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#140: Should you buy a rental property that mandates HOA payments? How do you adjust for cap rate over the years, as the property's rent increases with inflation? Should you buy an $88,500 house that rents for $1,250 a month? And can you dive into detail about how you work with contractors and property managers? I answer these four questions in today's Ask Paula episode, themed around real estate investing. Daria asks: My husband and I live in Charlotte, North Carolina. I've been looking at local properties and I notice that a lot of these properties, Class C+ or higher, come with HOAs. For example, I've found properties that cost $80,000, rent for $1,000 per month, and have HOA fees of around $150. What do you think about HOA fees in general, and how do these affect factors like cap rate? I'd love to hear your thoughts. Sabrina asks: How does the cap rate on a property change over time, as the rent increases with inflation and other operating costs shift around? Jasmin asks: I'm looking at a rental property that costs $88,500 and needs $2,000 in initial repairs and other fees. My gross rent would be $1,250 per month, with estimated 8 percent vacancy. I estimate $555 monthly in expenses ($6,660 annually), including setting aside one percent of the purchase price for repairs and maintenance and another one percent of the purchase price for capital expenditures. What do you think of this deal? Rob asks: Can you please explain how you work with your contractors and property managers? On your blog, you describe texting with your contractor, but shouldn't the manager handle that? I'd appreciate any insight into how you handle these relationships. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#139: Five years ago, at age 29, Kim E. started her first professional, salaried full-time job, working as a firefighter for the City of Austin, Texas. She received a starting salary of $42,000. Today, five years later, she has saved: - one year's salary ($40,000) in an emergency fund - one year's salary ($42,000) in a workplace retirement fund - more than half a year's salary ($27,500) in a Roth IRA She also paid off her student loans ($10,000), paid off her car loan (roughly around $16,000-ish), and contributed to an H.S.A. account ($6,000, half of which came from an employer match.) Oh yeah, and she also bought and renovated a rental property. Translation? Kim has saved (or repaid debt of) $141,500 within five years, as a firefighter with a starting salary of $42,000, excluding the additional money she's invested into her rental. **She's saved more than 3x her starting salary, within her first five years on the job.** And she's done this while earning a middle-class public service salary in an expensive city. Wowza. How is Kim saving half of her firefighter salary? And before she became a firefighter, what other frugal tactics did she develop? How did she put herself through four years of college with less than $10,000 in debt? How did she travel before college, when she used to earn $10 per hour? Where does her resourcefulness and motivation come from? And what wisdom can she share with others? Find out in today's episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#138: There’s a famous quote that’s attributed to Henry Ford. The quote says, “If I had asked people what they wanted, they would have said faster horses.”⠀ ⠀ There’s no proof that Henry Ford actually said this. But whether or not that quote is historically accurate, the point remains. If Elon Musk had asked people what they wanted, they would have said a car with better gas mileage.⠀ ⠀ But Elon never bothered asking. Because he knows you cannot change history from the middle of the bell curve. And he knows that design by consensus, by definition, leads to average results.⠀ ⠀ He may ask for input on the details. But he will never ask the crowd to guide his vision.⠀ ⠀ True innovation comes from vision. We see this in technology. We see this an art, music, writing. But often, we fail to see this in ourselves. We allow the crowd to dictate who we are: what our dreams are, what our goals are, what our fears are. We crowdsource our vision and live a life of “should.”⠀ ⠀ Authenticity is the art of not giving a sh*t about should.⠀ ⠀ This sounds fine on the surface, when we’re pontificating about our lives. But it’s much scarier in the real world, when you face the reality that people will judge you. They will criticize you. They will tell you that you’re wrong. ⠀ ⠀ The more you try to step away from should, the more shoulds they throw at you. You should be married. You should have kids. You should have a job.⠀ ⠀ The thing is, they may be talking about you, but it’s not really about you. Your decisions are triggering to them, and they’re reacting to that.⠀ ⠀ Authenticity means accepting that if other people get triggered, that’s not your responsibility. You may be the catalyst, but you’re not responsible for their emotions.⠀ ⠀ And in that regard, authenticity is also the art of setting boundaries.⠀ ⠀ That doesn’t mean you exclude people from your life. But it does mean that you set healthy emotional boundaries, such that their thoughts and feelings do not become internalized as your own.⠀ ⠀ _____ This is a snippet from a speech I delivered at the World Domination Summit in Portland, Oregon last week. I'm sharing the speech for this July 2018 First Friday bonus episode. We broadcast one podcast episode per week, and on the first Friday of each month, we roll out a special bonus episode. Today's episode is July's special bonus episode, and I've divided it into two sections: during the first half, I share the speech that I delivered, and during the second half, I discuss how and why I wrote this speech -- and the key takeaway that I hope people learn from it. Enjoy! _______________________________________ For more ways to interact or listen to the show, go to http://affordanything.com/episode138 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#137: Today's episode is an annuity sandwich: we answer one question about family and relationships, three questions about annuities, and one question about time management. My friend and former financial planner Joe Saul-Sehy joins me to answer questions in what, I hope, is the most entertaining episode about annuities you'll hear. Here are the five questions that we'll tackle today. Anonymous asks: I didn't grow up with much money, and my father recently went into bankruptcy. I've worked hard to become financially stable. Unfortunately, my parents expect a handout. How do you handle parents and other family members who look for handouts when they see you're doing well? Zoey asks: I'd like to retire in the next 10-15 years. I'd like to understand the difference between an investment with a lump-sum payout vs. an annuity fund. What are the benefits and drawbacks of these options? How do annuities work? What are their benefits? How do I know what's right for me? Charlene asks: Let's say you're looking at your retirement portfolio, and you realize you're behind. You still have 10-15 years left. You have 10 percent of your portfolio in an annuity. Should you move this money into a stock fund? Or should you keep the annuity? Magy asks: My husband and I are both 32, and save 25% of their income for retirement. He has a 401(k) and maxes out a Roth IRA. I'm a teacher and make a pension contribution. I also max out my Roth IRA and contribute a small amount to a 403(b). My 403(b), however, has a variable annuity with no surrender charge, with a 1.5 percent account fee. Should I keep putting money in this 403(b)? I also have a side hustle; would it be better for me to open a retirement account through my side business? Also, since we're already saving 25% towards retirement, I'm curious if we should invest more for other goals. We're putting 3 percent of our income in non-retirement investment accounts and 1.5 percent of our income in our sons' 529 plans. How should we divide our savings between retirement vs. other long-term goals? Laura asks: You've often written about the importance of an emergency fund and cash reserves. Do you have any ideas in thinking about this way with regard to your time or focus? If you're spending at capacity -- whether you're spending money, time or focus -- you have no space for either emergencies or opportunities. How do you conceptualize this? How do you balance busy-ness with the importance of creating free time and space? We answer these five questions in today's episode. Enjoy! ______ Resources Mentioned: - Afford Anything podcast episode with Laura Vanderkam - Laura Vanderkam's book, 168 Hours - David Allen's book, Getting Things Done - Austin Kleon's book, Steal Like an Artist - RoseMarie Garner interview on the FinCon podcast - Afford Anything blog post, "I tracked my time in 15 min increments" Visit the website at https://affordanything.com/episode137 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#136: Rich Carey is a military millionaire. He's spent his career in the U.S. Air Force; he's currently stationed in Seoul, South Korea. He was stationed in Germany before this. He'll retire after this. Most of his fellow servicemembers, upon taking a military retirement, start a second career. But Rich doesn't need to. He's financially independent, thanks to his 20 rental properties. He bought most of these properties while stationed overseas. He's renovated them from afar. And he's bought everything with cash. To say his story is impressive is an understatement. Every week, I get emails and messages from readers who say things like: *"I'd like to buy a rental property, but everything in my city is expensive!"* *"I'd like to buy a rental property, but I'm not handy. I can't do any of the work myself."* *"I'd like to buy a rental property, but I only make a middle-class income."* *"I'd like to buy a rental property, but we're a one-income household."* *"I'd like to buy a rental property, but we have two kids, and they're expensive."* Rich's story illustrates how someone with a middle-class income can invest in rental properties from out-of-state. He earns a military salary. He lives in Korea. He's the sole breadwinner in his family. He supports a wife and two children. He's definitely not taking 2 a.m. toilet-fixing phone calls. In fact, he hasn't even seen several of his properties. As you'll hear in the interview, my friend Emma and I visited Montgomery, Alabama about a year ago. Rich's properties are located there. During our visit, I sent Rich an email, saying "Hey, I'm in Montgomery!," and he replied with, "Cool, I just bought another house there! You're welcome to drive by and see it from the outside." This means I've seen houses that he hasn't. *His* houses. ____ How did Rich start investing in rental properties? How did he grow a portfolio of 20 rentals? How could he build this free-and-clear, without taking out any loans? And how does he manage this from Germany and Korea? Find out in this interview. ______________________________ For more information, visit the show notes at http://affordanything.com/episode136 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#135: Time to talk about houses! I answer your questions about rental property investing in this week's episode. Our first question comes from James, age 25. He lives in Florida, where he bought a $130,000, 3-bedroom, 2-bath condominium in the Class B range as his primary residence. He'd like to buy a second home and rent out his current home. He has $4,000 in cash and is eligible to take out $5,000 as a home equity line of credit. He makes $41,000 per year, after taxes. He'd like to buy one property a year. What funding options can he look into? If he had good credit, can he bypass the downpayment wall? What general advice would I offer to someone in his situation? Here's a short summary of what I tell James: 1. Keep a personal emergency fund. 2. Keep cash reserves for your rental. If your condo rents for $1,300 per month, you'll want at least 3 months' gross rent in reserves, or $3,900. 