Afford Anything

#184: In 2003, Beyonce Knowles-Carter felt shy about performing sultry lyrics and dance routines on stage. She needed a tactic to overcome her nerves and stage fright. So she created an alter ego, Sasha Fierce, to bring out her more assertive side. Beyonce is one of many top performers -- along with other top artists, athletes, executives, speakers, investors, bankers, lawyers, negotiators, and more -- who use alter egos as a tactic to overcome their insecurities and become better versions of themselves. Today's podcast guest, Todd Herman, is an expert at the practice of creating alter egos to improve your performance in any arena of life. He says that crafting an alter ego can help you become a better worker, leader, manager, investor, and even a better parent. Todd joins us on today's podcast to describe the "why" and "how" of creating an alter ego at work, at home, and in social settings. For more information, visit the show notes at https://affordanything.com/episode184  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#183: Should a newlywed couple with two cash flowing rental properties sell one to pay off $92,000 of student loan debt? What percentage of your portfolio should you have in rental properties? What's the smartest way to approach rental property investing, particularly if you get anxiety thinking about tenant requests? How much should high interest rates impact your decision to buy a rental? I answer these four questions on today's episode, plus, I have a big announcement regarding the future of real estate Ask Paula episodes, so check it out. :)   For more information, visit the show notes at https://affordanything.com/episode183  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#182: Millions of smart, educated and successful people make dumb mistakes with their money ... and they don't realize it. I'm not talking about obvious dumb mistakes, like spending 85 percent of your income on a fleet of Ultra-Luxe-Fancymobiles for your 16-car garage. That's clearly a bad idea. Instead, I'm talking about hidden dumb mistakes that you may not realize until it's too late. Perhaps you don't have enough insurance, or you hold the wrong types of policies for your age and life situation. Maybe you don't have an estate plan, or you haven't updated your estate plan after your childbirth or divorce or remarriage. What if you're taking financial advice from the wrong people, or buying products that you don't understand? Are you rushing to buy a home too soon? Did you take out too much debt for college? Today's podcast guest, Emmy-nominated CBS News business analyst Jill Schlesinger, describes 13 dumb mistakes that smart people make with their money. For more information, visit the show notes at https://affordanything.com/episode182  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#181: Imagine that you’re going to take a 6-month to 9-month mini-retirement. How should you plan? What should you do? Sure, you’ll need to have enough savings to cover your expenses. You might want to find some part-time work. You may need to sell off a few investment. And of course, you’ll need to think about health insurance. But what else should you consider? And how will your first taste of voluntary unemployment impact your mental and emotional health? Former financial planner Joe Saul-Sehy and I discuss this in today’s podcast episode. For more information, visit the show notes at https://affordanything.com/episode181  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#180: Nearly two decades ago, Stacy Berman, a personal trainer, launched a fitness bootcamp in New York City. She called it Stacy’s Bootcamp. She invited her clients to join her for 5:30 am outdoor workout classes in Central Park. At first, only three or four people showed up. Then the group grew to 10 people. Then 20 people. Then demand grew beyond a capacity she could reasonably accommodate. She hired personal trainers as independent contractors who led additional classes. She limited class size to 20 people who paid $30 to $37 per class, depending on the package they purchased. Her business expanded to Manhattan’s Battery Park and Brooklyn’s Prospect Park. After six years, Stacy’s Bootcamp grossed more than $1 million. The company had zero employees; the other teachers were contractors. Stacy is one of the many entrepreneurs profiled by Elaine Pofeldt, author of the book The Million Dollar, One Person Business. In today's episode, we talk about solopreneurs who make a million without any employees. For more information, visit the show notes at https://affordanything.com/episode180  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#179: Should a couple in New Orleans sell their single-family home and use the sale proceeds to househack into a duplex? What do you think about turnkey investments? What tax consequences will someone face if they transfer their property to their parents? How do you handle tough situations related to the way some home renovation contractors treat women? What’s the latest update on your real estate course? I answer these five questions on today’s podcast. For more information, visit the show notes at https://affordanything.com/episode179  