Afford Anything | Get Smarter With Money

Latest Episodes:

The Scout Mindset, with Julia Galef Jun 01, 2021

Show notes

#319: Julia Galef is an acclaimed expert on rational decision making. She’s hosted the Rationally Speaking podcast for the last decade, and she’s passionate about good reasoning. Her book, The Scout Mindset, highlights the importance of looking at situations objectively and honestly. This is something a lot of people struggle with -- humans are often irrational -- but Julia argues that this is a skill that we can develop with self-awareness.

In this interview, she shares the difference between what she calls a soldier mindset versus a scout mindset. She explains why we often default to the soldier mindset of defending ideas we desperately want to believe, and details several thought exercises that we can use to instead train our brains to scout for the truth.

Good decision making and ensuring you look for high quality sources of information can help when weighing trade-offs, and it can also save you from making costly investment mistakes. Julia and I also discuss specific examples of when having a scout mindset can prevent you from risk of ruin.

For more information, visit the show notes at https://affordanything.com/episode319

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Ask Paula: How to Think About Finances at the 30,000-Foot Level May 25, 2021

Show notes

#318: Joe is a new real estate agent and he’s looking for ways to save. Is opening a SEP IRA a good account when you’re no longer a W2 employee?

Grace has a similar concern: she’s a tutor, but she’s paid as a contractor. Should she forget about her Vanguard brokerage account and open a SEP IRA or Solo 401k?

Kim is newly divorced and celebrating the freedom to make her own financial decisions. She’s struggling to make a living -- also as a new realtor -- and wants to get started with real estate...but how can she do that on limited funds?

Kim also wants to know: should she move her funds from an actively managed Fidelity IRA to a Vanguard Roth IRA?

Chaz is 22 and has $2,100 - $2,500 left each month to put toward savings. Where should he keep this money if he’d like to move out-of-state in the near future?

Anonymous just got a raise, and while awesome, it might push her income to a level that prohibits her from making full Roth IRA contributions. Should she make a partial contribution this year, or start adding money to a Traditional IRA to do a backdoor conversion?

My friend and former financial planner, Joe Saul-Sehy, joins me to tackle these questions. Let’s dive in!

For more information, visit the show notes at https://affordanything.com/episode318

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How to Win at Work & Succeed at Life, with Michael Hyatt & Megan Hyatt Miller May 19, 2021

Show notes

#317: What if work and life can coexist together - without enormous trade-offs? What if all you have to do is ruthlessly prioritize within each area and manage the rest with automation and delegation?

If it sounds like a pipedream, it’s not.

Guests Michael Hyatt & Megan Hyatt Miller, authors of Win at Work & Succeed at Life, share how work/life balance is more achievable than you think. They also discuss how constraints increase productivity, why working over 40 hours a week can harm your mental and physical health, why rest is critical, and how self-care can give you an edge at work.

For more information, visit the show notes at https://affordanything.com/episode317

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Ask Paula: I Doubled My Investments During the Pandemic. What Should I Do Next? May 11, 2021

Show notes

#316: Pauly from Portland doubled the inheritance money he received from $50,000 to $100,000 during the pandemic. Now he’s wondering if it’s okay to use this $100,000 as a downpayment on a home in Portland. Is that a wise use of the money?

Preethi accidentally withdrew funds from her Roth IRA as an excess distribution, and she’s already filed her taxes. What should she know for tax time next year?

Michele wants to reach financial independence (FI), and her grandparents are leaving her their house. She already owns a home, and she’s torn between six potential options that will propel her toward FI. What should she do?

Casey is in the market for a second rental property and wants to know: would we recommend purchasing a rental in a complex where she already owns a condo? Or should she diversify into a different complex in a different, nearby, more stable town?

Fred doesn’t have access to a workplace retirement plan. Besides opening a Roth IRA, what else can Fred do to juice up his retirement savings?

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

For more information, visit the show notes at https://affordanything.com/episode316

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The Science of Behavioral Change, with Katy Milkman May 07, 2021

Show notes

#315: Do you ever grapple with the differences between your present self and your ideal self?

Katy Milkman, host of the Choiceology podcast and the James G. Dinan Professor at The Wharton School of the University of Pennsylvania, shares the science of getting from where you are now to where you want to be. Her book, How to Change, is a “science-based blueprint for achieving your goals, once and for all.”

In this discussion, Katy reveals

Why your strategy is key to making lasting change
How we can pick the right strategy for our circumstances
The handful of science-backed tactics that bridge the gap between our present selves and ideal selves

For more information, visit the show notes at https://affordanything.com/episode315

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Ask Paula: I’m Worried About My Parent’s Retirement. What Should I Do? May 05, 2021

Show notes

#314: Briale opened a Variable Annuity inside a 403b at work when she was 23. She has 17 years to go before retirement. As an elementary school teacher, her pension will be $6,000 per month. Should she stop contributing to the annuity and contribute to a Roth IRA instead?

Hunter put a credit freeze on his two children’s credit, which required sending each credit union documentation via mail. Experian and TransUnion confirmed the credit freeze, but Equifax didn’t. Upon calling, the representative gave Hunter a different mailing address for the documents. What should he do?

Debi has an extra $1,000 each month and isn’t sure where to save it. She also has $10,000 in a CD which will reach maturity in August 2021. Her goal is to buy a residence in the next five years. Should she save this all for a downpayment?

Anonymous is concerned about her parents retirement portfolio. Their advisor charges a fee of 1.5 percent assets under management. Her parents are frugal and they don’t realize how much they’re paying. Should she talk to them, or drop the issue?

Sarah isn’t sure whether she should put more of her savings towards a Roth 401k or a 529 fund for her future kids. Which option is best if she wants financial flexibility?

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

For more information, visit the show notes at https://affordanything.com/episode314

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The Unspoken Rules that Could Cost You Thousands, with Gorick Ng Apr 28, 2021

Show notes

#313: Do you know the unspoken rules about how to get ahead in your workplace or industry (and as a result, how to earn more)?

Unspoken rules, and the corresponding social norms, create a major impact in how we’re perceived in the workplace -- and therefore how often we’re promoted.

But these rules are rarely taught.

Managers expect us to understand these implicit rules, but they never explain them to us.

How are we supposed to succeed?

Gorick Ng, a career advisor at Harvard who specializes in working with first-generation, low-income students, shares his wisdom on navigating the workforce at all stages of your career.

His advice can help you make more money, get promoted, and accelerate your ability to save and invest.

For more information, visit the show notes at https://affordanything.com/episode313

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Ask Paula: How Should I Invest $5,000 Per Month? Apr 19, 2021

Show notes

#312: After paying basic living expenses and maxing out their 401k’s and Roth IRAs, Caroline and her partner have $4,000 - $5,000 left each month. Where should they put this money if their goal is to simply have their money work harder for them?

Sanjay is torn between selling his townhome or renting it out. The rental numbers don’t work on his 15-year mortgage -- should he refinance to a 30-year mortgage instead?

Kyle wants to construct a portfolio with the highest Sharpe ratios and wants to know: would the risk parity model work? What are the downsides?

G is curious: does the stimulus check received for their children count as earned income for the kids? If so, can they put it toward the Roth IRAs they opened for their children?

Anonymous has two unrelated questions: what are our thoughts on the housing market in relation to the moratoriums on mortgage payments and emergency bans on evictions? What will happen when they go away? Additionally, what tools, questions, or resources do we recommend to have a productive financial conversation with your partner?

Finally, another anonymous caller wants to know: do they need to submit receipts for the HSA contributions they make?

My friend and former financial planner, Joe Saul-Sehy, joins me as usual to tackle these questions. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode312

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The Surprising Solution to Overthinking, with Jon Acuff Apr 12, 2021

Show notes

#311: Do you find yourself overthinking and getting stuck in unproductive thought loops?

According to a study commissioned by today’s guest, 99.5 percent of 10,000 people said they overthink. Chances are, you can relate.

That guest is Jon Acuff -- a New York Times bestselling author who loves to nerd out about goals. In this discussion, he shares 10 signs you're overthinking, explains the differences between overthinking and being prepared, and presents a framework called the three R’s (retire, replace, repeat) that can transform your destructive thought loops into healthy soundtracks.

For more information, visit the show notes at https://affordanything.com/episode311

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Ask Paula: What Should I Do With $25,000? Apr 07, 2021

Show notes

#310: Greta is tired of financial modesty. She wants to achieve financial independence through diversified income streams, and has her eyes set on owning local duplexes. What should she focus on to make this happen?

Jeannie wants to know: when should you scale back 401k contributions so you can invest in something else, like real estate?

Steph and her husband came into $25,000 and aren’t sure what to do with it. Should they pay off their student loans, save it towards a house and starting a family, or purchase her company stock options?

J from California is curious: how do you strike a balance between optimization and simplicity in your financial plan?

Dawn has $65,000 in a 403b through Ameriprise and the fees associated with it are outrageous. Should she take the money out and put it elsewhere, or leave it?

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

For more information, visit the show notes at https://affordanything.com/episode310

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