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We’re taught to stay in the game. Persist. Be gritty. Try, try again. But sometimes, the best decision is to walk away. Move on. How do you know when that’s right? When should you double-down … and when should you fold? Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills. Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit. It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice. She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life. For more information, visit the show notes at https://affordanything.com/episode424 Learn more about your ad choices. Visit podcastchoices.com/adchoices
We’ve heard the warnings about following your passion.  People ask if you can *actually* make money doing what you love. They frame the question “passion or profit?” as though these are in opposition.   The majority – who have never tried – decry, “what if you fail?” Nobody asks the more important question: what if you succeed? Are you still going to love your passion when you rely on it to pay the bills? We grapple with that question in today’s episode, which is devoted to side hustles and starting a business. We use questions from two of our listeners as a jumping-off point to discuss the realities of going into business for yourself, doing what you love.  We share examples from our own lives as professional podcasters, as well as from the lives of friends who are full-time photographers, musicians, writers and other creative entrepreneurs. Enjoy! P.S. Got a question? Leave it here For more information, visit the show notes at https://affordanything.com/episode423 Learn more about your ad choices. Visit podcastchoices.com/adchoices
Emily is saving aggressively for financial independence, but it’s hard to enjoy the present. Is it time to increase spending? Monroe wants to stop working. Forever. Which is more important: debt payoff or investing? Another anonymous caller and his spouse dream of building a homestead on an expensive piece of land. How much is too much to spend on housing? Given the high costs of moving, Sarah wonders if buying a starter home is the best decision. Should she and her fiance jump straight to buying their forever 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 here For more information, visit the show notes at https://affordanything.com/episode422 Learn more about your ad choices. Visit podcastchoices.com/adchoices
Life is busy. We spend too much time on chores, errands, commuting, emails and other draining tasks. We lack time for joy and hobbies. Or do we?  Today’s guest, Laura Vanderkam, talks to us about how to make the most of our time and carve out more space for gratifying experiences. Laura Vanderkam is a time management and productivity expert. Her latest work, “Tranquility By Tuesday: 9 Ways to Calm the Chaos and Make Time for What Matters” shares actionable steps to help you fill your schedule with more of what you love. Enjoy! Timing of discussion points as of January 2023: 06:06: Where the time management focus should land 13:44: What is tranquility? 15:22: How to structure your hours 16:33: Set your bedtime: the foundational rule for time management 24:18: The power of planning on Fridays 29:05: Move your body by 3 pm 35:02: Create “backup slots” 37:10: The impact of various time management guidelines 38:43: The Big Adventures Rule 44:06: Taking a night for yourself 47:51: Batch the little things 50:16: The effortful before the effortless For more information, visit the show notes at https://affordanything.com/episode421 Learn more about your ad choices. Visit podcastchoices.com/adchoices
What We Learned in 2022

