Afford Anything

#425: Ellen’s dad died unexpectedly. Her mom is clueless about finances. How does she help a 70-year-old unravel financial complexities?Mike has an opportunity to buy into his friend’s growing business. What should be his legal, financial, and relationship considerations?Pepp wants to know what’ll happen to her Restricted Stock Units when her company goes private.An anonymous caller needs to build her nest egg. She’ll be a full-time student with no income. She has 20 years until retirement. Should she execute a Roth conversion?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/episode425 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#424: We’re taught to stay in the game.Persist. Be gritty. Try, try again.But sometimes, the best decision is to walk away. Move on.How do you know when that’s right? When should you double-down … and when should you fold?Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills.Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit.It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice.She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life.For more information, visit the show notes at https://affordanything.com/episode424 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#423: We’ve heard the warnings about following your passion. People ask if you can *actually* make money doing what you love. They frame the question “passion or profit?” as though these are in opposition.  The majority – who have never tried – decry, “what if you fail?”Nobody asks the more important question: what if you succeed?Are you still going to love your passion when you rely on it to pay the bills?We grapple with that question in today’s episode, which is devoted to side hustles and starting a business. We use questions from two of our listeners as a jumping-off point to discuss the realities of going into business for yourself, doing what you love. We share examples from our own lives as professional podcasters, as well as from the lives of friends who are full-time photographers, musicians, writers and other creative entrepreneurs.Enjoy!P.S. Got a question? Leave it hereFor more information, visit the show notes at https://affordanything.com/episode423 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#422: Emily is saving aggressively for financial independence, but it’s hard to enjoy the present. Is it time to increase spending?Monroe wants to stop working. Forever. Which is more important: debt payoff or investing?Another anonymous caller and his spouse dream of building a homestead on an expensive piece of land. How much is too much to spend on housing?Given the high costs of moving, Sarah wonders if buying a starter home is the best decision. Should she and her fiance jump straight to buying their forever home?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!P.S. Got a question? Leave it hereFor more information, visit the show notes at https://affordanything.com/episode422 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#421: Life is busy.We spend too much time on chores, errands, commuting, emails and other draining tasks. We lack time for joy and hobbies.Or do we? Today’s guest, Laura Vanderkam, talks to us about how to make the most of our time and carve out more space for gratifying experiences.Laura Vanderkam is a time management and productivity expert. Her latest work, “Tranquility By Tuesday: 9 Ways to Calm the Chaos and Make Time for What Matters” shares actionable steps to help you fill your schedule with more of what you love.Enjoy!Timing of discussion points as of January 2023:06:06: Where the time management focus should land13:44: What is tranquility?15:22: How to structure your hours16:33: Set your bedtime: the foundational rule for time management24:18: The power of planning on Fridays29:05: Move your body by 3 pm35:02: Create “backup slots”37:10: The impact of various time management guidelines38:43: The Big Adventures Rule44:06: Taking a night for yourself47:51: Batch the little things50:16: The effortful before the effortlessFor more information, visit the show notes at https://affordanything.com/episode421 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#420: Harvard professor Arthur Brooks described two types of intelligence – and explained, in scientific terms, the wisdom that comes with age.Dr. Ellen Vora, M.D., shared insight into the roots of procrastination, offering evidence-based tips for how to overcome our own inner demons of anxiety, fear and laziness.Psychology professor Bill von Hippel described why too much happiness is just as detrimental to our long-term health and wellbeing as too little happiness.Wall St. Journal columnist Spencer Jakab observed the perfect storm of conditions that gave rise to meme stonks and other oddities of our era.Former financial planner Joe Saul-Sehy argued for “strategic under-diversification” and explained the Sharpe Ratio.Data scientist Nick Maggiulli explains the save-invest continuum.And financial planner Bill Bengen, the creator of the 4 percent retirement withdrawal rule, talks about what most people misunderstand about the safe withdrawal rate.These are just some of the highlights from the Afford Anything podcast in this 2022 year-in-review episode.Enjoy!For more information, visit the show notes at https://affordanything.com/episode420 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#419: Casey isn’t happy at her job. If she leaves before her one-year mark, she’ll lose her 401k contributions. Should she stay or find a new job?Daan resides in a high-cost-of-living area where real estate appreciates rapidly. But there’s no cash flow. How should he evaluate real estate as an investment?Emily already maximizes her 401k contributions. Should she contribute to an after-tax 401k next?Ryan’s investing for his son. If the yield is the same between two mutual funds, can he leave his son with more money if one mutual fund pays dividends more frequently?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!P.S. Got a question? Leave it at https://affordanything.com/voicemailFor more information, visit the show notes at https://affordanything.com/episode419 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#418: When Jordan Grumet was a child, his dad died unexpectedly.That was decades ago.Jordan is a father today, but he thinks often about the possibility of dying young.And he wonders how to balance enjoying today vs. saving for tomorrow, given that none of us know how long we’ll be on this earth.How do we think about our lives when the clock starts to run out? Beyond money, what other tools can we use to live a fulfilling life?Jordan Grumet, a hospice doctor and host of the Earn and Invest podcast, discusses this in today’s episode.For more information, visit the show notes at https://affordanything.com/episode418 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#417: Our first anonymous caller is getting married. What are the financial considerations the couple should be thinking through since there is a large income gap between them?Our second anonymous caller is concerned about her ability to continue working due to major depression. Should she consider disability insurance?Carly is an accidental landlord and would love to keep her rental property. The problem? It’s losing money right now and she’d probably take a loss if she sold it. What should she do?Shelby has an amazing opportunity to relocate to Tokyo for work, but she’ll have to take a pay cut. How should she think about her investment options?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!P.S. Got a question? Leave it hereFor more information, visit the show notes at https://affordanything.com/episode417 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#416: Crypto is tanking. Household debt is climbing. Student loans are tangled up in the court system. And the house market…did what?!Today’s bonus First Friday episode takes a look at the latest economic headlines, with analysis, commentary and hot takes.Enjoy!For more information, visit the show notes at https://affordanything.com/episode416 Learn more about your ad choices. Visit podcastchoices.com/adchoices