Afford Anything | Make Smart Money Choices

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

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

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

#252: The government issued a $2 trillion stimulus. How will that affect the economy? Could we endure massive inflation or hyperinflation? Bradley kicks off today’s Ask Paula episode with this timely question. What inflation rate will we see in 2020, and how can we prepare? How should we hedge against hyperinflation? Anonymous Retiree (whom we call Sequencing Sally) is 64 and retired last year. She lives off of monthly withdrawals from a Vanguard portfolio. Given the bear market, should she leave her portfolio alone and spend from an emergency fund? Additionally, her target allocation is off-kilter. Should she rebalance now or later? Jay wants to reach financial independence in five years, but she’s in a job that will pay her $270,000 student loan balance if she stays there for another 17 years. Should she stay, or quit and face the balance? Jan has $500,000 in a managed fund with a three percent annual fee. He wants to move his funds into his Vanguard personal brokerage account, without incurring a ton of taxes from the sales of his holdings. How can he accomplish this? My friend and former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode252 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#251: Do you love the idea of making money on your own -- without a boss? Can you imagine deciding how you spend each day? Are you bored and looking for a challenge? Do you love the thought of adventure? Today’s guest, Chris Guillebeau, knows all about hustling, living an unconventional life, working towards seemingly impossible goals, and combining his interests into an epic lifestyle business that brings him freedom and joy. Chris is the New York Times bestselling author of The Art of Non-Conformity, The $100 Startup, and The Pursuit of Happiness. He has traveled to 193 countries, served four years as a volunteer on a hospital ship in West Africa, and is a successful speaker, writer, and entrepreneur. Oh yeah, and he’s a high school dropout. (A super accomplished high school dropout.) How did Chris accomplish so much without a high school degree? How did he forge a path toward his goals despite depression and anxiety? What advice does he have for aspiring side hustlers and entrepreneurs? Find out in today’s episode. For more information, visit the show notes at https://affordanything.com/episode251 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

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

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

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

#248: We are living in a time of extreme uncertainty. Many of us are questioning how we can best use the funds we have to survive it. “Should I sell the funds I have invested in the market, or keep contributing?” “Should I continue with my plans to invest in real estate?” “Should I hoard all of my cash in case this gets worse?!” My friend and former financial planner Joe Saul-Sehy joins me on today’s show to shed light on the answers and how to handle the stock market collapse. Here are the key points we discuss in this episode: Don’t panic sell and convert paper losses into real losses. Stay the course. If this is your first bear market, welcome to being a real investor! This is how you grow in the long-term. Dollar-cost averaging is your best friend. How this upcoming recession might be different. The silver lining? The economy was doing well going into this. But the speed at which our markets recover depends on the speed and dedication with which we flatten the curve. The financial principles you can use that will guide you to security in these rough times. P.S. – Unless you’ve been tested, default to the assumption that you’re infected and act accordingly. For more information, visit https://affordanything.com/episode248 Learn more about your ad choices. Visit podcastchoices.com/adchoices

It's Quarantine Day 10, and thank goodness I've been staying in, because yesterday I learned that I have a 102.3 degree fever. I don't know if it's Covid-19 or if it's a fever with extraordinarily bad timing. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

#247: Caroline wants to buy her first home in Denver, CO. How can she calculate how much mortgage she can comfortably afford? Anne plans to retire later this year on rental income (woohoo!). She’s saved up a hefty emergency fund for her properties, and she wants to know 1) if she should invest a portion of this in index funds, and 2) whether she should rebalance her portfolio to account for this huge cash allocation. Anonymous Nurse has over $100,000 in debt, not including their mortgage. They want to invest in rental properties, but with so much debt, they're thinking of selling their home or renting it out. Which option is best given their interest in real estate? Joy wants to know if she should put $50,000 towards her primary residence mortgage, or use it as a downpayment on her first rental property. What are the pros and cons of each option? Anonymous owns a cash-flow positive condo...on leased land. The land will revert back to the owners in 32 years. When is the best time to sell this property? I answer these five questions in today’s episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode247 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#246: At 19 years old, after completing her first year of college, Jillian married her husband. During their first year of marriage, they lived in a camper and earned a combined salary of $12,000. One year later, Jillian's husband