Stanford researcher Dr. Mary Murphy, a renowned expert in the field of psychological and brain sciences. Dr. Murphy, who is a Professor at Indiana University and conducts research at Stanford University, shared insights into the concepts of fixed mindset and growth mindset. We deep dived into her extensive research on how these mindsets impact motivation, performance, and relationships at work and home. She conducted research alongside legendary psychologist Dr. Carol Dweck, who created the original studies around fixed vs. growth mindset. If you’ve ever read about fixed vs. growth mindset in the past, you’ve undoubtedly heard of Carol Dweck, who is legendary in the space. Dr. Dweck mentored Dr. Murphy at Stanford, the university from which Dr. Murphy received her Ph.D. Dr. Murphy's insights can help you cultivate a growth mindset to overcome challenges and achieve your goals. If you want to improve your performance — at work, at home, at the gym, as a world traveler, as an investor, or in any other domain — understanding the research behind mindset is critical. Enjoy! For more information, visit the show notes at https://affordanything.com/episode508 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#507: Robert was recently released from prison and wants to start his life on the right foot. What’s Joe and Paula’s advice for him? Suzy is excited to deploy her first corporate bonus but scared to invest everything in a lump sum. Should she stick with what’s worked in the past and just dollar cost-average? Meghan doesn’t understand how stock pricing affects capital appreciation. Is it always better to buy when share prices are low? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode507 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#506: "Today's guest, Brandon Ganch, also known as the MadFientist, reached Financial Independence (FI) and quit his job as a software developer at 34. But then he faced a vexing question: what should he do with the rest of his life? In this episode, Brandon shares his journey with FI, revealing the gap between the ideal life you envision on spreadsheets and the reality that unfolds. He talks about reaching FI sooner than planned, having more money than anticipated, and the adjustments he had to make to his lifestyle. It's a refreshingly honest look at FI that goes beyond the numbers. We also dive into the changing landscape of work and the impact of automation, artificial intelligence and machine learning. Brandon talks about what he would do differently if he were in his 20's, and shares valuable insights on tools you can use to stay relevant and future-proof your career. You'll enjoy this if: -- You're on the FI path and want to ensure your plans are flexible enough for life's surprises -- You're curious about the unexpected realities of achieving FI -- You're concerned about automation impacting your job security For more information, visit the show notes at https://affordanything.com/episode506 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#505: Ryan Johnson isn't your average CEO. He's a visionary reimagining city life, one car-free community at a time. In this episode, we chat with Ryan, the co-founder of Culdesac, about building walkable neighborhoods designed for human connection, not just traffic. We'll dive into his experience with Opendoor, his passion for electric bikes (he owns over 60!), and his audacious plan to revolutionize urban living. Buckle up (or maybe don't) for a conversation about the future of cities, the power of community, and why you might not need a car ever again. For more information, visit the show notes at https://affordanything.com/episode505 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#504: Brian Kelly faced a harsh reality during the Great Recession – $65,000 in income and crushing credit card debt.  He started a simple side hustle, a website called The Points Guy, as an attempt to earn a few hundred dollars a month.   Fast forward to today: The Points Guy boasts 11 million monthly visitors and a thriving team of 140 employees.   In this episode, Brian pulls back the curtain on his incredible journey, transforming a fledgling side hustle into a multimillion-dollar enterprise.  He also shares his signature expertise – the art of redeeming airline miles and points – empowering you to travel smarter. For show notes, visit https://affordanything.com/episode504 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#503: Lindsay’s husband struggles with a mental disability. She’s worried about the impact on her family’s finances. How does she maintain harmony in her marriage and protect her kids’ future? An anonymous caller is stoked about her young nephew’s interest in saving for retirement. What’s Paula and Joe’s advice for a teenage saver? Another anonymous caller wants to get personal about Paula’s personal finances. Following up on a discussion from episode 494, Melanie has exciting news to share about automating ETF investments at Vanguard. 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/podcast-questions For more information, visit the show notes at https://affordanything.com/episode503 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#502: The Fed met earlier this week and elected to keep interest rates at a 23-year high, in an effort to wrestle inflation closer to its two percent target. Despite this, the April jobs report, which was released today, shows that jobs grew for the 40th consecutive month, and unemployment remains under 4 percent, an historic low, for the 27th straight month. The 12-month inflation rate is 3.5 percent, based on March CPI data. Stocks remain on a tear, but performance is lopsided, with 10 companies driving 85 percent of this years’ gains. We cover this and more in our First Friday economic update episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode502 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#501: Drop the mic! ChooseFI's Brad Barrett takes the host role in this special episode, interviewing Paula Pant about the financial independence community. This episode was recorded LIVE at a comedy club in Brooklyn, as the final installment of the Episode 500 and 501 celebration. For more information, visit the show notes at https://affordanything.com/episode501 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Enjoy Part 2 of our two-part Episode 500 special, recorded live at a comedy club in Brooklyn. Host Paula Pant and special guest Brad Barrett from ChooseFI answer questions from the audience, live on stage. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Enjoy Part 1 of our two-part Episode 500 special, recorded live at a comedy club in Brooklyn. Brad Barrett, host of the ChooseFI podcast, joins us on stage to talk about what financial independence ideas and practices have changed … and what ideas and practices have remained consistent, universal and time-tested throughout the years. For more information, visit the show notes at https://affordanything.com/episode500 Learn more about your ad choices. Visit podcastchoices.com/adchoices

We delve into the world of Financial Independence (FI) with a pioneer -- Vicki Robin, the co-author of Your Money or Your Life. In the 1970s, Vicki Robin and Joe Dominguez, from vastly different backgrounds, came together over a shared vision: FI as a life philosophy, not just a savings strategy. Their book, "Your Money or Your Life," which sold more than one million copies, outlined a three-dimensional approach to FI: Financial Intelligence: Thinking clearly and objectively about money. Financial Integrity: Aligning your spending and earning with your values. Financial Independence: Breaking free from paycheck dependence and limiting beliefs about money. In this podcast episode, Vicki will discuss a new dimension she's added: Financial Interdependence: Recognizing the importance of giving and receiving within our communities and the world. Vicki and I discuss how to move beyond "just the money" during the quest for financial freedom. This episode originally aired in 2018. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Esquire Magazine editor-at-large and bestselling author A.J. Jacobs joins the show to discuss his experimental approach to life. Jacobs, whose TED Talks have been viewed more than 3 million times, shares best practices around motivation, habits, confidence, boosting happiness, and optimizing creativity. In this episode: -- Discover the benefits that come from frequently changing your habits -- Learn why "fake it 'til you become it" is A.J.'s secret weapon for habit development. -- Explore how extreme gratitude can transform your mindset. -- Hear a cautionary tale of healthy living gone wrong. -- Learn how to make any career or business connection by unearthing the way in which you're distant cousins (as everyone on earth is, at most, roughly 70th cousins) Plus, hear a hilarious story about Jacobs revealing his entire sexual history to actress Scarlett Johansson. This episode originally aired in 2017. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Stocks or skills? How should you invest? Should you pour money into unlocking your income potential? Or should you pour money into the market? Forget the motivational posters -- unlimited potential is real. But unlocking it takes investment. The question is: Do you invest in yourself or the market? Stocks, bonds, real estate offer clear returns. But what about investing in your skills, a side hustle, or education?  Financial advisor Michael Kitces joins us to crack the code on maximizing your return on investment, both personal and financial. Learn how to make smarter choices about your future and unlock your true potential. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

