In 'Soundtracks,' Jon Acuff explores how overthinking hinders our potential and offers a proven plan to change overthinking from a problem into a superpower. The book introduces the concept of 'soundtracks' as the repetitive thoughts that shape our perceptions. Acuff provides practical strategies, such as creating personalized playlists of empowering soundtracks and using daily affirmations, to replace negative thoughts with positive ones. He emphasizes the importance of controlling our thoughts and gathering evidence to support positive thinking. The book is based on a study involving 10,000 participants and offers tools to help readers rewire their thought processes and achieve their goals.
This book offers a comprehensive and engaging guide for millennials to manage their finances effectively. It covers a wide range of topics, including understanding one's relationship with money, managing student loans, dealing with credit card debt, budgeting, and navigating financial conversations with partners and friends. The book is known for its refreshingly simple advice and humorous true stories, making it an essential roadmap for young adults to become money masters.
The book challenges the common perception that millionaires live in affluent neighborhoods and instead shows that many wealthy individuals live modestly in middle-class and blue-collar areas. The authors identify seven common traits among these millionaires, including being dedicated to a vision, making appropriate career decisions, valuing financial security over social standing, and efficiently spending time and money. The book also distinguishes between 'Under Accumulators of Wealth' (UAWs) and 'Prodigious Accumulators of Wealth' (PAWs), emphasizing the differences in their spending and saving habits.
In 'From Strength to Strength', Arthur C. Brooks addresses the inevitable decline in abilities that comes with aging and provides a practical guide on how to transform this period into an opportunity for growth. Drawing on social science, philosophy, biography, theology, and eastern wisdom, as well as interviews with everyday men and women, Brooks advocates for refocusing on priorities such as deep wisdom, detachment from empty rewards, connection and service to others, and spiritual progress. He argues that by adapting our expectations and focusing on these areas, we can achieve increased happiness and purpose in our later years.
#557: Imagine saving nearly your entire paycheck while your rental properties cover your bills. That's exactly where real estate investor Andrew finds himself — and yet he's at a crossroads.
At FinCon, a personal finance conference, former financial advisor Joe Saul-Sehy and I sit down with Andrew and another attendee who bring their money dilemmas live on stage.
Andrew's question seems simple at first: should he sell his index funds to pay off his rental mortgages? But the real story runs deeper.
He feels called to entrepreneurship and wants to quit his corporate job to pursue it full-time. He could achieve minimal financial independence (lean-FIRE) if he pays off the properties, but that might limit his options.
Next, Chris, a Gen X dad, opens up about his Gen Z kids' gloomy money outlook. His 22 and 24-year-old children, especially his daughter, believe their generation "will never retire." They see high inflation, expensive housing, and low wages as insurmountable obstacles.
This sparks a deeper conversation about generational perspectives. We note that similar fears existed 15 years ago when millennials entered the workforce during the Great Recession. Joe shares how he helped his own kids develop healthier money mindsets by introducing them to financial voices they could relate to, like Broke Millennial author Erin Lowry.
The discussion evolves into how today's young people actually have more opportunities than previous generations — they can work remotely, start online businesses with minimal capital, and create multiple income streams through platforms that didn't exist before. Chris's daughter, for instance, sometimes makes $35/hour driving for DoorDash during peak times.
We wrap up by talking about the importance of focusing on what you can control and finding purpose beyond just retirement planning. As Andrew points out, it might be worse to spend the best years of your life doing work you don't care about than to face uncertainty in retirement. The key is taking action on the things within your control while building toward long-term security.
Throughout the conversation, both guests share personal stories that illuminate their situations - from Andrew's experience at an oil refinery that pushed him toward entrepreneurship to Chris's daughter storing cash for taxes from her DoorDash earnings, showing she's more financially aware than she might think.
Timestamps:
Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.
1:50 Andrew asks about index funds vs real estate allocation
4:04 Could Andrew reach lean-FIRE by paying off rentals?
5:00 Joe suggests keeping investments flexible vs mortgage payoff
8:05 Debate over HELOC vs index fund liquidity
10:10 Andrew's bigger dreams beyond real estate investing
17:40 Choosing between W2 security and entrepreneurial freedom
19:20 Andrew saves nearly entire salary while rentals cover bills
24:20 Chris worried about Gen Z kids' financial pessimism
28:40 How Joe helped his kids find relatable money role models
33:40 Millennials faced similar fears post-Great Recession
37:20 Today's expanded opportunities vs previous generations
43:20 Andrew's wake-up call at oil refinery job
49:20 Chris's daughter earning $35/hour on DoorDash
52:00 Finding meaning beyond retirement numbers
For more information, visit the show notes at https://affordanything.com/episode557
Learn more about your ad choices. Visit podcastchoices.com/adchoices
Afford Anything 
