Afford Anything | Get Smarter With Money

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Ask Paula: I’m an Investor Who likes Volatility; What Should I Buy? Dec 29, 2020

Show notes

#292: Three Kids, FI has an all-equities broad stock market index portfolio that he’s held for years. He’s confident he can handle maximum volatility, so what investments can he lean into to that will provide him with great long-term returns?

Jordan is a new listener and he has three questions: should he use $100,000 to buy more rental properties or invest in a brokerage account? Should he and his wife upgrade their home and buy a property that’s worth double their current home? And finally, how can self-employed individuals who earn more lower the cost of health insurance?

Alex’s wife lost her job due to the pandemic. They live in Washington state and are married filing separately due to his wife’s student loans. Can he use half of his income to qualify her for Roth IRA contributions?

Sarah rounds out this episode with a concern: a financial advisor told her that investing in VTSAX over-indexes her in large cap funds and technology stocks. Is this true, and what should she do about it?

I answer these four excellent questions on today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode292

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PSA Thursday - Year-End Tax Moves to Finish 2020 Dec 24, 2020

Show notes

Welcome back to PSA Thursday, a weekly-ish segment in which we talk about how to handle money, work, and life in the year that is 2020.

Today, we focus on the importance of end-of-year tax planning before you ring in 2021.

We cover these tips:

Open a retirement account
Adjust your tax withholdings
Check your 529 Plan
Make charitable contributions
Why this could be a good year to make a Roth conversion
Spend down the balance in your FSA

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

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How to Command Respect at Work, with Tracy Tutor Dec 22, 2020

Show notes

#291: Tracy Tutor is the author of Fear is Just a Four-Letter Word as well as the first female real estate broker on Million Dollar Listing LA. Tracy took her 20 years of experience in the industry and distilled the lessons she learned into this book.

During our conversation, she shares tips and tactics for overcoming a fear of speaking out, how humor can help us connect with others, and why it’s important not to silence our inner voices.

For more information, visit the show notes at https://affordanything.com/episode291

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Ask Paula: Is Upgrading Our Lifestyle Worth Mortgaging a More Expensive House? Dec 15, 2020

Show notes

#290: Sharon owns two condos that are worth $1.4M and has a cash cushion of $120,000 plus a $50,000 emergency fund. She’d like to move into a small house while keeping her cash cushion intact. Should she take out a home equity loan on her mortgage to essentially pay for her house in cash, or get a traditional mortgage and use her savings towards the downpayment?

Jury and her partner are torn between two options: buying a condo, which would allow them to live off of one salary and invest the other, or buy a more expensive house – a much more attractive lifestyle option. Which should they purchase?

Daine’s IRA balance is a result of 401k rollovers. He’s concerned that his lack of monthly contributions cause him to miss out on compound interest. What can he do to grow his retirement funds?

Molly and her husband want to reach financial independence (FI) in 15 years, at age 50. They’re unsure of whether their rental property income will sustain their FI lifestyle. How can they plan for this?

I answer these questions in today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode290

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PSA Thursday: What’s Happening with Student Loans? Dec 11, 2020

Show notes

An update on the latest news in student loan forgiveness and forbearance, plus smart strategies for student loan repayment in 2021.

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Business Principles that Improve Your Life, with Josh Kaufman Dec 08, 2020

Show notes

#289: Josh Kaufman, bestselling author of The Personal MBA, discusses the five parts to every business and how this information applies to everyone - not just entrepreneurs.

He shares many examples and ideas on how to level up your business or career through simple steps.

For more information, visit the show notes at https://affordanything.com/episode289

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Ask Paula: How Should You Invest a $1 Million Lump Sum? Dec 04, 2020

Show notes

#288: Karen and her wife are in their 50s, financially independent, and partially retired. They need $150,000 to buy a new home, and they aren’t sure which option is best. Should they take advantage of the CARES Act and pull money from their traditional IRAs? Raid their Roths? Or take out a mortgage?

Ingrid’s mom is retiring this year. To fund her retirement, she’ll sell her property for $1 million. How should she invest this money so that she can live off of it in perpetuity?

Elaine has saved $20,000 in a 529 plan for each of her two kids, but she realizes that they may not attend college. Should she keep the 529 plans, or save money elsewhere?

Amanda is afraid to tap the equity in her home and use it to purchase a rental property. How should she think through whether this move is right for her?

Lisa and her family plan to sell their home and move across the country. They might have the option to pay cash for a home, but they also want to buy an investment property. Should they get a mortgage on their new home or pay cash?

My friend and former financial planner Joe Saul-Sehy joins me to answer your questions on this episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode288

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PSA Thursday: To Buy or Not to Buy? Dec 03, 2020

Show notes

Many people in the personal finance / FIRE community have a complicated relationship with the concept of consumer spending.

They may see family, friends and neighbors demonstrate one extreme -- they’re profligate spenders who will buy anything -- and, in an effort to be nothing like them, they may overcompensate by becoming extreme penny-pinchers. (I see this often at the start of a person’s FIRE journey, when the pendulum is swinging sharply in the other direction).

The reality is that neither extreme is healthy.

There’s a middle ground between being so gullible that you’ll buy anything vs. being so cynical that you build a wall that shuts real value out of your life and hampers your growth.

In recognition of that balanced middle path, today’s PSA Thursday episode focuses on five questions that you should ask yourself before making a purchase.

#1: Do I have high-interest debt or an inadequate emergency fund?
#2: Is this a purchase or an investment?
#3: How long have I been thinking about this?
#4: Is this only serving an emotional need, or does it also have greater utility?
#5: The five “ity’s” -- longevity, durability, applicability, versatility, utility.

We elaborate on these five points in today’s PSA Thursday episode. Enjoy!

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

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Put Yourself on the Hook, with Seth Godin Nov 30, 2020

Show notes

#287: Seth Godin is the author of 19 bestselling books on mastery, creativity, business and marketing. His books have been translated into 35 languages, and one of his books was the top bestselling marketing book of the last decade. He’s an inductee to the Marketing Hall of Fame (yes, it exists).

Seth joins us today to talk about creativity, the importance of practice, and how to overcome your limiting ideas.

For more information, visit the show notes at https://affordanything.com/episode287

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PSA Thursday: How to Slash Your Food Budget, with Rosemary Fotheringham Nov 26, 2020

Show notes

According to the Bureau of Labor Statistics, in 2019, Americans spent just over $8,000 on food.

If you're on a tight budget, slashing your grocery bill is one of the easiest ways to spend less. But what if you don't want to compromise on healthy eating?

Today's guest, Rosemary Fotheringham, is a Functional Nutritional Therapy Practitioner (FNTP) who's also on the path to financial independence. She and her husband slashed their monthly grocery bill from $1,200 down to $300 - without eating pasta every night. She's here to explain their framework for healthy eating and her best tips for eating well on a tight budget.

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

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