Afford Anything

#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

#415: The average American donates 2.1 percent of their income to charity, according to data from the Giving Institute.But an ordinary couple living in Nashville, Bob and Linda Lotich, refuse to be average.When they were both 31, they decided to “give their age” – they pledged to donate 31 percent of their income to worthwhile causes.They’ve increased their charitable giving every year since, to match their age. The couple is now 41 years old, and they give away 41 percent of their income.When they began this project, the Lotich’s were earning a combined household income in the high five-figures. They were making just under $100,000 combined, living in St. Louis. They carried a mortgage on their home. They worried that their commitment to giving might impact their ability to pay the bills.Over the last decade, their income has fluctuated – up some years, down in others. They moved to Nashville and had three children. These higher living costs have drastically impacted the family budget.But their commitment to giving persists.In today’s episode, Bob Lotich joins us to talk about why and how he committed to the “give your age” philosophy – and shares his advice for anyone who wants practical tips for increasing their capacity to donate to meaningful causes.Enjoy!Timing of discussion points as of November 2022:04:46: Adjusting mental and budget space to allow for more charitable donations13:12: The decision give to individuals vs. charitable organizations14:57: Does giving to an individual impact the relationship?16:56: Recommendations for platforms with giving opportunities25:01: Managing the giving budget after starting a family25:56: Guilt and shame around generosity27:41: Giving from a place of gratitude and a place of pain28:47: The concept of giving dreams30:19: Building for a continuous impact vs. a large impact31:48: Getting the children involved37:48: How to increase your charitable givingFor more information, visit the show notes at https://affordanything.com/episode415 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#414: Amanda is worried that her recently diagnosed health condition might force her to stop working. How should she financially prepare her family?Anonymous is a savvy DIY investor who wants to retire early and is wondering if she should hire a financial advisor.Should Krista tap into the equity from one of her rentals to rebalance a portfolio that is weighted heavily in real estate?Natasha thinks she and her husband have saved enough to retire early but it feels scary. Is she truly ready or is she nuts? 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/episode414 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#413: If an idea dominates the headlines, we notice it.But maybe we shouldn’t.Today’s guest, psychologist and behavioral finance expert Dr. Daniel Crosby, says there’s a difference between a prediction that gets repeated, and one that’s likely to unfold. What’s salient isn’t accurate, he says. And vice versa. He also talks about how money problems have morphed over time. He chats about how our evolutionary wiring is at odds with our goals. And he even discusses how we’re wired to be ‘lazy’ – and how to work with that tendency instead of fighting an uphill battle against it.Dr. Crosby researches the intersection of mind and markets. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology impact our investment choices. Timing of discussion points as of December 2022:03:10: The overlap between psychology and investing + new ideas04:41: Counterintuitive behavioral finance discoveries 07:27: Money as a “hygiene factor”08:39: The “new class” of money problems for the more affluent13:44: Factors that impact our financial decisions15:22: The influence of evolutionary wiring 17:02: Cognitive and physical wiring leading to laziness and group think27:45: The benefit of community for investors28:52: The four types of behavioral risk: ego, conservatism, attention, and emotion36:21: The three E’s of behavior change: education, environment, encouragement42:30:  Confusing things that are loud with things that are likely45:21: The risk of managing emotionFor more information, visit the show notes at https://affordanything.com/episode413 Learn more about your ad choices. Visit podcastchoices.com/adchoices