Afford Anything

#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

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#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

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#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

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#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

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#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.

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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:

1. Future tax rates 
2. Tax complexities for small business owners and high earners
3. Social Security uncertainty
4. Stock-based compensation 
5. 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

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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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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)

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#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

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#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

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#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

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#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.

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#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

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#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

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#523: How much is an hour of your time worth?

Google's Executive Productivity Advisor , Laura Mae Martin, joins us to answer that question.

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#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

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#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

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#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

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#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

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#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

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#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

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#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:

1. Embrace the unpredictability of life and recognize the interconnectedness of your actions.
2. Prioritize resilience over efficiency to mitigate catastrophic risks.
3. Understand the difference between predictable and uncertain challenges to make smarter decisions.

For more information, visit the show notes at https://affordanything.com/episode516

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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/

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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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.

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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

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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.

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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.

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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.

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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.

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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.

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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.

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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!

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#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

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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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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

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#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.

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#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

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#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

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#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

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#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

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#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

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#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

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#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.

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#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.

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#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

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#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/

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#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

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#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

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#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.

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#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

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#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.