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

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Synopsis

You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention and ultimately, our life. Every decision is a trade-off against another choice.But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life?Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life.Want to learn more? Download our free book, Escape, at http://affordanything.com/escape

Episodes

  • My Husband Makes Double My Income, But Saves Nothing! Should I Be Worried?

    20/03/2024 Duration: 50min

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

  • Wall Street Secrets, with Your Rich BFF Vivian Tu

    13/03/2024 Duration: 01h38s

    #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/live5

  • I’m Earning Extra from my Side Hustle. But Does This Cramp My Chances at Investing?

    07/03/2024 Duration: 57min

    #492: Christine’s business is struggling. She needs more income. If she adds a full-time remote job to her plate, how will her retirement and finances change? Rob enjoyed a banner year in 2023. He made over $1 million. But the sting of income tax has him making moves that violate his investment strategy. Is his tax tail wagging the dog? Gena is excited to make the most of business deductions. Can she contribute 100 percent of her wages to a 401k and have the company match that? Christina is tired of living like a pauper in the name of student loan repayment. Is Public Service Loan Forgiveness the answer? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode492 Learn more about your ad choices. Visit podcastchoices.com/adchoices

  • Why Bitcoin is Back in the News | First Friday

    01/03/2024 Duration: 22min

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

  • Inside the Mind of a Supercommunicator, with Charles Duhigg

    28/02/2024 Duration: 01h20min

    #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

  • Ask Paula: What to Do with a Six-Figure Windfall?

    21/02/2024 Duration: 01h08min

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

  • Gut Instincts and Big Decisions, with Morgan Housel

    14/02/2024 Duration: 01h02min

    #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

  • Ask Paula: "Should I Put My Dreams on Hold … and Buy a House Instead?"

    07/02/2024 Duration: 01h08min

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

  • Stocks are Hot. Jobs are Hotter. What’s Next?

    02/02/2024 Duration: 53min

    #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 stee

  • How to Start a Business in One Weekend, with Noah Kagan

    31/01/2024 Duration: 01h23min

    #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 ther

  • Ask Paula: The Hidden Cost of Student Loan Forgiveness

    24/01/2024 Duration: 01h07min

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

  • Thriving in a High-Pressure World, with Jennifer Breheny Wallace

    18/01/2024 Duration: 48min

    #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 intervie

  • Ask Paula: Should We Drain Our Brokerage to Make a HUGE Down Payment?

    10/01/2024 Duration: 01h05min

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

  • What’s In Store for 2024? Bitcoin, Home Buying, and Kiyosaki’s $1.2 billion in debt

    05/01/2024 Duration: 34min

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

  • Your Blueprint for Life's Toughest Challenges, with Hal Elrod

    04/01/2024 Duration: 01h12min

    #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 s

  • Ask Paula: Is Mom Getting Ripped Off by Her Investment Advisor?!

    27/12/2023 Duration: 01h10min

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

  • Buy the Damn Guac, with Jamila Souffrant

    20/12/2023 Duration: 58min

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

  • Ask Paula: Investing for the Future vs. Paying Down the Past

    13/12/2023 Duration: 01h18s

    #477: Kayla is torn between paying off a loan early or catching up on missed retirement contributions. Josh wants to retire early and meets the threshold for zero capital gains taxes. Should he put all his retirement savings into a brokerage account? An anonymous caller wants to know how to merge financial lives with her husband from another country. Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode477 Learn more about your ad choices. Visit podcastchoices.com/adchoices

  • Astronaut's Guide to Taking YOUR Moonshot, with Mike Massimino from NASA and Big Bang Theory

    06/12/2023 Duration: 01h28min

    #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 lear

  • Tribute to Charlie Munger, The Man Who Taught Warren Buffett How to Invest

    01/12/2023 Duration: 23min

    #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

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