3. Look into FHA loans, which require only 3.5 percent down. 4. Wait until the HELOC can get you at least $10,000 to $15,000. Ideally you'll also want a little extra on the side for closing costs and other unexpected costs. 5. Think of 'one house a year' as general guideline rather than diehard order. The more properties you purchase, the faster you can buy properties, because you can reinvest the cash flow from your existing properties. Your growth will be slowest in beginning and gets faster as you move along. The next question comes from Berlinda. She works in a job she loves, with a great company, chill manager and fantastic team. She's signed a two-year contract, and she's six months into that term. She lives in metropolitan Chicago, but her boyfriend lives in New York. She's concerned that if she moves there, she might not find a job that she loves quite as much. She bought a duplex, and now owns a total of three rental units. She needs to upgrade these units. She projects that she'll need 14 rental units before she can live on the income. How can she scale her rental properties to the point at which she can live on their income? The third question comes from Katie from Mississippi. She started reading the Afford Anything blog in 2015, after she bought her first rental property. She now owns two rentals. She bought the first for $77,000 (purchase + initial repairs) and it rents for $975, and the other for $80,000 (purchase + initial repairs) and it rents for $900. After the PITI mortgage, they collect $603 per month, or $7,236 per year. Their operating expenses have consumed this amount, and in some years their operating costs exceed their income. What's going wrong? The final question comes from Ben. He and a business partner owns a multi-unit rental property, which they purchased two years ago. His business partner lives in one of the three units; the total income is $2200 from two of the three units (plus the partner lives in one unit for free). Their mortgage is $1475, plus $120 for insurance. Ben would like to get out of the deal, but he's not sure how. He'd like to refinance the property to get his name off the mortgage, either by selling his share to his business partner or by finding another partner to replace him within the deal. What should be do? ____ I answer these four questions in today's episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode135 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#134: We often peek inside the world of business to look for lessons about how to simplify, optimize and innovate. But what can we learn when we examine world-class people who are hacking the system in any field -- including sports, politics and music? What can we learn when we're radically curious about everything? And how can we apply this knowledge to helping us lead more deliberate, curated lives? Today, we tap Shane Snow's brain for answers. Shane Snow is a co-founder of Contently, a company that matches freelancers with publishers. But we're not going to talk about that today. We're going to explore bigger themes. Because Shane isn't just a tech entrepreneur. He's also an award-winning journalist, which is another way of saying that he's an inquisitive person who lives in the world of storytelling and big ideas. His first book, SmartCuts, explores how people avoid climbing the normative career ladder. It showcases people across a variety of industries who hack the ladder, often by making unconventional lateral moves. And that is exactly the kind of thinking that appeals to anyone building financial independence, and trying to design a meaningful, autonomous and unconventional living. His latest book, Dream Teams, explores what it takes for a group of people to come together to create something amazing. How can the whole be greater than the sum of its parts. And he looks across industries, at everything from hockey teams to businesses and beyond, to find the universal threads inside these stories. A few accolades before we begin: GQ Magazine described Shane's work as "insanely addicting," and The New York Times refers to Shane as a "wunderkind." (I had to Google that term -- apparently, it refers to someone who achieves great success at a young age.) He has also, somehow, appeared on Gossip Girl and beat Super Mario 3. Let's find out what Shane has to say about innovation, curiosity, teamwork, and hacking the system. Oh yes, and kangaroos. For more information, visit the show notes at http://affordanything.com/episode134 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#133: Andy from Michigan loved the episode with charity:water founder Scott Harrison. After the episode, he and his 6-year-old daughter started watching videos about charity:water, and now they're both inspired to give. Andy's question is on the topic of giving. His is to reach financial independence within 5 to 10 years. He and his wife are debt-free, including mortgage-free, and their retirement accounts are well-fueled. Now they're working on building passive income. In the meantime, though, they'd like to add a bigger charitable slice to their budget. He's not an overly religious guy, but he feels a calling to make more charitable donations than he does. What advice could we offer about how to boost his giving? JR's wife, before they got married, purchased two timeshares at a 17.9 percent interest rate. When the couple met, and she confessed, they immediately paid off the debt. They're now paying $160 per month in timeshare fees. JR is trying to figure out how to get rid of their timeshare, but he can't find any good options. How can he get rid of this? Angela's husband is turning 50, and she is 43. They're on-track to have $1 million in investments within 7 years. They have two rental properties plus a primary residence, all of which will be paid off in around 7 years, as well. They're active and healthy, but they know this can change quickly. What type of long-term care insurance do they need? Joelle works in the public sector. She has a 457(b) retirement account. How does this differ from a 401(k)? She plans to career-change in the next few years, and she's considering whether to keep her funds inside of her 457(b) or rollover her funds into an IRA. What are the pro's and con's of both? Ines from Portugal wants to start a podcast about financial independence, early retirement and real estate investing, specifically for people who live in Europe. The issues that affect people in Europe are different than those that impact people in the U.S., and she sees a need within the marketplace. What advice would I offer to anyone who wants to start a podcast in this niche? For more information, visit the show notes at http://affordanything.com/episode133 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#132: BONUS EPISODE!! On the first Friday of the month for the remainder of the year, I'm rolling out an additional bonus episode. As you know, this podcast airs weekly on Mondays. I'm thinking about maybe -- MAYBE -- expanding the podcast to twice-a-week. Maybe. But before I make such a big commitment, I figured I'd test the waters by producing *one* extra episode per month. I'll release this on the first Friday of every month for the rest of 2018. Today's episode is the June 2018 First Friday Bonus Episode, in which I answer three questions from the Afford Anything community. Enjoy! ____ Cameron accepted a job in the Middle East, where he earns 60 percent more than he could make at a comparable job in the U.S. He also gets free health care and 30 vacation days annually, which gives him time to travel with his wife and four kids. And thanks to his income and benefits, he and his family are on-track to reach financial independence in six years. The problem? He's just not that into his job. He'd like to pursue something more interesting ... he's just not sure what. And since he doesn't know what's next, he's worried that he might be running *away* from something rather than running *into* something else. Should he tough out the next six years? Or should he quit, even if that will delay his journey to financial independence? __ Hailey is 22, and she bought her first home last year. She bought a condo for $103,000 with a 3 percent downpayment and a 30-year, fixed-rate mortgage at 4.5 percent. Her condo was in mediocre shape at the time, so she's spent the past year renovating the space -- such as replacing the flooring and getting rid of the popcorn ceilings. Her neighbor recently sold his condo for $120,000, so Hailey is reasonably sure that -- between the comparable sale and the improvements that she's made -- her condo could appraise for at least that much. She'd like to get an appraisal, so that she can get rid of her $60 monthly PMI payment. But an appraisal costs between $660 to $850, and she's only planning to live in the condo for another year. She thinks she'll keep the condo for around three more years. Should she get an appraisal? Are there any red flags or drawbacks to doing this? ________ Danica called to say "congratulations!" on the 10-year anniversary of quitting my job. She's curious: how did I reach financial independence? I answer these three questions in today's First Friday Bonus Episode. Enjoy! For links to resources mentioned in this episode, visit http://affordanything.com/episode132 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#131: Scott Rieckens and his wife Taylor enjoyed a classic Southern California lifestyle. They lived near a gorgeous beach in sunny San Diego. They frequently dined at sushi restaurants. They drove a BMW. But after the birth of their daughter, everything changed. Taylor, an intelligent, career-driven, independent woman, suddenly didn't want to spend any time away from her new baby girl. And Scott had no idea what to do. Their luxury lifestyle depended on dual incomes. At first, he tried to come up with a million-dollar idea. If he could just create a wildly successful business, he thought, he could fix this problem. He started binge-listening to podcasts, trying to figure out how to pull in seven figures, fast. Then he discovered the financial independence movement. And suddenly everything made a lot more sense. Scott realized that if they gave up their consumption habits -- if they moved to an area with a lower cost-of-living, drove less expensive vehicles, or maybe even lived in an RV for awhile -- they could enjoy the life they wanted. They could trade luxury labels for time-freedom. He crunched a few numbers and realized that they could reduce their spending by 70 percent. But it would require HUGE changes, including an out-of-state move. He wondered how to suggest this idea to his wife. ______ What did Scott say? How did Taylor come on-board? And (spoiler alert!) ... how did they get so enthusiastic about financial independence that they decided to create a documentary about their journey into this lifestyle? Find out in today's episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#130: Anna and Dave want to get married … eventually. But they want to buy a rental property together first. How should they approach this from a paperwork/legal structure standpoint? Note: They’re thinking about having one partner purchase the home, with the other partner acting as a lender (with proper paperwork in place). Would this be a wise approach? Fred lives in Saskatchewan, Canada and owns two duplexes. He’s thinking of buying rental properties in the U.S., and he has 4 questions: What requirements or criteria do you establish ahead of time? For example, do you look for a minimum cap rate? Or a specific type of property? When you’re looking out-of-state, what steps do you take to identify a community? How about the type of property? What market research do you undertake? How would you caution an international investor who wants to start investing in U.S. properties? Jordana wants to build financial independence. She’s thinking about selling off stocks and index funds in order to buy her first rental property. Is this a good idea? Cheryl lives in Texas, where property taxes are astronomical. How should she factor this into her rental property decisions? Rachel is worried about bed begs. (Yuck!) Have I dealt with these in any of my rental properties? How do I protect against pests, termites and roaches? I tackle these five questions in today’s episode, which is dedicated to rental property investing. Enjoy! P.S. Need software to manage your rental properties? Collect applications, screen tenants, and collect rent online with Cozy.co/Paula. (And P.P.S. — If you’re not interested in rental investing, don’t worry! Check out last week’s episode about debt payoff with Laura Adams, or the previous week’s episode, in which Joe Saul-Sehy and I answer a smattering of general personal finance questions. Have fun!) For more information, visit the show notes at http://affordanything.com/episode130 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#129: Laura Adams grew up in an upper-middle-class family in South Carolina, and her parents supported her through college. She attended her top-choice school, met her husband while they were still students, and enjoyed a charmed life. When she graduated, she continued to live at a lifestyle to which she felt accustomed. She rented a beautiful apartment. She took vacations. When she felt lonely, she comforted herself with shopping sprees. Unfortunately, her spending habits weren't aligned with her meager post-collegiate, entry-level income. Laura quickly found herself buried under thousands of dollars of credit card debt. She began feeling anxious about the debt. Fortunately, Laura channeled that anxiety into action. She cut back on discretionary spending. She watched her monthly mortgage payments fall. She focused on ways to earn more. Every time she'd free a small chunk of money -- a hundred here, a hundred there -- she made an extra payment on her credit card balance. Eventually, Laura wiped out her debts. She decided to become a "serious student" of finance. She returned to school for an MBA, where she noticed that many of her classmates were intelligent, hardworking students who were superb at managing corporate balance sheets, but terrible at managing their own personal finances. She decided to spend her life solving this problem. In 2006, she began writing about personal finance; in 2007, she started a personal finance podcast; by 2008, she was invited to join the Quick and Dirty Tips Network as the host of the Money Girl Podcast. Her podcast on personal finance has been downloaded more than 40 million times. Laura has also authored several books on money management and appeared on more than 1,000 media interviews on NBC, FOX, Bloomberg and more. How did Laura transition from wearing "financial blinders" to a renowned financial expert? What advice would she give to anyone who's trying to overcome the "ostrich," head-in-the-sand mindset around their money? What important money issues are we not talking about enough? Find out in today's episode. For resources mentioned in today's episode, go to http://affordanything.com/episode129 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#128: Antonia, 27, wants to retire in 15 years. She's trying to figure out whether to contribute to pre-tax or after-tax retirement accounts. Most financial advice for 20-somethings that she's encountered says to contribute to after-tax (Roth) retirement accounts. These articles assume that a 27-year-old will continue earning money for the next 30+ years, presumably escalating into higher tax brackets along the way. By paying taxes upfront, these articles say, you'll enjoy 30+ years of compounding gains, which you'll be able to withdraw tax-exempt. But what if, like Antonia, you're only 15 years from retirement? Should you stick with Roth tax treatment? Or is there wisdom in making retirement contributions with pre-tax money? _____ Marisa is young, high-income, and highly risk-tolerant. She'd like to know: what asset allocation would I suggest for a young, risk-tolerant person? And is rebalancing her portfolio necessary, or just a distraction? _____ Dylan owns his home outright. When he sells it, he'll collect about $100,000 after fees. He also has an additional $100,000 saved in cash. He'd like to buy a home free-and-clear. What's the best way to approach this? Should he take out a home equity line of credit? A bridge loan? Something else? _____ Pal lives in the San Francisco Bay Area. He recently bought his first rental property, and he's interested in building passive income and reach financial independence. He's curious about credit card piggybacking, a side hustle by which a person with a high credit score adds another person with a low credit score as an authorized user to their card. It seems like a legitimate way to earn extra money. Why aren't more people talking about this? Is there a problem he's overlooking? _____ Anonymous, 24, says she knows next-to-nothing about investing. She has $6,500 in her Roth IRA, invested in a Washington Mutual Class A mutual fund, which is an actively-managed mutual fund with a front load. Should she keep her money there? Or should she move it? Her second question is about her 401k. She contributes 5 percent of her paycheck into a Roth 401k account, from which she invests in a Target Date retirement fund. Her employer doesn't match any contributions. Her total contributions to both accounts (her Roth 401k and Roth IRA) equal $5,500 per year. Should she stop contributing to her Roth 401k, so that she can focus her contributions on her Roth IRA? ____ Jeff and his wife are both 64. When he reads about retirement, the information is ambiguous about Social Security. Let's say that he has $1 million saved towards retirement, which generates $40,000 annually at the 4 percent rule of thumb. Let's also say that he is eligible for Social Security income of $40,000 per year. Doesn't this mean he could retire on $80,000 per year? If so, then why do "4 percent rule" projections only talk about the portfolio portion? ____ Former financial advisor Joe Saul-Sehy and I discuss these questions on today's episode. Enjoy! For links to resources mentioned in this episode, go to http://affordanything.com/episode128 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#127: Most people know what they “should” do — save for the future. Spend less than they earn. Why do so few people follow through? The answer may have less to do with tactics, and more to do with a person’s deep-seated beliefs, fears and anxieties around money. Your income, debt, and spending habits aren't merely a function of your actions. They're a reflection of your deep-seated inner psychology around money. Dr. Brad Klontz, a clinical psychologist and financial planner, joins me on today's show to discuss four "money scripts" that may be harming us. These scripts include: Money avoidance -- We believe money corrupts or that staying poor is noble, so we self-sabotage our success. Yet at the same time, we also desperately (at the conscious level) want more money in our lives, and feel trapped between these conflicting ideas. Money worship -- We believe money will solve our problems. And even though we know that the research says that, after a tipping point, it won't, we don't internalize that idea. Money status -- We believe our net worth is our self-worth, and we overly identify with our investment and bank balances. We may display conspicuous consumption or place a high priority on making the "right" friends. Money vigilance -- We watch our money carefully, but we may also feel anxious about running out. We may also downplay the amount of money that we have, if we're outperforming our friends, because we feel guilt and imposter syndrome. In addition to these four "money scripts," we also grapple with innate cognitive biases around how we manage money. Let’s take a look at loss avoidance, for example, which is a common cognitive bias. Humans are hardwired to fear losing money, far more than we fear missing opportunities for growth. As a result, we might hold onto an investment for longer than we should. Or we might become preoccupied with penny-pinching, at the expense of earning more. In this episode, Dr. Klontz and I discuss shame, guilt, and how to implement behavioral changes. We talk about how to contextualize our beliefs based on our family history, and how to recognize whether or not our beliefs are limiting or dysfunctional. Dr. Klontz shares his story about graduating with $100,000 in student loan debt, and feeling anxious about whether or not he could repay this loan. He decided to sell his car, poured the proceeds into tech stocks, and watched this investment disappear. That’s when he started questioning why someone like himself, someone of relative intelligence, would do something so ill-thought-out. And this sparked his lifelong passion in financial psychology. How can you develop a healthy relationship with money? Find out in today's episode. For more information, visit the show notes at http://affordanything.com/episode127 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#126: It's time to answer real estate investing questions! Tom asks: "We're thinking about buying a duplex on a beach in a popular vacation destination in Florida. If the property stays 85 percent occupied as a short-term (VRBO) rental at current rates, the income from one unit of the duplex could cover the costs of a 30-year mortgage. "But if a recession hits, Florida real estate might tank. The rental rates or occupancy could drop. And we'd be stuck paying the mortgage out-of-pocket, which means we might not be able to retire. Should we take this risk?" Rachel asks: "Would you consider purchasing a beach house? Also, would you consider buying out-of-state?" Alfredo asks: "I own a couple of rental properties. I have to admit, my personal and business funds are completely co-mingled. I'm trying to separate these expenses, but it's a mess. If I hired professional help, how much might I pay?" Anonymous from the Northeast asks: "I'm gathering friends to invest. We live in the northeast, where home prices are expensive. I'd like to invest out-of-town. They'd like to invest locally. What talking points can you give me to convince them to invest out-of-state?" Mitzi asks: "Could you please explain the 1 percent rule-of-thumb around buying a rental property?" I answer these 5 questions in this episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode126 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#125: Morgan Housel has spent thousands of hours reading about investing. As a former columnist for the Wall Street Journal and The Motley Fool, he's spent more than a decade reading, interviewing, thinking and writing about how to manage money. And he's come to