Afford Anything | Get Smarter With Money

Latest Episodes:

Challenging Your Confirmation Bias, with Economist Larry Kotlikoff Jul 29, 2021

Show notes

#329: Have you ever thought about how an economist views financial planning? Would you guess that it's vastly different from how some financial planners approach this work?

Today's guest, Laurence Kotlikoff, is a Professor of Economics at Boston University. The Economist named him one of the world's 25 most influential economists in 2014. Professor Kotlikoff has written 19 books, and hundreds of professional articles and Op-Eds.

He's here to explain why economists take a different view than financial planners on investing, retirement planning, and risk mitigation.

For more information, visit the show notes at https://affordanything.com/episode329

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Ask Paula: I’m on the Verge of Retirement and My Taxes are Rising … Help! Jul 21, 2021

Show notes

#328: Sarah O Sahara’s parents sold their rentals and business of 24 years. They’d like to create a trust for their grandkids with boundaries in place to avoid entitlement. How should they structure this trust?

Anonymous in Canada has a fully paid off condo that she wants to turn into a rental once her new townhome is ready. Should she mortgage against the condo to reduce the mortgage on her townhome? Are there any tax benefits to having a mortgage on a rental?

Luis’s wife wants to start moonlighting in her field. Can she open and contribute to a Solo 401k even though she has a TSP account with her 9-to-5 employer?

Russell and his partner want to emigrate to Canada in the near future. Should they move their investments into Canadian funds?

Renee and her husband are in their 60s, and most of their retirement funds are in pre-tax accounts. They have federal tax credits they’d like to use to move these funds into taxable accounts. Is this a sound strategy?

My friend and former financial planner Joe Saul-Sehy joins me once again to answer your questions. Enjoy!

(Have an investing, entrepreneurship, lifestyle, or decision-making question you’d like us to answer? Submit it here!)

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Decoding Greatness, with Ron Friedman, Ph.D Jul 14, 2021

Show notes

#327: The stories of success that highlight talent and hard work don’t tell a complete picture. The best artists, athletes, and entrepreneurs don’t always have innate talent. Not all of them have put in 10,000 hours of practice. What sets them apart is their framework for learning.

Award-winning social psychologist Dr. Ron Friedman discusses his new book, Decoding Greatness, which answers the question, “why are some people so good at what they do, and what can we learn from this?” You’ll learn how to harness the power of reverse engineering, create a collection of masterworks from the best in your industry, and why practicing in three dimensions improves performance.

If you have a specific skill set you want to develop or improve, tune in for Dr. Friedman’s framework for developing greatness.

For more information, visit the show notes at https://affordanything.com/episode327

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Ask Paula: The Dangers of Frugality Jul 07, 2021

Show notes

#326: Anonymous is struggling with being too frugal, possibly to the detriment of her health. I mentioned in a previous episode that I struggled with frugality for a long time. She wants to know: in what ways was frugality a hindrance or an asset, and how did I get myself out of such a frugal mindset?

John and his wife aren’t sure how much they should contribute to their daughter’s Ohio 529 plan. They want her to graduate from undergrad debt-free, but they imagine she’ll get help from scholarships and that she’ll work as a teenager. How much is enough?

Rafael just got a job as a 1099 sales associate and is wondering how the heck to calculate what he’ll owe in taxes.

Rafael has a second question: he opened an account at Vanguard in December 2020 and noticed that he could still contribute to that account for the first few months of 2021. Which year should he have focused on contributing to?

Elizabeth has two rental properties: one that’s paid off and profitable, the other which shows a loss. If she put her profitable rental into an LLC, could she still combine the rent from both properties?

My friend and former financial planner Joe Saul-Sehy joins me to answer another round of questions.

By the way, if you have questions on business, money, trade-offs, financial independence strategies, travel, or investing, be sure to leave them here and we’ll answer them in a future episode.

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Bitcoin for Beginners Jul 02, 2021

Show notes

#325: Okay, so everyone and their dog is talking about Bitcoin — but what exactly is it? And what’s Ethereum? If you’re feeling lost in the topic and confused by the jargon, start with this episode in which we cover the basics about blockchain technology and cryptocurrency.

