Afford Anything | Make Smart Choices About Your Money, Time And Productivity

#260: Katelyn wants to fire her financial advisor and move her investments from mutual funds into Vanguard index funds. Should she do this during the pandemic? Or should she wait? Marisa asks: can you invest in a Roth IRA if your income is inconsistent and might exceed the cap? Anonymous Moving-for-a-New-Job had a Simple IRA at her old job that she can no longer contribute to. She also can’t contribute to a 401k until she’s been at her new job for a year. Where should she put her money in the meantime? Anonymous “Olivia” is interested in a Roth conversion ladder, but wants to know: does the pro-rata rule apply here as it does with a backdoor Roth conversion? Mary received an $80,000 grant of RSUs from her employer when she started. These RSUs began to vest after one year, and the price per share has increased 44 percent. What should she do with the shares? My friend and former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! For more information, visit the show notes at

#259: Leadership comes in all forms. Whether you’re a small business owner, a manager or department head at work, or the head of a volunteer organization, having a crystal clear vision is critical to success. Without a clear vision, you’re likely to stumble along a path that leads to nowhere -- or worse, a dead end. Wouldn’t it be better to have an idea of where you’re going? Michael Hyatt, a prolific bestselling author on the topics of business and leadership, shares the pitfalls of not having a vision and 10 ways to nail down a solid vision that will lead you to the path you want to be on. Check out bonus resources: http://visiondrivenleader.com/afford Learn more about your ad choices. Visit podcastchoices.com/adchoices

We have muted the podcast thusfar this week, in support of the #amplifymelanatedvoices movement and in support of the #theshowmustbepaused movement. We have assembled a list of resources that highlight books, websites, podcasts, nonprofit organizations and GoFundMe campaigns that I would like to direct your attention to in lieu of our normal programming. These resources can be found at https://affordanything.com/psathursday We are also matching $3,000 in donations to the Committee to Protect Journalists, the Atlanta Community Food Bank, and the Children's Development Association. Please DM me on Instagram with a screenshot of your donation and I'll match it. Instagram: paulapant Learn more about your ad choices. Visit podcastchoices.com/adchoices

Let's start with the good news: the majority of U.S. households, 6 in 10, donate money to nonprofits and charities, and 1 in 4 adults in the U.S. volunteer their time and talent. The only way our society is going to get through the struggles and the stresses that we face is if we are good to each other. Compassion and common humanity are crucial. In this PSA episode we discuss strategies around giving, including how to donate money and volunteer time effectively, as well as how to embrace the opportunity to practice informal, random, spontaneous acts of kindness. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#258: “Burned Out in Boston” wants to reach financial independence. But she’s not sure she can stick it out in Boston much longer. She and her husband want to move to an area that doesn’t have many job prospects, and they want to make this leap soon, ideally before they reach FI. How do they know when it’s the right time to jump ship to their dream location? We tackle this topic, plus four other questions about stock market and real estate investing strategy, on today's Ask Paula episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode258 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#257: “The checking account is like the trash can of personal finance.” Today’s podcast guest, the famed behavioral economist Dr. Dan Ariely, is not a fan of checking accounts. Or supermarket end caps. Or anything that distracts us from our financial goals. In this episode, he explains why. Dan Ariely is one of the world’s most renowned behavioral economists. He’s the James B. Duke Professor of psychology and behavioral economics at Duke University. His TED Talks have been viewed more than 15 million times. In 2018, he was named one of the 50 most influential living psychologists in the world. He’s the New York Times bestselling author of many books, including Predictably Irrational, a book that challenges our assumptions about our ability to make rational decisions. He also wrote Dollars and Sense, a book about our cognitive biases, and The Honest Truth About Dishonesty, a book about how we lie to everyone, including ourselves. For more information, visit the show notes at https://affordanything.com/episode2

How can you find business and investment opportunities in today’s tough pandemic bear market? What should you do to emerge from 2020 stronger than you started? We cover 7 specific, immediate actions that can set you up to succeed in this recession. Here's a peek: think about hiring a team, create an original piece of work, take online classes, and keep your plans intact (even if that means quitting an unfulfilling job).   For more information, visit the show notes at https://affordanything.com/psathursday Learn more about your ad choices. Visit podcastchoices.com/adchoices

#256: Jon is wondering if now is a good time to move his RRSP into a tax-free savings account, given the market downturn. He knows you can’t time the market, but the opportunity is tempting. What should he do? Laurel’s question revolves around the CARE Act and early withdrawal from a 401k. She needs to rebalance her 401k and wants to buy a rental. Instead of selling stocks, should she sell bonds as a form of rebalancing and to withdraw for a rental property? After seeing so many businesses experience financial hardship, Rebecca and her husband are curious: why don’t companies have emergency funds? Salome sees the stock market downturn as an opportunity for tax-loss harvesting, but does this hold if you’ve held stocks for less than a year? Sheena has the option to purchase company stock at a 15 percent discount through an Employer Stock Purchasing Plan. However, it’s volatile right now. Should she contribute the maximum amount, or nothing? My friend and former financial planner Joe Saul-Sehy joins me to answer

