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

#402: Do you wrestle with the idea of leaving your savings in an account earning next to nothing versus investing it in the stock market? Do you use investment strategies that allow you to work with your nature, rather than against it? Are you careful to seek investment advice from those who share your investment goals, or do you get caught up in the trends of day traders? Morgan Housel, author of The Psychology of Money, joins us to discuss why investing is not the study of finance, but the study of how people behave with money. Morgan is an award-winning financial journalist, former columnist for the Wall Street Journal and The Motley Fool, and one of the foremost thinkers in the world of investing. As a long-term investor who shares our buy-and-hold philosophy, Morgan has behavioral finance insights that can help us invest for financial independence with more clarity and a better understanding of ourselves. We discuss how to develop self-awareness around biases, the importance of flexibility for long-term

#401: It’s September! If you’ve been listening to the show for the past few years, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production. F.I.R.E. holds four pillars: Financial psychology, Investing, Real estate, and Entrepreneurship. This September, we’re running four weeks of episodes focusing on each of these four pillars. Today, we kick off with an episode focused on financial psychology. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today we’re sharing three talks given at the EconoMe conference, with each of these talks relating to F.I.R.E. The three discussions are: FI-Landia is a lie - What I Learned On My Journey To F.I.R.E., with Carl Jensen What If You Achieve All Your Goals But You’re Still Not Happy, with Rich Jones How To Never Again Say, “I Can’t Afford It”, with Paula Pant Details below: Carl Jensen: 05:27: Session begins 08:02: Sharing the message of financial independence and being hit with the “What If’s” 12:24: The concern about running out of money 20:16: The real value of fire Rich Jones: 32:50: Session begins 35:55: The importance of knowing who you are, what you want, and why 39:36: Day jobs: love vs. purpose 43:26: Why you should track your work 46:18: How to think like a recruiter 51:44: Why giving yourself permission could be your game changer Paula Pant: 59:34: Session begins 1:02:21: The importance of reframing the word “can’t” 1:10:29: Traditional budgets, zero based budgets and anti budgets 1:19:49: The b

#399: Bella is SO CLOSE to reaching F.I.R.E and is worried about her withdrawal rate if the stock market drops. If the stock market does drop, can she withdraw as much as she had originally planned? Sam has been investing for several decades and thinks that he should stay invested in his portfolio, despite the recent drop in value…but he is still wondering if there’s a chance that he should sell. Meisha is making more money at her new job but can’t contribute to her 401(k) for the first six months - what should she do with her extra money in this interim?? Kyria is a young investor with multiple goals: she’s wondering how to best save for a downpayment without it being eroded by inflation and also whether her investment choices should take on more risk, since time is on her side. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. For more information, visit the show notes at https://affordanything.com/episode399 Learn more ab

#398: Chris Hutchins is an avid life hacker, a financial optimizer and the host of the top ranked podcast “All The Hacks”, where he shares his quest to upgrade his life without having to spend a fortune. These passions have led him to being featured in a documentary on financial Independence called “Playing with FIRE” and collecting millions of points and miles. If you want to learn more about optimizing your spend so that you can travel with less of an impact to your bank account, you’ll want to hear what Chris has to say. Timing of discussion points as per August 2022: 04:13: Is travel hacking a good use of time? 08:15: What is the simple path to optimizing spend? 09:108: Why focus on one rewards program? 10:46: Why are there recommendations for transferable point programs and what are the benefits of co branded cards? 18:08: How can the value of points or miles be estimated? 22:08: Is the best redemption value in booking business class international flights? 32:34: How do you know the best flight to book

#397: Nic’s parents are forced to confront earlier than anticipated retirement…and they aren’t financially prepared. Now, a bank is offering to buy a part of their mortgage or a part of their house. Is this a scam?! Jon from Colorado is curious about after tax contributions to a Roth 401k, and would like us to talk about why we wouldn’t recommend it. Anna is househacking, and she locked down an awesome interest rate. But, she’s still carrying PMI and is wondering if there’s a way to remove the PMI without refinancing. Courtney from Denver is a real estate investor who wants to invest in new locations, and wants tips on building out her network. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. For more information, visit the show notes at https://affordanything.com/episode397 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#396: International best selling author and leadership speaker, Julie Winkle Giulioni, talks through a multidimensional career framework that features eight dimensions of career development. She spells out how to apply the dimensions of contribution, competence, connection, confidence, challenge, contentment, choice and climb to different parts of your professional life, whether that’s assessing your current job, navigating a conversation with your superior or setting yourself up for the next progression. In this episode, we cover: 01:15: Introducing the topic of optimizing engagement at work 05:02: The “Why” behind the Great Resignation 07:28: How to feel like you’re making a true contribution 14:01:The need to increase competence for growth 16:03: Solving for boredom with your superior 23:16: Forging connections in the era of remote work 32:18: Enhancing confidence and imposter syndrome 38:36: Appreciating the role of contentment in the workplace 39:18: The dimensions of choice and climb Enjoy! For more in