What We Learned in 2022

2022-12-2901:29:501

#420: Harvard professor Arthur Brooks described two types of intelligence – and explained, in scientific terms, the wisdom that comes with age. Dr. Ellen Vora, M.D., shared insight into the roots of procrastination, offering evidence-based tips for how to overcome our own inner demons of anxiety, fear and laziness. Psychology professor Bill von Hippel described why too much happiness is just as detrimental to our long-term health and wellbeing as too little happiness. Wall St. Journal columnist Spencer Jakab observed the perfect storm of conditions that gave rise to meme stonks and other oddities of our era. Former financial planner Joe Saul-Sehy argued for “strategic under-diversification” and explained the Sharpe Ratio. Data scientist Nick Maggiulli explains the save-invest continuum. And financial planner Bill Bengen, the creator of the 4 percent retirement withdrawal rule, talks about what most people misunderstand about the safe withdrawal rate. These are just some of the highlights from the Afford Anything podcast in this 2022 year-in-review episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode420 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#419: Casey isn’t happy at her job. If she leaves before her one-year mark, she’ll lose her 401k contributions. Should she stay or find a new job? Daan resides in a high-cost-of-living area where real estate appreciates rapidly. But there’s no cash flow. How should he evaluate real estate as an investment? Emily already maximizes her 401k contributions. Should she contribute to an after-tax 401k next? Ryan’s investing for his son. If the yield is the same between two mutual funds, can he leave his son with more money if one mutual fund pays dividends more frequently? 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/episode419 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#418: When Jordan Grumet was a child, his dad died unexpectedly. That was decades ago. Jordan is a father today, but he thinks often about the possibility of dying young. And he wonders how to balance enjoying today vs. saving for tomorrow, given that none of us know how long we’ll be on this earth. How do we think about our lives when the clock starts to run out?  Beyond money, what other tools can we use to live a fulfilling life? Jordan Grumet, a hospice doctor and host of the Earn and Invest podcast, discusses this in today’s episode. For more information, visit the show notes at https://affordanything.com/episode418 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#417: Our first anonymous caller is getting married. What are the financial considerations the couple should be thinking through since there is a large income gap between them? Our second anonymous caller is concerned about her ability to continue working due to major depression. Should she consider disability insurance? Carly is an accidental landlord and would love to keep her rental property. The problem? It’s losing money right now and she’d probably take a loss if she sold it. What should she do? Shelby has an amazing opportunity to relocate to Tokyo for work, but she’ll have to take a pay cut. How should she think about her investment options? 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/episode417 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#416: Crypto is tanking. Household debt is climbing. Student loans are tangled up in the court system. And the house market…did what?! Today’s bonus First Friday episode takes a look at the latest economic headlines, with analysis, commentary and hot takes. Enjoy! For more information, visit the show notes at https://affordanything.com/episode416 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#415: The average American donates 2.1 percent of their income to charity, according to data from the Giving Institute. But an ordinary couple living in Nashville, Bob and Linda Lotich, refuse to be average. When they were both 31, they decided to “give their age” – they pledged to donate 31 percent of their income to worthwhile causes. They’ve increased their charitable giving every year since, to match their age. The couple is now 41 years old, and they give away 41 percent of their income. When they began this project, the Lotich’s were earning a combined household income in the high five-figures. They were making just under $100,000 combined, living in St. Louis. They carried a mortgage on their home. They worried that their commitment to giving might impact their ability to pay the bills. Over the last decade, their income has fluctuated – up some years, down in others. They moved to Nashville and had three children. These higher living costs have drastically impacted the family budget. But their commitment to giving persists. In today’s episode, Bob Lotich joins us to talk about why and how he committed to the “give your age” philosophy – and shares his advice for anyone who wants practical tips for increasing their capacity to donate to meaningful causes. Enjoy! Timing of discussion points as of November 2022: 04:46: Adjusting mental and budget space to allow for more charitable donations 13:12: The decision give to individuals vs. charitable organizations 14:57: Does giving to an individual impact the relationship? 16:56: Recommendations for platforms with giving opportunities 25:01: Managing the giving budget after starting a family 25:56: Guilt and shame around generosity 27:41: Giving from a place of gratitude and a place of pain 28:47: The concept of giving dreams 30:19: Building for a continuous impact vs. a large impact 31:48: Getting the children involved 37:48: How to increase your charitable giving For more information, visit the show notes at https://affordanything.com/episode415 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#414: Amanda is worried that her recently diagnosed health condition might force her to stop working. How should she financially prepare her family? Anonymous is a savvy DIY investor who wants to retire early and is wondering if she should hire a financial advisor. Should Krista tap into the equity from one of her rentals to rebalance a portfolio that is weighted heavily in real estate? Natasha thinks she and her husband have saved enough to retire early but it feels scary. Is she truly ready or is she nuts?  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/episode414 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#413: If an idea dominates the headlines, we notice it. But maybe we shouldn’t. Today’s guest, psychologist and behavioral finance expert Dr. Daniel Crosby, says there’s a difference between a prediction that gets repeated, and one that’s likely to unfold.  What’s salient isn’t accurate, he says. And vice versa.  He also talks about how money problems have morphed over time. He chats about how our evolutionary wiring is at odds with our goals. And he even discusses how we’re wired to be ‘lazy’ – and how to work with that tendency instead of fighting an uphill battle against it. Dr. Crosby researches the intersection of mind and markets. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology impact our investment choices.  Timing of discussion points as of December 2022: 03:10: The overlap between psychology and investing + new ideas 04:41: Counterintuitive behavioral finance discoveries  07:27: Money as a “hygiene factor” 08:39: The “new class” of money problems for the more affluent 13:44: Factors that impact our financial decisions 15:22: The influence of evolutionary wiring  17:02: Cognitive and physical wiring leading to laziness and group think 27:45: The benefit of community for investors 28:52: The four types of behavioral risk: ego, conservatism, attention, and emotion 36:21: The three E’s of behavior change: education, environment, encouragement 42:30:  Confusing things that are loud with things that are likely 45:21: The risk of managing emotion For more information, visit the show notes at https://affordanything.com/episode413 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#412: Taylor recently graduated. She wants to reach financial independence as soon as possible. What should she do first: invest or repay low-interest debt? Carter doesn’t want to pay too much for his investments. He’s worried about the tax drag. He wants to know how to improve cost efficiency in his portfolio. How should he manage decisions about basis points, dividends and capital gains? Our first anonymous caller has been working and investing for a decade. Today her portfolio is large enough that she and her husband can finally take a mini-retirement. They’d like to rebalance their portfolio. They want it to reflect the fact that they won’t be working for a while. They’d also like to calculate how much money they need to travel with their children. How should they handle this? Our second anonymous caller is worried that their portfolio is out-of-whack. Their money is in a target date retirement fund. They’d like to move some of it to a three-fund portfolio. But this is a scary time to sell. Stocks are low. What should they do? 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices
#411: In the final installment of this two-part mini-series, we walk you through becoming a subject matter expert in your investment city of choice. We discuss who you should talk to, where you can find them and what you should talk to them about. Timing of discussion points as of November 2022: 06:11: Who you should talk to  10:09: Why conversations with non- real estate professionals are important 11:49: Where to meet other real estate investors 13:19: Expanding your network, character due diligence and making friends 13:59: Thinking through others cognitive biases 15:56: Potential implications of neighborhoods with “good cash flow” 20:57: An example of objective feedback 29:40: Dumpsters, sewers, permits and problems: Other specifics to discuss For more information, visit the show notes at https://affordanything.com/episode411 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#410: You face plenty of problems. But you have a scarcity of good solutions. Stanford Professor Jeremy Utley can help. He says that solving complex problems requires creativity. And creativity comes from deliberate practice. It’s not an innate talent. It’s a skill. And it’s useful in any occupation, from accounting to zookeeping. Jeremy speaks and writes on the history of invention, discovery, creativity, and innovation. He also leads Stanford d.school's work with professionals. Today he talks to us about how some of the greatest innovators produce new ideas. He tells us about their creative process. He describes how researchers and authors improve their skills. And he shares pointers to help you understand how to do the same. Timing of discussion points as per November 2022: 3:00: How to focus while staying open to creativity 6:23: Definition of creativity 14:02: Different cognitive biases faced 17:35: The idea quota 19:28: Where ideas come from: the Lego analogy  21:32: How Ben Franklin honed his creativity 28:36: Capturing inspiration 46:04: The importance of reviewing the problems in your life 50:24: The roles of creative collaboration and distributed reasoning 54:49: The argument for quantity over quality  56:07: The value of bad ideas For more information, visit the show notes at https://affordanything.com/episode410 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#409: Liz and her husband are planning to retire in 5 to 10 years. They have rental income properties, but Liz is bored of managing these, and she’s intrigued by the idea of buying stocks at a discount when the market is low. Should she sell her rental properties and use the money to buy stocks instead? Rebecca is a high income earner and thinking about investing in a Roth 401k … but she’s scared of how much she’ll have to pay in taxes. Should she do it anyway? Anonymous made big changes last year: she got a new career AND sold a house! Now she needs help figuring out capital gains and lowering how much she’ll have to pay in taxes … and she won’t have access to her company’s 401K for most of the year. Kyle and his wife are moving into their dream home! What should they do with their current place? 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices
#408: When Kiersten and Julian Saunders began dating in 2012, they fell in love quickly, and their relationship felt strong – until they started talking about money. They broke up as a result of their first money conversation. Luckily, they got back together, figured out how to have tough conversations, and paid off $200,000 in debt over the next five years. Then they started thinking about how to hack their careers. They came up with a plan for a 15-year career. Today, they join us on the podcast to talk about the 15-year career framework and how to approach your career - and your finances - in 5 year stints. Timing of discussion points as per October 2022: 00:25: Introduction to Kiersten and Julien Saunders 02:05: The money conversation that changed everything 11:25: Examples of interaction patterns around money discussions 12:08: Tactics to continue difficult money conversations 16:18: Starting a 15-year career 17:48: The focus of the first five years: your financial foundation 18:17: Transitioning to the second five years and defining your super power at work 18:50: Building your exit plan in the last five years 22:57: Thinking about side hustles and the factors of urgency and upside 24:29: How does a person know how to make money 29:28: Maintaining momentum towards your goals over the 15 year time span 31:37: Is it possible to accelerate the 15 year timeline? 35:12: Thinking about risk after your career Learn more about your ad choices. Visit podcastchoices.com/adchoices
#407: Ionnie wants to vet her tax professional as diligently as she assesses her financial advisor – how should she go about doing that? Anonymous needs a career change, and she needs help figuring out how to approach the decision making process when choosing and preparing for her next field of employment MM prefers the simple path to wealth and investing in real estate but is looking for more information on a more intentional and selective approach to investing. Ingrid calls in to ask whether she should include her rental income when trying to figure out how much she can contribute to her Roth IRA. 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices
#406: In this two-part episode, we first tackle the data points needed to assess various investment locations within your city of choice. We will cover seven specific neighborhood characteristics to review before diving into deal finding, and three things to look at once you've found a specific deal to evaluate. Then, we interview Kristen Lazure, the producer behind the Netflix movie "Get Smart With Money". The movie follows 4 financial coaches — Tiffany Aliche, Peter Adeney, Ross Mac and myself — as we help four people who are struggling with some aspect of their financial lives. Tune in for behind-the-scenes movie insights and enjoy today's episode! Timing of discussion points as per October 2022: 01: 49: Topic introduction 04:03: Tip on visualizing the data 06:00: Current and future locations of employers 11:55: Impact of the local business landscape and housing prices 13:22: Investments from municipalities 15:02: The importance of school districts 16:28: Adjusting location evaluations based on strategy 18:57: Understanding the crime landscape, flood plains and walk scores 29:28: Introduction to Kristin Lazure and Get Smart With Money discussion Learn more about your ad choices. Visit podcastchoices.com/adchoices
#405: Daniel and his wife want to go on an extended vacation and leave their jobs next year…and still have money in case there’s a problem at their rental properties. Would a HELOC help them? Anonymous and her husband have received a large commission and want to understand how to better plan for their future by optimizing for these inconsistent windfalls. Brian has hit coast F.I.R.E and would like guidance on how to prioritize between tax advantaged accounts and retirement accounts. Anonymous and his wife have been focused on getting short term rentals in a single location - is his portfolio too focused on this singular strategy?? 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Comments (38)

