Afford Anything

#46: This episode is a little unusual because I interviewed fellow podcast listeners live at FinCon (a conference for financial bloggers). Why? To get to know you and understand you better. I want to know what makes you tick, and where your interest in money comes from. Ultimately, why you're here, listening to this podcast, when most people couldn't care less about these topics. Why are you different? To discover that answer, here are some of the questions I asked our panelists: • Why did you decide to make learning about personal finance your hobby? Why do you spend hours reading blogs and listening to podcasts about money? • What made you approach personal finance head-on, rather than burying your head in the sand, like most people do? • Do people in your "regular" life know that you want to retire early and reach financial independence? Or do you avoid talking about this because people give you funny looks when you mention it? • Have you all had the same experience that community - finding like-minded individuals - is important in this journey?
 I hope you were able to learn and identify with your fellow listeners about why you manage your limited resources in such a conscientious way. The chief takeaway I got from this episode was the importance of building a community, which is critical to maintaining motivation on the journey to reach financial independence. Not only that, but you're the average of the five people you spend the most time with. Seek out a support system of people with similar values and goals to have your back when times get tough.   Resources Mentioned: 
 • Nick: True Tightwad • Melissa, "The Roamer": Traveling Wallet • Emma: Emma Lincoln • Gwen: Fiery Millennials • The One Percent Challenge Facebook Group • Everything I Know About Blogging, Condensed into One Post • Financial Independence Subreddit • Meetup.com -- Paula Learn more about your ad choices. Visit podcastchoices.com/adchoices

#45: Podcast listener Eva is interested in opening a Vanguard account. She noticed that people need $50,000 to access their personal advisor services. It’ll take her several years before she can access this. What should she do in the meantime? Amy, another podcast listener, wants to invest $5,500 into her Roth IRA in 2017. Should she invest the full amount on January 1, or should she spread this throughout the year? ...and more can be found at https://affordanything.com/45-ask-paula-invest-5500-one-huge-chunk-investing-questions/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#44: When Leslie Samuel immigrated to the U.S. at age 17, he hoped for the American Dream: an education, a secure job, and a traditional career path. But during his college years, Leslie realized he had an entrepreneurial streak. He made a few attempts at working for himself. He failed. He lost money that he'd set aside for his wedding. He tried investing in the stock market. He lost more money, savings that he'd set aside to pay his tuition. But he didn't quit. Leslie graduated, married, and accepted a job as a high school science teacher. He felt happy and secure. Yet his entrepreneurial itch persisted. He started building an online business in his spare time.  Leslie began earning an extra $14,000 per year on the side, a nice supplement to his income. A few years later, Leslie landed his dream job as a university professor. He loved his work. He earned a solid income. His wife gave birth to a healthy baby boy. Everything seemed perfect. But his entrepreneurial calling persisted. Ultimately, Leslie made the difficult decision to quit his dream job in order to become a full-time online entrepreneur. In this episode, he shares why he made this tough choice – and how he handled the fear and doubts that blocked the way. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#43: Jean Chatzky, financial editor for the TODAY Show, host of the HerMoney podcast and a frequent guest on TV shows like Oprah, Regis & Kelly, and The View is the bestselling author of many books, including Money Rules, which we discuss in today's episode. Here are a few of the Money Rules we cover: #1: The more time you spend looking, the less happy you’ll be with what you find. #2: Your retirement trumps their tuition. #3: Losing money hurts more than it should. #4: Big numbers make smart people do stupid things. #5: Don’t lend money to friends & relatives, and don’t co-sign for loans. #6: If its 50% off, it's still 50% on. __ It’s not about having it all. It’s about having what you value most. How can you match your money with your values? Jean and I tackle this question in the second half of the podcast. This leads us into discussing tactics that can prevent wasteful spending, such as: • The 10/10/10 Rule – How will you feel about this purchase in 10 minutes? 10 months? 10 years? • The 24 Hour Rule – Delay the purchase by 24 hours. Do you still want it? • Only Pay Full Price – Paradoxically, avoiding sales – and ONLY buying items at full price – might help you save more money in the long run. __ Finally, we chat about how to balance financial priorities when you and your spouse want different things. What if you want to retire early, but your spouse doesn't? How do you handle this? Jean shares her ideas on all these topics in today's episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#42: Your most valuable asset isn’t your house, car or retirement portfolio. It’s your attention. Most knowledge workers spend their day frantically hopping between meetings, emails, phone calls and social media. But that’s not the best way to stand out in the modern economy. Emails are necessary, says author and professor Cal Newport. They’ll keep you from getting fired. But they won’t get you promoted. In fact, his Deep Work Hypothesis states that the ability to do deep work is becoming more rare, yet at the same time, more valuable. That means if you can train your mind to resist the common distractions we all face, you’ll become more valuable in the workplace, whether you’re self-employed or traditionally employed. The problem, however, is that most of us are intimidated by deep work. We welcome distractions from difficult tasks that take a toll on our brain power. For more information, visit the show notes at https://affordanything.com/cal-newport/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#41: Mollie, a listener, is making smart money moves. She's getting the maximum match on 403b contributions. She's saving for a downpayment on a home. Her husband opened a Roth IRA. What's next? After listening to the Jim Collins episode, Mollie wants to open a Vanguard account. How can she balance this with the rest of her saving and investing goals? Is she spreading herself too thin? Meanwhile, podcast listener Elizabeth is trying a little-known tactic to rebalance her portfolio. Traditional advice tells people to rebalance by selling their gains. But Elizabeth wants to let those gains ride. She'd prefer to rebalance by buying undervalued assets. Are their hidden dangers to her strategy? Finally, podcast listener Chris wants to remodel his basement. He's an aspiring Airbnb host who'd like to make extra cash by renting out part of his home. How much money should he spend on his basement remodel? Are there any good rules-of-thumb? I tackle these three questions in today's Ask Paula episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#40: Most of us want to develop better habits. We want to exercise more, eat healthier, get more sleep, watch TV less, pay off debt, or save money. The problem? We make excuses. We tell ourselves we'll splurge "just this one time." We convince ourselves that we're too busy to start a side business. We reward ourselves with a hall pass from our intended new habit. Today's guest, Gretchen Rubin, talks about how we can create habits that stick. Gretchen Rubin is the New York Times bestselling author of The Happiness Project, which sold more than a million copies. Her latest book, Better Than Before, explores how to create habits that lead to a healthier, happier, richer life. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#39: It's tempting to think of "financial independence" as a finish line. You've either crossed the finish line, or you're still running the race. But financial independence is more nuanced, says today's guest, Joshua Sheats. We experience seven stages of financial independence, Joshua says, and we should break down our Major Goal -- financial independence -- into a series of smaller steps. Joshua, a financial planner and host of the hit podcast Radical Personal Finance, describes these seven stages in today's show, offering tips about how to reach each one. Want a sneak peek at the seven stages? Check out https://affordanything.com/episode39 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Time management expert Laura Vanderkam challenges the narrative of being busy, revealing we have more time than we think. She discusses tactics to reduce chores, stay focused at work, and differentiate between efficacy and diminishing returns. The podcast explores the disparity between perceived and actual time usage, optimizing tasks for efficiency, redefining domestic responsibilities, and maximizing productivity by navigating time vortexes.

#37: Chris writes about life, work and travel. He has visited every country in the world and written a number of New York Times best selling books. He joins us to talk about challenging ourselves, experimentation,and deliberately changing our direction. For more information, visit the show notes at https://affordanything.com/chris-guillebeau/ Learn more about your ad choices. Visit podcastchoices.com/adchoices