graduated college and joined the military. They relocated to Washington D.C., where they earned a combined $60,000 per year. They saved half of their income and used that savings to chip away at $55,000 of debt. At 22 years old, Jillian and her husband adopted a son. Not long after that, they had a biological newborn. At 24 years old, they accumulated their first $100,000. Jillian and her husband remained committed to saving half of their income. This allowed them to buy a house in cash, invest in two rental properties, and invest in index funds. At 32 years old, Jillian and her husband achieved financial independence. All on a modest five-figure income. How did Jillian and her husband live on $12,000 per year? How did they save $100,000 after three years on a $60,000 per year salary? What sacrifices did they make? And how did they transition from saving to spending? Find out in this raw, emotional interview. ____________ You'll enjoy this episode if: You earn less than six-figures and question your ability to reach financial independence Guilt prevents you from spending the money you’ve saved (“I can’t spend on X if I want to achieve FIRE!”) You want a relatable, realistic take on the journey to financial independence For more information, visit the show notes at https://affordanything.com/episode246 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#245: Joe has a 24-year-old friend who won a $1 million settlement. How can she use this money to set herself up for financial independence? Jay is 52 years old and wants to retire at 59.5. He began investing in individual stocks to achieve this goal, and has had excellent returns so far. Is this a sound plan for early retirement? Or should he work until age 62 for Social Security? Steve is 54 years old. He plans to retire at 60, which is when he can collect 67 percent of his pension. A Vanguard advisor suggested that he direct some of his 403b contributions as Roth contributions, rather than pre-tax contributions. Should he act on this suggestion? Anonymous in New York City wants to invest their HSA contributions this year, but the expense ratios seem high. Can they move their HSA to a different provider? What fees are normal for HSAs? Brit has a similar question. She wants to know: is it possible to invest in the S&P 500 Fossil Fuel Free Index through Vanguard? My friend and former financial advisor, Joe Saul-Sehy, joins me on the show to answer these six questions. Enjoy! For more information, visit the show notes at https://affordanything.com/episode245 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#244: Grant Baldwin felt burned out. He worked as a youth pastor, which felt like a 24/7 profession. He had to attend student events held late into the night, which left him exhausted. One night, he came home to find his wife crying. She told him that she felt like she had a roommate, rather than a husband, because he was gone so often. So Grant did something drastic: he quit his job, with negligible savings, when his wife was four to five months pregnant. For the following year, he waited tables and worked odd jobs, cobbling together gig-economy money while raising a newborn. During his rare unscheduled moments, he started crafting a new career for himself as a self-employed public speaker. Today, Grant Baldwin is a speaker, entrepreneur, coach, and author of The Successful Speaker. He’s earned multiple seven-figures in speaking fees and has helped over 2,000 people become professional speakers. He shares how he made his dream a reality in this episode. For more information, visit the show notes at https://affordanything.com/episode244 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#243: Adam is 23 years old and wants to achieve financial independence as quickly as possible. However, he’s nervous about investing in the stock market and real estate. How can he overcome his fears? Paris, age 35, has a similar question. She earns $150,000 per year, is debt-free, and doesn’t own a home. How can she reach financial independence in less than 10 years? Paul wants to househack his first home, but none of the properties he's seen meet the one percent rule. He doesn’t want to rent forever. Does he need to compromise on his commute time, or wait until he finds an undervalued gem? Anonymous Househacker rents an apartment with three bedrooms, two of which he rents out on an inconsistent, short-term basis. They want to know: does the money they earn count as rental income if they aren’t making a profit on it? Ben is a real estate investor who’s curious about growing his portfolio from four units to 20 units. What’s the best approach to take? I answer these five listener questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode243 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#242: Ash Ambirge grew up in a trailer park in Pennsylvania. She never met her father. Her disabled mother, who raised her on government assistance, passed away when she was 20. Her childhood goal? To join the middle class. She dreamed of becoming one of those people who eats lemon pepper chicken. What’s more middle-class than that? She attended college on a full scholarship. When she graduated and accepted her first cushy office job, earning $30,000 per year, she blew her paychecks. She bought a brand-new car, rented a luxury apartment and financed a $5,000 mattress. Yet despite her material luxury, she felt that some important element was lacking. In her quest to find meaningful and creative work, she launched The Middle Finger Project, a company that teaches skills like entrepreneurship, battling perfectionism, and trusting your most dangerous ideas. She joins us on today’s podcast episode to share her incredible