JL Collins, the author of "The Simple Path to Wealth," achieved financial independence in 1989 with a surprisingly simple strategy: saving half his income and investing in index funds. In this episode, JL breaks down his ultra-simple investing approach. He argues that keeping things uncomplicated leads to better results in the long run. "The less you mess with your investments," he says, "the more freedom you have to focus on what truly matters." This episode is for anyone who feels overwhelmed by complex investment strategies. Learn how to set your finances on autopilot and get on with living your life. We originally recorded and aired this episode in 2016. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today’s guest is Jean Chatzky, financial editor for the TODAY Show, host of the HerMoney podcast and a frequent guest on TV shows like Oprah, Regis & Kelly, and The View. We discuss six money rules to guide your spending, including: #1: The more time you spend looking, the less happy you’ll be with what you find. #2: Your retirement trumps their tuition. #3: Losing money hurts more than it should. #4: Big numbers make smart people do stupid things. #5: Don’t lend money to friends & relatives, and don’t co-sign for loans. #6: If it's 50% off, it’s still 50% on. This leads us into discussing tactics to prevent wasteful spending, such as: -- The 10/10/10 Rule: How will you feel about this purchase in 10 minutes? 10 months? 10 years? -- The 24 Hour Rule: Delay the purchase by 24 hours. Do you still want it? -- Only Pay Full Price: Paradoxically, avoiding sales – and ONLY buying items at full price – might help you save more money in the long run. Finally, we chat about how to balance financial priorities when you and your spouse want different things. What if you want to retire early, but your spouse doesn’t? How do you handle this? Jean shares her ideas on these topics in this episode, which we originally recorded and aired in 2016. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#499: Eugene and his wife are retiring with a $10 million net worth and a guaranteed income that exceeds their annual budget. Do they still need things like life insurance and a financial advisor? The next question, at 30:24, comes from an anonymous caller. Her HOA costs have doubled since she bought her condo. She’s wondering if it’s still a good investment. Should she keep it or sell it? We answer Nandini’s question at 48:14. Nandini and her husband save tons every month toward no goal in particular. What should they do with all their extra cash? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode499 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#498: Financial literacy includes understanding NFTs, DeFi, and cryptocurrency. But it's hard to separate education from hype. Harvard Business School's Scott Duke Kominers, a professor in Harvard's Entrepreneurial Management Unit, and a Faculty Affiliate of the Harvard Department of Economics and the Harvard Center of Mathematical Sciences and Applications, joins us alongside Web3 expert Steve Kacizinsky to explain the financial, technological and social significance of NFTs. NFTs, or Non-Fungible Tokens, are a rapidly growing digital asset. Comprehensive financial literacy requires understanding NFTs. While NFTs are emerging opportunity for investment diversification, they are also highly speculative and volatile. NFTs also represent how digital ownership is evolving, and have implications for the economic futures of a myriad of industries. These assets stand at the intersection of art, technology and commerce. This episode provides a deeper understanding of NFTs, taught by a Harvard Business School professor and a Web3 expert. For more information, visit the show notes at https://affordanything.com/episode498 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#497: Princeton Professor Daniel Kahneman never took an economics class. But he won the 2002 Nobel Prize in economics, thanks to his advancements in understanding the psychology of money. In today’s episode, we pay homage to the late Dr. Kahneman, who passed away on March 27 at age 90. We also discuss the jobs report, inflation data, the booming stock market, the next Bitcoin halving, Capital One’s acquisition of Discover, and the National Association of Realtors settlement. Enjoy! For more information, visit the show notes at https://affordanything.com/episode497 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#496: How much of a pay cut would you take for a lighter workload?  Today we hear from Paul, 35, who’s grappling with that question.  Paul’s boss offered him the chance to cut his hours and salary by 25 percent. He’d love to work fewer hours. He has a decent net worth, plenty of savings, and no debt. Should he grab the opportunity? Or stick with his long-term financial independence and early retirement plans? An anonymous caller and her husband want to retire at 55. They also want a bigger home, a better car, and to start growing their family. Can they afford it all? Tim spent his 20’s missing out on retirement savings as a medical student. He’s eager to catch up. What’s the shortest path to get there? Matthew and his family dream of leaving Florida for the Pacific Northwest. Will they regret selling everything to start over? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. For more information, visit the show notes at https://affordanything.com/episode496 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#495: Marie Curie won the Nobel Prize in Physics in 1903 and the Nobel Prize in Chemistry in 1911. She's famous for her work in radioactivity. Lin-Manual Miranda is a songwriter, producer and director who won the Pulitzer Prize in Drama in 2016, as well as several Tony awards. What do they have in common? They lived a century apart. They innovated in disparate fields. But they shared a similar productivity practice. Both achieved greatness by embracing the practice of slow productivity, says Georgetown computer science professor Cal Newport. Slow productivity is a three-part practice, Newport explains: (1) do fewer things; (2) work at a natural pace; (3) obsess over quality. We're used to thinking of productivity as doing more in a short amount of time. This flips that idea on its head, focusing on doing less, but excelling. Slow productivity is the practice of doing fewer tasks better. In this episode, Newport explains how the practice of slow productivity diverges from the normal ways that people in modern society tend to work.  Life can be stressful. Your to-do list might feel never-ending. This episode can help you focus on the few things that matter most. It can help you feel less stressed, less busy, and yet -- paradoxically -- more productive, at the same time. Enjoy! For more information, visit the show notes at https://affordanything.com/episode495 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#494: Tatyana is about to pay off her house at age 39! What’s next? Her husband, who earns twice as much (and whom she met after she bought the home), has no savings. They want a boat. Should she focus there? Matthew recently ended a relationship that resulted in a real estate buyout with an 8.1 percent interest rate. With rates expected to decline, how long should he wait to refinance the loan? Rachel’s friends know her as the finance gal, but she’s stumped about closed-end funds. What should she know about these investments? Erin and Angelique call in with a loan strategy to tackle Steve’s double mortgage dilemma from Episode 478. Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/podcast-questions For more information, visit the show notes at https://affordanything.com/episode494 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#493: Do you ever wonder what happens behind closed doors on Wall Street? Vivian Tu, also known as Your Rich BFF, is here to spill the tea. Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college. While working on Wall Street, Vivian saw some weird things. Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside. Vivian realized that there's a group of high-income and high-net-worth people who handle money in drastically different ways than she learned in her frugal upbringing. She learned about investing, taxes, legal loopholes. She discovered new ways of thinking about money. She shares these insights -- gleaned from her Wall Street days -- in today's podcast episode. Resources mentioned: Book: Rich AF: The Winning Money Mindset That Will Change Your Life Attend the LIVE Recording of Afford Anything's 500th Episode! https://affordanything.com/live500 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#492: Christine’s business is struggling. She needs more income. If she adds a full-time remote job to her plate, how will her retirement and finances change? Rob enjoyed a banner year in 2023. He made over $1 million. But the sting of income tax has him making moves that violate his investment strategy. Is his tax tail wagging the dog? Gena is excited to make the most of business deductions. Can she contribute 100 percent of her wages to a 401k and have the company match that? Christina is tired of living like a pauper in the name of student loan repayment. Is Public Service Loan Forgiveness the answer? 