Afford Anything

Morgan Housel, a New York Times bestselling author known for his work on the psychology of money, shares a life-changing decision he made at 17 that serves as a powerful lesson in risk evaluation. He discusses how snap decisions shape our lives, emphasizing that humans aren’t always rational in their choices. Housel also explores the pitfalls of relying on economic predictions and the contrasts between perception and reality in economic conditions. Throughout, he encourages listeners to consider the gradual nature of gains and the importance of empathy in decision-making.

Listeners dive into the debate around the VTSAX investment strategy and explore the merits of sophisticated alternatives. Tips on navigating Roth IRA contributions offer clarity amidst tax complexity. The power of personalized reading material for high school finance libraries sparks intriguing book recommendations. The conversation wraps up with insights on backdoor Roth IRAs, emphasizing automation and strategic investing. Dive into the world of personal finance literature as the hosts champion foundational knowledge for younger generations.

Polina Marinova Pompliano, a former Fortune Magazine reporter and author of "Hidden Genius," explores how high-performers handle uncertainty. She shares a gripping story about astronaut Chris Hadfield going blind during a spacewalk and the vital role of mental clarity in crises. Discussing trust as consistency over time, she highlights Charlie Munger's approach to beliefs, emphasizing understanding opposing viewpoints. Polina also covers the importance of reframing challenges, diversifying income, and honing negotiation skills to build resilience in high-stakes situations.

Listeners dive into the complexities of investment diversification, exploring how to handle single fund portfolios and tax implications. Personal stories about managing inheritances spark discussions on prioritizing financial goals amidst loss. The importance of balancing competing aspirations like buying a home and saving for retirement is highlighted, along with practical strategies for achieving these goals. With a blend of humor and insight, the conversation demystifies financial planning and encourages listeners to take control of their money.

Codie Sanchez, Founder and CEO of Contrarian Thinking, shares her journey from the finance grind to entrepreneurial freedom by acquiring laundromats. She reveals eye-opening stats on the decline of business ownership in America and discusses how accessible Main Street businesses can be for aspiring owners. Codie breaks down unique financing options and introduces her RICH framework for finding the perfect business fit. With a focus on cash-flowing enterprises, she challenges conventional success definitions, promoting profitability over prestige.

Explore the latest shifts in the job market, where unexpected job growth clashes with a rising unemployment rate. Discover how new trade proposals and tariffs could impact your wallet and job prospects across various industries. Understand the economic consequences of these tariffs, including the challenges faced by agriculture and technology sectors. The international response offers insights into global trade dynamics and national security. Get practical tips to navigate these changes and make informed financial decisions.

Tatiana Koffman, General Partner at Moonwalker Capital and author of "The Myth of Money," dives into the evolving landscape of cryptocurrency. She explains why Bitcoin may be seen as "digital property" and discusses the implications of recent Bitcoin ETF approvals. Koffman highlights global crypto adoption, from El Salvador's Bitcoin initiative to Nigeria's use of decentralized exchanges amidst banking instability. The conversation also touches on mining scarcity and the significant wealth some have built through innovative strategies in the crypto market.

Matt Schultz, author of "Ask Questions, Save Money, Make More," is an expert in negotiation strategies. He reveals that over 90% of people who ask for reduced credit card fees succeed, yet many hesitate due to fear of refusal. Schultz shares tactics for successful mortgage negotiations, emphasizing the importance of comparing multiple lenders. He also advises keeping a log of accomplishments for effective workplace negotiations and highlights the benefits of framing requests for employee benefits in a win-win manner.

Listeners dive into the nuances of financial planning, tackling questions about retirement and investment strategies. Discussions range from the right methods for allocating money across time horizons to evaluating the merits of value versus growth stocks. Attention is also given to how to accurately calculate financial independence and net worth, addressing common misconceptions. Historical insights from renowned investors are woven in, along with practical advice on navigating investments in an unpredictable economic landscape.

Bill Bengen, a former rocket scientist and the mastermind behind the 4% rule for retirement, sets the record straight on common misconceptions about retirement planning. He argues that the 4% figure is not a one-size-fits-all solution and reveals that the safe withdrawal rate may be closer to 5% for many. Bengen outlines eight crucial factors influencing withdrawals and introduces four 'free lunches' in retirement planning, emphasizing the importance of diversification and an equity glide path. His practical advice helps demystify financial strategies for a secure retirement.