Afford Anything

#174: Should a 48-year-old New Yorker who’s retiring next year buy more rental properties? Should a Michigan-based first-time homebuyer use an FHA loan to buy a duplex for $135,000 that rents for $1,800 per month? Should a 40-year-old music professor who owns a duplex transfer his property into an LLC? Should a New Jersey condo owner sell her unit as For Sale by Owner? And should a woman who’s anxious about owning her own rental properties dive into real estate crowdfunding deals instead? I answer these five rental property questions in today’s podcast episode. For more information, visit the show notes at https://affordanything.com/episode174 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#173: Paulette Perhach is a journalist who has been published in The New York Times, Slate, ELLE, Marie Claire, and Cosmo. But we’re not going to talk about that today. We’re going to talk about the fact that she’s made every decision by putting her life first, and then forcing her career to follow. She’s hiked through jungles and watched eclipses and volunteered with the Peace Corps. She’s been on crazy adventures in far-flung places. She endured unimaginable pain and it’s because of those challenges -- not despite them, but because of them -- that she knows her one precious, wild life is too short to spend in a cubicle. Many people who pursue financial independence are looking for a fully-funded lifestyle change. But Paulette made an unfunded change. She lives her life, and then figures out how the money follows. What can we learn from her resourcefulness? Find out in this episode. For more information, visit the show notes at https://affordanything.com/episode173  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#172: Should a 25-year-old homeowner with healthy savings and no debt (other than his mortgage) upgrade his car? Should he make this choice if his current car is fine, and upgrading puts him into new debt? Should a couple without access to an employer-sponsored retirement plan put their savings into a taxable account, or should they save for a downpayment on a rental property? The market is fluctuating like mad; if someone has a lump-sum of cash, should they invest it now or should they slowly meter it in? Should someone without an emergency fund enroll in an HSA-qualified health insurance plan? Or should they stick with a plan that has a smaller deductible? How should a husband-and-wife team that’s self-employed and running a company together handle their health insurance? Former financial planner Joe Saul-Sehy and I answer these five questions on today’s podcast. Enjoy! For more information, visit the show notes at https://affordanything.com/episode172  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#171: Chris Hogan surveyed 10,000 millionaires in the United States. Here's what he discovered: - 89 percent of millionaires have a net worth between $1 million to $5 million dollars - 62 percent graduated from public state schools - 9 percent didn't graduate from college - Close to 50 percent had a B average or less in school - 55 percent give to charities and churches on a regular, monthly basis - 73 percent never had a penny of credit card debt - 18 percent are self-employed - 62 percent earned a household income of less than $100,000 annually - 80 percent exercise at least three times a week. On average, their homes are 2,600 square feet, and they've lived there for an average of 17 years. Two-thirds have a paid-off mortgage. They paid off their home on average in 11 years. Their net worth breaks down as one-third their home, and two-thirds their investments. They became millionaires at the average age of 49. They spend, on average, $35 on a pair of jeans.   What can we learn from these everyday millionaires? Find out in today's episode! For more, visit https://affordanything.com/episode171  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#170: When should you NOT use the one percent rule for rental property investing? In today’s episode, I encourage two callers to violate the One Percent Rule for real estate that they already own. WHAAATTTT? Why would I say that? Especially given that I’ve gained a bit of a reputation as The World’s Most Staunch Advocate of the One Percent Rule? (Long title, I know, but someone’s gotta wear it.) And if you’re not going to use the One Percent Rule, how should you make decisions about your real estate investments instead? Find out in this podcast episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode170  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#169: Happy New Years! To kickoff 2019, we've created a free book called One Tweak a Week, outlining 26 easy, actionable ways that you can improve your financial life. Today's podcast episode covers these 26 tweaks, so you can listen in audio format, in addition to reading the book. If you put these into action for the first six months of 2019, you'll be in a more stronger position in June than you started in January. Each tweak takes less than one hour (some are as quick as five minutes), and taken together, these tweaks can accumulate