Afford Anything | Make Smart Money Choices

#41: Mollie, a listener, is making smart money moves. She's getting the maximum match on 403b contributions. She's saving for a downpayment on a home. Her husband opened a Roth IRA. What's next? After listening to the Jim Collins episode, Mollie wants to open a Vanguard account. How can she balance this with the rest of her saving and investing goals? Is she spreading herself too thin? Meanwhile, podcast listener Elizabeth is trying a little-known tactic to rebalance her portfolio. Traditional advice tells people to rebalance by selling their gains. But Elizabeth wants to let those gains ride. She'd prefer to rebalance by buying undervalued assets. Are their hidden dangers to her strategy? Finally, podcast listener Chris wants to remodel his basement. He's an aspiring Airbnb host who'd like to make extra cash by renting out part of his home. How much money should he spend on his basement remodel? Are there any good rules-of-thumb? I tackle these three questions in today's Ask Paula episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#40: Most of us want to develop better habits. We want to exercise more, eat healthier, get more sleep, watch TV less, pay off debt, or save money. The problem? We make excuses. We tell ourselves we'll splurge "just this one time." We convince ourselves that we're too busy to start a side business. We reward ourselves with a hall pass from our intended new habit. Today's guest, Gretchen Rubin, talks about how we can create habits that stick. Gretchen Rubin is the New York Times bestselling author of The Happiness Project, which sold more than a million copies. Her latest book, Better Than Before, explores how to create habits that lead to a healthier, happier, richer life. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#39: It's tempting to think of "financial independence" as a finish line. You've either crossed the finish line, or you're still running the race. But financial independence is more nuanced, says today's guest, Joshua Sheats. We experience seven stages of financial independence, Joshua says, and we should break down our Major Goal -- financial independence -- into a series of smaller steps. Joshua, a financial planner and host of the hit podcast Radical Personal Finance, describes these seven stages in today's show, offering tips about how to reach each one. Want a sneak peek at the seven stages? Check out https://affordanything.com/episode39 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#38: There are 168 hours in a week. If you work 40 hours per week and sleep 8 hours per night, you’ve accounted for 96 hours. You have an additional 72 waking hours per week. What are you doing with this time? That’s the question today’s guest, Laura Vanderkam, tried to answer by analyzing more than 1,000 time logs kept by full-time professional workers. Our collective narrative says that Americans are overworked, sleep-deprived and don’t have enough time for family or personal lives. That’s our emotional truth. But statistics paint a different picture. When more than 1,000 professionals track their time in 15-minute increments over the course of a 168-hour week, the data doesn’t point to time deprivation. In today’s episode, Laura describes this surprising fact: we have more time than we think. She also shares tactics on how to reduce chores and errands, stay focused and productive at work, and recognize the difference between efficacy and diminishing returns. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#37: Chris writes about life, work and travel. He has visited every country in the world and written a number of New York Times best selling books. He joins us to talk about challenging ourselves, experimentation,and deliberately changing our direction. For more information, visit the show notes at https://affordanything.com/chris-guillebeau/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#36: It's the first Monday of the month, and you know what that means ... Time for another Ask Paula episode! On today's show, I answer a handful of phone calls from listeners who posed questions about real estate investing. One caller from Atlanta said that he's thinking about buying a rental property from a turnkey investing company. (These are companies that buy, renovate and rent out properties, and then sell those properties to investors.) On the surface, this sounds appealing: all benefit and no work. But what are the drawbacks? Are those risks worth it? Should this listener buy a turnkey property? Or should he stay wary of red flags? Another caller, who says he loves real estate investing, mentioned that he's curious about the lack of compound interest in the real estate game. If you're investing in an index fund, he noted, your dividends and gains are automatically reinvested. That's not the case with a rental property. Sure, you can reinvest the cash flow from that property into buying more properties (or buying other investments, like index funds), but that's not the same thing. So ... what does this mean? When you take compound interest into consideration, are rental properties still a good deal? Or are real estate investors missing out on this crucial wealth-building tool? Another wanted to hear more details about a couple whom I mentioned in Episode 4, The Ultimate Beginner Guide to Real Estate Investing. This couple's strategy is to buy a home as a primary residence, live there for at least one year, move out, convert their former home into a rental property, and repeat. They've done this over and over, and now they're raking in the rental cash. The listener wanted more details about that strategy ... which I offered in droves. (And yes, I led myself into another little rant.) Finally, one listener called to share his success story. In an earlier episode, he asked whether he should repay his credit card debt, or save for the downpayment on a house. I told him to pay off his credit cards ... and he's now DEBT-FREE!!!!!! He tells his success story on today's show. Enjoy! Paula Learn more about your ad choices. Visit podcastchoices.com/adchoices