story about struggling to join the middle class, shrugging off a conventional career, and trusting her most dangerous ideas. For more information, visit the show notes at https://affordanything.com/242 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#241: Anton wants to accelerate his flight training so he can get hired within two to three months, rather than two to three years. He has to raid his retirement savings to achieve this. Should he? Linda and her husband have their eyes on early retirement, but they aren’t sure what their post-retirement lifestyle will cost. How can they budget for unknown expenses that include travel? Joseph contributes 15 percent of his income to both a Roth 457b and Roth IRA. He wants to retire before age 59.5. Given his early retirement goal, should he focus solely on his Roth 457b? Henry wants to know how rebalancing and dollar cost averaging interact with each other. Should he rebalance his all-equities portfolio? If so, what approach should he take? Joe maxes out his 401k and IRA each year. He can make after-tax 401k contributions, or fund his Vanguard taxable brokerage account. Which should he prioritize? As usual, my friend and former financial advisor, Joe Saul-Sehy, joins me on the show to answer these five listener questions. Enjoy! For more information, visit the show notes at https://affordanything.com/episode241 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#240: Are you investing, speculating, or gambling? What are the three drivers of asset performance? Are you aware of who’s getting a cut from your investments? Do you even know who’s on the other side of the trade? David Stein is the author of Money for the Rest of Us, a book that answers these questions. He’s the former Chief Investment Strategist & Chief Portfolio Strategist at Fund Evaluation Group, a $70 billion investment firm. If you’re thinking of adding a new investment to your portfolio, David’s investment philosophy and framework can help you avoid expensive mistakes. For more information, visit the show notes at https://affordanything.com/episode240 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#239: Lo is in a good spot with her career, but she’s struggling with a ton of student loan debt, and consequently, credit card debt. What should she do to manage it? Anonymous wants to know how to set up a backdoor Roth IRA. Eric and his wife own a property in Savannah, GA that brings in more money as an Airbnb than a traditional rental. They want to invest in more properties and are wondering if this model is the best path to take. James wants to own a vacation rental in the Vermont mountains that he can use when it’s vacant. What features or qualities would make a profitable vacation rental? What red flags should be on his radar? Ayesha is looking at buying a rental property that has a partial HUD claim on it. What kind of complications should she anticipate? Or should she let this property go completely? Shelbi and her husband own a rental property that they purchased for $178,000 that’s now valued at $300,000. They’re looking at a multitude of options - sell it, move into it, or keep it. What’s best given their FIRE goal? For more information, visit the show notes at https://affordanything.com/239 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#238: “If I had more willpower, I’d achieve my financial goals.” “I’m doomed to fail with money.” “I’m horrible for not keeping to a budget.” These are common thoughts, but they’re erroneous. You can’t willpower your way through money management, you’re not doomed to fail, and you’re not horrible for blowing your budget. You’re human, and humans make emotional decisions. Those emotional decisions don’t have to mean a financial death sentence, though. Jeff Kreisler, co-author of Dollars and Sense and Editor-in-Chief of PeopleScience.com, tells us how we can avoid common money mistakes and rewrite our financial future. For more information, visit the show notes at https://affordanything.com/238 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#237: Katie wants to know how to purchase a business that’s already cash-flow positive. What indicators can she look for? Rob will retire from the military with an inflation-adjusted pension. Does he need a bond allocation in his investment portfolio? Brian conquered a large sum of credit card debt, but still has student loan debt and a mortgage. Should he pay off his student loans, refinance them, or refinance his mortgage? Jeff is curious about the pros and cons of investment apps. When should you use them? Another Kati (without an e!) wants to live a healthy and wealthy life before she’s 70. Where should she allocate her savings so she can retire early? We answer these five questions in today’s episode. For more information, visit the show notes at https://affordanything.com/episode237 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#236: Kristy Shen and Bryce Leung achieved financial independence four years ago at age 31 and 32. They saved $1 million and live on $40,000 per year while traveling the world. Kristy and Bryce don’t worry about running out of money, they created new identities after quitting their jobs, and their community has quadrupled in size. Here’s how they achieved this lifestyle. For more information, visit the show notes at https://affordanything.com/episode236 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#235: Anna has made the leap to self-employment … but what’s next? She lives in the Bay Area and she’s trying to choose between five business ideas; she needs to make enough money to stay in her high-cost area. Doug recently won $9,000 from an online poker side gig and is wondering how best to use the