into a serious impact. Improve your money management and get closer to financial independence with our free book, One Tweak a Week. You can download it here: https://affordanything.com/2019  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#168: You can do anything, but not everything ... and definitely not everything at the same time. How can you optimize your time and energy? How do you choose what's worthwhile and what's a waste of time? How can you eliminate small decisions so that your mind is free to focus on the few choices that make a massive 10x impact? How can you spend less time struggling with your Inbox, and more time on long-term projects that can boost your income? When inspiration strikes or new opportunities present themselves, how can you decide whether or not this new project is worth your time? What's the difference between being efficient vs. being effective? How can you eliminate distractions? Can you train yourself to pay attention to important tasks, rather than getting distracted by Facebook, email, television and other time-wasters? When is it okay to relax? And what are the keys to a great morning routine? In today's episode, productivity expert Mike Vardy describes his answers to these questions. Here are five of the nine takeaways from today's episode: 1) Eliminate decisions. Don't waste your time and energy deciding what to work on; create a system that makes this decision for you in advance, and review that system periodically. Your decisions, therefore, are focused on the system, not the daily tasks inside of it. 2) Create boundaries, so that you know your limits, and also don't be afraid to break them. Boundaries are a guidepost, not a strict law. 3) Rather than setting New Years Resolutions, choose three words that will be the "theme" of your year. These words will be the values that guide your decisions throughout the year, helping you identify what projects to undertake and which ones to defer or decline. 4) Time-management tactics are really meant to be a compass. The purpose of "productivity hacks" is not tactical task-management; it's strategic decision-making. 5) Productivity is not about getting things done. It's about aligning your attention with your intentions. Enjoy! For more information, visit the show notes at https://affordanything.com/episode168  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#167: Angelisa is a college senior with $30,000 in student loans. She has a part-time job, from which she’s saved $2,500. Should she keep saving money, or should she get a headstart on paying down her student loans while she’s in school? Mackenzie is also a college senior with some student loans. She recently received a settlement from a car accident. Should she invest this money? If so, how? Franchesca is 35 and is carrying $212,000 in debt, mostly student loans. Could she reach financial independence, even with a late start? Erica wants to make environmentally-friendly investments. How should she approach this? Caroline is 42 and has started making after-tax (non-Roth) 401k contributions. Is this a good idea? Schaffer is curious about podcasting. How did I get started? I answer these six questions on today’s podcast episode, alongside former financial planner Joe Saul-Sehy. Enjoy! For more information, visit the show notes at https://affordanything.com/167  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#166: Michelle Singletary learned everything she knows about money from her grandmother.Well, okay, I shouldn't say "everything" that she knows. After all, Michelle also has an MBA from Johns Hopkins University. She writes about personal finance for the Washington Post. Her nationally-syndicated personal finance column, The Color of Money, is published in more than 100 newspapers nationwide. She's written three financial books.  Michelle has been learning, thinking, writing, researching and speaking about money management for decades. Yet the most important education she received, she says, came from the lessons her grandmother taught her. Today, Michelle joins us on the Afford Anything podcast to talk about what she learned about financial independence, and her views on the FIRE movement.For more information, visit the show notes at http://affordanything.com/episode166  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#165: Should Kim, an entrepreneur, invest in index funds or rental properties? Should Nick, an MBA student, househack into a more-expensive home with stronger cash flow, or a cheaper home with more budgetary wiggle room? Should Kelly, who is getting married soon, sell her current home and use the proceeds to buy multiple rentals? Or should she use her current home as a rental property? Should Trayci and her sister invest in rental properties or bare land? I answer these four questions in today’s episode. We’re a weekly show, but on the first Friday of the month, we air a bonus episode. This is our December 2018 First Friday Bonus Episode. Enjoy! More resources and be found at https://affordanything.com/episode165  Learn more about your ad choices. Visit podcastchoices.com/adchoices