#35: Carrie Smith enjoyed her full-time accounting job, but she wanted to make extra money on the side. Who doesn't, right? She landed a second job in a tax office, working 9-to-5 for one employer and 5-to-9 for the other. She earned decent money, but her schedule had no flexibility ... and she felt unhappy. This needs to change, she realized. I need to make good money while also enjoying my lifestyle. Even though she had zero experience as a writer, she wondered if she could leverage her skills as an accountant into a new, creative field. She volunteered to write one or two tax planning articles for a client, just to test the waters. She enjoyed the work. She wanted more. She started reaching out to websites and companies that might need tax-related article writing. She landed her first major client, Yahoo Finance. Then another. Then another. After a few years, her freelance business grew large enough that she quit her comfortable accounting job. She's her own boss now. In this episode, Carrie tells her story and offers advice for anyone who wants to earn extra money as a freelancer -- whether its a side hustle or a path towards quitting your 9-to-5 day job. For more, visit http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#34: Steve Chou's wife used to work grueling hours at a job she dreaded and despised. When she became pregnant with their first child, she decided to quit. The problem? She earned six figures, and their family needed that income. She opened an online store, buying handkerchiefs wholesale from China and retailing these online at a significant markup. She and Steve worked together to build a retail website and find customers. They bought Google Ads; they wrote blog posts; they created seller accounts on various shopping portals. They earned more than $100,000 in their first year of business. In this episode, Steve explains how he and his wife earn six figures as online retailers while enjoying a much more relaxed, liberated lifestyle. He offers pointers for anyone who's interested in making money selling goods online -- either as a side business or as a method for quitting your day job. For more, visit http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#33: After serving in the Navy for 20 years, Doug Nordman, then-age 41, retired from his military career. Most of his peers started second careers in the civilian world. But Doug didn't. He had an ace up his sleeve: he had spent his military career saving 40 percent of his income. By the time he turned 41, he held an investment portfolio worth $1 million. Those investments, coupled with a Naval pension for $30,000 per year, propelled him into financial independence. He's remained retired since leaving the Navy. He's now 55. He surfs three times a week. He travels to Europe on a whim. His retirement portfolio survived two recessions and is now worth $1.7 million. In this interview, Doug shares the story of how he became a millionaire on a military salary. He also talks about the fulfillment he's found through financial independence. Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#32: Should you sell your stocks, given that we might be heading for a possible downturn? Also, what are the downsides of index funds? Should you invest in out-of-state rental properties, and if so, how can you figure out where to look? These are just a few of the many questions Paula answers in this week's Q&A episode. Enjoy. For more information, visit http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#31: Jim Collins, also known as popular blogger JL Collins, has been financially independent since 1989. He achieved this in the simplest way possible: he saved half of his income and invested in index funds. Jim says the simplest possible approach is the best, if your goal is to build financial freedom. "The great irony of investing is the simpler of an approach you use, the more powerful of results you get." In this episode, he shares his ultra-simple approach to investing. He says that when you prioritize simplicity, above all else, you can ignore your investments and move on with your life: "Most people don't want to think about this stuff all the time. Most people want to get on with curing diseases and building bridges and writing peace treaties. But the smart ones know they have to have some kind of handle on their money." Check out Jim's ultra-simple path to wealth in this week's episode. http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#30: When Jim Wang was 29-and-a-half, life changed forever. Jim started an online company (a blog) in his mid-20's. His website grew to several hundred thousand readers and started earning five-figure monthly sums. It sounds too good to be true. I know. But it's Jim's life. He experienced the heady, surreal boom; that crazy era when a business grows beyond wildest expectation. He experienced the fear and worry that the good days might not last. And he experienced the reality of trading his website for a life-changing seven-figure sum. And then what? What happens when you're 29-and-a-half, and you suddenly discover that you're financially independent? What's next? Where do you go from there? What becomes important? And what lessons, what universal truths, can this reveal about our own lives? What can we learn from the aftermath of financial independence -- regardless of our current bank balance? Jim and I have a frank, forthright and insightful conversation on today's show. It's a long episode, but a good one. To receive updates via email or more information about the show, visit http://TheMoneyShow.co Learn more about your ad choices. Visit podcastchoices.com/adchoices