funds: pay off high-interest student loan debt, or keep it to increase his poker earning potential? Alex and his partner want to househack a single-family property with a mother-in-law suit. What should they consider as far as zoning goes? Darrell is on track to retire in two years at age 55 and wants to know what he should do with his primary residence. Should he rent it out? Or should he sell it and use the profit to invest in rental properties? Or use the profit to buy his retirement home? Mara is curious about 1031 exchanges. She has equity in a rental property that she’d like to harvest, but she wants more information before making the move. Michael and his wife are struggling with competing goals. They want to invest in real estate, but they also want to move into an apartment closer to work to reduce their long commutes. Should they sell their home and invest the equity into a rental property, or should they take a HELOC on their home instead? For more information, visit the show notes at https://affordanything.com/episode235 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#234: We review 26 quick, easy actions that improve your financial life, plus 10 new added bonus ideas that came directly from our community. We issue a challenge for you to tackle one action per week for the first 26 weeks (six months) of the year, so you’ll build stronger financial health by summertime. Download the free book that accompanies this episode at http://affordanything.com/2020kickoff and join us in the 2020 One Tweak a Week challenge! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#233: Deepak is considering downsizing his family’s home, but wants to know if the savings are worth the transaction costs he’ll have to pay. Anonymous and her husband hold $900,000 worth of privately-owned company stock. How should they plan for handling this money? Shelby is 25 years old and works for a company that awarded her restricted stock units. What should she do with these? Additionally, she traded in a 2013 Prius for a 2018 Subaru, for which she now owes $19,000. Should she sell it for a used vehicle or stick it out? Katelyn is interested in learning more about annuities. What should she know in order to make an informed decision? Max FI and his wife want to retire in 12 years. How should they invest to achieve this? Anonymous’s former employer offered a Roth and Traditional 401k, and his new employer only offers a Traditional option. How should he rollover his former Roth 401k? For more information, visit the show notes at https://affordanything.com/episode233 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#232: Anthony ONeal is the bestselling author of Debt-Free Degree, a book that teaches parents how to help their children graduate from college without student loans. He’s part of the Dave Ramsey Solutions team, which teaches people how to pay off and avoid debt, and he's the co-author of Graduate Survival Guide, along with Rachel Cruze. Anthony joins us on this episode to share tips and hacks to help you save on tuition and find money for college. For more information, visit the show notes at https://affordanything.com/episode232 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#231: Avie needs to decide between two options: paying off a rental property, or funding a retirement account. Which should she choose? Lisa wants to know: when should you fund an HSA account? Sofia’s parents have lived with her for the past few years, but Sofia’s job is relocating her out-of-state. How can she transition her home to a rental for her parents? Jim is a saver and his wife is a spender. How can he interest her in frugality? Candice wants to know my thoughts about online real estate investment crowdfunding platforms. Good idea or bad idea? Kristen has a mortgage on her primary residence and a rental property. They have similar interest rates. Which should she pay off first? I tackle these questions on today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/epidode231 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#230: Dr. Susan David, a psychologist on the faculty at Harvard Medical School, joins us to talk about emotional agility. Dr. David has researched emotional agility for around 20 years. A few years ago, she summarized her work on this concept for the Harvard Business Review. Her article became one of the most popular articles of the year, and the publishers heralded it as the Management Idea of the Year. Dr. David gave a TED talk on emotional agility, which went viral, gaining more than a million views. She then published a book called Emotional Agility which became a #1 Wall Street Journal Best Seller. The concept of emotional agility won the Thinkers50 Breakthrough Idea Award. She’s provided consulting around this concept with clients that include the United Nations, the World Economic Forum, the NASDAQ, Google, and Microsoft. She joins us today to explain how to define emotional agility, how to develop it in your life, and how it applies to any goal that you want to pursue - whether that’s financial independence, early retirement, career advancement, or greater success in your health and your relationships. For more information, visit the show notes at https://affordanything.com/episode230 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#229: Normally, we’re a once-a-week podcast, with episodes airing every Monday. But on the first Friday of every month, we have a First Friday bonus episode! Helen discovered that her mother fraudulently opened credit card accounts in her name. Eek! How can she protect herself? What will happen to these accounts once her mother passes away? Amelia and her husband cannot fire their financial advisor. How