Afford Anything

#602: Ever looked back at an old Facebook post and cringed? According to Olga Khazan, staff writer at The Atlantic, that discomfort is evidence of something powerful: your personality has changed, even if you didn't notice it happening. In our latest episode, Khazan, who recently wrote a book on the science of personality change, breaks down how our personalities aren't fixed traits but flexible characteristics we can intentionally shift to achieve our goals. The conversation centers on the "Big Five" personality traits — Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism (OCEAN) — and how they impact financial success and career advancement. If you work a regular 9-to-5, personality development can boost your career trajectory. Khazan highlights that conscientiousness — being organized, timely and detail-oriented — directly correlates with workplace success.  She suggests decluttering both your physical space and your commitments to increase productivity.  For introverts navigating office politics, she recommends "cosplaying as an extrovert" by signing up for regular group activities that are hard to back out of. Over time, social interactions become less draining, creating more opportunities for advancement.  And when engaging with colleagues, focus on asking meaningful questions about their experiences rather than collecting basic facts — this builds genuine connections that can lead to promotions and new opportunities. If you’re intimidated by new financial ventures like entrepreneurship or real estate investing, Khazan suggests learning from others who've succeeded in similar situations. Research shows you're more likely to implement strategies when you learn them from peers rather than experts.  When discussing successful entrepreneurs, Khazan reveals they typically share three key traits: high extraversion (energy for interacting with others), low agreeableness (ability to make tough decisions), and low neuroticism (emotional stability for risk-taking).  Think Steve Jobs — not always the nicest person, but his combination of vision, decisiveness and comfort with risk built one of the world's most valuable companies. The most important takeaway? Never tell yourself you can't do something because "that's just not who you are." Instead, take small daily steps toward your goal, and you'll gradually develop the personality traits needed for success. 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. (0:00) "The Surprising Science of Six-Figure Thinking" (1:16) What is personality - behaviors that help meet goals (2:24) Personalities change over time (3:34) Personality impacts success (4:12) OCEAN - the Big Five traits explained (5:48) Origins of personality research (8:20) Changing personality intentionally (9:52) Low vs high openness traits (12:05) Increasing openness gradually (15:36) Boosting conscientiousness strategies (23:09) Time management techniques (30:31) Extraversion benefits careers (33:19) Introvert's guide to social skills (37:25) Healthy boundaries, not people-pleasing (46:06) Meaningful conversations build connections (51:16) Reducing anxiety with mindfulness (56:52) CEO traits - extroverted, disagreeable, emotionally stable Learn more about your ad choices. Visit podcastchoices.com/adchoices

#601: Nick and his wife have $100,000 to invest, but they’re worried about the volatility of the current stock market. Should they look into alternative investments such as private equity?Even though Roth IRAs come with tax-free withdrawals in retirement, Josh is worried about his tax bracket going up and neutralizing the benefits. Is he right to be concerned?The retirement portion of Cindy’s financial three-legged stool is set, and she’s now focused on her taxable brokerage. What investment strategy will allow her to be work optional in 10 years?Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.Enjoy!P.S. Got a Question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#600: Jillian Johnsrud was falling apart. After suffering a miscarriage, she couldn't pull herself together to return to her job as a youth pastor in DC. She decided to take a month off.That unexpected break became Jillian's first "mini-retirement" — a deliberate step away from work for at least 30 days to focus on something meaningful. Today, Jillian is a mom of six who has taken more than a dozen mini-retirements with her kids, who currently range in age from 8 to 17. During her first mini-retirement, she and her best friend piled into her green Honda Civic and drove from DC to Seattle, leaving her 13-year-old son Micah at home with her husband.A couple years later, Jillian took Micah, then 15, to Glacier National Park in Montana for another mini-retirement. They saw mountain goats, kayaked together, and swam in ice-cold waters. This trip created irreplaceable memories. Sadly, Micah died six years later. His death changed how Jillian sees time. She now understands that meaningful moments don't wait for perfect timing - they either happen now or vanish forever. Waiting for "someday" might mean missing chances forever. This drives her philosophy about mini retirements — life contains fleeting seasons that we either embrace now or miss entirely."To be able to share those memories with him there is priceless," Jillian tells us.This understanding shapes her approach with her other children too. From a 10-week road trip to 10 national parks in a pop-up camper to a recent six-month journey across the eastern United States with her five younger children (now ages 8-17), Jillian prioritizes experiences that fit each season of family life.Planning your own mini retirement? Jillian recommends focusing on four key areas: managing your time (pick just 2-3 priorities), addressing career logistics (craft a compelling story for your employer), saving money (about 6.5 percent of your income for a month off every other year), and preparing for emotional revelations.Jillian emphasizes the importance of separating your mini retirement fund from long-term retirement savings. This separate fund, which she calls the "in-between bucket," allows you to spend freely on experiences now rather than postponing all enjoyment until traditional retirement age.As Jillian puts it: "You can't postpone every good thing in your life."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.(0:00) Introduction to mini-retirements(0:59) Definition of mini-retirement: stepping away from work for 30+ days to focus on something meaningful(3:03) Jillian shares her first mini-retirement story after experiencing personal loss(8:28) Taking time off to enjoy important life moments before they pass(12:12) Jillian's trip to Glacier National Park with her son Micah before he passed away(20:33) Four components of planning a mini-retirement: time, career, finances, unexpected challenges(34:14) Time management: choosing 2-3 clear goals rather than trying to do everything(42:39) Career strategies: how to present your mini-retirement to employers(1:01:29) Financial planning: saving 6.5% of income for monthly breaks every other year(1:14:34) Handling unexpected challenges that arise during your time off(1:20:01) How mini-retirements reveal personal issues you've avoided through work(1:33:32) Jillian's recent family adventures with five children Learn more about your ad choices. Visit podcastchoices.com/adchoices