a simple conclusion: less is more. Doing nothing is often the best course of action. Patience, humility and long-term thinking give individual investors a massive competitive edge over major institutions. The classic strategy of dollar-cost averaging into index funds is a smart approach. And ultimately, success is based more on emotions than Excel. This week, Morgan joins me on the podcast to discuss how to gain a competitive edge as an investor. For more information, visit the show notes at http://affordanything.com/episode125 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#124: Former financial planner Joe Saul-Sehy and I answer five questions about investing, retirement, insurance, travel and selling an expensive car. Eliana is 25 and makes $63,000 per year, plus a little extra from freelance work. She holds $95,000 in cash, $67,000 in retirement investments, and no debt. She doesn't necessarily hold early retirement as a goal, but she'd like the option to access her funds before she's 59-and-a-half. She asks two questions: First, she's been spreading her money between a Roth IRA, pre-tax 403b, and taxable brokerage account to spread her risk. Should she not contribute so much to the taxable account? She's also paying $88 per month for a $25,000 life insurance policy for her mother, who is 57 years old. She likes the peace-of-mind that comes with knowing it'll be there to cover funeral expenses, if needed. But she recognizes that there's a huge opportunity cost that comes from paying for such an expensive plan. Should she drop it? Rudy's employer offers two options: a pension or a retirement plan that essentially functions as an annuity. He would need to contribute 3 percent of his income, regardless of which option he chooses. Which one should he pick? Nicole lives in Canada. She has a Registered Retirement Savings Plan (RRSP), to which she contributes monthly. She's been with her employer for almost 10 years, but she's about to switch into a new field. She'll have about $45,000 in a pension plan from the employer that she's leaving. What should she do with this money? Julie is a frugal single mom of two. Four months ago, she purchased a brand-new vehicle for $39,000 and instantly regretted it. She'd like to sell it, but she could only recoup around $33,000 of value. She'd lose $6,000 from a car she's owned for 4 months. Should she take the hit? Or should she hang onto her car, since the damage has already been done? Finally, an anonymous caller wants to know more about long-term travel. How do you acquire visas that will let you stay in a country for many months? How do you find health insurance with overseas coverage? And what should you do with your snail mail? We tackle these questions in today's episode. Enjoy! ________ Resources Mentioned: Julie's question: Articles on selling a car, private party: https://www.edmunds.com/sell-car/10-steps-to-selling-your-car.html https://www.edmunds.com/sell-car/sell-your-car-safely.html https://www.edmunds.com/sell-car/how-to-close-a-used-car-sale.html Articles on buying a car, private party: https://www.edmunds.com/car-buying/buying-a-car-sight-unseen.html https://www.edmunds.com/car-buying/10-steps-to-buying-a-used-car.html Travel question: Overseas health insurance: - https://www.imglobal.com/travel-medical-insurance - https://www.gninsurance.com/international-travel-health-insurance-plans - https://www.geobluetravelinsurance.com/product_overview.cfm How to handle mail while overseas: https://www.earthclassmail.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#123: In the 1970's, a woman named Vicki Robin teamed up with a man named Joe Dominguez. They came from different backgrounds: she was an Ivy League graduate with a comfortable upbringing; he was raised in Spanish Harlem on "welfare cheese." But they shared one common thread: a commitment to financial independence, not just as a money management strategy, but as a philosophy on life. Vicki and Joe became partners in both work and life. They united over a definition of "FI" that expanded beyond paying your bills through your savings and investments. They saw FI as a lifestyle that exists in three dimensions: 1: Financial Intelligence -- Your ability to think about money in an objective, unbiased and non-emotional manner. 2: Financial Integrity -- Your ability to earn and spend in a manner that's consistent with your values, and to stay aware of the impact of your earning/spending choices on yourself, your family and your planet. 3: Financial Independence -- Your ability to break the shackles of paycheck dependence, and ALSO your ability to declare independence from limiting beliefs, fears, and the perception that money will solve your problems. In 1992, Vicki and Joe co-authored a book called Your Money or Your Life, outlining the FI philosophy. Their book became a mega-bestseller, selling more than one million copies. It landed on the New York Times bestseller list and spent more than 5 years on the BusinessWeek bestseller list. Oprah Winfrey said: "This is a wonderful book. It can really change your life." Vicki and Joe devoted the next five years to spreading the message of FI. They appeared on hundreds of TV and radio shows, including Oprah, Good Morning America, and NPR. They were written about in the New York Times, the Wall Street Journal, People Magazine, and Newsweek. Joe passed away in 1997, and Vicki continued spreading the FI message for another five years, before her cancer diagnosis caused her to take a step back. Today, Vicki is 72, healthy, and still spreading the FI message. And she'd like to discuss a fourth dimension to FI: 4: Financial Interdepedence -- Your ability to live within a flow of giving and receiving. Interdependence comes from our relationship with our communities, our nation, and the natural world. In today's podcast episode, Vicki discusses how we can move from financial independence to financial interdependence. Enjoy! For more, go to http://affordanything.com/session123 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#122: Tony lives in Chicago, where the returns on rental properties are so-so. He's thinking about investing in Indianapolis, where he consistently finds rental properties with cap rates that are greater than 8 percent. Should he invest locally, so that he can get a primary residence mortgage and keep a closer eye on the space? Or should he invest out-of-state, where the returns are stronger? Dan lives in California. He's curious: where should he look for rental properties? And when should he buy? Dan holds $150,000 in a savings account and carries a mortgage and car loan with less-than-2-percent interest rates. Should he continue saving, or is he ready to take the plunge? Isaiah and his friends want to buy a plot of land and build two yurts, complete with internal bathrooms and kitchenettes. They estimate this will cost $120,000 and they can Airbnb the yurts for $100 per night. They'd like this to be a hybrid between an investment and a personal vacation spot. Should they do it? Evelyn lives in Brooklyn, where she's an Airbnb host within her primary residence. She'd like to sell her home and she expects to clear $1 million in equity. What should she do with this windfall? She holds $100,000 in a SEP-IRA and $10,000 in credit card debt, and she can't qualify for another mortgage. I tackle these questions on today's episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode122 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#121: After Liz Thames graduated from college, she couldn't find a job. "Nowhere would hire me," Thames says. "I had what I thought was this nice resume, and I sent out over 50 applications. Nowhere called me back." She took a temporary job at a document-scanning agency, then joined Americorps to serve as a full-time volunteer in a low-income neighborhood in Brooklyn. She lived on a stipend of $10,000 annually, plus food stamps and a transit pass. She saved $2,000 from her $10,000 stipend, while paying rent in New York. To say that Thames is a natural saver is an understatement. Her frugality stayed intact throughout her twenties. She got married, earned a free masters degree and advanced into higher-paying roles. But she and her husband, who was equally frugal, continued saving as much as possible -- at times pushing their savings rate to as high as 70 percent of their income. When they were 30, they decided to shoot for financial independence. They shared a dream of moving to a rural farm, where they could raise children and spend everyday outdoors. By age 32, they achieved financial independence. Their investment portfolio is robust enough that they could draw down, in perpetuity, for the rest of their lives. They rented out their home in Cambridge, quit their office jobs, and moved to a 66-acre farm in Vermont. These days, they live on a combination of their rental income and 'side hustle' income from their blog, Frugalwoods. They have two children. Today, Liz joins me on the Afford Anything podcast to share the story of how she and her husband achieved financial independence by age 32. Resources Mentioned: Book: Meet the Frugalwoods Website: Frugalwoods.com For more information, visit the show notes at http://affordanything.com/episode121 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#120: Roger Whitney, age 51, calls himself The Retirement Answer Man. As a financial planner, investment analyst and podcast host, he focuses on helping Baby Boomers craft a traditional (past-age-60) retirement. Today, he joins me to answer two questions that come in from our community. Our first question is from Emily, who says: “I’m trying to help my mom decide if she should retire.” “My dad was a CPA and then a CFO, making great money, until 16 years ago when he was diagnosed with early-onset Alzheimers. My mom never took care of their finances before, or knew anything them … she took a few years to get everything in order, but during that time, they burnt through their retirement savings.” Their house sold in fall 2009, for just enough money to cover their mortgage balance and keep another $75,000 to invest. Today, Emily’s mom is 64 and wants to retire. She’d like to use her small investment balance to buy a home outright, in cash, so she won’t have to worry about rent or mortgage in retirement. Emily’s recommendation is that her mom waits until she’s 65 so she gets Medicare. But what if market correction happens? Will they regret not cashing out the investment at the peak? Our second question is from Yvonne, who asks: I’m 52, and I’m going to retire at age 53-and-a-half. (Hooray!!) I’ve been getting notices from Social Security, telling me that “if I keep working” until age 62, or 65, my payment will be such-and-such amount. The key words, of course, are “if I keep working.” How will an early retirement affect my Social Security benefits? ___ After taking these two calls, Roger and I chat about his new book, Rock Retirement. We’re also GIVING AWAY 10 FREE COPIES of Rock Retirement. To enter the contest, go to http://Instagram.com/paulapant, follow the account, find the photo of the book cover, and like and comment on that photo. We’ll pick 10 lucky winners who will receive a free copy of the book in the mail. The contest entry deadline is Sunday, March 18th, 2018 at 5 pm Pacific. Winners will be notified by direct message (DM) on Instagram. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#119: Once upon a time, in southern California in 1994, there lived a man named William Bengen. He read many claims, widespread at the time, that said that since the markets return at least 7-9 percent compounding rates on average, retirees could withdraw and spend 7 percent of their portfolio. William had a hunch that this was misguided. He decided to prove it. He looked at 30-year timespans in U.S. history, starting from 1926. The first timespan ranged from 1926 to 1955. The second timespan ranged from 1927 to 1956. And so forth. He assumed that the retiree held 50 percent stocks, in the form of an S&P 500 Index, and 50 percent bonds, in the form of intermediate-term government bonds. Then he asked two questions: First, what was the worst-case scenario? Retiring in 1966. The 16-year timespan from 1966 to 1982 was extra-rough, and experiencing this sequence of returns at the start of retirement made for one sad, sad puppy. Second, how much could an investor sustainably withdraw from her portfolio during that worst-case scenario? The answer was 4.15 percent in the first year, and 4.15 percent, adjusted for inflation, every subsequent year. And thus, the 4 percent rule-of-thumb was born. And we all retired happily ever after. ____ Or did we? This week's episode features an interview with Dr. Wade Pfau, who offers counterintuitive ideas about retirement income. Dr. Pfau is a Professor of Retirement Income at The American College of Financial Services. He holds a Ph.D. in economics from Princeton. He's a chartered financial analyst. He won two awards for "most outstanding contribution" from the Journal of Financial Planning. He won another award for "best paper in retirement planning" from the Academy of Financial Services. This guy knows his stuff. And he's ... *cautious* ... about the 4 percent rule of thumb. What are his concerns? What can we expect? And how much money can we spend in retirement -- whether we enjoy a traditional or early retirement? Find out in today's episode. ____ For resources mentioned, visit https://affordanything.com/episode119 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#118: Questions -- I get questions! Today, I’m tackling four queries about real estate investing that come from the audience. Here are the details: Sam says: I work full-time and I’m not handy, so I definitely need a property manager. I’ve found an amazing property management company, but they only serve a small, specific neighborhood. Should I buy a property in this neighborhood so that I can use this fantastic property management company? Terri asks: I’ve heard that if you’re above a certain income level, you’re unable to carry-over losses from your income property. My accountant says it doesn’t make sense to buy a rental property if you can’t carry-over losses. Is this true? Anonymous asks: I’d like to buy my first rental property when I’m in graduate school. I’ll live in one room and rent out the other. What should I consider? Noelle says: We’d like to sell our home, and use the proceeds to pay cash for a foreclosure in the South. How do we find a foreclosure or short sale? We cover these questions in today’s episode. Enjoy! _____ Resources Mentioned: Amazon - nolo every landlord's tax deduction guide https://www.nar.realtor/rofindrealtor.nsf/pages/fs_sfrspec?OpenDocument Learn more about your ad choices. Visit podcastchoices.com/adchoices

#117: My friend and financial expert Farnoosh Torabi joins me to answer a relationship & money question from a listener named Janice.⠀⠀ ⠀⠀ Janice is engaged, and she calls to ask: Should she get married?⠀⠀ ⠀⠀ She earns double what her fiancé makes. She has no debt except her mortgage. Her retirement accounts are well-funded. He makes half of her salary. He’s carrying $20,000 in credit card and student loan debt. He has two children from a previous marriage and pays 25 percent of his income to child support. He has zero retirement savings other than his state-funded teachers pension. They’ve been together for 8 years and engaged for three. But she’s unsure about whether or not she should walk down the aisle. Should they get married? Is this a smart financial decision?⠀⠀ ⠀⠀ Farnoosh and I both tackle this question together — and we disagree on some points, which makes this conversation better!! Farnoosh is the bestselling author of When She Makes More, a book that takes an in-depth look at households in which the woman earns more than the man. She hosted a primetime show on CNBC, makes regular appearances on The Today Show and Good Morning America, and writes a monthly financial column for O, The Oprah Magazine. She’s a former reporter for Money Magazine. She's the perfect guest for a conversation about relationships, marriage, money, debt, family.⠀ Enjoy!⠀ For more information, visit the show notes at http://affordanything.com/episode117 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#116: Stacy and her boyfriend would like to downsize to one vehicle. But they're collectively $14,500 underwater on their car loans. Stacy owes $11,000 on her car, but its trade-in value is $7,200. She's paying a 12.74% interest rate and her payoff date is 2021. Her boyfriend is in worse shape. He owes $18,500 on his vehicle, but its trade-in value is $7,800. He's paying a 21.5% interest rate and his payoff date is 2022. Theoretically, they could sell Stacy's car to a private party, and she could pay off the rest of her loan. But the boyfriend's car is not in great shape, and probably won't survive for the next couple of years. And neither of them have found better refinancing deals. What should Stacy and her boyfriend do? _____ Rachel earns $65,000 per year. She’s 27 years old, contributes 20 percent to her retirement account, and holds $5,000 in savings. She owes $19,000 on a car loan, at a 4 percent interest rate, and $170,000 on student loans, all with different interest rates, but the highest at 7.9 percent. She’s hesitant to consolidate her student loans, because she’s currently on a government plan that gives her flexibility, and she doesn’t want to switch into a plan that requires her to make a fixed monthly payment. She’d like to know if she should use her savings to invest, or repay her loans. _____ Misty is 40 and has no retirement savings. She lives overseas and is able to save about $20,000 per year. She plans on living overseas for a couple more years before returning to the United States. Her employer doesn’t offer any retirement benefits or match, and her health insurance accounts are not HSA eligible. She’d like to contribute to index funds. Is this a good strategy? Does the fact that she lives overseas change her considerations? ____ Nicole is from New York and is living in Abu Dhabi. She’s been living there for three-and-a-half years and makes good money. She’s repaid her student loans and has a lot of cash saved. She’s single. She wants to become financially independent. What should she start doing now? _____ Karen is 32 and lives in Los Angeles. Her take-home pay is $4,300 per month. She supports her parents financially, which costs $1,200 per month; she also lives with them. She paid off $60,000 in student loans in 5 years. She’s has $100k in a high-yield savings account and $100k in 403b. She holds $12k in student loan debt from graduate school. She wants to make 20 percent downpayment on a home with the cash that she’s saved. She’d like to live there, but also have the potential to rent out this home if, at any point, she decides she doesn’t want the burden of a mortgage anymore. She’d like to keep her mortgage to $2,000 per month. Given that the housing market is so high, should she buy a home? Or should she wait for a market crash and keep saving in the meantime? ____ Former financial advisor Joe Saul-Sehy and I tackle these questions in this episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode116 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#115: Rachel Cruze was born the year her father, Dave Ramsey, filed for bankruptcy. During her childhood, she watched her parents transition from struggling and rebuilding from their bankruptcy, to becoming debt-free multimillionaires. Her dad went on to become the host of The Dave Ramsey Show, a money management radio show and podcast that reaches more than 12 million people per week. It’s central message is to budget carefully and avoid debt. Despite their success, the Ramseys committed to raising money-smart kids. They didn’t want their children to become lazy or entitled. Rachel paid for toys as a child. She partially paid for her car as a teenager. She worked throughout college. Rachel, now in her late 20’s, grew up to become an accomplished speaker and New York Times bestselling author. She and her father co-authored the book Smart Money, Smart Kids, which reached the number one spot on the NYTimes bestseller list. Her latest book, Love Your Life, Not Theirs, is also a mega-bestseller. In this episode, Rachel describes the lessons she learned about saving, spending, budgeting, debt and giving as the daughter of Dave Ramsey. We discuss “Instagram envy” -- the act of comparing your life to someone elses’ -- and how to avoid the traps of consumerism and materialism. Read the full show notes -- and download a FREE gratitude worksheet -- at http://affordanything.com/episode115 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#114: This week, I answer four questions about real estate investing from the audience. Joelle asks: I own a home outright on the West Coast. I’m thinking about taking out $100,000 from my home equity, and using this money to buy a rental property. I found a community out east where I can buy a property outright in cash for $100,000 in a good neighborhood. Should I pay cash for one house (via the home equity loan)? Or should I split this $100,000 into multiple down payments on many homes? Yasin asks: My wife and I are living on one income and investing the other. We save $60,000 per year. We’re looking at duplexes in Minnesota that cost $160,000 to $180,000. Our plan is to purchase a duplex, move into one unit, rent out the other, and aggressively pay off the mortgage in about 1.5 years. We’d move out and repeat this process until we have $7,000 per month in passive income, at which point we’d be financially independent. Should we pursue this plan? Or should are we playing it too safe? Should we buy more properties upfront, rather than waiting for two years between each purchase? Anonymous asks: I own four rental properties, each of which have an average rent of $1,350 per month. I purchased all of my properties within the past 24 months, and each one has been recently renovated. My goal is to own 20 rental properties. I’d like to make sure that I have adequate cash reserves, in case of emergencies. Each of my properties have insurance with a $5,000 deductible. How much money should I keep in cash reserves? What factors should I consider? Kim asks: I own one rental property. I recently moved into a single-family home in Scottsdale, Arizona, with the intention to live here for one year and then make this my second rental property. My mortgage is $1,500 per month, and I could collect rent of $2,250 per month – or more, if I Airbnb it. The neighborhood is booming; the housing here is appreciating at an astronomical rate. However, I’m concerned about the longevity of the plumbing in my current home, which was built in 1960s. I may have an expensive repair on the horizon. Here’s my question: Should I hold onto this property, despite the looming repair bills, and turn this into my second rental property? Or should I live in this home for two years and then sell it, cash out, and repay all my student loan and consumer debt? I hold a $60,000 student loan, $7,000 in vehicle loans, and $5,000 on a credit card. My goal to own many cash-flowing properties. Anonymous asks: A year ago, I relocated to Silicon Valley. I’m thinking about buying a townhouse-condo hybrid. I like the neighborhood and it suits my family’s needs. The property will become a rental in 5-7 years. It’s in a distressed area and could see a lot of potential appreciation. What loan should I consider, given that this property will become a rental within 5-7 years? I’m debating between a 7/1 ARM or a 30-year fixed rate mortgage. Also, should I redirect most of my income to paying off the principal as quickly as possible? There are two schools of thought on this: (1) build equity and use a HELOC to buy another property in 5-7 years, or (2) make only the minimum payments on your mortgage. What do you think? Tune in for the answers! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#113: Natalie Sisson was tired of the corporate world. She wanted freedom, adventure and fulfillment. In 2008, she quit her job and co-founded a tech company -- but soon she discovered that running a company felt a lot like having a day job. Two years later, she quit her own company in order to truly strike out on her own. Since 2010, Natalie has run an online business from her laptop while traveling the globe. She's visited 70 countries, living out of a suitcase while running a lucrative six-figure business. She also owns investment real estate in Portugal and New Zealand. In this interview, Natalie and I discuss: - The four phases of entrepreneurship: The Dreamer, The Hustler, The Superhero and The Freedomist. - Why Natalie transitioned from a steady paycheck to the financially volatile life of an entrepreneur. - How Natalie coped when her bank account dwindled to her last $17. - The major family crisis that reinforced why freedom and flexibility matter more than any job. - How she bought a property in a foreign country. - How she manages an Airbnb rental property from halfway around the world. - Why a minimalist attitude towards possessions is crucial for a traveler and entrepreneur. Enjoy! Visit http://affordanything.com/episode113 for more information Learn more about your ad choices. Visit podcastchoices.com/adchoices

#112: How can I convince my spouse to invest in low-fee index funds? How should my fiancé and I combine our finances? If I'd like to invest in rental properties, should I also buy stocks? Former financial planner Joe Saul-Sehy joins me to tackle these audience questions and more. Thomas asks: My wife is suspicious of Vanguard. She questions how they could stay in business while charging low fees -- isn't there a catch? She's also reluctant about investing the majority of our money in a broad-market index fund like VTSAX. She'd prefer more diversification. Recently, we met with a major brokerage firm that charges a 1.75 percent management fee. How can I get my wife to see the detrimental effects of choosing this high-fee broker? Shy asks: My fiancé and I are getting married soon. We both live with our families at the moment; we'll form a new household after our wedding. Neither of us has ever lived independently before. How should we budget for this, given that we're not sure what expenses to expect? Also, any tips on how to commingle finances? Paris asks: I'd like to invest in rental properties. Should I still make stock market investments? Should I contribute to a 401k? Kristin asks: I've been DIY'ing my household's finances and taxes. So far, our situation has been simple. However, in a few years, my husband is going to retire. When this happens, we'd like to sell our home, perhaps invest in rental properties, and move either out-of-state or out-of-country. Our financial and tax situation is about to become a lot more complicated. I'd like to talk to a financial professional ... but whom should I choose? Should I hire a financial coach? a financial planner? an accountant? an investment advisor? someone else? We tackle these four questions on today's show. Enjoy! ______ Resources Mentioned: Thomas: Calculator - How do expenses impact fund returns? https://www.calcxml.com/do/inv12 Article - How a 1% fee could cost $590,000 in retirement savings https://www.nerdwallet.com/blog/investing/millennial-retirement-fees-one-percent-half-million-savings-impact/ Article - The Impact of Investment Costs https://investor.vanguard.com/investing/how-to-invest/impact-of-costs Shy: Article - The Anti-Budget http://affordanything.com/2013/03/05/anti-budget-or-80-20-budge/ Article - Three Methods for Co-Mingling a Couple's Finances https://www.thebalance.com/three-methods-for-co-mingling-a-couple-s-finances-453849 Kristin: FINRA Broker Check website CFP.net Guidevine (website) XY Planning Network Learn more about your ad choices. Visit podcastchoices.com/adchoices

#111: Tanja Hester and Mark Bunge used to have demanding but fulfilling careers as political and social cause consultants. While they loved the mission behind their work, they grew tired of the exhausting hours and grueling travel. Their home felt like a weekend crash pad. They had no time or energy to pursue outside passions like skiing, biking and volunteering. Six years ago, they read a book that changed the course of their lives. The book, How to Retire Early, set the couple on the path of financial independence. They moved from pricey Los Angeles to the more affordable North Lake Tahoe. They started automatically saving and investing huge chunks of their paycheck. They crafted detailed spreadsheets, plotting precisely how much they'd need to save before they could comfortably quit their jobs. Today, Tanja and Mark are newly-retired ... at the ages of 38 and 41. How did they progress towards early retirement so quickly? And what lessons would they share with anyone else who wants to escape the 9-to-5 grind? Find out in today's episode. For more information, visit the show notes at http://affordanything.com/episode111 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#110: Happy New Years! We're kicking off this year on a bright and cheerful note -- with a conversation about the impending recession! Yay! The U.S. stock market is at a peak, continuing its 9-year bull run. The markets have been rising since March 2009 without any major corrections or pullbacks. We are living in one of the longest periods of economic expansion in our nation's market history. That's worrisome. Speculators with short memories are popping champagne corks thinking the good times will last forever, while those of us who are students of history know that what goes up must come down. Trying to guess WHEN the next recession will happen is a waste of time. A more efficient use of time is to prepare ourselves such that when it does happen -- whenever that may be -- we are ready. How can we prepare for a recession? That's one of the four topics I cover in today's episode. Specifically, here's what we chat about in this first episode of 2018: Thayne asks: 1) Broadly -- What are the best investments overall if you're going into a recession? 2) Specifically -- What's the most recession-proof type of real estate investment? Aaron from Portland, Oregon asks: In Episode 96, you discussed the benefits of real estate investing -- but you didn't mention the use of leverage, nor did you mention that real estate is an inefficient market. Why not? Anna from the San Francisco Bay Area asks: I've moved out of my condo, which I'm renting out. But the rent only covers the mortgage (PITI) and HOA. Should I sell the condo? If so, I could use $250,000 in equity for an alternate investment, such as buying rental properties out-of-state. Enjoy! _____ Resources Mentioned: How to Calculate Cap Rate and Cash-on-Cash Return -- http://affordanything.com/2012/01/25/income-property Learn more about your ad choices. Visit podcastchoices.com/adchoices

#109: Happy holidays! I thought it would be nice to wrap up this year with a lighthearted holiday episode about the importance of keeping a positive attitude. Will Bowen, my guest on the final episode of 2017 (wow!), started a campaign to motivate people to complain less. He noticed that many people in his community said they wanted more stuff -- more possessions -- but they complained about what they already had. So he wondered if perhaps people could find happiness not by purchasing more, but rather by complaining less. In this episode, he discusses how we can move towards a complaint-free lifestyle. I thought this would be a cheerful, light interview to round out this year. Enjoy, and happy holidays! - Paula For more information, visit the show notes at http://affordanything.com/episode109 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#108: Former financial advisor Joe Saul-Sehy joins me to answer audience questions about investing strategies, early retirement, and tax planning. Whitnee calls in with this: I'm 31, and my husband and I save half of our combined income. We've maxed out our H.S.A. accounts and we're getting an employer match in our 401k. We have $80,000 stashed as cash in a checking or low-yield savings account. We're paying nearly $2,000 per month for insurance policies, most of which is a whole life insurance policy. We have a rental property that cash flows $210 per month; we pocket $150 and use the other $60 as an extra principal payment. What should we do differently? How can we learn about investing? What funds should we focus on? Should we sell our rental property and invest the proceeds, or hold onto this? If we hold, should we focus on repaying the mortgage as quickly as possible? Kim asks about the 4 percent withdrawal rule in early retirement. When you're calculating your savings goal, do you need to account for the tax implications of this withdrawal? Any tips on how to optimize this? Susan says: I loved your explanation about how to use a Roth Conversion Ladder to avoid paying stiff early-withdrawal penalties in retirement. (Episode 94). Here's my follow-up question: How long should my money sit inside of a Traditional IRA before I convert it to a Roth IRA? We tackle these three questions on today's episode. Enjoy! _______________________________________ Resources Mentioned: Whitnee's question: Books: Investing Made Simple by Mike Piper Can I Retire? by Mike Piper The Simple Path to Wealth by JL Collins The Little Book of Common Sense Investing by John Bogle The Wealth Barber by David Chilton The Truth About Money by Ric Edelman Websites: Oblivious Investor by Mike Piper FINRA Broker Check Afford Anything article: I Don't Know How to Start Investing and I'm Afraid of Expensive Mistakes Kim's question: Two articles critiquing the 4 percent withdrawal rule: - https://www.americanfunds.com/ria/insights/can-i-retire-at-40.html?cid=sm_tw_50306 - https://www.cnbc.com/2014/11/03/the-4-retirement-rule-is-broken-and-heres-why.html Susan's question: Episode 94 - The Early Retirement Episode Learn more about your ad choices. Visit podcastchoices.com/adchoices

