Afford Anything | Get Smarter With Money

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Ask Paula: Should I Put My Student Loans in Forbearance? Should I Buy a Vacation Rental? and More Feb 03, 2020

Show notes

#239: Lo is in a good spot with her career, but she’s struggling with a ton of student loan debt, and consequently, credit card debt. What should she do to manage it?

Anonymous wants to know how to set up a backdoor Roth IRA.

Eric and his wife own a property in Savannah, GA that brings in more money as an Airbnb than a traditional rental. They want to invest in more properties and are wondering if this model is the best path to take.

James wants to own a vacation rental in the Vermont mountains that he can use when it’s vacant. What features or qualities would make a profitable vacation rental? What red flags should be on his radar?

Ayesha is looking at buying a rental property that has a partial HUD claim on it. What kind of complications should she anticipate? Or should she let this property go completely?

Shelbi and her husband own a rental property that they purchased for $178,000 that’s now valued at $300,000. They’re looking at a multitude of options - sell it, move into it, or keep it. What’s best given their FIRE goal?

For more information, visit the show notes at https://affordanything.com/239

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How to Stop Making So Many Money Mistakes, with Jeff Kreisler Jan 27, 2020

Show notes

#238: “If I had more willpower, I’d achieve my financial goals.” “I’m doomed to fail with money.” “I’m horrible for not keeping to a budget.”

These are common thoughts, but they’re erroneous.

You can’t willpower your way through money management, you’re not doomed to fail, and you’re not horrible for blowing your budget.

You’re human, and humans make emotional decisions.

Those emotional decisions don’t have to mean a financial death sentence, though.

Jeff Kreisler, co-author of Dollars and Sense and Editor-in-Chief of PeopleScience.com, tells us how we can avoid common money mistakes and rewrite our financial future.

For more information, visit the show notes at https://affordanything.com/238

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Ask Paula and Joe -- Should I BUY a Business, Instead of Starting One? Jan 20, 2020

Show notes

#237: Katie wants to know how to purchase a business that’s already cash-flow positive. What indicators can she look for?

Rob will retire from the military with an inflation-adjusted pension. Does he need a bond allocation in his investment portfolio?

Brian conquered a large sum of credit card debt, but still has student loan debt and a mortgage. Should he pay off his student loans, refinance them, or refinance his mortgage?

Jeff is curious about the pros and cons of investment apps. When should you use them?

Another Kati (without an e!) wants to live a healthy and wealthy life before she’s 70. Where should she allocate her savings so she can retire early?

We answer these five questions in today’s episode.

For more information, visit the show notes at https://affordanything.com/episode237

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How We Saved $1 Million and Retired at 31 and 32, with Kristy Shen and Bryce Leung Jan 13, 2020

Show notes

#236: Kristy Shen and Bryce Leung achieved financial independence four years ago at age 31 and 32. They saved $1 million and live on $40,000 per year while traveling the world.

Kristy and Bryce don’t worry about running out of money, they created new identities after quitting their jobs, and their community has quadrupled in size. Here’s how they achieved this lifestyle.

For more information, visit the show notes at https://affordanything.com/episode236

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Ask Paula: Sooo … I Quit My Job. What Type of Business Should I Start? Jan 06, 2020

Show notes

#235: Anna has made the leap to self-employment … but what’s next? She lives in the Bay Area and she’s trying to choose between five business ideas; she needs to make enough money to stay in her high-cost area.

Doug recently won $9,000 from an online poker side gig and is wondering how best to use the funds: pay off high-interest student loan debt, or keep it to increase his poker earning potential?

Alex and his partner want to househack a single-family property with a mother-in-law suit. What should they consider as far as zoning goes?

Darrell is on track to retire in two years at age 55 and wants to know what he should do with his primary residence. Should he rent it out? Or should he sell it and use the profit to invest in rental properties? Or use the profit to buy his retirement home?

Mara is curious about 1031 exchanges. She has equity in a rental property that she’d like to harvest, but she wants more information before making the move.

