Afford Anything

#436: Jeremy wants to attend graduate school. Should he take student loans or cash out his investment portfolio?Andy is wondering if the 4 percent rule stands up to high inflation. (There’s a shockingly simple answer!)Did Rudolfo discover a hack to supercharge his 401k investing?Nandini is overwhelmed by her investing choices. What accounts should she use? What funds should she pick?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!P.S. Got a question? Leave it here. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#435: Lee is 30 and facing a tech layoff. She can live for a year on her savings. She’s thinking about taking the rest of the year off. How should she prepare her investments?Stacy wants to buy an Airbnb but she’s scared she’ll regret selling her company stock to do it.An anonymous caller is tired of living paycheck-to-paycheck as a freelance artist. How can she stabilize an inconsistent income?Danelle is a DIY investor. She can’t find a financial advisor who gives advice without insisting on managing her investments. Is she looking in the wrong places?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!P.S. Got a question? Leave it here.For more information, visit the show notes at https://affordanything.com/episode435 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#434: The majority of financial advice is geared to people with 9-5 jobs: “Negotiate for a raise.” “Max out your 401k match.” “Budget based on your income.” Where’s the financial advice for people who earn money in tips: restaurant servers, bartenders, hairstylists, concierge, valets, ushers, nail salon workers, strippers, or other service industry professionals?What about gig economy workers, freelancers and entrepreneurs? People who don’t earn a regular paycheck?Not only do these workers earn a volatile and unpredictable income, they also often don’t have job-provided health insurance, retirement plans, and paid time off. They need to provide themselves with these benefits. What should they do?That’s where Barbara Sloan comes in. She’s a financial coach and author of “Tipped: the life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals.”Her book and advice applies to anyone who works outside of the traditional confines and systems.If you (or someone you know) works for tips, you’ll love Barbara. And if you’re curious about exploring work outside of the normal 9-to-5, and wonder how to set yourself up for financial success when your income is hit-or-miss, this episode is for you.Enjoy!Estimated Timing of Discussion Points as of March 2023:01:59: The tipped workers we may forget03:54: Financial challenges for tipped workers05:57: The importance of thinking like an entrepreneur23:02: Tips for the self employed25:19: Budgeting with volatile income27:13: Tracking income vs. tracking expenses32:15: The distinction of budgeting based on income vs expenses36:13: Budgeting as a trigger for disordered behaviorFor more information, visit the show notes at https://affordanything.com/episode434 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#433: Should “Walker,” an anonymous caller, give up a cushy job to take a year-long sabbatical in Europe?Blue wants to rent out his East Coast home, take a sabbatical from work, travel to the West Coast with his family, and start a YouTube channel and other entrepreneurial projects. How should he manage his money to make this happen?Melissa regrets buying a house two years ago in Ft. Lauderdale. She’s poured $30,000 into repairs, all of which she borrowed. Her home-related debts have mounted. She’s over-extended. Should she cut her losses?Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.Enjoy!P.S. Got a question? Leave it here.For more information, visit the show notes at https://affordanything.com/episode433 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#432: Have you ever worried about running out of money after you retire?Do you keep checking your net worth to make sure you have enough? Does this always feel a little … unsatisfying?This episode discusses why.Today's guest, Michael Lynch, is a certified financial planner and author. His most recent book, “It’s All About The Income,” says that we’re obsessed with the wrong thing. Retirement planning is focused on growing assets. But your assets aren’t going to keep the lights on. Your INCOME, not your assets, is the centerpiece of your retirement.He shares real-life examples of the biggest risks to your income — the risks that might halt you from enjoying your retirement years. He shares tips on how to make sure your income is smooth and secure, even when you’re not punching the clock anymore.Enjoy!For more information, visit the show notes at https://affordanything.com/episode432Estimated timing of discussion points as of March 2023:01:36: The disconnect between living on income vs. assets in retirement02:15: “There’s no such thing as safe”04:41: The three-bucket approach to retirement08:17: Sources to learn the history of the stock market10:33: This historical best hedge against a declining stock market16:25: The ideal asset mix for short-, medium- and long-term investments17:01: The need to distinguish between money you’ll need vs money you’ll need to generate income20:16: When to be a saver vs. an investor23:49: How to approach the medium-term bucket36:03: Lowering sequence of returns risk with the three-bucket method37:02: Inflation risk and the impact on retirement Learn more about your ad choices. Visit podcastchoices.com/adchoices