#107: Scott Harrison spent 10 years as a New York City nightclub promoter, partying until sunrise every morning and ingesting almost every substance imaginable. But when he was 28, he realized his life lacked meaning. "My tombstone might say, 'here's the guy who got thousands of people drunk,'" Harrison said. Feeling lost, he decided to volunteer for a medical charity in Liberia. Harrison spent the next year-and-a-half in West Africa, where he encountered people with diseases he'd never seen before -- such as cholera, typhoid, dysentery, and fatal cases of diarrhea and dehydration. He smelled the yellow-brown parasitic dirty water that millions of people were drinking. He discovered that unsafe, unclean drinking water is the world's leading cause of death. When he returned to New York City, he couldn't bring himself to sell expensive bottled water at nightclubs anymore. Instead, Harrison moved into a tiny closet and launched a nonprofit, Charity: Water. Today, Charity: Water has funded more than 24,000 water projects that have brought safe, clean drinking water to more than 7.3 million people. That's the good news. The bad news? There are still 663 million people without access to clean water. That's around double the population of the U.S. And water-borne diseases kill about 16,000 people each week, almost half of whom are children under age 5. There's still a long way to go. Today, Scott joins me on the podcast to talk about how he started and grew a major charitable organization. - How does a nightclub promoter with zero business experience launch a massive nonprofit organization? - What mistakes did he make? - How did he differentiate his organization from the thousands of other charities out there? - Who did he first hire? - What advice would he offer to anyone who's goal is to create a nonprofit? Learn the answers to these questions and more in this excellent episode with Scott Harrison, the founder of Charity: Water. _____ Resources Mentioned: Charity Water -- Short Film http://charitywater.org/thespringfilm Charity Water - Projects https://www.charitywater.org/projects World Health Organization - Drinking water fact sheet http://www.who.int/mediacentre/factsheets/fs391/en Learn more about your ad choices. Visit podcastchoices.com/adchoices

#106: How do you search for rental properties out-of-state? Should I offer a lease-option contract to my friends? How can I estimate repair and maintenance costs? And can you deep-dive into bookkeeping and taxes for rental real estate? I tackle these four questions in this episode of Ask Paula - real estate edition. Saul from Salt Lake City asks: I'm converting the first floor of my home into a two-bedroom, one-bath apartment. My "hacked duplex" will soon be ready for my first tenant. Can you deep-dive into the taxes and accounting? How should I keep records of my expenses, and what should I file? Terri asks: I'm analyzing real estate deals, but I'm getting stumped about how to estimate the repair, maintenance and capital expenditures. It seems like everyone has a different approach for calculating this. Should I estimate a percentage of the purchase price? A percentage of the rental income? A flat amount per unit? Or something else? How can I estimate costs accurately? Kirsten from Madison, Wisconsin asks: My husband and I recently moved to Madison, but we've kept our old home in Oshkosh, Wisconsin. The home is worth $120,000, and we have a 15-year note. Our friends would like to purchase that home, but their credit is bad. They'll need two years to improve their credit situation. We're considering renting to them through a lease-option contract. Our mortgage is $950 per month; we're thinking of charging them $1,100 - $1,200 per month on a rent-to-own lease. Do you think this is a good idea? Chrissy from North Vancouver, Canada asks: I loved your description in Episode 92 about building a team in a different state. Could you please further flesh out the steps that you use when you're searching for a rental property in a different state? I tackle these four questions in today's episode. Enjoy! For more, visit the show notes at http://affordanything.com/episode106 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#105: A.J. Jacobs is the Editor-at-Large of Esquire Magazine and the New York Times bestselling author of multiple books. His three TED Talks have collectively garnered more than three million views. He describes himself as "a father of three, husband of one, and cousin to millions." And he's probably your cousin. Twice removed. AJ joins me on this episode to chat about motivation, habits, and living life as an experiment. Here are some of the stories we cover: - Why AJ divulged his entire sexual history to actress Scarlett Johansson. - How AJ successfully and frequently changes his behaviors and habits. - AJ's experimental approach to life. - Why the adage "fake it 'til you make it" -- or rather, "fake it 'til you become it" -- is essential for developing habits. - How gratitude at extreme levels can become a mindset game-changer. - How healthy living nearly killed him. - AJ's quest to demonstrate the idea that we're all related -- and throw the world's largest family reunion. Resources Mentioned: A.J.'s Books: It's All Relative My Life as an Experiment A Year of Living Biblically Drop Dead Healthy The Know-It-All A.J.'s TED Talks: My Year of Living Biblically https://www.ted.com/talks/a_j_jacobs_year_of_living_biblically How Healthy Living Nearly Killed Me https://www.ted.com/talks/aj_jacobs_how_healthy_living_nearly_killed_me The World's Largest Family Reunion https://www.ted.com/talks/aj_jacobs_the_world_s_largest_family_reunion_we_re_all_invited Learn more about your ad choices. Visit podcastchoices.com/adchoices

#104: This week, I answer 4 questions about quitting a depressing job, learning how to ask probing questions, saving for a downpayment, and more. Edward asks: How can I learn from other people around me? I'm 28, and my wife and I have some money that we'd like to invest. We know people who've had both successes and losses in the investing world, but when I ask them questions, they tend to become a little more private and shy away. How can I encourage them to open up, so that we can learn from them? Sara asks: For the last 2 years, my husband and I have lived on one income and used the other to pay off our student loans. We also saved $40,000 to make a downpayment on a house. We need to move to England for 2 years, and we'll buy a house when we return to the U.S. In the meantime, what should we do with the $40,000 downpayment that we've saved? We'd hate to see the money in a savings account, but it doesn’t seem wise to invest in index funds. What should we do? Britney asks: I’m at a job that I hate. I’d like to start a small business and find other part-time work so that I can quit my job. I’m planning to move in with my in-laws, so my cost-of-living will be low. Do you recommend that I start a blog as a side hustle, so that I can pay the bills after I quit my job? A listener in the Midwest asks: I’m a 37-year-old single woman living in the Midwest. I live in a one-bedroom with my 5-year-old son. I bring home $3,800 per month. My rent is $1,150 and my son's preschool is $700 per month. I have $40,000 in retirement savings and a $3,000 emergency fund. I don’t want to be making rent payments in retirement. Should I take $20,000 from my 401k to make a downpayment on a rental property? ____ I answer these questions in today's episode. Enjoy! For more, visit the show notes at http://affordanything.com/episode104 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#103: On today’s show, I'm sharing this random smattering of lessons on money and life.⠀ ⠀ 1) Simplify everything.⠀ 2) Risk = Probability x Magnitude.⠀ 3) Curate.⠀ 4) Never delay gratification.⠀ 5) Know your net worth, relative to your lifetime earnings.⠀ 6) Don't half-ass anything. (Whole-ass a few things.)⠀ 7) When you're not at work, don't be at work.⠀ 8) Yes, and.⠀ 9) Money can't make you happy, but a lack of money can make you unhappy.⠀ 10) Every conversation about money is really a conversation about values.⠀ 11) The less you try, the better.⠀ 12) Work with your nature, not against it. ⠀ 13) The thing should be its own reward.⠀ 14) Practice radical self-reliance.⠀ 15) Achieve being through doing.⠀ 16) What is stated, happens.⠀ ⠀ I elaborate on each of these in today’s episode. In addition, I’m also sharing my mini-keynote from FinCon on the importance of authenticity and passion in online business. Enjoy! You can subscribe to show updates at podcast.affordanything.com -- just throw your email address into that big box above-the-fold. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#102: This week, I'm back to answering questions posed by listeners of the podcast. An anonymous listener asks: Should we continue to rent out our home, or should we sell it? We bought a home in California but have since moved to New York and have been renting there. After all expenses on the rental are accounted for, we receive $150/mo in profit. We estimate that even with repairs factored in, we'll still be in the positive. However, my husband thinks it's better to sell the property and invest the profits. I think we're better off keeping the house and having someone else pay the mortgage. Who has the better idea? What would you do? Jessica asks: My husband and I are about to relocate from the mid-west to Colorado Springs, and we anticipate making $80,000 from the sale of our house. Should we take the proceeds from the sale and put it toward our next home? Or should we put that money in index funds instead? For context, we plan on buying either a duplex or triplex, or doing a fix-and-flip like we did with our current home. Terri asks: How can I find a good real estate agent - especially one who is good with short sales and foreclosures? What are the signs of a good real estate agent? Laura asks: My husband and I currently own a three-family home (in which we live on the bottom floor), but in light of getting a new job that requires me to commute an hour each way, we are thinking about either converting the three-family home into three condo units and selling them, or buying another house and keeping the three-family home as a rental. There's another factor to consider, though: the property is located on a peninsula, and with sea levels rising, we don't think it has long-term potential (in terms of equity). What should we do? For more, visit the show notes at http://affordanything.com/episode102 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#101: Robin Dreeke is former head of the FBI’s Counterintelligence Behavioral Analysis Program. His primary role, at the time, was to thwart foreign spies and recruit American spies. That's not an easy task. To accomplish this, Dreeke needed to gain people's trust -- even when they had no reason to trust him. He spent years developing and testing systems on how to develop trust with others in high-stakes situations. Today, he joins us on this podcast to describe The Code of Trust, a set of practices that he developed during his days as a high-ranking counterintelligence expert. This system is based on 5 simple principles: Suspend Your Ego Be Nonjudgmental Honor Reason Validate Others Be Generous Tune in to hear him elaborate on each principal, and discuss how this applies to anyone who wants stronger, more trustworthy relationships at work and home. For more information, including links to resources mentioned in this episode, visit http://affordanything.com/episode101 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#100: Over a year-and-a-half and two million plus downloads later, the Afford Anything podcast has hit another awesome milestone: the 100th episode! To celebrate, I recorded this one live from Ecuador with my good friend Brandon, otherwise known as the Mad FIentist. If you've been a listener since the early days, you may remember Brandon from episode #7. He was the first guest to appear on the podcast, and I'm thrilled to have him back on for round two! In this episode, we focus on life after financial freedom: What projects has Brandon been working on? What are the biggest lessons he's learned from being FI so far? How does he maintain motivation to get things done now that money isn't an issue? What does a typical day look like