#395: Welcome to Invest Anywhere, our monthly series on long-distance real estate investing. Invest Anywhere airs on the First Friday of each month and is co-hosted by Paula Pant and Suni Rao. In this episode, we tackle the challenging decision of how to evaluate a city for rental property investment. We will cover three specific sets of analysis, talking through a macro business cycle view, a more specific economic analysis, and then encourage you to review your own personal network. Enjoy! 01:30: Topic introduction 2:30: Evaluation to be discussed: Business cycle, economics, and hierarchy of boots on the ground 5:48: High level look at the business cycle 08:40: The four phases of the business cycle 11:12: The peak phase of the business cycle 25:40: The recession phase of the business cycle 37:15: The recovery phase of the business cycle 39:40:: The expansion phase of the business cycle 47:10: Factors to consider when choosing a specific economy 57:48: Hierarchy of boots on the ground For more information, v

#394: Bill listened to our episode with Bill Bengen, father of the 4% rule, and he wants to know if there was a way for him to figure out how much money he should be keeping in cash. Sheryl gets stock from her company, and she would usually sell it…but the stock value has decreased. And now, she isn’t sure what she should do. Heather inherited an IRA but MUST empty it within ten years - but she doesn’t need it right now. What should she do?? Julie and her husband have access to an HSA for ONE MONTH. Can they max it out before they lose access to it? In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough questions. Enjoy! Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information, visit the show notes at https://affordanything.com/episode394 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#393: Chuck Jaffee is a forty year veteran financial journalist who regularly writes for the Wall Street Journal and is also a nationally syndicated financial columnist. He discusses how money and investors' attitude towards investing has changed over the last few decades. 00:44: Introducing Chuck Jaffe 03:05: How people interacted with the market in the 1980’s 06:50: Dealer and liquidity risk when investing in the market 09:23: How the environment 40 years ago impacted investor psychology  12:53: Long term impact of Black Friday, the worst market crash experienced by any living investor 16:10: Discussion of fund options that are more illiquid and can sell at discounts  18:04: The combined influence of access real time data and the ability act in real time  28:31: Moving away from employee supported retirement plans 29:00: The difference between financial education and financial literacy 31:26: Chuck’s take on the 4% rule 50:16: Portfolio and personal optimization For more information, visit the show notes

#392: Colleen and her husband own SEVEN paid off rental homes. Now they’re heading into retirement and disagree on what to do with some of that equity. Kevin wants to hit FIRE (Financial Independence, Retire Early) and believes his motivation comes from witnessing the financial trauma of the Great Recession. He’s wondering if others are motivated to reach FIRE for similar reasons. Anonymous wants to learn more about utilizing HSA accounts and Susan wants to learn more about investing in tax liens. In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode392 ________________________________________ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#391: Dr. Reza Abraham, an international leadership consultant, walks us through a framework of staying in control of your career and your life. This framework utilizes a singular core, three cornerstones and twelve principles.  He explains how to apply and execute these principles to reinforce personal fulfillment, growth and progression.  0:00:47: Introducing Dr. Reza Abraham + the framework for staying in control of your life through a core, three cornerstones and 12 pillars 0:02:48: The core of taking control: consciousness 0:06:41: The first cornerstone: contentment 0:08:46: The second cornerstone: consistency 0:12:30: The third cornerstone: conversion 0:15:05: Five reflection questions to review for intentional growth and progression 0:24:17: The first pillar: character 0:30:03: The second pillar: communication 0:33:16: The third pillar: curiosity 0:35:15: The fourth pillar: compass 0:38:14: The fifth pillar: courage 0:39:22: The sixth pillar: collaboration 0:45:46: The seventh pillar: connection 0:48:

#390: We start this episode with two anonymous callers who have opposite problems: one says her bills are too high, while the other is worried that she’s saving too much. Anonymous (“Izzy”) saves A LOT. She wants to relax about her spending more, and start including more joy into her life. How should she approach the next 10 or 20 years, so that she can enjoy her financial security? A different anonymous caller (“Starlight”) has the opposite problem: her expenses are mounting. Her bills make her uncomfortable. She wants to shake up her investments so that she can tap her assets in order to make her payments. Ideally, she’d also like to buy a house in Europe within the next 10 years. How should she do this? John liked the episode with Bill Bengen, where we discussed the 4% rule. However, he questions whether that rule should really be applied to the FIRE community. Steve is a landlord who needs his property to cash flow, but doesn’t like to raise rents. What should he do? Do you have a question on business, m

#389: Should you bother investing in real estate … especially from a distance? Is the hassle worth it? What’s the upside? Do you really want this? Or should you just stick with index funds? Isn’t it scary to invest out-of-state? How do you know if you’re ready? In today’s episode of Afford Anything Presents: Invest Anywhere, my co-host Suni Rao and I tackle these common questions. For more information, visit the show notes at https://affordanything.com/episode389 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#388: Recessions are terrifying. Market crashes often bring out the worst in people’s anxieties and fears. This fear triggers us to act even more irrationally than usual – which can lead to making expensive mistakes in our investment portfolios. In today’s episode, Scott Nations, who spent his career studying market volatility, describes some of the most common cognitive biases and irrational behaviors that investors make. He shares tips on how to master the mental game of investing, especially in turbulent times. For more information, visit the show notes at https://affordanything.com/episode388 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#387: Lila is concerned about inflation and the risk of a recession. Should she invest in the stock market, despite the scary headlines? Or should she pay off her primary residence or her investment properties? Linda invested in a 529 for her son’s college, and he’ll be starting in the fall. But, the value of the plan dropped right before she was planning on using it and she is wondering how to keep from losing more money. Jen and her husband want to retire in 8 years. They’re hoping to have paid off their mortgage AND hit their net worth goals when they stop working. How should they prioritize between these two goals? Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode387 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#386: We all have our secrets. We keep some secrets from bosses, colleagues and clients, like the fact that we hope to retire early, change careers, or start a business. We keep other secrets from friends and family, like our income, net worth, spending habits and investing mistakes. Research from around the world shows that we tend to keep the same types of secrets – around 38 common varieties, including secrets about finances, ambitions, beliefs, habits, unpopular opinions, mental health, trauma, addiction, and drug use. These 38 common types of secrets fall into three categories: (1) moral secrets, which we fear will either cast judgment on us or will cause harm to another; (2) relational secrets, which we fear will harm our relationships; and (3) goal and ambition secrets, related to career, business and finances. In today’s episode, Columbia University professor Dr. Michael Slepian discusses the secret life of secrets. Dr. Slepian is the Sanford C. Bernstein & Co. Associate Professor of Leadership and Et

#385: Anonymous (“Jennifer”) keeps hearing us say that you should “start with the end in mind” – that your investments should match your goals and timeline. But what if you don’t have any specific financial goal? What if your risk tolerance is different than you once thought? Rachel’s new employer won’t let her contribute to retirement for more than a year - what should she do?? Carri’s parents are in poor health and can’t work much - what should they do about their life insurance policy and their health insurance? Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode385 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#384: Welcome back to the third episode in our special series, Afford Anything Presents: Invest Anywhere. Invest Anywhere is a new monthly series that runs on the First Friday of each month. It lays out the information you need to invest in real estate at a distance. Many of you want to invest in real estate, but you live in a high-cost-of-living area. (Ahem, California and New York). The homes in your city are prohibitively expensive, and they offer lackluster returns. You could invest in a lower-cost area like Cincinnati, Indianapolis, Omaha or Wichita … but HOW? That sounds terrifying. We’re here to dismantle that fear, piece by piece, by sharing our knowledge and experience. The Invest Anywhere series is dedicated to giving you the guidance you need to make smart, confident choices about investing out-of-state. It’s co-hosted between myself (Paula) and esteemed real estate investor Suni Rao, who’s experienced everything ranging from buy-and-hold rental investing to (accidentally) wholesaling. She’s manage

#383: Behavioral researcher Vanessa Van Edwards, who runs the research lab Science of People, breaks down the psychological secrets behind feeling and looking more confident, competent and charismatic. She explains how to apply these techniques to critical conversations around money, whether you’re negotiating your salary, buying a home or car, or arguing with your spouse about your household spending. Subscribe to get the show notes delivered via email, for free, at https://affordanything.com/shownotes Learn more about your ad choices. Visit podcastchoices.com/adchoices