#29: Paula answers questions you sent in about multi-level marketing, paying off credit card debt vs buying a house, and socially responsible investing. For more information, visit the show notes at https://affordanything.com/episode-29-socially-responsible-investing/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#28: Most people only pay attention if there's a problem - that includes money. Guest, Evelyn Connors gets honest and raw about her previous understanding of how money works and her uber-excitement of taking control of her FI (financial independence). For more information, visit the show notes at https://affordanything.com/episode-28-debt-is-normal-myth-evelyn-connors/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#27: Pete the Planner talks about why millionaire-dom is important and why it's important to try a "mock retirement". For more information, visit the show notes at https://affordanything.com/episode27 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#26: Sometimes you need to let go of the good for the great. Jay Money has started a lot of projects, only to let them go because they didn't match his goals. The show must go on - and it will with Paula at the wheel. Jay will be back from time to time (and in every episode, as you will notice in future episodes). For more information, visit the show notes at https://affordanything.com/episode-26-last-episode-with-jay/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#25: Would you rather...have $15k in quarters or $15k in dollar bills? Today we have fun with Joe Saul-Sehy, Len Penzo and Greg McFarlane (HELLO Greg) from the Stacking Benjamins Roundtable. For more information, visit the show notes at https://affordanything.com/episode-25-would-you-rather-game-stacking-benjamins/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#24: You ask. We answer. Let's grab a beer. This is the first Ask Us Anything in which we hear YOUR voices -- which makes this episode extra-awesome. In this week's episode, Paula and J. Money tackle listener-submitted questions, such as: Investing: What's the deal with these robo-advisors? Should I plunk my money into their accounts? Betterment, Wealthfront ... what's the deal with these companies? Who can keep track? Index funds vs. rental properties -- what's better for scoring tax breaks? Entrepreneurship: I'd like to hire a virtual assistant. How do I start? What should I look for? Grab Bag: Don't forget about Canada! What are the best blogs and podcasts for money-savvy Canadians? Find out the answer to these questions and more in today's episode. Note: We received so many real estate questions that we'll devote another AUA episode exclusively to that topic. Today's episode (mostly) covers other arenas. Enjoy! Visit http://TheMoneyShow.co for more great episodes Learn more about your ad choices. Visit podcastchoices.com/adchoices

#23: Farnoosh Torabi is host of CNBC's Follow the Leader. She shares stories about spending 48 hours with the most influential business leaders in the nation. For a list of notes and resources, visit https://affordanything.com/episode-23-farnoosh-torabi-host-cnbc-follow-leader/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#22: Jeremy and Winnie are the bloggers behind Go Curry Cracker. They took a vacation to the Philippines and decided this was where they wanted to live - and retire there early (like REALLY early). For more information visit https://affordanything.com/episode-22-jeremy-winnie-retired-forbes-go-curry-cracker/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#21: Carrie Olsen started podcasting with her husband, then dipped her toe into the voice-over industry and is KILLING IT! For more information, https://affordanything.com/episode-21-making-money-voice-over-actor-with-carrie-olsen/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#20: The Money Boss, JD Roth, went from $35k in credit card debt to selling a personal finance blog for an undisclosed amount of money. Today he shares how financial independence affected him - and how having enough money to be financially independent forces us to face our problems. For more information, visit the show notes at https://affordanything.com/episode-20-debt-financial-independence-get-rich-slowly-jd-roth/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#19: Financial Advisor to the stars, Rob Wilson, gives us the inside scoop on what kind of help celebrities and sports heroes need. What he tells us may surprise you! For more information, visit the show notes at https://affordanything.com/episode19 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#18: Listener questions are back by popular demand! Paula answers your questions about real estate investing niches, strategies, and things to stay away from. For more information, visit the show notes at https://affordanything.com/episode18 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#17: Harry began driving for Uber 2 years. Now he's making 6-figures sharing tips for how to maximize time and profit with Uber, Lyft, DoorDash and PostMates. For Harry's rideshare money-making tips, visit https://affordanything.com/episode17 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#16: Aaron Epstein shares his story of shoveling snow as a kid to launching a profitable website during college to selling a multi-million dollar company. For more information, visit the show notes at https://affordanything.com/episode16 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#15: Q&A #2 with Paula, the analytical one, and J. Money, the heart of your M.O.N.E.Y. Team Follow along with the answers: https://affordanything.com/episode15 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#14: Can you make money as a blogger? How? We share the good and bad reasons for choosing to go into blogging. Send us your questions or comments https://affordanything.com/episode14 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#13: Steve and his wife got on the Dave Ramsey plan and they paid off their house! Plus, you'll want to check out Steve's little coaching trick of Rent vs Buy vs Invest. For more information, visit the show notes at https://affordanything.com/episode13 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#12: It's time to pick the brains of Paula and J. Money with our first ever "ASK US ANYTHING" episode. Follow along with the answers: http://affordanything.com/episode12 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#11: Jay and Ryanne