for Brandon? How Brandon's wife became a FIentist after some initial resistance. Why full-time travel after FI didn't work out for him and more! Enjoy, and thanks for listening! For show notes, go to http://affordanything.com/episode100 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#99: Thirteen years ago, Joshua Dorkin's friends teased him about starting a website that seemed to have no future. "I would get calls from my buddies who would literally call me on my cell phone [and say] 'Hey Josh, we just walked past a penny on the ground. We were thinking about picking it up and mailing it to you." At the time, Dorkin had just launched BiggerPockets, a then-nascent website about real estate investing. "I was working a full-time job making no money as a teacher," Dorkin says, "... and then [I] quit that job, reliable income, to blindly create this platform for other people. And I was helping other people get rich, and I was broke." Dorkin spent the next 8 years working mostly as a one-man operation as he tried to monetize a fledgling website. "We were struggling and scrapping by on every AdSense check that we could collect," Dorkin says. "The business really wasn't making serious money for probably getting close to a decade." The story has a happy ending. Today, BiggerPockets has grown to more than 870,000 members. The podcast has almost 250 episodes and the blog features more than 8,100 articles. In today's episode, I have a heart-to-heart with BiggerPockets founder Joshua Dorkin about the blood, sweat and tears that's required to start a successful online business. What lessons did he learn along the way? What regrets does he hold? And what advice would he share with other aspiring online entrepreneurs? We don't talk about real estate investing in today's episode. Instead, Joshua and I focus on the harsh realities of growing an digital empire. Enjoy! You can find more information in the show notes at http://podcast.affordanything.com/episode99 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#98: How much money should you invest in a side hustle or side business? How do you know if your side hustle idea is viable? What if you want to start 5 or 6 side businesses? Should you lump these together under a common business umbrella? Or should you separate them out? These are the questions about side hustles -- asked by listeners Adalia and Brionna -- that I answer in today's episode. My friend Joe Saul-Sehy from the Stacking Benjamins podcast joins me to chime in with his views on building side businesses, as well. Joe and I also answer two non-side-business-related questions, as well. Skye asks: -- You talk about saving 50 percent of your income. What exactly does this mean? Steph asks: -- I have $10,000 in credit card debt and $48,000 in student loans at a 5 percent interest rate. I have a $1,000 emergency fund and $32,000 in retirement funds. My dad is willing to give me money to repay my student loans; should I accept this? And if so, should I put this money towards student loans or retirement? We tackle these questions on today's episode. Enjoy! Links and more resources can be found in the show notes at http://podcast.affordanything.com/episode98 Learn more about your ad choices. Visit podcastchoices.com/adchoices

There are more heroes than villains in this world. We have seen a tremendous outpouring of love and support today. Please support the cause that's calling you, whether it's supporting the victims of the Las Vegas shootings, or disaster relief in Puerto Rico, or ongoing humanitarian crises that don't make headlines. Please support the victims of the Las Vegas massacre at https://www.gofundme.com/dr2ks2-las-vegas-victims-fund Learn more about your ad choices. Visit podcastchoices.com/adchoices

#97: How can you be awesome at your job? That's the question that today's guest, Pete Mockaitis, and I tackle on the latest Afford Anything podcast episode. Pete hosts one of iTunes' top 10 career podcasts, called -- appropriately -- How to Be Awesome at Your Job. In typical nerd fashion, I launch our interview by asking him: "What is the metric by which 'awesome' is determined?" Here are a few other questions that I hurl his way: How to Get a Raise: Imagine that you enjoy your job; you don't want to quit. But they're not paying you what you're worth. You've asked for a raise, several times, and they've said no. What do you do? Angle for a Promotion? Or Focus on a Side Hustle? Let's assume that you're employed full-time, and your goal is to make more money. What's more effective: [Option 1] Focus on your full-time profession, putting in the extra hours to angle for a promotion? -- OR - [Option 2] Be an average employee and focus your excess time and energy on building a side hustle? Tough it Out, Then Retire Early? Or Not?: You feel ambivalent about your job, but it pays well. Should you pivot to an alternate career path, even if this causes an income drop? Or should you milk the big paycheck for 10 years, save and invest like crazy during that time, and escape into an early retirement? What nuggets of wisdom does Pete share in today's episode? Here are six takeaways: #1: If you want to be awesome at your job, focus on these six areas: 1. Be present. 2. Be deliberate about how you direct your time, energy and attention. 3. Be thoughtful. 4. Communicate well. 5. Build strong relationships. 6. Manage your career. (We dive deeper into these points -- especially number two! -- in this episode.) #2: Apply the 80/20 rule to your decisions. Ask yourself: - What are the 80 percent of great results coming from 20 percent of my efforts? - What are the 80 percent of negative things that I don't like? What focused 20 percent of efforts can get rid of 80 percent of the negative? #3: "Wastefulness comes from inefficient methods in pursuing things." #4: Invent what people want. Not what you think they should want. #5: Learn the 2 questions that improve every decision: What must be true for this to be a good decision? How can I test that? #6: How can you find happiness at work? You'll need to be satisfied with RED: rewards, experience and demands. Rewards - Your compensation, security, advancement potential, and your pride in the organization and its activities. Experience - Your day-to-day experience at work, appreciation from others, enriching and psychologically safe environment, compelling tasks, sense of purpose, learning and growth, and autonomy. Demands - What are total hours needed and the flexibility of those hours? Find more at http://affordanything.com/episode97 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#96: Today I tackle 4 real estate questions that come from the listeners. Chris, age 25, says: Over the next 30 years, I'd like to acquire 15 rental properties. Then, at age 55, my wife and I can retire and travel. To begin, I'd like to buy a duplex, live in one unit and rent the other on Airbnb. Once I gain some equity and save enough for another downpayment, I'd like to purchase another duplex, move in, and repeat this process. However, I'm reluctant to get started for one reason. There's a decent chance that I'll need to move out-of-state within about a year or two. I don't want to be an out-of-town Airbnb host. Should I follow this plan, even though there's a good chance I might move away soon? __ The next caller, who remains anonymous, says: I love your rental property income reports; they give me a great understanding of your numbers. But you have economies of scale on your side. Your payments to your accountant, attorney, bookkeeping software, etc., are spread out across 7 rental units. When I start investing, I'll only have one unit. How well would your worst-performing property fare if it was your *only* property, and you had no other economies of scale? __ The third caller, "Anonymous from Orlando," says: I own my house free-and-clear, and I'd like to buy another one. Should I take out a conventional mortgage on my second home? Should I cash-out refinance the equity in my first home? Or should I open a HELOC? __ Finally, our last caller asks: I'm interested in rental property investing, but I don't want to deal with any hassles. Should I use a turnkey company? Tune in to find out the answers! - Paula Find resources to things mentioned in this episode at http://affordanything.com/episode96 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#95: J. David Stein used to manage billions of dollars. He retired at age 46. Now that he's retired, he faces a different challenge: How should he invest his own money? What investing philosophy should he follow in his own life? And what can we learn from that? Stein, who now hosts a podcast called Money for the Rest of Us, joins me on today's show to talk about his big-picture investing ideas. For a list of my takeaways, go to http://affordanything.com/episode95 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#94: Early retirement? Yes please. This week, I answer questions from the audience community around early retirement planning, health savings and debt pay-off. I'm interested in early retirement. How can I avoid early withdrawal penalties? How does early retirement impact the 4 Percent Rule? Should I use an HRA or an HSA? How do I open a Roth IRA? If you’re into early retirement, don’t miss today’s episode. For complete resources and show notes, go to http://affordanything.com/episode94 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#93: Do you enjoy spending time alone? Does your inner monologue chatter constantly? When you were a student, did you sometimes stay quiet even when you knew the correct answer? Do you avoid confrontation? Does small talk bore you? Have people told you that you're "too intense" or that you "get deep quickly?" Do you live inside your head? Do people see you as a good listener? Do you rarely interrupt others? Are you better at writing thoughts than speaking them? Are you good at focusing for long periods on tasks that you're really interested in, but totally checked out of tasks that bore you or that feel superficial? If so, you might be an introvert. And today's episode might be for you. If you'd like to learn how to thrive in any pursuit -- like starting a business, traveling the world or becoming an investor -- tune in to learn how to use your natural tendencies to your advantage. For more information, including links to resources mentioned in this episode, go to http://affordanything.com/episode93 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#92: If you're interested in real estate investing, and if you've wondered how to assemble an all-star team, today's episode is for you. I'm hosting another edition of Ask Paula, in which I tackle three audience-submitted questions about building a team as a real estate investor. Salome from Cincinnati asks: Who are the people I'll need on my real estate team? How much will I spend in paying them? And how can I find them? Doug from Louisiana asks: I've saved $20,000 as the downpayment on a rental property. Should I use this money? Or should I look for a loan that can cover a larger chunk of the financing? Also, how should I look for a tenant? Should I handle this myself, or hire a property manager? Patricia from California asks: I live in Bay Area. I cannot buy a house here. I want to buy a rental property in Baton Rouge, Louisiana, and I've identified the specific property/neighborhood in which I want to invest. How can I start assembling a team from out-of-state? For a full list of resources from this episode, visit http://affordanything.com/episode92 Learn more about your ad choices. Visit podcastchoices.com/adchoices