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/episode492 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#491: Welcome, Emma Chamberlain’s fans!! Thanks for joining the Afford Anything community. You can find out how to escape the 9-to-5 grind at affordanything.com/escape Once a month, on the First Friday of the month, we explore the hot economic and money stories that are dominating the headlines. These days, Bitcoin is back in the news. As of Friday morning, March 1st, its price ranged around $62,000, which is pretty darn close to its previous all-time high of $68,700. But why? Crypto was hot in 2020, but it faded from memory in recent years. What’s behind the comeback? And what does that tell us about how investments become fads? Find out in today’s First Friday bonus episode. Bonus listening: https://affordanything.com/325-bitcoin-for-beginners for a deep dive into understanding how Bitcoin works. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#490: Great communication will get you a raise. It'll get you promoted. You'll land the corner office. You'll make friends and be the life of the party. You'll land business deals and form lucrative partnerships. Supercommunication is a superpower. But how do we build it? Sometimes, you might walk away from a conversation with the joy of having made a cool new friend. Or you snagged a critical piece of information that you realllllly needed. Or you successfully negotiated an extra $5,000 off your car. On the flip side, sometimes you'll walk away from a conversation, scratching your head and wondering … “What just happened?” If either of these situations have happened to you, Charles Duhigg will help you understand WHY. Duhigg is a Pultizer Prize winning reporter. He holds an undergrad degree from Yale and an MBA from Harvard. He wrote for the LA Times and New York Times, before landing at The New Yorker. His first two books, The Power of Habit and Smarter, Faster, Better, have sold more than 5 million copies. Recently, he came out with a new book called Supercommunicators. He chats with us today to discuss the power of communication. Duhigg shares why communication is a critical component to happiness and success in every part of life. He discusses the different styles of conversations that people can have, which lead to either connection or disconnection. He also shares critical tips to help us all become supercommunicators and live richer lives. Enjoy! For more information, visit the show notes at https://affordanything.com/episode490 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#489: Cara made $100,000 in commissions this year, her biggest bonus ever. What should she do with the money if she wants to retire early? An anonymous caller is upset that the 401k plan he sold his boss on is charging him an Assets Under Management (AUM) fee. Should he keep the 401k at all? Remy and her husband need to come up with $30,000 for IVF treatments. How do they build their family without breaking the family finances in the process? Another anonymous caller and his partner have lived in an RV for years. They’re ready to settle. Should they sell most of his investments to purchase raw land and build an off-grid 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 at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode489 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#488: Ever made a flippant, seemingly minor decision that radically changed the course of your life? Morgan Housel has experienced this. At age 17, he made a quick decision that ended up saving his life. Sadly, two of his friends were less fortunate. He shares that story in today's podcast episode, and sheds light on the lessons he's learned from it. Housel says that his lifesaving choice -- and many of our other important decisions -- are snap verdicts, ones that we don’t spend much time thinking about. If pivotal moments are decided in a flash, how do we navigate risk? How do we evaluate our options? Housel says this comes understanding concepts that remain constant, consistent, and universal. We need to accept that humans aren’t rational. We must appreciate the reasons why the best answer doesn’t always win. We ought to remember that we overlook many good things happening around us. These constants will most likely impact our futures. Housel was named by MarketWatch as one of the 50 most influential people in the market. He is the New York Times bestselling author of The Psychology of Money. His new book is titled Same As Ever. He joins us to discuss the ideas in his latest book. For more information, visit the show notes at https://affordanything.com/episode488 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#487: Luis’s wife is killing it at her side hustle. The unexpected income has led Luis to YouTube for hacks to capitalize on their surplus. Can a 529 plan double as long-term care savings? Elizabeth is frustrated with the housing market. She’s been saving for years but isn’t anywhere near her goal. Should she give up and spend it on a dream pottery course instead? Steve has a dilemma. He doesn’t borrow money on principle. And his wife doesn’t want to sell their current house until they’ve closed on the next one. How is he going to make this work? Greta wants to “reverse” rollover an IRA into a 401k to avoid the pro-rata rule. Is that a thing? 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/episode487 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#486: By every definition of the word, we’re in a bull market. The S&P 500 hit record highs for five consecutive days last week, and remained strong throughout this week. The Dow is above 38,000 for the first time in history. Unemployment has stayed below 4 percent for 24 months, marking the strongest employment in half a century. And consumer sentiment, which reflects more pessimism than the data warrants, is showing signs of improvement. The Fed met this week and decided to hold rates steady, as expected, but there are hints that they’ll start dropping interest rates within a few months. Inflation isn’t yet down to the Fed’s target rate of two percent, but it’s getting closer — with one notable exception. Auto insurance has skyrocketed; across the nation, car insurance is 17 percent higher than last year. Meanwhile, a shake-up in the real estate industry is creating tumult for the National Association of Realtors, which is facing its first serious challenge in 100 years. The outcome could determine how steeply you’ll have to pay when you sell your home. Where do we go from here? What’s next for the economy? We tackle these questions in this First Friday podcast episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode486 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#485: If you’ve ever thought: "I’d love a business BUT …” I don’t have TIME I don’t have MONEY I don’t have IDEAS I have TOO MANY ideas and I don't know where to start I'm not technical I'm not creative or artistic I'm not good at sales You're not alone. Countless people don't start businesses or side hustles for these reasons. And they're losing thousands -- perhaps millions -- in opportunity cost. How much could you make if you started a side hustle that eventually scaled into a business? Possibly millions. Today's guest, Noah Kagan, is living proof. Noah was employee #30 at Facebook. His stock options, if fully vested, would be worth over $1 billion today. (If you want to do the math -- his stock options came to 0.1 percent of the company, which has a current market cap of $1 trillion.) But Noah was fired just a couple months before his stock options vested. So rather than getting a billion-dollar payout, he got nothing. He sank into a deep depression, eventually recovering with the help of a therapist who counseled him on how to reframe the experience. Then he rolled up his sleeves and got to work. He became a serial entrepreneur, building multiple businesses. His most successful venture now makes $80 million in gross revenue, and his personal take-home is $3.3 million per year (which comes from a $200,000 annual salary and $3.1 million profit distribution.) His net worth is $36 million. Not a billion, but still not too shabby. Noah recently wrote a book called "Million Dollar Weekend: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours." He sits down with us (in person!) to share: -- how to find business ideas -- how to overcome objections and rejections -- how to scale By the end of the episode, the common objections that you often hear -- like "I don't have time/money/ideas" -- will be quashed. Please enjoy! For more information, visit the show notes at https://affordanything.com/episode485 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#484: Kristen’s financial advisor charges a 1.3 percent fee on her investments. They also sold her term life, whole life, and long-term disability insurance. Do they have her best interests at heart? Casey has $290,000 in student loan debt. He committed 10 years to one employer for a chance at public service loan forgiveness. But five years in, Casey questions what he’s missing out on. Sara feels like it’s time to move to a more conservative asset allocation but she’s torn between buying bonds from Vanguard or Treasury Direct. What’s the difference anyway? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode484 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#483: Competitive. Results oriented. Driven to be the very best. These are a few ways to describe achievement culture. Achievement culture can also be described as stressful, high pressure and unhealthy. Yet, there is consistently the pressure – internally and externally – to make more money, be a better parent, spouse, friend, or employee. These burdens comes at a heavy cost to our well-being. Jennifer Breheny Wallace, author of the New York Times Best Seller “Never Enough: When Achievement Culture Becomes Toxic - and What We Can Do About It” shares with us how to manage our need for success AND how to avoid the toxic traps that can accompany obsession with success. She offers insights into the consequences of this culture on individuals' mental health, and overall well-being, while also discussing practical solutions to common challenges. If you've ever felt the burn of trying to do it all, or if you just want a smarter way to navigate success without losing your sanity, the insights shared in this interview will help you develop a more fulfilling and balanced life. For more information, visit the show notes at https://affordanything.com/episode483 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#482: A caller named “M” wonders if liquidating stocks for a larger down payment makes sense in a high-interest rate environment. An anonymous caller wants to take a pay cut to pursue his passions. But 75 percent of his net worth is in real estate. Is this too risky? Tiffanie hasn’t saved enough for early retirement, but she has a plan to use home equity to accelerate her goals. Is this going to work? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode482 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#481: Predicting the stock market is a terrible idea. But we can look at economic indicators and upcoming events to get a big-picture, 30,000-foot view of where our economy might be heading in 2024. In today’s episode, we explore what’s in store for 2024. We talk about the recent surge in Bitcoin prices, and the expected SEC approval of a Bitcoin ETF. We discuss when the Fed will lower interest rates, and the impact this might have on home buying. We talk about Robert Kiyosaki’s recent admission that he’s holding $1.2 billion in debt. And we take inventory of black swan events and election year abnormalities that might impact the flow of money. Enjoy! For more information, visit the show notes at https://affordanything.com/episode481 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#480: The death of a sibling. Being declared dead after a head-on collision with a drunk driver. Suffering financially during the Great Recession. CANCER. Today’s guest, Hal Elrod, has battled all of these tough challenges. His little sister passed away in his mother's arms. Years later, Hal was hit by a drunk driver, broke 11 bones, declared dead, and once revived, learned that he might have to spend the rest of his life in a wheelchair. (He eventually regained his ability to walk.) And after that, he was slammed hard in the wallet during the Great Recession. But he's a fighter. He needed to develop practices to build his resilience. So Hal created “The Miracle Morning,” a morning routine practice that gained massive popularity when he released it in 2012. The six-step Miracle Morning routine is coined S.A.V.E.R.S. -- silence, affirmations, visualization, exercise, reading, and scribing (writing). The routine became wildly popular, in part due to its flexibility; Hal explains that time-crunched people can start this as a six-minute routine; dedicating just ONE minute to each of these six steps. Over time, people can see the positive changes that this makes, and expand the time they allot for this. The routine is now the subject of a documentary, also called the Miracle Morning, available on Prime Video. Midway through filming, Hal was diagnosed with a rare form of leukemia and given a 30 percent chance of survival. He let the cameras roll as he coped with his diagnosis in real time. He joins us on this podcast to describe that experience, and to talk about the practices that he's used to stay productive in the face of grief, severe injury and cancer.  He talks to us about: the powerful Five-Minute Rule that helped him recover from a nearly fatal car crash the six most popular personal development practices of the successful specific tactics you can harness to create YOUR most successful life. As we move into the New Year, many of you are setting goals and resolutions. Hal describes specific, actionable tactics that you can use to build scaffolding and support around your new goals. Enjoy! For more information, visit the show notes at https://affordanything.com/episode480 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#479: Nicole’s 78-year-old mom is paying huge fees for low returns. How can Nicole help her mom make better investments? Paul is a single dad, worried about paying his daughter’s college costs. He’s trying to figure out how to report lower income on the FAFSA, so that his daughter can get better financial aid. Nick is in his 40’s. His long-term care insurance rate is nearly doubling. Should he stop spending on this type of insurance? Former financial planner Joe Saul-Sehy and I tackle these three 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/episode479 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#478: Ever skipped that extra drink, pricey cheese, or a night out for the sake of your wallet? If this feels familiar, then you’ll appreciate today’s episode with Jamila Souffrant. Jamila is a Certified Financial Education Instructor, podcast host, and author, guiding us on making savvy choices to save while still having fun. Jamila explores the power of understanding our ""why not,"" staying motivated on our financial paths, shaping a success-bound mindset, and posing THREE crucial self-assessment questions for goal alignment. For more information, visit the show notes at https://affordanything.com/episode478 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#477: Kayla is torn between paying off a loan early or catching up on missed retirement contributions. Josh wants to retire early and meets the threshold for zero capital gains taxes. Should he put all his retirement savings into a brokerage account? An anonymous caller wants to know how to merge financial lives with her husband from another country. Former financial planner Joe Saul-Sehy and I tackle these three 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/episode477 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#476: Mike Massimino stared in disbelief at his TV. The date was July 16, 1969, and he marveled as Neil Armstrong and Buzz Aldrin landed on the moon. At that moment, he knew he wanted to become an astronaut. He was six years old. But as Mike grew older, he developed more “realistic” dreams. After all, every kid wants to become an astronaut. The chances of making it are incredibly slim. He went to a local college, studied engineering, and took a job at IBM. But he couldn’t shake the tiny voice inside that said – “why not try?” So Mike upended his life. He enrolled in a Ph.D. program at MIT, and then proceeded to fail the qualification exam so badly that his professors gently suggested that perhaps a doctorate isn’t right for him. He battled to pass the exam on his second attempt, and went on to teach at Georgia Tech, from where he repeatedly submitted applications to NASA for their astronaut candidate program – which they called “as* can.” He was thrilled when he finally received his acceptance – until he learned that he needed 20/20 vision. At the time, NASA required astronauts to have naturally 20/20 eyesight, without surgery. So he sought out a doctor to help him re-train his eyesight. Then he learned that he’d need to pass a swim test. He was in his 30’s and had never swum. “Can’t I just take a math quiz?,” he joked. But he … didn’t let that sink him. (Pun intended). In today’s special episode, former NASA astronaut Mike Massimino explains how anyone – including you – can take your own moonshot. For more information, visit the show notes at https://affordanything.com/episode476 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#475: Born in 1924, Charlie Munger was raised during the Great Depression. At the time of his death on Tuesday, his net worth was estimated at $2.6 billion. But Munger’s greatest achievement wasn’t merely the scorecard of his net worth. His wit and wisdom, which Munger shared with the world through his book, Poor Charlie’s Almanack, which made him one