can they minimize the damage and maximize the benefit they receive from him in the meantime? Anonymous asks if she should live off an inheritance and max out her 401k contributions during her first year of working full-time. She wants to reduce her taxable income. Is this a good idea? A different anonymous caller read a USA Today article claiming that “index funds are in a bubble.” How true is this? How can index funds be in a bubble? Shawn is self-employed. He invests in a Solo 401k that features both a Roth and Traditional component. How should he manage this account? Another anonymous listener is thinking about downshifting to part-time work. He holds around $278,000 in home equity. How can he capitalize on this? Former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode229 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#228: In November 2005, when Noah Kagan was 24, he was hired as Employee #30 at Facebook. His stock options would have been worth $170 million if he’d cashed out in 2014, he says. But he didn’t see a dime. In June 2006, merely 9 months after he started working at Facebook, Noah got fired. Instead of making $170 million, he made zero. He fell into a deep depression for a year. Then he rescued himself by becoming a serial entrepreneur. He tried his hand at a lot of things -- including developing Facebook games, selling discount cards, creating a payment processor in the gaming space -- but he’s best known for his two most successful companies. In 2010 he started a company, AppSumo, which offers discounts on small business software. By 2012, AppSumo was grossing $4 million per year in revenue, with annual net profits of $500,000. Yet Noah wasn’t fulfilled. He pivoted. In 2015 he started a sister company, Sumo.com, which develops marketing tools for websites and online businesses. In today’s episode, Noah and I discuss reflections on business, money and life. Enjoy! For more information, visit the show notes at https://affordanything.com/episode228 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#227: Lien is taking a year off of work to live the van life with her husband. She wants to know how she can make the most of this sabbatical to figure out how to turn her less-than-inspiring career into a lifestyle that she loves. Lien called in again to say that she wants to start a new business and a family when she returns from her gap year. Her former job offered excellent health benefits and maternity leave, but she doesn’t really want to go back. What should she do? Eddie wants to build his real estate portfolio. How should he approach downpayments - put down more to net more profit, or put down less to acquire more properties? Wilson is wondering if it’s a good idea to partner with a friend on real estate ventures. What are the downsides? Wilson also wants to know about real estate business expenses, and the pros and cons of short-term rentals vs. long-term rentals. Sean has an inconsistent employment history and is struggling to find a lender that will give him a mortgage. He wants to know if there are any other ways he can get a mortgage for a 4-plex? An anonymous listener is thinking about taking the leap into real estate investing and wants to know how to overcome the fear they have about it. Also, should they put all of their savings towards real estate? Anonymous is also wondering: how do you calculate net worth when you’re married? For more information, visit the show notes at https://affordanything.com/episode227 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#226: Feeling time-crunched? Today’s episode is for you. Today’s episode features productivity expert John Zeratsky, who shares specific, action-packed time management strategies, with a focus on email management. If the term inbox zero sounds laughable, these strategies are up your alley. John’s interest in productivity began one winter morning in 2008, when he realized that the past few months had been an eerie blur. He realized that time was slipping away. He knew he needed to figure out a better way to manage his time - and his life. He started deep-diving into time management strategies and eventually co-authored a book, Make Time. If you want to learn how to redesign your daily schedule, you’ll enjoy this episode. For more information, visit the show notes at https://affordanything.com/episode226 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#225: Lauren is 26 and earns $48,000 per year after taxes. She saves $12,000 annually in retirement accounts, and an additional $18,000 per year for a downpayment on a home. She wants to buy a home in the next five years. Where should she keep her savings in the meantime? Sawyer has a five-year financial independence plan. She owns two high-end condos in a NYC suburb. She lives in one unit and rents the other, but she’s bothered by the fact that she’s forgoing collecting rent on her home unit. Should she move? Katie’s husband is going to grad school and they want to pull money out of a Vanguard account to fund his tuition. Should they do this? Cassie is in the process of finalizing a divorce. She and her daughter will receive between $80,000 - $116,000. Should they use the funds to buy a home with a 20 percent down payment or pay off their $30,000 debt? Andy is curious: should you re-adjust the 4 percent withdrawal rule if your investment portfolio grows? Joe wants to become self-employed but is concerned about health insurance. What are some affordable options? Laura is ready to retire. She’s also engaged, and her fiance wants to keep working. Should they file taxes jointly or separately? Doug is interested in learning more about equity sharing programs. Are these safe investments? Tania wants