Afford Anything

#442: An anonymous caller is struggling with a tempting offer from her family to buy her first house.Chris recently tripled his income. How should he manage this unexpected surplus?Tyson is wondering if it's a good time to convert his bonds into treasuries.“Jaula” wants to know if she should count her side hustle income as part of her retirement money.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

JD Stein, an expert in investing strategies during volatile market conditions, sheds light on how to navigate uncertain financial landscapes. He emphasizes the importance of diversification and asset allocation, advocating for a balanced mix of U.S. and global investments. Stein highlights the psychological challenges of FOMO and discusses effective risk management techniques over market timing. He also explores the safe haven of gold and the significance of alternative investments, offering valuable insights for both new and seasoned investors.

#440: An anonymous caller wants to retire and travel in 20 to 30 years. How does she know if she’s saving enough?Trace plans to take a mini-retirement next year. Where should she keep her savings until then?Samantha and her partner have lived out of their truck for 20 years. They sorta-kinda feel ready to buy a house and settle down. But they’re hesitating. What if they hate it?“Barbara,” an anonymous caller from Episode 422, is struggling with a scarcity mindset. How does she stop worrying about the future and build the confidence to enjoy life 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/episode440 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#439: There are massive rapid changes unfurling in the financial world. This week’s biggest news: First Republic Bank collapsed; JP Morgan Chase acquired it. (As it happens, I was one of 12 people who was lucky enough to have dinner with Chase CEO Jamie Dimon exactly one week ago – just days before the acquisition. I tell that story around the 8-minute mark of today’s episode.)The Fed issued a 10th consecutive rate hike, raising interest rates another quarter of a percentage point. Inflation is still double the target rate. And public confidence in bedrock financial institutions, as measured by a regional banking index fund, is in the toilet.I talk about these issues for the first 18-ish minutes of the podcast, and then we switch to a replay of an interview that we held with acclaimed financial advisor Michael Kitces, which originally aired as Episode 64.Enjoy!The interview with Michael Kitces originally aired on February 13, 2017 https://affordanything.com/64-michael-kitces-mind-powerful-money/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#438: “Do you want to save money? Or do you want to enjoy your life?”That’s a common question, but it’s strange. It assumes these ideas are opposites: frugality is synonymous with deprivation; spending is a proxy for enjoyment. That premise is wrong. Let’s stop conflating spending with happiness. Let’s stop using “savings” or “free” as a euphemism for second-tier or sucky.Most online articles that discuss free or frugal enjoyment are poorly-thought-through listicles that offer half-baked ideas, like “go to the park” or “host a potluck.” Not only are these insufferable, they also miss the point. Behavioral change doesn’t come from a laundry list. It comes from cognitive reframing.To facilitate this reframe, we’ve invited Yale-educated former attorney and world-renowned happiness expert Gretchen Rubin to return to our show. Gretchen was a guest on Episode 40, when she cited research about effective habit formation. She returns with a methodical, structured look at how to derive more joy from daily experiences through heightened sensory awareness.She draws from science, philosophy, medicine, literature and psychology to tell a layered story about how to find simple pleasures in everyday things. Her latest book, Life in Five Senses, came out on April 18 and immediately hit the New York Times bestseller list.Enjoy!Timestamps as of April 2023:10:44: Why you should visit the same place everyday11:55: How going to the same place can change over time16:40: Advantages of being in tune with our senses24:07: How to deepen your sense of smell31:00: How culture impacts senses37:19: How does your age impact your sensory experience?For show notes, go to https://affordanything.com/episode438 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#437: Do you have a project you want to start … but you’re stuck in analysis paralysis?Do you feel like if you want to do something right, you have to do it yourself?Do you try to wind down after the end of a long day, but your energy levels are just not quite restored?If you answered “Yes!” to any of these questions, then this episode is for you.Psychotherapist Katherine Morgan Schafler, a former on-site therapist at Google, and author of “The Perfectionist’s Guide to Losing Control,” joins us to chat about her research on perfectionism.She shares a framework on five types of perfectionism. She describes the pros and cons of each type, and how to work through some of the negative tendencies to build a more emotionally healthy life.Enjoy!For more information, visit the show notes at https://affordanything.com/episode437 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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