of the most respected investors of the last century. Munger is the man who taught Warren Buffet how to invest. He’s lauded as the moral compass of Berkshire Hathaway, the company where he has served as vice chairman since 1984. He’s the man who famously said, "In the short run, the market is a voting machine. But in the long run, it is a weighing machine." Munger and Buffett met each other in Omaha, their shared hometown, at a lunch at the local Omaha Club, where they were introduced by mutual friends. They instantly connected. Buffett was an unknown at the time, but Munger saw his potential. Munger’s wife once asked him, “Why are you paying so much attention to [Buffett]?,” and Munger replied, “You don’t understand. That is no ordinary human being.” Their business partnership and friendship has lasted for more than 50 years, and Munger played a key role in many of Buffett’s investing decisions. He passed away on November 28, 2023, at age 99. In today’s First Friday bonus episode, we pay homage to the late investing legend Charlie Munger. For more information, visit the show notes at https://affordanything.com/episode475 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#474: When Tiffany Aliche was in her 20’s, she fell victim to a credit card scam. A crafty swindler convinced her to take out a cash advance against her credit card for $35,000. He said that he’d invest the money and produce Bernie Madoff-style returns. She was an inexperienced investor. She believed him. She never saw that money again. Aliche worked at a preschool. She didn’t make much money to begin with. But matters worsened when the school shut down, and she lost her job. She fell behind on mortgage payments and lost her condo. In order to recover from such huge setbacks, she had to grapple with an enormous sense of financial shame. Today, financial educator Tiffany Aliche, better known as The Budgetnista, shares how she overcame financial shame. She talks to us about the opposite of shame, which is a sense of financial wholeness. And she discusses practical tips for how to navigate the challenges of debt and scams. For more information, visit the show notes at https://affordanything.com/episode474 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#473: Sarah has cash to pay a $8,000 medical bill but she’s reluctant to drain her savings. Should she sign up for the hospital’s interest-free payment plan? Jennie is an independent consultant but gets paid as a W-2 employee. Without access to a SEP IRA or a 401k plan, is there another option to save for retirement? An anonymous caller is wondering how to run a cost-benefit analysis on pursuing a graduate degree. Brian is getting inundated with spam calls as a real estate investor. Is there a way to stop the madness? 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/episodes473 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#472: Imagine this: You’re a teenage musical prodigy, a world-class classical French horn player. You drop out of college at age 19 and spend your twenties touring the globe as a musician (including, once, tripping and falling off the stage at Carnegie Hall). At age 31, you retire from your musical career, get a Ph.D., and become a professor – first at Syracuse and then at Harvard, where you teach both at Harvard Business School and at the Harvard Kennedy School. You publish 13 books and write a column for The Atlantic, which gets noticed by Oprah Winfrey. Oprah then invites you to dinner, where she asks you to co-author a book together. This is the life of today's guest, Harvard Professor Arthur Brooks, whose collaboration with Oprah, a book called Build the Life You Want, focuses on the science and research behind happiness. Brooks teaches a class on leadership and happiness to second-year Harvard MBA candidates. In our conversation, we discuss a range of topics, including metacognition (thinking about how to think), the neurobiological basis of ruminating, and how to balance the concept of contentment with the innately human urge for ambition and progress. He also offers a formula for happiness: enjoyment + satisfaction + meaning and purpose. So – I hope you enjoy this episode; I hope you find it satisfying, and I hope it fills you with meaning and purpose! – Paula For more information, visit the show notes at https://affordanything.com/episode472 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#471: Bob split a $350,000 windfall between savings and paying down his mortgage. But now he’s wondering if he made a good choice. Can Paula and Joe do the math to justify his gut-driven decisions? Julia wants to tap the equity from a second home to buy a third home in Texarkana, Texas. Is this a good plan? Joey Jr. wants to retire early, put two kids through college and buy a vacation home within the next five years. How can he afford to do it all? An anonymous caller wonders if $1 million is a good budget for a retirement pad. 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/episode471 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#470: The economy is booming. GDP grew 4.9 percent last quarter, the fastest rate of growth since 2021. Consumer spending jumped 4 percent. Unemployment is holding steady at 3.8 percent, historically low. The U.S. added net new jobs for the 34th consecutive month. And yet – people are worried. Online discussion around layoffs at its highest point since July 2020. High-profile headlines about major staffing cuts – most recently from Schwab, which is dismissing 2,000 employees – fuel these fears.  Why is there such a disconnect between sentiment, which is pessimistic, and economic data, which is robust? We explore that qu estion in today’s episode. We also discuss the controversial Credit Card Competition Act, which if passed might eliminate credit card rewards like airline miles and cashback. We talk about Mint, the budgeting app with 3.6 million users, announcing that it’s shutting down. We also share details about the student loan repayment debacle. And we describe a landmark court ruling for $1.8 billion – yes, with a B – against the National Association of Realtors and several real estate brokerages, a verdict that may revolutionize the business model of how homes are bought and sold. Enjoy our First Friday of November 2023 episode! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#469: Lindy feels like her $300,000 of accumulated equity could be put to better use. But she doesn’t want to buy more real estate right now. What’re her options? Katie wants to become a landlord in her home state but she’s concerned about the effects of redlining. Should she look into Section 8? Claudia lives in Germany and wants to buy an apartment in Manhattan. But she knows nothing about US real estate. Where does she start? I tackle these 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/episode469 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Money management is all about setting priorities. Maybe you have the twin goals of sending your kids to college while also saving enough for retirement. And maybe you’re struggling to figure out how to balance the two. Today, Bryan Kuderna, a certified financial planner, shares a framework for helping us set priorities. We talk about the importance of economic literacy, in addition to financial literacy. We discuss how retirement has changed throughout history. And we apply those broader lessons to how you think about retirement. For more information, visit the show notes at https://affordanything.com/episode468 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#467: Should Knoxville use a higher-interest Home Equity Loan (HELOC) to pay off a lower-interest 401k loan? Joelle’s tenant is interested in a rent-to-own agreement. Is this a good idea from a landlord’s perspective? A recent wildfire shifted Sharon’s house into a flood zone. Should she sell before FEMA redraws the map and it becomes official? 