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#178: Tanja Hester retired at age 38. She had a negative net worth until her late 20's, thanks to a combination of student loans, buying expensive cocktails and clothes, living far beyond her means, and not paying attention to her money. If you were to have met the 27-year-old version of Tanja, you wouldn't guess that she'd be a likely candidate for retiring early. Yet a decade later, she's saved 40x of her annual cost of living. How? Tanja worked as a political consultant in Los Angeles, and during her career, ascended to important high-ranking roles. Every promotion came with more grueling hours, accompanied by a raise. Tanja maintained her same standard of living, banking every raise. This simple strategy allowed her to rapidly grow her net worth. She didn't obsess about penny-pinching. She didn't clip 50 cent coupons for shampoo and soap. Instead, she focused her efforts on getting that next promotion, that next raise, and when it arrived, she saved and invested every additional cent. Today, at age 39, Tanja has published her first book, Work Optional, about saving enough to retire and live a lifestyle in which paid work is an option rather than a necessity. She joins us on this week's podcast to talk about the lessons she outlines in Work Optional. Here are 5 takeaways from this conversation. #1: We're taught that "you are what you contribute to the economy." Most of us learn, either explicitly or implicitly, that our self-worth is directly correlated with our economic efforts. This is an idea that we need to unpack and process as we face retirement, a mini-retirement, or any career transition. #2: Research shows that we perceive all change as loss, even if the change is positive. Retirement is a loss of identity. It's one of the most stressful and anxiety-producing life events. #3: Retirement and wealth will not create happiness. Money won't magically fix your life, health, relationships, outlook, or anything else. It's a tool that can help, but it's not a silver bullet. #4: A morning routine is grounding. It's an effective way to start your day feeling centered and calm. I'd recommend this for everyone, regardless of whether you're retired or not. #5: The easiest way to save is to keep living at the same level you're currently at, while earning more. Enjoy the podcast episode! For more information, visit the show notes at https://affordanything.com/episode178  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#177: Imagine that your job is extremely well-paying, but you don’t enjoy it. You’d like to switch employers, even though this will probably require a paycut. But before you make the switch, you want to accomplish two goals: buy a home and catch up on retirement savings. Should you pursue both goals? Or should you defer the home purchase, given the potential future paycut? If you decide to pursue both goals, which one should come first? This is one of the five questions that former financial planner Joe Saul-Sehy and I answer in this week’s podcast episode. We also answer a question from a listener who’s self-employed and wants to contribute more to his retirement accounts. We talk to another listener who’s living on $600 monthly paychecks while maxing out his Mega Backdoor Roth contributions. We talk to a 22-year-old with an $80,000 salary who’s debating between paying off her student loans vs. investing. And we answer a question from a listener who’s wondering what she should do with 401k accounts from previous employers. For more information, visit the show notes at https://affordanything.com/episode177  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#176: Cal Newport created a philosophy called digital minimalism, which is idea of reducing your digital life down to only the most important core essentials. Remove the apps from your phone, then slowly re-introduce only the ones that are the most useful and beneficial. Take control of your smartphone, rather than letting it control you.   Digital minimalism is a philosophy of technology use. This philosophy pulls from the concepts of minimalism, essentialism, the slow movement, and the 80/20 principle, applying these ideas towards your digital life. Cal discusses the digital minimalist philosophy on today’s episode. For more information, visit the show notes at https://affordanything.com/episode176  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#175: Larry Swedroe is one of the most respected investment thinkers and writers of our time. He's published 8 books on investing, including one of the first books to explain the science of investing to a layperson audience. He recently wrote an ultra-comprehensive guide to retirement planning. He joins us on the show today to discuss the nuances of investing and retirement planning. We talk about the stock market (is it going to fall soon? Are we heading for a recession?), we talk about risk (including three dimensions of risk that all investors should consider), and we talk about what traditional retirees vs. early retirees should know. For more information, visit the show notes at https://affordanything.com/episode175  Learn more about your ad choices. Visit podcastchoices.com/adchoices