to know: can you open and fund a Roth IRA if your only source of income is alimony? Brian took out a 401k loan to buy a car. He regrets his decision. Should he take out a personal loan to pay back the 401k loan? Former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode225 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#224: Scott Young, author of Wall Street Journal best-selling book Ultralearning, talks about the 9 principles of Ultralearning, which can help you learn new skills, reinvent yourself, stay relevant, and adapt to whatever life throws at you. If you think you know the best way to learn something, think again. This book will challenge your assumptions. Whether you want to develop hard skills to become more valuable at your job, soft skills for your journey to self-improvement, or you want to honor your love for learning, these 9 principles will help you become more effective at developing new skills. If you enjoyed my interviews with James Clear or Cal Newport, you’ll enjoy this one. For more information, visit the show notes at https://affordanything.com/episode224 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#223: Elizabeth is curious to know: what does a good net worth breakdown look like? Is it appropriate to have a lot of your net worth tied up in real estate? Marie wants to start her own business, but she’s living paycheck-to-paycheck. Is incurring debt her only option to make this dream a reality? Bria wants to take a second mini-retirement and has a good chunk of money saved up. She wants to come back to the workforce with a cash cushion. What should she do with her money while traveling? Connor is facing a dilemma. Is he correct in not prioritizing 401k contributions given that his employer doesn’t offer a match, combined with his goal for financial independence? Is his strategy of using his savings for real estate investing better? Caroline is wondering: should she aggressively pay off her home and her rental properties, or use her excess savings to fund a brokerage account? Anonymous is relocating from Southern California to Florida. She wants to know if she should rent an apartment and buy a rental property, or buy a primary residence with the $150,000 she has saved. Today’s episode is full of exploring and weighing tradeoffs. For more information, visit the show notes at https://affordanything.com/episode223 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#222: Michael Robinson and his wife, Ellen, achieved financial independence at age 33. They ‘retired’ (they still enjoy working) three years later at age 36 on two five-figure incomes. Today, Michael and Ellen are raising their two children to be bilingual by slow traveling throughout Latin America. Michael and Ellen blog about their FIRE adventures at uncommondream.com. They believe that “the Uncommon Dream is the dream pursued – the dream met with planning, action, and sacrifice. With just a dream and those three tools, you can accomplish almost anything.” Today, Michael joins us on the show to talk about the seven ways that he and Ellen escaped the rat race and achieved FI at 33. If you enjoy hearing stories and case studies from people in this community who have reached FI, then you’ll love this interview. For the full show notes, go here: https://affordanything.com/episode222 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#221: Vanessa is curious about Fidelity and Vanguard. She asks: what are your thoughts on the no-fee Fidelity index funds? What are your opinions on Vanguard’s financial advisors? Andy wants to know: should my wife and I continue maxing out our traditional 401k and backdoor Roth IRA, or should we start contributing to the Roth 401k my employer offers? Kyle is wondering - how can he minimize his taxes when he earns $450,000/year? Rob is self-employed and has been maxing out a Roth IRA, but recently discovered that he can open a self-employed IRA. Should he move his Roth IRA money over, or just open a new account and fund it from scratch? Christina is torn. Her and her husband have been saving to buy a house, but because they live in New York, their savings won’t go very far. Is it a good idea for them to continue renting, despite their dreams? Mercedes is wondering how REITs compare to stocks and owning actual real estate. Additionally, she’d like to know more about Forex trading. Craig has an employee stock purchase plan (ESPP). Since these tend to be risky, he’s wondering: is he better off moving the $25,000 that he puts towards the ESPP into mutual funds? Or is an ESPP a good way to diversify his funds? Myself and former financial planner, Joe Saul-Sehy, answer these questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode221 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#220: In a hectic world, stillness is the key to a calm, enjoyable life. That idea comes from Ryan Holiday, author of Stillness is The Key. Stillness is finding flow, staying present, and being impervious to the pressures of the outside world. It doesn’t mean removing yourself from society and sitting in a forest; to the contrary, many CEOs and world leaders have practiced remarkable stillness during times of crisis. Bestselling author Ryan Holiday discusses actionable tips on how to practice the art of stillness, as well as its applications to the pursuit of financial independence or any massive goal. For more information, visit the show notes at https://affordanything.com/episode220 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#219: Stella is working toward FIRE and wants to know: how can she create passive income in her retirement years? Is a portfolio with stocks and bonds enough, or should she invest in real estate? Travis and