For more information, visit the show notes at https://affordanything.com/episode325

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Ask Paula: I Make $50,000; How Can I Buy a House? Jun 28, 2021

Show notes

#324: Rob and his fiancé are grappling with what to do about her $400,000 of federal student loan debt. Should they pay it off immediately, or bank on a 20-year dismissal?

“Nurse Dreaming of FI” isn’t sure what her family’s next financial move should be. She’s torn between investing extra money into index funds, or using it to buy a fix-and-flip. Her goal is to make work optional. Which path will lead her there?

Daniel recently discovered the financial independence retire early (FIRE) movement and got a job earning $50,000 per year. He wants to househack a duplex to get closer to FIRE, but how the heck can he find anything in this seller’s market?

Anonymous and her husband have 457s with the City of Chicago. However, they found out that Illinois has a horrible credit rating. How can they - and should they - protect their funds? How much should they rely on their pensions?

Nick is curious: how have my views on wholesalers changed over the years, and why?

My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions today.

For more information, visit the show notes at https://affordanything.com/episode324

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What's in Store for the Economy and the Future of Work?, with ChooseFI hosts Brad Barrett and Jonathan Mendonsa Jun 21, 2021

Show notes

#323: Brad and Jonathan from ChooseFI join us for a deep philosophical and practical discussion around what we learned from 2020. We explore...

What the pandemic taught us about work, finance, and life
The importance of being mentally and logistically nimble and flexible
The distinction between directionality vs methodology
What we’ve learned about how to get a job, what type of education to get, and what to do with the rest of our lives

For more information, visit the show notes at https://affordanything.com/episode323

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Ask Paula: If I Retire at 50, How Do I Bridge the Gap? Jun 18, 2021

Show notes

#322: Jess wants to reach financial independence by the time she’s 50. But she’s worried that she doesn’t have enough money in cash or taxable brokerage accounts to bridge the gap in her first few years of retirement. What moves should she make, if any?

Yisell wants to invest money now. Should she cash out her $70,000 pension in hopes to generate more than the $1,000 per month she’s guaranteed from it?

Abbey is 22 and she would like to go back to graduate school for nurse anesthesia. Should she save up and pay for it in cash, or invest her money and take out federal loans?

Eliana enjoyed our interview with Paul Merriman on the two-fund portfolio. She’s curious about what growth stocks and value stocks are, and how they fit into a passive index fund investing strategy.

Finally, Sneezy wants to know: why aren’t stocks a good hedge against inflation?

My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode322

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How to Transition to Your Dream Career, with Ashley Stahl Jun 08, 2021

Show notes

#321: Have you dreamed of making a career transition, only to realize you have no idea where to start, who to talk to, or how to convey your skills to interviewers? Career expert Ashley Stahl has the information you need to take control of your career and pivot into something new.

Ashley struggled with this, too -- but in the process, she figured out a system for identifying someone’s core skills and core nature to find a career and company more aligned with both.

She also chats about the 10 core skill sets you can use to propel your career forward; the five root causes of burnout and what to do about them; and four sabotaging job hunting myths that can hold you back.

If you enjoyed our interview with Gorick Ng, you’ll like this one.

For more information, visit the show notes at https://affordanything.com/episode321

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Ask Paula: Thinking about Money from First Principles Jun 04, 2021

Show notes

#320: Rob is hoping to retire at age 60, but he has a pesky mortgage balance he wants to eliminate beforehand. He and his wife expect to inherit $300,000. Should they use this money to pay off their mortgage or should they bulk up their retirement accounts?

Another anonymous caller has two separate questions. One is about the tax efficiencies of ETFs vs. mutual funds, while the other is about Ginny Mae funds and whether there are bond funds that have an inverse relationship with equities.

Priya is looking for information on home equity loans: where can you get the best terms, and what are the disadvantages? Additionally, she’d like to know which city is best for rental investing: Atlanta, Dallas, or Raleigh?

My friend and former financial planner, Joe Saul-Sehy, joins me on the show to answer your questions. Let’s dive in!

For more information, visit the show notes at https://affordanything.com/episode320

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