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/episode467 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#466: The Consumer Financial Protection Bureau reported in 2022 that medical debt is the most common reason to get a debt collector call. A Census Bureau study in 2021 found nearly 1 in 5 households (19%) couldn’t pay for medical care when it was needed. These statistics underscore the fact that the potential for unforeseen medical expenses to negatively impact our lives is ENORMOUS. Dr. Virgie Bright Ellington, a medical billing expert and author of “What Your Doctor Wants You to Know to Crush Medical Debt,” joins us for today’s episode to discuss the thorny topic of medical expenses. The episode begins by acknowledging the widespread and detrimental impact that medical bills can cause, especially in a healthcare system as intricate as the one in the United States. Dr. Ellington emphasizes the importance of proactively addressing medical bills to prevent them from becoming a source of financial stress. She then shares a detailed roadmap that will empower listeners to navigate the complex world of medical bills with confidence, ultimately achieving financial peace of mind in healthcare. For more information, visit the show notes at https://affordanything.com/episode466 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#465: The Fed is holding interest rates steady for now. The jobs report is better than expected. Stocks and bonds are both going down. What's going on right now in both the economy and in the markets and where should you put your money and your time and attention? That’s what we’re going to cover in this episode. Links mentioned: https://affordanything.com/inflation https://affordanything.com/365 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#464: More than ever, most people's lives are packed to the brim with activity. We are trying to fit in demanding jobs and families, commuting and a neverending list of chores. Social lives often suffer. It’s no wonder that in 2021, 12% of U.S. adults said they did not have any close friends, up from 3% in 1990. This has enormous consequences on our health, productivity, and our ability to grow our net worth, make money, and enjoy life. Dr. Mariso Franco, a renowned psychologist and best selling author, shares invaluable insights on the significance of fostering meaningful connections and discusses the detrimental impact of NOT having fulfilling connections in our lives. Today’s episode also delves into the importance of connection in the workplace. We chat about how cultivating genuine relationships with colleagues can boost productivity, enhance job satisfaction, and contribute to a positive work environment. Throughout the episode, Dr. Marisa Franco shares practical tips and actionable advice on how to nurture and sustain friendships in our fast-paced, digital age and improve our overall well- being. For more information, visit the show notes at https://affordanything.com/episode464 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#463: Mary is struggling to compare two job offers: one from a large corporation and another from a tiny business. How should she decide? An anonymous caller wants to buy a different home, and convert his current home into a rental. How should he finance this move? Christina recently slayed her debt and put herself on track for financial success. But now she’s bored. How can auto-investing be more exciting? Speaking of debt, Christina shares a creative HACK to SAVE $60,000 in student loan interest payments.  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/episode463 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#462: As a society, we’re fascinated by stories of the rich. We hear news, see social media posts, and read books about how others become wealthy, how to maintain that status, and what their lifestyles look like. But what if the media we’re consuming is misleading us? Dr. Seth Stephens-Davidowitz’s research shows that the stories about the rich that dominate the popular press are misleading. Stephens-Davidowitz holds a PhD in economics from Harvard University. He’s a data scientist and a New York Times bestselling author.  In today’s episode, we discuss the misleading stories around the rich. We unearth the truth behind those stories, using data rather than narrative.  We explore the types of businesses that quietly make people millionaires. We describe the ages, occupations and locations of people that become rich, and the unexpected paths they take to achieve this. And we share actionable takeaways that will help you do the same. Discussion as of September 2023: 01:38: Who gets secretly rich? 02:18: The kind of protection you need if you want to be rich 04:10: The number one way to become a millionaire 08:44: What is takes to be a successful entrepreneur 09:19: The detrimental impact of some stories 12:48: The worst kind of businesses 17:14: Who makes up the best entrepreneurs? 21:18: Increase your luck surface area 27:57: How to revolutionize a field 30:37: The ACTUAL path to entrepreneurial success 32:08: The role of duration neglect in decision making For more information, visit the show notes at https://affordanything.com/episode462 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#461: A special LIVE recording in front of an audience at Podcast Movement, an industry conference in Denver. Former financial planner Joe Saul-Sehy and I tackle two questions in today’s episode. Our first question comes from a soon-to-be-single-mother on the precipice of divorce. How should she navigate this financially? Our second question comes from the spouse of a Purple Heart veteran of the war in Afghanistan. She and her husband would like to take a one-year sabbatical from work when they turn 40, which is in five years. They’d also like to pivot into lower-paying but more enjoyable careers. How should they map out their money for this transition? Joe and I dedicate this episode, recorded live on stage, to answering these two questions. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode461 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#460: Mental toughness is the bedrock of starting a business, growing a multimillion-dollar portfolio, investing in real estate, crushing your debt, retiring early. Today’s guest, Dr. Nate Zinsser, mentors elite athletes, soldiers and executives in confidence and mental toughness. He is the sports psychology mentor for two-time Superbowl MVP Eli Manning and the Director of the Performance Psychology Program at the U.S. Military Academy at West Point. He’s mentored the NHL’s Philadelphia Flyers and NCAA teams, and has been a consultant for the FBI Academy, U.S. Army Recruiting Command, and the NYC Fire Department. He holds a PhD in sports psychology from the University of Virginia. In today’s episode, we discuss how to develop the type of mental toughness and confidence that can help you grow your investments, start a business, take risks in your career, make offers on houses, and overall master your financial life. For more information, visit the show notes at https://affordanything.com/episode460 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#459: Andrey is a savvy 10-year-old wondering what’s the best way to save up for his first car. Ingrid wants to know if her parents’ preference for Retiring on Dividends is a better approach compared to the 4 Percent Rule. Erica’s part-time work schedule will place her in an unusually low tax bracket this year. Should she take this rare chance to execute a Roth conversion? Or is it better to prioritize debt payoff? Chloe is worried about the end of student loan forbearance. Should she pull back from making retirement contributions to focus on debt payoff? 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#458: Today we chat with Scott Trench, the CEO and President of BiggerPockets, a real estate investing education company with more than 2 million members. He joins us to share cutting-edge insights on today’s real estate market. We discuss economic trends, demographic shifts, and talk about how interest rates impact home buyers. Whether you're a potential homebuyer, an investor, or simply curious about the housing market, this conversation will shield light on what’s REALLY happening in today’s confusing real estate market. For more information, visit the show notes at https://affordanything.com/episode458 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#457: Angie sold all the stocks in her retirement account last year. And now the market’s climbing. What should she do with her $500,000 cash position? Christina will be graduating with six figures of student debt. Should she refinance out of a federally protected loan to lower her interest rate? An anonymous caller wonders how Paula and Joe handled their primary residences when they moved out of state. 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/podcast-questions For more information, visit the show notes at https://affordanything.com/episode457 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#456: Stanford psychology professor Jamil Zaki shares his research and findings around the science of empathy – and how we can apply this to improving our relationships with colleagues, clients, customers, co-founders, and business and investing cohorts. Zaki is the director of the Stanford Social Neuroscience Lab, and the author of “The War For Kindness.” We'll break down the science. We talk about why empathy matters in business, investments, and in career growth, and we’ll discuss its digital age dynamics. How does AI impact the way in which we relate to others? If you want to learn the science of emotional intelligence, and how to apply this to your career and business interactions, you’ll learn a lot from today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode456 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#455: Yvette recently retired with the goal of reaching a $10,000 monthly income from her real estate investments. Should she put her money toward debt payoff or portfolio expansion? Carly wants to buy a second home and convert her current home to a rental. What are the pros and cons of tapping into existing equity versus saving cash for a down payment? An anonymous caller plans to move back to her touristy hometown in six to seven years. Is it smart to buy something now and take advantage of a thriving Airbnb market? I tackle these three 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/episode455 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#454: Amy says she hit “rock bottom” with her finances. She says she struggled to ask for help before her situation became an emergency. How can others ask for help sooner? Rebecca is a mother of four, which means she’s juggling four distinct college timelines and 529 plans. How does she make a withdrawal plan when there are so many unknowns?  