his wife are also on the FIRE path, and are comparing their investment options. Travis is concerned about the inefficiency of reinvesting returns in real estate. How can you factor this into your decision when buying a property? Stephanie and her husband are also interested in FIRE (hooray!) and they have $20,000 to invest. How can they best use this money to help them FIRE sooner? Cade, a 24-year-old listener, wants to FIRE by age 30 (we’re on a roll!). He’s saving $4,000/month and wants to know how to invest these savings. Anonymous and their partner are taking a mini-retirement and have questions surrounding the logistics of healthcare. What options should they consider? On a different note, Amanda works in academia. After listening to Episode 12, she’s looking for tips on managing long-term, complex collaborative projects now that she’s in a leadership position. Steve’s question brings us to the topic of building an online business and social media following. Should he have one brand for all of his interests, or divide these interests into separate channels? I tackle these questions in today’s episode of the show. Enjoy! For more information, visit the show notes at https://affordanything.com/episode219 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#218: Kristen Berman is co-founder of Irrational Labs, a behavioral product design company, along with Dan Ariely. She has a fascinating job that involves looking into why people behave the way they do with their money, and discovering the easiest solution to help them create more positive financial behavior. In short, she’s a proponent of redesigning the current financial system to make saving automatic and easy, and that’s part of what we discuss in this episode. If creating better financial habits has been a challenge for you, or if you have trouble framing spending as a positive thing, rather than a loss, then Kristen has awesome advice for you. Here are some key takeaways from the interview: 1. Habits are overrated - one-time decisions are more effective. 2. Simplify decision-making by giving yourself a rule-of-thumb to follow. 3. Pre-commit to your financial goals. 4. Measure process versus outcome. 5. Use accountability partners to reach your goals. 6. The Three Bs - Behavior, Barriers, and Benefits. For more information, visit the show notes at https://affordanything.com/episode218 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#217: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe. In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. Earlier this year, Cody and Justin from The FI Show interviewed me and asked some excellent questions about my journey to financial independence, entrepreneurship and passion, and minding the gap between your income and expenses. We talk about the importance of side hustling and how to create a well-paying job from your skills. We touch on real estate and why I chose this strategy to reach FI. We also discuss the bone I have to pick with the financial independence movement. Finally, we chat about what financial independence is really about, because it’s not about sipping margaritas on a beach. It’s about having the freedom to use your time in whatever way you want. I hope you enjoy it as much as I did! Thank you to Cody and Justin for giving us permission to air this interview. P.S. - Starting with the next episode, we’ll return to our usual routine of brand new interviews and Ask Paula episodes. :) For more information, visit the show notes at https://affordanything.com/episode217 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#216: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe. In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. Welcome to another episode from our archives! This one was recorded in March 2018, and Dr. Wade Pfau had a ton of insight into the four percent rule that so many of us are concerned with. First, here’s a brief history of how the four percent rule came to be. In 1994, William Bengen decided to look at 30-year timespans throughout U.S. History, beginning with the year 1926. He worked under the assumption that a retiree held 50 percent stocks (in the form of S&P 500 Index), and 50 percent bonds (intermediate-term government bonds). He looked at two things: the worst-case scenario, and how much an investor could sustainably withdraw from their portfolio under that worst-case scenario. The year 1966 ended up being one of the worst to retire during, and an investor could withdraw 4.15 percent during the first year, and 4.15 percent, adjusted for inflation, every subsequent year. That is how the 4 percent rule came to be. Dr. Wade Pfau, a Professor of Retirement Income at The American College of Financial Services, argues that the 4 percent rule may not be the end-all-be-all we think it is. He voices his hesitations and explains how you can determine how much you can afford to spend in retirement on this episode. Enjoy! P.S. - We’ll return to our regular podcast production schedule in October! For more information, visit the show notes at http://affordanything.com/216 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#215: We are really digging into the archives with today's episode. This originally aired back in 2016! Besides being another fun and fascinating interview, this is one of our most popular episodes. Which isn't surprising, given the topic we're exploring. :-) Financial independence means many things to many different people, which might be why we find it challenging to settle on a definition that everyone can agree on. Regardless of what your personal definition is, Joshua Sheats, a financial planner and host of the well-known Radical Personal Finance podcast, says that financial