have created a beautiful life for themselves scavenging for resale items in rural areas and renting houses in the Shenandoah National Park area of VA. Read more at https://affordanything.com/episode11 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#10: OMG! It's Tom Corley, the RICH HABITS guy! Jay is having a heart attack. Tom Corley studied self-made millionaires and poor people to come up with some interesting results. He wrote about it in a story called "Rich Habits". Tom shares his story of being well off as a child before his dad lost everything. Then he worked hard to bring himself up to not-broke status and on to becoming an accountant. After studying some of his clients he expanded to 233 self-made millionaires and 150 poor people. The results of those studies were very telling - but nobody really cared about it. Then he got a break when Farnoosh Torabi did a segment about the Rich Habits on Yahoo Finance. The rest is history in the making. Watch for Tom Corley's new book - Change Your Habits, Change Your Life - which gives more of the "how to" rich habit change. You can find it at http://ChangeYourHabitsBook.com For links to some of Jay's favorite Tom Corley articles, visit https://affordanything.com/episode10 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#9: Checking, savings, investment accounts, car insurance, credit cards, even umbrella insurance - it's all covered in this episode. These are the financial tools Jay Money and Paula Pant use. For a complete list of resources, visit https://affordanything.com/episode9 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#8: J. Money is a HALF-MILLY! He loves to share his journey to growing net worth on his blog, as well as the net worth of 180 other financial bloggers. See the short list and find links to resources by visiting the blog at https://affordanything.com/episode8 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#7: One of the M.O.N.E.Y. Show's favorite personal finance bloggers joins Paula and J. Money to talk about retiring early and hacking your HSA. For full show notes with links to resources, visit https://affordanything.com/episode7 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#6: J. Money says a hustle is "a way to make money on the side, but more of a passion project or something that is fun. You do it for more than just money.” Paula says it’s a “microbusiness". No matter how you slice it, a hustle is a way to make extra money doing activities outside of a normal J.O.B. Paula and J. Money share their stories of working on hustles to become the entrepreneurs they are today. Visit http://TheMoneyShow.co/06 for more information about hustles Learn more about your ad choices. Visit podcastchoices.com/adchoices

#5: Paula wants to know how J. Money’s life has changed as a hustler since having kids. For a while, J worked less and made less money. "It was a conscious decision to not make as much money for a while. I was more than happy making less because I was working on stuff I cared about. I also had a fear of being a work-a-holic and picking my hustle over my kids. Having kids forced me to have a work/life balance." Leave comments, contact us, or find links to more of our stuff at http://themoneyshow.co/05 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#4: Paula shares a confession. Then she redeems herself by sharing her gross monthly income. (Yeah. Listen from the beginning). Full show notes at http://TheMoneyShow.co/04 There are a variety of ways to invest in real estate: Flipping houses Buy-and-hold Tax liens Wholesale Income-producing rental properties (commercial and residential) Paula loves residential rental properties. Ask yourself: Do you want capital appreciation or cash flow from rental income? Paula puts a few guidelines in place to determine if a property is right for her. First of all, the monthly rent needs to be at least 1% of the total acquisition price. Example: A $100,000 home would need to rent for $1,000 a month. Why? Because roughly half of the rent is gobbled up by operating overhead: Taxes, Insurance, property management, and repairs/maintenance Paula offers much more valuable information in this episode and on her blog, AffordAnything.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#3: Paula and J. Money share the financial habits they use to grow wealth. Full show notes can be found at http://themoneyshow.co/03 Listen as they share their favorites (and a couple neat tricks): Track Net Worth Maximize retirement savings accounts Pay bills at least 1 month in advance Set up bills on auto-pay Leave a buffer in your checking account Round up debt payments Double the principle payments of your mortgage Enjoying the show? Please leave a comment or write a short review for the show in iTunes: http://themoneyshow.co/itunes Learn more about your ad choices. Visit podcastchoices.com/adchoices

#2: Once again, Paula and J. Money see things differently. J. Money preaches budgeting, Paula practices the “anti-budget”. J. Money examines every expense to find savings. A couple years ago he switched phone providers and saves $100 a month, $20 a month on insurance and $60 on cable. Paula recommends saving at least 20 percent of your income first, then go wild with the rest; “Don’t feel guilty about spending money on Coke Zero or turtle food” Who is right? To leave a comment or contact the hosts, visit https://affordanything.com/episode2 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#1: Becoming successful in finances takes more than M.O.N.E.Y. - it takes heart and hustle. Meet Paula Pant and J. Money. Both worked day jobs before becoming successful bloggers. They share their stories about buying a house before the market tanked, starting their side-hustles, and achieving "mini-retirement", at least for Paula. We value your input. Please visit https://affordanything.com/episode-1-story-of-money-podcast to leave a comment. If you like what you hear, please subscribe for free in iTunes http://TheMoneyShow.co/iTunes. Learn more about your ad choices. Visit podcastchoices.com/adchoices