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Your Rich BFF, Vivian Tu: Wall Street's Dirty Little Secrets [GREATEST HITS WEEK] Dec 26, 2024

Show notes

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.

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 originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now.

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Noah Kagan: 48 Hours to Entrepreneurship — Your Million Dollar Weekend [GREATEST HITS WEEK] Dec 25, 2024

Show notes

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 therapist who counseled him on how to reframe the experience.

Then he rolled up his sleeves and got to work. He became a serial entrepreneur, building multiple businesses. His most successful venture now makes $80 million in gross revenue, and his personal take-home is $3.3 million per year (which comes from a $200,000 annual salary and $3.1 million profit distribution.) His net worth is $36 million.

Not a billion, but still not too shabby.

Noah recently wrote a book called “Million Dollar Weekend: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours.”

He sits down with us (in person!) to share:

— how to find business ideas

— how to overcome objections and rejections

— how to scale

By the end of the episode, the common objections that you often hear — like “I don’t have time/money/ideas” — will be quashed.

Please enjoy!

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Charles Duhigg: How to Have Smarter Conversations [GREATEST HITS WEEK] Dec 24, 2024

Show notes

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. Recently, he came out with a new book called Supercommunicators.

He chats with us today to discuss the power of communication.

Duhigg shares why communication is a critical component to happiness and success in every part of life. He discusses the different styles of conversations that people can have, which lead to either connection or disconnection. He also shares critical tips to help us all become supercommunicators and live richer lives.

Enjoy!

Resources Mentioned:

Supercommunicators: How to Unlock the Secret Language of Connection, by Charles Duhigg | Book

The Power of Habit, by Charles Duhigg | Book

Smarter Faster Better, by Charles Duhigg | Book

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Morgan Housel: How to Trend-Proof Your Portfolio and Think Beyond Fads [GREATEST HITS WEEK] Dec 23, 2024

Show notes

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 in the market. He is the New York Times bestselling author of The Psychology of Money. He joins us to discuss the ideas in his book, "Same As Ever".

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Q&A: Why Smart Investors Are Questioning VTSAX and Chill Dec 20, 2024

Show notes

#568: Jason is confused by the recent discussions about the efficient frontier and Paul Merriman’s four-sector strategy. It seems a lot like another form of stock-picking. What’s the difference?

Michelle straddles the Roth income threshold and is frustrated that she never knows if she’ll qualify for a Roth contribution until tax season. Is her current savings plan too complicated?

Evan has $100 to spend on personal finance books for his high school’s library. What books would Paula and Joe put on this limited shelf space?

Former financial planner Joe Saul-Sehy and I tackle these three 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/episode568

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Lessons from High-Stakes Decisions, with Polina Marinova Pompliano Dec 17, 2024

Show notes

#567: What happens when an astronaut goes blind during a spacewalk?

For Chris Hadfield, this wasn't a hypothetical scenario. While working outside the International Space Station, cleaning solution from his helmet visor spread into both eyes, leaving him completely blind in the vacuum of space.

His response? Stay calm and methodically evaluate options. He could call Houston. He could have a crew member rescue him. He could try to cry to flush out his eyes - though that's tricky in zero gravity.

This story opens our conversation with Polina Marinova Pompliano, former Fortune Magazine reporter and author of the new book "Hidden Genius."

Through her interviews with high-performers across fields — from astronauts to investors to extreme athletes — she uncovers patterns in how people handle uncertainty and build resilience.

Take trust, for example. Reid Hoffman's formula is simple: Trust = Consistency + Time.

It's not enough to show up sporadically when it's convenient. Trust builds through meeting deadlines, following through on commitments, and maintaining clear communication — even during challenges.

Reliable consistency compounds over time, much like interest in an investment account.

Or consider Charlie Munger's approach to beliefs. Rather than defending positions "to the death," he argues you should only claim to believe something if you can argue the opposition's viewpoint better than they can. This forces you to genuinely understand different perspectives rather than just reflexively disagreeing.

The conversation explores how people navigate major setbacks, from Conrad Anker surviving an avalanche that killed his climbing partners to Polina's own experience of quitting Fortune magazine right before COVID hit. A key theme emerges: resilience isn't about avoiding difficulty, but about training yourself to handle it through small daily practices.

Former Navy SEAL David Goggins calls this "callusing the mind." By deliberately doing one uncomfortable thing each day - whether that's running in the rain or having a difficult conversation - you build your capacity to handle larger challenges. The goal isn't to become superhuman, but to expand your comfort zone step by step.

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