ID21703228

Love you Paula!

Jan 26th
Reply

Bradley Friend

10:54 Are you going to die young and wealthy, or old and broke? As if those are the only two choices! Who is young and wealthy? You cannot have your cake and eat it too, unless you are extremely lucky AND diligent.

Dec 17th
Reply

Johannes Frederiksen

Thanks, it's actually useful! I can tell you that I've been planning of getting into this field for a while, and I've already installed kitchen and bathroom cabinets from https://kitchensearch.com/ in order to increase the price of my house, and I feel like after a while, I'll decide to sell my house.

Oct 3rd
Reply

sub60

Thanks so much for answering my question! -Eve

Mar 30th
Reply

Fitzroy Harvey

Another one

Jan 4th
Reply

Emilia Gray

The global gambling industry is becoming more and more cryptocurrency-friendly, I found here https://dailyiowan.com/2021/10/18/top-3-best-crypto-betting-sites-players-pick-in-2021/ the best options for my leisure

Nov 8th
Reply

Diana

Understand your objectives > Narrow down your strategies to achieve these > Apply the right tactics. I appreciate how you guys were able to break this down following Jordan's question. #FinancialWisdom 🤓

Oct 9th
Reply

sub60

What a loon. Paula trying to add nuance while this guy is one track.

Mar 25th
Reply

Mary C

Awesome episode! Thanks to both of you for breaking everything down so clearly!

Mar 16th
Reply

Rose grace

Love Suze,she always tells it like it is.

Jan 4th
Reply

Mike Applegate

You can do monte carlo simulations on Vanguard's website.

Dec 2nd
Reply

Mike Schmid

Can't download it using beyondpod. It keeps failing!

Nov 4th
Reply

Ryan Slot

I disagree with the advice to Andy. I believe these times are different and our monetary system is changing. I would encourage people to educate themselves on money and currency. I would hate to see Andy and his children's futures destroyed due to lack of education on REAL money.

Jul 9th
Reply

Joy Joey Rockwood

Great episode! Just a heads up, the referral link for Qapital from does not provide the referral for $25 or give any directions on how to complete that. At least for me the app seems glitchy and I was not able to set up anything beyond linking my financing account. contacting support via the app directly was most un helpful and even a bit rude. That makes me nervous to have that info in their hands now. Love the show and no reflection on the podcast and Paula's advice and other affiliations.

May 19th
Reply

Eric Thompson

Get well soon Paula!

Mar 26th
Reply

Charlie Bradley

The first half is just them bantering and if you're interested in the personal life of the interviewee listen on, the second half gets down to the nitty-gritty and is very information-rich with a great summary that makes Paula's work some of my favorite podcasts.

Nov 21st
Reply (3)

Charlie Bradley

just so you all know, Starbucks is an incredibly hard job that would leave you drained. it is not a fun easy side gigs to get health insurance.

Oct 28th
Reply

Charlie Bradley

oh my God, like, you know? I can't, like, listen to this episode dash though I wanted to, you know? because, like, Jay, is like, just so f****** inane!!! ug!!

Oct 28th
Reply

Aaron Webb

never heard of some of the things in this episode before, thanks

Oct 10th
Reply

Billie Archuleta

I really responded to this episode. My path is super similar to Evelyn's. Thank you for this episode.

Sep 15th
Reply
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