Michael and his wife are struggling with competing goals. They want to invest in real estate, but they also want to move into an apartment closer to work to reduce their long commutes. Should they sell their home and invest the equity into a rental property, or should they take a HELOC on their home instead?

For more information, visit the show notes at https://affordanything.com/episode235

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26 Easy Moves to Improve Your Finances in 2020 Jan 03, 2020

Show notes

#234: We review 26 quick, easy actions that improve your financial life, plus 10 new added bonus ideas that came directly from our community. We issue a challenge for you to tackle one action per week for the first 26 weeks (six months) of the year, so you’ll build stronger financial health by summertime.

Download the free book that accompanies this episode at http://affordanything.com/2020kickoff and join us in the 2020 One Tweak a Week challenge!

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Ask Paula: How Can I Retire in 12 Years? Dec 31, 2019

Show notes

#233: Deepak is considering downsizing his family’s home, but wants to know if the savings are worth the transaction costs he’ll have to pay.

Anonymous and her husband hold $900,000 worth of privately-owned company stock. How should they plan for handling this money?

Shelby is 25 years old and works for a company that awarded her restricted stock units. What should she do with these? Additionally, she traded in a 2013 Prius for a 2018 Subaru, for which she now owes $19,000. Should she sell it for a used vehicle or stick it out?

Katelyn is interested in learning more about annuities. What should she know in order to make an informed decision?

Max FI and his wife want to retire in 12 years. How should they invest to achieve this?

Anonymous’s former employer offered a Roth and Traditional 401k, and his new employer only offers a Traditional option. How should he rollover his former Roth 401k?

For more information, visit the show notes at https://affordanything.com/episode233

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How to Avoid College Debt, with Anthony ONeal Dec 27, 2019

Show notes

#232: Anthony ONeal is the bestselling author of Debt-Free Degree, a book that teaches parents how to help their children graduate from college without student loans.

He’s part of the Dave Ramsey Solutions team, which teaches people how to pay off and avoid debt, and he's the co-author of Graduate Survival Guide, along with Rachel Cruze.

Anthony joins us on this episode to share tips and hacks to help you save on tuition and find money for college.

For more information, visit the show notes at https://affordanything.com/episode232

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Ask Paula: How Can I Get My Spouse Interested in Frugality? Dec 16, 2019

Show notes

#231: Avie needs to decide between two options: paying off a rental property, or funding a retirement account. Which should she choose?

Lisa wants to know: when should you fund an HSA account?

Sofia’s parents have lived with her for the past few years, but Sofia’s job is relocating her out-of-state. How can she transition her home to a rental for her parents?

Jim is a saver and his wife is a spender. How can he interest her in frugality?

Candice wants to know my thoughts about online real estate investment crowdfunding platforms. Good idea or bad idea?

Kristen has a mortgage on her primary residence and a rental property. They have similar interest rates. Which should she pay off first?

I tackle these questions on today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/epidode231

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How to Develop Emotional Agility, with Dr. Susan David Dec 09, 2019

Show notes

#230: Dr. Susan David, a psychologist on the faculty at Harvard Medical School, joins us to talk about emotional agility.

Dr. David has researched emotional agility for around 20 years. A few years ago, she summarized her work on this concept for the Harvard Business Review. Her article became one of the most popular articles of the year, and the publishers heralded it as the Management Idea of the Year.

Dr. David gave a TED talk on emotional agility, which went viral, gaining more than a million views. She then published a book called Emotional Agility which became a #1 Wall Street Journal Best Seller.

The concept of emotional agility won the Thinkers50 Breakthrough Idea Award. She’s provided consulting around this concept with clients that include the United Nations, the World Economic Forum, the NASDAQ, Google, and Microsoft.

She joins us today to explain how to define emotional agility, how to develop it in your life, and how it applies to any goal that you want to pursue - whether that’s financial independence, early retirement, career advancement, or greater success in your health and your relationships.

For more information, visit the show notes at https://affordanything.com/episode230

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