independence can be separated into seven stages. We explore these seven stages of FI in this episode, and we also talk about how to enjoy the journey no matter what stage you're at. Enjoy! For details, visit the show notes at https://affordanything.com/stages-financial-independence-joshua-sheats/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#214: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe. In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. I’m super excited to share an interview I did with Brad and Jonathan of ChooseFI back in December 2018. It was fun to have the tables turned, and Brad and Jonathan left no stone unturned in their interview with me. If you ever wanted to know my origin story, including where my love for travel comes from, where my desire for freedom came from, and how I combined both, then give this interview a listen. We talk about everything from: How travel wasn’t a big part of my life until college How I prefer to travel Why the idea of mini-retirements is so important Making the transition from freelancing to having my own business and giving up that business in favor of focusing on Afford Anything Dealing with imposter syndrome Overcoming and working with a scarcity mindset What financial independence means to me The importance of self-care Brad and Jonathan are two of the most thorough interviewers I’ve ever recorded with, and this interview was a lot of fun. If you want to learn more about them, I returned the favor by interviewing them on this show on this episode https://www.choosefi.com/105-you-can-afford-anything-but-not-everything-paula-pant Thanks to Brad and Jonathan and ChooseFI for giving us permission to air this interview! P.S. - We’ll return to our regular podcast production schedule in October! For more information, visit the show notes at https://affordanything.com/episode214 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#213: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe. In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. If you missed the last episode, you might want to listen to it before diving into this one, as Andrew and I go into the finer points of investing here. Seriously. This is one of the most in-the-weeds shows I’ve done to date. If you’re playing catch up: Andrew Hallam is a teacher who became a millionaire in his 30s and reached FIRE in his 40s. His starting salary was $28,000 - net. If you want to know how he did it, and what his first three rules of building wealth are, then listen to episode 212. Otherwise, tune into this episode, where we review his six other rules that can turn middle-class people into millionaires: Understand your inner psychology. Conquer the enemy in the mirror. Learn how to build a balanced, responsible portfolio. Create an indexed account, no matter where you live. Don’t resign yourself to taking this journey alone. Inoculate yourself against slick sales rhetoric. If it sounds too good to be true, it probably is.a While these rules sound simple on the surface, Andrew and I go way beyond that, talking about hedge funds, human psychology, and casinos. This was a favorite among listeners back in 2017 and it’s one of the most enjoyable interviews I did. I hope you enjoy! P.S. - We’ll return to our regular podcast production schedule in October! For more information, visit the show notes at http://affordanything.com/episode213 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#212: It’s September!! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe. In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. First up is a two-part interview with Andrew Hallam, a teacher who became a millionaire in his 30s and reached FI in his 40s. How? Beyond investing small sums (we’re talking less than $100 per month) throughout college, he also saved half of his starting salary of $28,000. This episode is for anyone who thinks it’s impossible to reach FIRE on a low salary. I originally interviewed Andrew in January 2017, and we could not stop talking. Which is why our three-hour interview was divided into two parts. In this first part, Andrew shares his story - how he became a millionaire, and why he wanted to achieve FIRE in the first place. He also shares three principles from his book, Millionaire Teacher: Nine Rules of Wealth You Should Have Learned in School: Rule 1: Spend like you want to grow rich. (Don’t waste money on junk.) Rule 2: Use the greatest financial ally you have. (Time.) Rule 3: Small percentages pack big punches. (Avoid high-fee funds.) As for the other six, they’re coming up in Part 2. :) Enjoy! P.S. - We’ll return to our regular podcast production schedule in October! For more information, visit the show notes at https://affordanything.com/episode212 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#211: Hey there! I’m writing this from Croatia, where I’m beginning five weeks of travel that I’m calling my September Sabbatical. From now through September 23rd, I’ll be exploring the globe and enjoying a one-month break. Today, I’m kicking things off with a community-based episode. Here’s the backstory behind today’s show: There’s an event called CampFI, which is a 3-4 day gathering for people who are interested in financial independence. CampFI holds around half a dozen events per year in various locations; I spoke at one in Colorado Springs this past July. While I was there, two other podcasters and I decided to interview the participants to find out their “why of FI.” What motivates them to build financial independence? These interviews and stories from the community are today’s episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode211 Learn more about your ad choices. Visit podcastchoices.com/adchoices