#431: The title says it all. Paula Pant interviews Mr. Money Mustache about his dating life.We chat about why he wants to date inside the FIRE community (financial independence, retire early) – and whether he’s had any luck.We discuss the perils of navigating into the dating world after a divorce, which he did at age 43.And – AHEM – HE’S ON THE APPS. Well, specifically, he’s on one app. And it’s technically not an app, it’s a website. Whatever. HE’S ONLINE DATING, FOLKS. We talk about the difference between flirting in real life vs. online, and he talks about what he looks for in a dating profile.Our conversation also covers: What’s the point of dating someone inside the FIRE community, anyway? Do you really want to talk about money all day? (Hint: nope) Is he a serial monogamist? What should you do if one person is more interested in frugality, while the other is into investing? Personality, values, communication, chemistry … how can you find that ideal fit? How long does it take to figure out if you’re compatible? How quickly has he introduced his teenage son to his former (then-current) girlfriends? What advice does he share with his son about dating? Mr. Money Mustache is the pseudonym of Pete Adeney, one of the most prominent figures in the FIRE movement. He co-stars with Paula, Tiffany Aliche and Ross Mac in the 2022 Netflix documentary Get Smart with Money.Enjoy!For more information, visit the show notes at https://affordanything.com/episode431The Fire Dating app can be found at https://firedating.me Learn more about your ad choices. Visit podcastchoices.com/adchoices

#430: D is worried that she’s going to suffer from her parents’ poor financial choices. Is it time to confront them about it?An anonymous caller and her fiance both own a house. Which one do they move into after the wedding?In a world of rising inflation, Nick wants to know if it’s time to change the way he saves for his future.Another anonymous caller wants to buy a second home within a decade. How does she start planning now?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!P.S. Got a question? Leave it here.For more information, visit the show notes at https://affordanything.com/episode430 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#429: Have you ever thought about remodeling a kitchen? Retrofitting a camper van for #vanlife? Converting your basement into an Airbnb? Building a custom website? Recording an album?Did you worry that this project will cost more and take longer than you expected? This episode is all about how to complete projects on-time and under budget. Today's guest, Dr. Bent Flyvberg, is an Oxford University professor with a Ph.D. in urban geography. He’s published more than 200 scholarly articles on megaproject planning and management, decision-making, and social science methodology. He’s written or edited 10 books, including recently co-authoring “How Big Things Get Done.”He shares examples ranging from the Sydney Opera House to Pixar movies to the California High Speed Rail, illustrating why some projects flourished while others flopped.He joins us on today’s episode and talks to us about why some projects succeed while others turn into colossal disasters. He offers tips for how we can apply lessons from megaprojects to our own lives.Enjoy!Timing of discussion points as of February 2023:02:19: Why are some projects on time and under budget and others aren’t?03:24: The difference between successful and unsuccessful projects07:38: Which questions do you ask when you’re choosing someone to work with on the project?11:44: How cognitive biases and power dynamics and influence project outcomes24:22: Why people forsake common sense when it comes to big projects29:34: How to plan and iterate, knowing that things will change39:26: The biggest risk to projectsFor more information, visit the show notes at https://affordanything.com/episode429 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#428: Jamie currently lives at home and dreams of reaching financial freedom by her early 30s. How can she take advantage of her low expenses to accelerate her wealth building?An anonymous caller has enough to retire in 5 years. Does she still need her financial advisor or is it time to do it on her own?Meghan is a personal finance enthusiast who wants to start a coaching side hustle. What’s the best way to get started? Former financial planner Joe Saul-Sehy and I tackle these five questions in today’s episode.Enjoy!P.S. Got a question? Leave it here.For more information, visit the show notes at https://affordanything.com/episode428 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#427: Okay, maybe the phrase “side hustle” is overused. But it’s also misunderstood.“Side hustle” is a catch-all term that people use to describe everything from low-paid gig economy labor – Doordash, Uber Eats, Rover – to six-figure consulting for Fortune 500 companies. On the remote-work side, it includes everything from freelance graphic design (services) to selling bundles of presentation deck templates (digital products). On the physical goods side, it includes everything from wholesaling (real estate) to flipping antique grandfather clocks (personal goods). On the e-commerce side, your side hustle might mean starting your own manufacturing, white-labeling and shipping services, in which you distribute toothpaste or trash can lids or desiccant packs.How do we make sense of such an umbrella concept?In this interview with Nick Loper, we learn how to wrap our minds around the huge world of hustles. We talk about how to understand the options available, choose a path, and start with minimal capital.This interview originally aired as Episode 85.Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices