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

We delve into the world of Financial Independence (FI) with a pioneer -- Vicki Robin, the co-author of Your Money or Your Life. In the 1970s, Vicki Robin and Joe Dominguez, from vastly different backgrounds, came together over a shared vision: FI as a life philosophy, not just a savings strategy. Their book, "Your Money or Your Life," which sold more than one million copies, outlined a three-dimensional approach to FI: Financial Intelligence: Thinking clearly and objectively about money. Financial Integrity: Aligning your spending and earning with your values. Financial Independence: Breaking free from paycheck dependence and limiting beliefs about money. In this podcast episode, Vicki will discuss a new dimension she's added: Financial Interdependence: Recognizing the importance of giving and receiving within our communities and the world. Vicki and I discuss how to move beyond "just the money" during the quest for financial freedom. This episode originally aired in 2018. We're sharing this as part of

Esquire Magazine editor-at-large and bestselling author A.J. Jacobs joins the show to discuss his experimental approach to life. Jacobs, whose TED Talks have been viewed more than 3 million times, shares best practices around motivation, habits, confidence, boosting happiness, and optimizing creativity. In this episode: -- Discover the benefits that come from frequently changing your habits -- Learn why "fake it 'til you become it" is A.J.'s secret weapon for habit development. -- Explore how extreme gratitude can transform your mindset. -- Hear a cautionary tale of healthy living gone wrong. -- Learn how to make any career or business connection by unearthing the way in which you're distant cousins (as everyone on earth is, at most, roughly 70th cousins) Plus, hear a hilarious story about Jacobs revealing his entire sexual history to actress Scarlett Johansson. This episode originally aired in 2017. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5

Stocks or skills? How should you invest? Should you pour money into unlocking your income potential? Or should you pour money into the market? Forget the motivational posters -- unlimited potential is real. But unlocking it takes investment. The question is: Do you invest in yourself or the market? Stocks, bonds, real estate offer clear returns. But what about investing in your skills, a side hustle, or education?  Financial advisor Michael Kitces joins us to crack the code on maximizing your return on investment, both personal and financial. Learn how to make smarter choices about your future and unlock your true potential. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

JL Collins, the author of "The Simple Path to Wealth," achieved financial independence in 1989 with a surprisingly simple strategy: saving half his income and investing in index funds. In this episode, JL breaks down his ultra-simple investing approach. He argues that keeping things uncomplicated leads to better results in the long run. "The less you mess with your investments," he says, "the more freedom you have to focus on what truly matters." This episode is for anyone who feels overwhelmed by complex investment strategies. Learn how to set your finances on autopilot and get on with living your life. We originally recorded and aired this episode in 2016. We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that we produced during the earliest years of the Afford Anything podcast. You may have missed it then; enjoy it now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today’s guest is Jean Chatzky, financial editor for the TODAY Show, host of the HerMoney podcast and a frequent guest on TV shows like Oprah, Regis & Kelly, and The View. We discuss six money rules to guide your spending, including: #1: The more time you spend looking, the less happy you’ll be with what you find. #2: Your retirement trumps their tuition. #3: Losing money hurts more than it should. #4: Big numbers make smart people do stupid things. #5: Don’t lend money to friends & relatives, and don’t co-sign for loans. #6: If it's 50% off, it’s still 50% on. This leads us into discussing tactics to prevent wasteful spending, such as: -- The 10/10/10 Rule: How will you feel about this purchase in 10 minutes? 10 months? 10 years? -- The 24 Hour Rule: Delay the purchase by 24 hours. Do you still want it? -- Only Pay Full Price: Paradoxically, avoiding sales – and ONLY buying items at full price – might help you save more money in the long run. Finally, we chat about how to balance financial priorities whe

At 2:13, we hear from Eugene. Eugene and his wife are retiring with a $10 million net worth and a guaranteed income that exceeds their annual budget. Do they still need things like life insurance and a financial advisor? The next question, at 30:24, comes from an anonymous caller. Her HOA costs have doubled since she bought her condo. She’s wondering if it’s still a good investment. Should she keep it or sell it? We answer Nandini’s question at 48:14. Nandini and her husband save tons every month toward no goal in particular. What should they do with all their extra cash? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode499 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Financial literacy includes understanding NFT's, DeFi, and cryptocurrency. But it's hard to separate education from hype. Harvard Business School's Scott Duke Kominers, a professor in Harvard's Entrepreneurial Management Unit, and a Faculty Affiliate of the Harvard Department of Economics and the Harvard Center of Mathematical Sciences and Applications, joins us alongside Web3 expert Steve Kacizinsky to explain the financial, technological and social significance of NFT's. NFT's, or Non-Fungible Tokens, are a rapidly growing digital asset. Comprehensive financial literacy requires understanding NFT's. While NFT's are emerging opportunity for investment diversification, they are also highly speculative and volatile. NFT's also represent how digital ownership is evolving, and have implications for the economic futures of a myriad of industries. These assets stand at the intersection of art, technology and commerce. This episode provides a deeper understanding of NFT's, taught by a Harvard Business School pr

Princeton Professor Daniel Kahneman never took an economics class. But he won the 2002 Nobel Prize in economics, thanks to his advancements in understanding the psychology of money. In today’s episode, we pay homage to the late Dr. Kahneman, who passed away on March 27 at age 90. We also discuss the jobs report, inflation data, the booming stock market, the next Bitcoin halving, Capital One’s acquisition of Discover, and the National Association of Realtors settlement. Enjoy! For more information, visit the show notes at https://affordanything.com/episode497 Learn more about your ad choices. Visit podcastchoices.com/adchoices

How much of a pay cut would you take for a lighter workload?  Today we hear from Paul, 35, who’s grappling with that question.  Paul’s boss offered him the chance to cut his hours and salary by 25 percent. He’d love to work fewer hours. He has a decent net worth, plenty of savings, and no debt. Should he grab the opportunity? Or stick with his long-term financial independence and early retirement plans? An anonymous caller and her husband want to retire at 55. They also want a bigger home, a better car, and to start growing their family. Can they afford it all? Tim spent his 20’s missing out on retirement savings as a medical student. He’s eager to catch up. What’s the shortest path to get there? Matthew and his family dream of leaving Florida for the Pacific Northwest. Will they regret selling everything to start over? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. For more information, visit the show notes at https://affordanything.com/episode496 Learn mor

#495: Marie Curie won the Nobel Prize in Physics in 1903 and the Nobel Prize in Chemistry in 1911. She's famous for her work in radioactivity. Lin-Manual Miranda is a songwriter, producer and director who won the Pulitzer Prize in Drama in 2016, as well as several Tony awards. What do they have in common? They lived a century apart. They innovated in disparate fields. But they shared a similar productivity practice. Both achieved greatness by embracing the practice of slow productivity, says Georgetown computer science professor Cal Newport. Slow productivity is a three-part practice, Newport explains: (1) do fewer things; (2) work at a natural pace; (3) obsess over quality. We're used to thinking of productivity as doing more in a short amount of time. This flips that idea on its head, focusing on doing less, but excelling. Slow productivity is the practice of doing fewer tasks better. In this episode, Newport explains how the practice of slow productivity diverges from the normal ways that people in modern

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

#493: Do you ever wonder what happens behind closed doors on Wall Street? Vivian Tu, also known as Your Rich BFF, is here to spill the tea. Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college. While working on Wall Street, Vivian saw some weird things. Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside. Vivian realized that there's a group of high-income and high-net-worth people who handle money in drastically different ways than she learned in her frugal upbringing. She learned about investing, taxes, legal loopholes. She discovered new ways of thinking about money. She shares these insights -- gleaned from her Wall Street days -- in today's podcast episode. Resources mentioned: Book: Rich AF: The Winning Money Mindset That Will Change Your Life Attend the LIVE Recording of Afford Anything's 500th Episode! https://affordanything.com/live5

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

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

#490: Great communication will get you a raise. It'll get you promoted. You'll land the corner office. You'll make friends and be the life of the party. You'll land business deals and form lucrative partnerships. Supercommunication is a superpower. But how do we build it? Sometimes, you might walk away from a conversation with the joy of having made a cool new friend. Or you snagged a critical piece of information that you realllllly needed. Or you successfully negotiated an extra $5,000 off your car. On the flip side, sometimes you'll walk away from a conversation, scratching your head and wondering … “What just happened?” If either of these situations have happened to you, Charles Duhigg will help you understand WHY. Duhigg is a Pultizer Prize winning reporter. He holds an undergrad degree from Yale and an MBA from Harvard. He wrote for the LA Times and New York Times, before landing at The New Yorker. His first two books, The Power of Habit and Smarter, Faster, Better, have sold more than 5 million copies

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

#488: Ever made a flippant, seemingly minor decision that radically changed the course of your life? Morgan Housel has experienced this. At age 17, he made a quick decision that ended up saving his life. Sadly, two of his friends were less fortunate. He shares that story in today's podcast episode, and sheds light on the lessons he's learned from it. Housel says that his lifesaving choice -- and many of our other important decisions -- are snap verdicts, ones that we don’t spend much time thinking about. If pivotal moments are decided in a flash, how do we navigate risk? How do we evaluate our options? Housel says this comes understanding concepts that remain constant, consistent, and universal. We need to accept that humans aren’t rational. We must appreciate the reasons why the best answer doesn’t always win. We ought to remember that we overlook many good things happening around us. These constants will most likely impact our futures. Housel was named by MarketWatch as one of the 50 most influential people

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

#486: By every definition of the word, we’re in a bull market. The S&P 500 hit record highs for five consecutive days last week, and remained strong throughout this week. The Dow is above 38,000 for the first time in history. Unemployment has stayed below 4 percent for 24 months, marking the strongest employment in half a century. And consumer sentiment, which reflects more pessimism than the data warrants, is showing signs of improvement. The Fed met this week and decided to hold rates steady, as expected, but there are hints that they’ll start dropping interest rates within a few months. Inflation isn’t yet down to the Fed’s target rate of two percent, but it’s getting closer — with one notable exception. Auto insurance has skyrocketed; across the nation, car insurance is 17 percent higher than last year. Meanwhile, a shake-up in the real estate industry is creating tumult for the National Association of Realtors, which is facing its first serious challenge in 100 years. The outcome could determine how stee

#485: If you’ve ever thought: "I’d love a business BUT …” I don’t have TIME I don’t have MONEY I don’t have IDEAS I have TOO MANY ideas and I don't know where to start I'm not technical I'm not creative or artistic I'm not good at sales You're not alone. Countless people don't start businesses or side hustles for these reasons. And they're losing thousands -- perhaps millions -- in opportunity cost. How much could you make if you started a side hustle that eventually scaled into a business? Possibly millions. Today's guest, Noah Kagan, is living proof. Noah was employee #30 at Facebook. His stock options, if fully vested, would be worth over $1 billion today. (If you want to do the math -- his stock options came to 0.1 percent of the company, which has a current market cap of $1 trillion.) But Noah was fired just a couple months before his stock options vested. So rather than getting a billion-dollar payout, he got nothing. He sank into a deep depression, eventually recovering with the help of a ther