Explore the intricacies of retirement planning beyond the rigid 4% withdrawal rule, tailored to individual goals. Discover how major events like the World Cup can impact local real estate values, offering intriguing opportunities for investors. Dive into the age-old debate of renting versus buying a home, with fresh insights on the hidden costs of homeownership versus the potential benefits of renting. The conversation challenges traditional housing advice, focusing on adaptability and strategic financial decision-making.

Natalie Kolodij, a tax strategist and founder of the Certified Real Estate Tax Strategist Credential, shares invaluable insights on tax savings. She reveals overlooked deductions for W-2 employees, like sales tax and medical expenses, and discusses strategic charitable donations through 'bunching.' Natalie clarifies misconceptions about selling your primary residence and emphasizes the importance of meticulous tax return reviews. Small business owners learn about vital deductions unavailable to salaried employees, making this conversation essential for savvy tax planning.

Bob Elliott, former Head of Ray Dalio's Investment Team at Bridgewater Associates and now CEO of Unlimited Funds, shares his sobering insights on the looming recession. He highlights the impact of tariffs, persistent inflation, and the Fed's limited response as key economic headwinds. CEOs face uncertainty, causing confidence to plummet to levels not seen since 2008. For individual investors, Bob advocates for simple strategies like dollar-cost averaging and diversification, emphasizing the importance of a long-term investment approach amidst volatility.

Bob Elliott, former head of Ray Dalio's team at Bridgewater Associates, shares deep insights on recent economic shifts. He discusses the major impact of new White House tariffs on markets and inflation, alongside critical changes in student loans affecting millions. Elliott reveals that index funds outperform actively managed funds most of the time and highlights Rocket Companies' dominance in the mortgage market. He also delves into the government's strategic moves regarding Bitcoin, signaling a significant shift in asset management.

Navigating the tricky transition from saving to spending money can feel daunting, especially when striving for financial independence. A caller is weighing the decision between selling his home or converting it into a rental property, exploring the financial implications involved. The discussion also highlights key aspects of Roth IRAs, including their long-term tax advantages and the importance of strategic planning. With a sprinkle of humor on historical rivalries, this conversation blends practical financial advice with engaging anecdotes.

Nomadic Matt Kepnes, a travel writer and blogger renowned for his budget travel expertise, shares how to explore the world on just $75 a day. He challenges typical travel costs, showing that it can often be cheaper than staying at home. Matt emphasizes living like a local to embrace authentic experiences while saving money. He debunks popular travel myths about flight bookings and offers insights into using credit card points strategically. His anecdotes illustrate the rewarding journey of budget travel, particularly in a post-COVID landscape.

The episode tackles the emotional toll of financial mistakes and how to overcome them. It highlights the value of learning from errors, encouraging a growth mindset through humorous anecdotes. Listeners learn about navigating short-term capital gains and the intricacies of asset management strategies like FIFO and LIFO. There's also a discussion about innovative financial decisions stemming from mistakes and personalized advice for selecting investment funds, making the complexities of finance a bit more relatable and engaging.