Before the pandemic, the U.S. housing market was strong. Home prices were at historic highs. Borrowers were more qualified than ever, with two-thirds of mortgage originations going to borrowers with excellent credit. As of January 2020, delinquencies (borrowers more than 30 days late on a payment) reached a 20-year low. How has the pandemic affected the market? Are we due for another spate of foreclosures? What's going to happen to housing supply? What about demand? Are buyers still buying? Are sellers still selling? And if you're thinking about buying a home -- either as an owner-occupant or as a rental property investor -- what do you need to know about the new pandemic landscape? We dig into depth in this short, researched-packed PSA Thursday episode. For more information, visit the show notes at https://affordanything.com/PSAThursday Learn more about your ad choices. Visit podcastchoices.com/adchoices

#255: When a crisis hits, do you stay calm and collected, or do you launch yourself down a rabbit hole of worry and worst-case scenarios? When the stock market spirals downward, do you shrug and stay the course, or do warning bells explode in your brain? When news of the pandemic hit, was your first instinct to form a calm and reasoned action plan, or rush to the store to buy months of supplies? Your personality influences your reactions to these scenarios. Today’s guest, Dr. Sarah Stanley Fallaw, has a Ph.D. in applied psychology and is the founder of DataPoints, a research firm based on the science of building wealth. What links between personality and money management has research uncovered? We discuss this topic in today’s episode. For more information, visit the show notes at https://affordanything.com/episode255 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#254: Lydia earns income as both a 1099 contract worker and a part-time W2 employee. She filed for unemployment as a W2 worker, but can’t find information on how to file as a contractor. Is there a process contractors can follow to file for unemployment? Florina and her husband have $70,000 in cash to invest. Where should they put this money in light of the current market? Ali and his wife saved eight months of living expenses in their emergency fund in case they get laid off during the pandemic. Is this too excessive? Danielle wants to take advantage of pandemic stock prices - what should she invest in? Anonymous in Real Estate wants to buy a multifamily property with the equity in their first rental as a downpayment. Their husband doesn’t want three mortgages. Should they accelerate mortgage pay-down and be one mortgage down in four years? I answer these five questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode254 Learn more about your ad choi

Welcome back to PSA Thursday, a segment in which we talk about how to handle money, work, and life in the middle of a pandemic. Today, our focus is on money - specifically, the stock market. Why did it crash in March? What effect did that have on us as a society? Why has it rebounded in the middle of a shutdown, and what does that mean? Are valuations too high relative to earnings? How can we handle our investments and retirement savings at a time when the movements of the market seem irrational and unpredictable? We explore these questions in today's episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#253: Dr. Steve Wendel is a behavioral economist and the head of behavioral science at Morningstar, an independent investment research firm. Samantha Lamas is also a behavioral researcher at Morningstar. They discuss the hidden biases in our decision making and how these hidden biases affect us - particularly during this pandemic and during times of high anxiety and stress. They also discuss techniques that will help us avoid deceiving ourselves. For more information, visit the show notes at https://affordanything.com/episode253 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#252: The government issued a $2 trillion stimulus. How will that affect the economy? Could we endure massive inflation or hyperinflation? Bradley kicks off today’s Ask Paula episode with this timely question. What inflation rate will we see in 2020, and how can we prepare? How should we hedge against hyperinflation? Anonymous Retiree (whom we call Sequencing Sally) is 64 and retired last year. She lives off of monthly withdrawals from a Vanguard portfolio. Given the bear market, should she leave her portfolio alone and spend from an emergency fund? Additionally, her target allocation is off-kilter. Should she rebalance now or later? Jay wants to reach financial independence in five years, but she’s in a job that will pay her $270,000 student loan balance if she stays there for another 17 years. Should she stay, or quit and face the balance? Jan has $500,000 in a managed fund with a three percent annual fee. He wants to move his funds into his Vanguard personal brokerage account, without incurring a ton of ta

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

#251: Do you love the idea of making money on your own -- without a boss? Can you imagine deciding how you spend each day? Are you bored and looking for a challenge? Do you love the thought of adventure? Today’s guest, Chris Guillebeau, knows all about hustling, living an unconventional life, working towards seemingly impossible goals, and combining his interests into an epic lifestyle business that brings him freedom and joy. Chris is the New York Times bestselling author of The Art of Non-Conformity, The $100 Startup, and The Pursuit of Happiness. He has traveled to 193 countries, served four years as a volunteer on a hospital ship in West Africa, and is a successful speaker, writer, and entrepreneur. Oh yeah, and he’s a high school dropout. (A super accomplished high school dropout.) How did Chris accomplish so much without a high school degree? How did he forge a path toward his goals despite depression and anxiety? What advice does he have for aspiring side hustlers and entrepreneurs? Find out in today’s

A weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic. Here's how to build an emergency fund during an emergency, and how the bear market affects your investment strategy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#250: Should we invest in sustainable funds? If we choose sustainable funds, will our investment returns suffer? Will our expense ratios be sky-high? What drawbacks might we face? How do we know that these funds are actually ethical? And what choices are out there for people who want to invest ethically or sustainably? We invited Dr. Jon Hale to our show today to answer these questions. Dr. Jon Hale is a chartered financial analyst and the global head of sustainability research for Morningstar. He directs Morningstar’s research on sustainable investing, which launched with the Morningstar Sustainability Rating for Funds in 2016. For more information, visit the show notes at https://affordanything.com/episode250 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#249: I’m recovering from Covid-19 at the moment, so I couldn't put together a new episode this week. But in honor of the First Friday of the month, I wanted to re-air this interview with Cameron Huddleston, which we originally aired in August 2019. In this interview, we discuss how to have those important but awkward conversations with your parents and grandparents about estate planning, wills, trusts, power of attorney, and more. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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