Afford Anything

Many people in the personal finance / FIRE community have a complicated relationship with the concept of consumer spending. They may see family, friends and neighbors demonstrate one extreme -- they’re profligate spenders who will buy anything -- and, in an effort to be nothing like them, they may overcompensate by becoming extreme penny-pinchers. (I see this often at the start of a person’s FIRE journey, when the pendulum is swinging sharply in the other direction). The reality is that neither extreme is healthy. There’s a middle ground between being so gullible that you’ll buy anything vs. being so cynical that you build a wall that shuts real value out of your life and hampers your growth. In recognition of that balanced middle path, today’s PSA Thursday episode focuses on five questions that you should ask yourself before making a purchase. #1: Do I have high-interest debt or an inadequate emergency fund? #2: Is this a purchase or an investment? #3: How long have I been thinking about this? #4: Is this only serving an emotional need, or does it also have greater utility? #5: The five “ity’s” -- longevity, durability, applicability, versatility, utility. We elaborate on these five points in today’s PSA Thursday episode. Enjoy! For more information, visit the show notes at https://affordanything.com/psathursday Learn more about your ad choices. Visit podcastchoices.com/adchoices

#287: Seth Godin is the author of 19 bestselling books on mastery, creativity, business and marketing. His books have been translated into 35 languages, and one of his books was the top bestselling marketing book of the last decade. He’s an inductee to the Marketing Hall of Fame (yes, it exists).Seth joins us today to talk about creativity, the importance of practice, and how to overcome your limiting ideas.For more information, visit the show notes at https://affordanything.com/episode287 Learn more about your ad choices. Visit podcastchoices.com/adchoices

According to the Bureau of Labor Statistics, in 2019, Americans spent just over $8,000 on food. If you're on a tight budget, slashing your grocery bill is one of the easiest ways to spend less. But what if you don't want to compromise on healthy eating? Today's guest, Rosemary Fotheringham, is a Functional Nutritional Therapy Practitioner (FNTP) who's also on the path to financial independence. She and her husband slashed their monthly grocery bill from $1,200 down to $300 - without eating pasta every night. She's here to explain their framework for healthy eating and her best tips for eating well on a tight budget. For more information, visit the show notes at https://affordanything.com/psathursday Learn more about your ad choices. Visit podcastchoices.com/adchoices

#286: Kaitlyn has $78,000 saved for a property, but she isn’t sure whether she should buy a personal residence, a rental property, or both. How can she best use this money?An anonymous listener wants to lower their housing expenses. Should she and her husband buy a cheaper property and turn their current home into a rental, or should they stay and pay off the mortgage as quickly as possible while saving for a downpayment on another property?Alex is just getting started with financial independence and asks: how can you calculate your financial independence date, and how do you know how much you need to save to reach that number at a certain age?Ell wants to know: what’s the difference between a high-yield savings account and a money market account, and how can you maximize the interest you earn in these accounts?Jenn wants to know: is it possible for Canadians to find cash-flow positive real estate deals, either in Canada or the United States?I answer these questions in today’s episode. Enjoy!For more information, visit the show notes at https://affordanything.com/episode286 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#285: Sam wants to use the funds in her Vanguard S&P 500 index funds for a downpayment on a house. She isn’t sure if she should keep her savings in the market. Should she move her money, and where?Hailey purchased a duplex in March and is already looking to sell due to a hostile tenant during the purchase process. How can she shift her focus from her initial return on investment to a long-term outlook?Zoe dreams of attending grad school, but her savings are locked away in retirement accounts. How can she save for grad school in the next two to three years?Mohamed wants to monetize a new podcast with affiliate relationships, but the service providers he wants to promote don’t offer affiliate programs. Can he still make this work, and how?I answer these listener questions in today’s episode. Enjoy!For more information, visit the show notes at https://affordanything.com/episode285 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Paula Pant and Andy Hill broadcast from Dallas, where they’re part of a bare-bones skeleton production crew that’s hosting the 10th annual FinCon, a conference for a community of personal finance podcasters, YouTubers and bloggers. On the evening before the event, they reflect on the importance of community, especially when it comes to learning about money management. Enjoy this behind-the-scenes glimpse. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#284: Morgan Housel is an award-winning financial journalist, and he’s a leading thinker and author in the world of investing. His new book, The Psychology of Money, highlights the influence that our behavior has on our financial success.We discuss developing self-awareness around our biases, saving like a pessimist and investing like an optimist, being critical of who we take investment advice from, diversification, expectation management, tail risks, and much more on the topic of behavioral finance.For more information, visit the show notes at https://affordanything.com/episode284 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Many of us have experienced disconnection from our loved ones this year, especially with older family members. It can be difficult to stay in touch when parents and grandparents aren't technologically savvy. They might not know how to text, how to use their cell phone to place a call, or how to initiate a video call. We hope that can change after you listen to this episode. To help us learn how we can stay connected with the senior citizens in our lives, we brought on Bria Sullivan. For the past six years, Bria has had a side hustle teaching seniors how to use technology. Today, she shares her best tips on how we can do the same with the elders we love. For more information, visit the show notes at https://affordanything.com/psathursday Learn more about your ad choices. Visit podcastchoices.com/adchoices

#283: Andrea’s parents have a seemingly salesly financial advisor. He tried to get them to purchase a second life insurance policy, among other potentially pushy moves. Are her parents better off without his advice?Teresa can’t shake the feeling that the stock market is more of a gamble than an investment. Is there any advantage to holding funds for the long-run if the market drops and you lose your gains?June is curious about the best college planning strategies for families who are working toward, or close to, financial independence. How can you help your children while securing your financial future?Big Sister’s little sister rents a mobile home in an area she loves. The owner wants to sell, but her little sister might not obtain financing. Should Big Sister buy the property and sell it to her via seller financing?Managing for Mom in Massachusetts has an investment strategy that he wants to run by us. Does it make sense to shift a 50/50 stocks and bonds portfolio to 100 percent stocks, and shift back to a 50/50 split after the market returns to pre-pandemic numbers?My friend and former financial planner Joe Saul-Sehy joins me to answer these questions. Enjoy!For more information, visit the show notes at https://affordanything.com/283 Learn more about your ad choices. Visit podcastchoices.com/adchoices

With the uncertainty of the Affordable Care Act (ACA) looming before us, many are asking: How can we plan for healthcare - now and in the future? How much will I need to save to cover healthcare in retirement? What can I do if I can't afford the expensive premiums?  As a community of entrepreneurs and early retirees, this is a major concern. To help us understand the healthcare landscape, Tanja Hester, author of Work Optional and the blog Our Next Life, joins us. For more information, visit the show notes at https://affordanything.com/psathursday Learn more about your ad choices. Visit podcastchoices.com/adchoices