Anne Marie switched jobs. What should she do with her old retirement accounts? And Dylan wonders if the IRS Rule of 55 applies to Roth 401k accounts. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode454 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#453: Today I chat with Simone Stolzoff, a consultant for organizations ranging from Google to the Surgeon General’s Office, and the author of "The Good Enough Job." He’s a graduate of Stanford and U. Penn. Simone has spent a lot of time thinking about the role of work in our lives, and he's got some really interesting ideas about how we can see work as just one part of a happy and fulfilling life. We'll be talking about what happens when work becomes more than just a job, how to challenge the idea that work has to be our calling or our dream, and how to build a more well-rounded life. If you’ve ever “over-identified” with your job, then you’ll find today’s conversation thought-provoking. Enjoy! For more information, visit the show notes at https://affordanything.com/episode453 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#452: Peter Atwater, an economics professor at The College of William and Mary and author of “The Confidence Map,” joins us to discuss how confidence shapes our financial markets. He explains how The Hunger Games relates to the Lehman Brothers collapse. He describes why you should “Buy Adele and Sell Pharrell.” From the Panic of 1857 to the patterns behind modern media consumption, Peter talks us through the intricate web of behavioral oddities that extend beyond finance. He talks about the “K-shaped recovery” – how different segments of the population are experiencing different economic realities. He touches upon economic, political, and social trends, and the hidden dynamics that shape market behavior and reveal the profound impact of consumer confidence. Our conversation will leave you with a deeper understanding of how behavioral patterns shape the financial landscape – including your investments. Enjoy! For more information, visit the show notes at https://affordanything.com/episode452 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#451: Rachel’s car is nearing its end of life and she’s short on cash. Should she sell before she’s hit with a major repair? Cam wants to arbitrage a hefty low-interest loan with a three-year payback period. Is this the opportunity of a lifetime or a disaster waiting to happen? Kris has tried all the budgeting apps but they’re cumbersome and time-consuming. Is there a better way to track his monthly expenses? An anonymous caller feels stretched thin with a high mortgage on a single income. Should she sell off some stocks to lower her monthly payments? 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/episode451 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#450: On the First Friday of each month, we roll out a bonus episode that’s totally different from what we usually produce. These bonus episodes are special, unique, and – we hope – round out a fuller, more multifaceted picture of what we think about. Today, I’m introducing you to a business and economics correspondent from Moscow who I’m honored to call a close friend. Her name is Andrea Palasciano. She’s covered business stories from Paris, Marseilles, Rome and Moscow. She’s fluent in Italian, German, Spanish, French, English and Russian. She’s covered stories ranging from diamond mining in Siberia to sleep deprivation. She’s close friends with Evan Gershkovich, the 31-year-old Wall Street Journal reporter who’s currently in a Russian prison. Today is his 100th day behind bars. Andrea and I were both Knight-Bagehot Fellows and bonded during our year of immersing ourselves into deeply understanding how to tell better stories about business and economics. She joins me in this special episode to talk about the stories she’s covered, the sabbatical experience, and why it’s critical to understand how a bond works (!!). Enjoy! For more information, visit the show notes at https://affordanything.com/episode450 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#449: Jackie is a 42-year-old paralegal with two rental properties. She wants to buy three more. She asks for Paula’s thoughts about today’s economy. Should she buy under these economic conditions? Jen’s husband will retire with a pension that pays twice their living expenses. Does she still need her own retirement account? Rachael just bought a duplex, which she wants to househack. But she’s having second thoughts. Did she bite off more than she can chew? “Minouche” is a return caller with new information: she believes that borrowing from Dad is her only path to home ownership. Does this change Paula and Joe’s advice to her? (And is it even true?) And Molly, a concerned mom, shares some thoughts about this situation. 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#448: An anonymous caller is dealing with guilt over spending a large cash gift. What’s the best use if she doesn’t have an obvious financial goal to throw at it? Eric reached financial independence a few years ago but he hesitates to quit his job. What the heck is a Roth conversion ladder and how can he overcome his psychological barriers? Another anonymous caller and his wife earn $300,000. He feels like they should be financially independent but they’re far from it. What’s going on? 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/episode448 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#447: We talk to Stanford economist Nick Bloom about his groundbreaking research on working from home. Nick has been studying remote work for more than 20 years – since the 1990’s, when people were “telecommuting.” His research, in real-time, looked at how events such as 9/11 shaped attitudes about remote work. The pandemic created a surge of interest in his research. It brought many newcomers to the field. But Nick has the benefit of historical knowledge. He’s spent his career deep-diving into this topic. Nick sheds light on the advantages and challenges of remote work, drawing from extensive data and analysis. He shares surprising numbers and statistics. We discuss productivity, collaboration, employee well-being and organizational dynamics. We also discuss the impact of remote work on cities and housing. Enjoy! For more information, visit https://affordanything.com/episode447 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#446: Paul suffered a stroke at 48. He’s on disability and feeling lost. How does he figure out what’s next? Should Ashley’s aging parents spend a third of their retirement savings on a house? Margaret is wondering if she could use her 401k for a down payment and save on her taxes. An anonymous caller is concerned she won’t have enough access to cash if she retires at 50. Is an Indexed Universal Life policy the right solution? 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/episode446 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#445: We sit down with Steve Chou, an accomplished entrepreneur who, alongside his wife, built two businesses that each bring in seven figures – and gives them the freedom to spend more time with their kids. We delve into the challenges he faced in the early stages of his business and how he overcame these obstacles. Additionally, Steve opens up about the personal and emotional aspects of running a business. He candidly discusses the fears, doubts, and sacrifices he and others have encountered during this transformational journey, emphasizing the importance of resilience and avoiding the comparison trap. Whether you're contemplating leaving your job to start your own venture or simply seeking inspiration from a seasoned entrepreneur, this episode with Steve Chou is a must-listen. For more information, visit the show notes at https://affordanything.com/episode445 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#444: The student loan pause is coming to an end. A moratorium on student loan repayments has been in place since the start of the pandemic, but starting Sept. 1st, millions of borrowers will be required to start making payments on their loans again. What does this mean for borrowers? In this episode, we'll discuss what borrowers can do to prepare, including an in-depth look at the variety of repayment plan options. We’ll also talk (in general terms) about how to handle ANY surprise new monthly bill – whether it’s a medical bill, a family member who needs ongoing financial help, or a student loan repayment that’s about to restart. For a list of Sources and Resources mentioned in the show, go to https://affordanything.com/episode444 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#443: As a former corporate powerhouse turned successful entrepreneur, Amy knows firsthand the challenges and triumphs of building a business from scratch. Amy is the host of the top-ranked podcast "Online Marketing Made Easy," and the owner of a multi-million dollar digital course business. She is also the author of “Two Week’s Notice,” a guide to quitting your job and building your own business. Get ready to be inspired as we uncover Amy's secrets to building a thriving business and learn how you can apply her proven techniques to achieve your own entrepreneurial dreams. Whether you're just starting out or looking to take your business to the next level, this episode is packed with actionable advice that you won't want to miss. For more information, visit the show notes at https://affordanything.com/episode443 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#442: An anonymous caller is struggling with a tempting offer from her family to buy her first house. Chris recently tripled his income. How should he manage this unexpected surplus? Tyson is wondering if it's a good time to convert his bonds into treasuries. “Jaula” wants to know if she should count her side hustle income as part of her retirement money. 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#441: It’s GRADUATION WEEK! For those of you who’ve been following along this past year, you know that I’ve been completing the Knight - Bagehot Fellowship at Columbia University. This week, my family and I are celebrating the countless hours of studying, all-nighters and eye opening experiences, so here at Afford Anything, we’re airing an important episode from our archives. This episode addresses important questions we’ve been getting from the Afford Anything community, including: Where do I invest? How do I diversify outside of the stock market? How many individual stocks should I hold? I’m looking forward to returning to the amazing Afford Anything community full-time as of June 1st, and eagerly anticipating sharing everything I’ve learned with YOU!!!! The team has big plans for the next year, so enjoy this episode and stay tuned for future announcements. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#440: An anonymous caller wants to retire and travel in 20 to 30 years. How does she know if she’s saving enough? Trace plans to take a mini-retirement next year. Where should she keep her savings until then? Samantha and her partner have lived out of their truck for 20 years. They sorta-kinda feel ready to buy a house and settle down. But they’re hesitating. What if they hate it? “Barbara,” an anonymous caller from Episode 422, is struggling with a scarcity mindset. How does she stop worrying about the future and build the confidence to enjoy life 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/episode440 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#439: There are massive rapid changes unfurling in the financial world. This week’s biggest news: First Republic Bank collapsed; JP Morgan Chase acquired it. (As it happens, I was one of 12 people who was lucky enough to have dinner with Chase CEO Jamie Dimon exactly one week ago – just days before the acquisition. I tell that story around the 8-minute mark of today’s episode.) The Fed issued a 10th consecutive rate hike, raising interest rates another quarter of a percentage point. Inflation is still double the target rate. And public confidence in bedrock financial institutions, as measured by a regional banking index fund, is in the toilet. I talk about these issues for the first 18-ish minutes of the podcast, and then we switch to a replay of an interview that we held with acclaimed financial advisor Michael Kitces, which originally aired as Episode 64. Enjoy! The interview with Michael Kitces originally aired on February 13, 2017 https://affordanything.com/64-michael-kitces-mind-powerful-money/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#438: “Do you want to save money? Or do you want to enjoy your life?” That’s a common question, but it’s strange. It assumes these ideas are opposites: frugality is synonymous with deprivation; spending is a proxy for enjoyment.  That premise is wrong.  Let’s stop conflating spending with happiness. Let’s stop using “savings” or “free” as a euphemism for second-tier or sucky. Most online articles that discuss free or frugal enjoyment are poorly-thought-through listicles that offer half-baked ideas, like “go to the park” or “host a potluck.” Not only are these insufferable, they also miss the point. Behavioral change doesn’t come from a laundry list. It comes from cognitive reframing. To facilitate this reframe, we’ve invited Yale-educated former attorney and world-renowned happiness expert Gretchen Rubin to return to our show.  Gretchen was a guest on Episode 40, when she cited research about effective habit formation. She returns with a methodical, structured look at how to derive more joy from daily experiences through heightened sensory awareness. She draws from science, philosophy, medicine, literature and psychology to tell a layered story about how to find simple pleasures in everyday things. Her latest book, Life in Five Senses, came out on April 18 and immediately hit the New York Times bestseller list. Enjoy! Timestamps as of April 2023: 10:44: Why you should visit the same place everyday 11:55: How going to the same place can change over time 16:40: Advantages of being in tune with our senses 24:07: How to deepen your sense of smell 31:00: How culture impacts senses 37:19: How does your age impact your sensory experience? For show notes, go to https://affordanything.com/episode438 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#437: Do you have a project you want to start … but you’re stuck in analysis paralysis? Do you feel like if you want to do something right, you have to do it yourself? Do you try to wind down after the end of a long day, but your energy levels are just not quite restored? If you answered “Yes!” to any of these questions, then this episode is for you. Psychotherapist Katherine Morgan Schafler, a former on-site therapist at Google, and author of “The Perfectionist’s Guide to Losing Control,” joins us to chat about her research on perfectionism. She shares a framework on five types of perfectionism. She describes the pros and cons of each type, and how to work through some of the negative tendencies to build a more emotionally healthy life. Enjoy! For more information, visit the show notes at https://affordanything.com/episode437 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#436: Jeremy wants to attend graduate school. Should he take student loans or cash out his investment portfolio? Andy is wondering if the 4 percent rule stands up to high inflation. (There’s a shockingly simple answer!) Did Rudolfo discover a hack to supercharge his 401k investing? Nandini is overwhelmed by her investing choices. What accounts should she use? What funds should she pick? 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#435: Lee is 30 and facing a tech layoff. She can live for a year on her savings. She’s thinking about taking the rest of the year off. How should she prepare her investments? Stacy wants to buy an Airbnb but she’s scared she’ll regret selling her company stock to do it. An anonymous caller is tired of living paycheck-to-paycheck as a freelance artist. How can she stabilize an inconsistent income? Danelle is a DIY investor. She can’t find a financial advisor who gives advice without insisting on managing her investments. Is she looking in the wrong places? 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/episode435 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#434: 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#432: 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 ________________________________________ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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!) Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 book, How to Change, is a “science-based blueprint for achieving your goals, once and for all.” In this discussion, Katy reveals Why your strategy is key to making lasting change How we can pick the right strategy for our circumstances 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Instagram (https://instagram.com/paulapant) Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Sign up to take the 31-Day Challenge for an Awesome 2021 at https://affordanything.com/31daychallenge Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

For more information, go to https://affordanything.com/tag/psa-thursday Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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

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

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#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

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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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

Download the 31 Tips to Stay Productive as you Work From Home at https://affordanything.com/productive Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Paula describes the experience of having Covid-19, the illness caused by coronavirus. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

A new segment giving tips to help flatten the curve and manage your money during this global event. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices