Afford Anything

#36: It's the first Monday of the month, and you know what that means ... Time for another Ask Paula episode! On today's show, I answer a handful of phone calls from listeners who posed questions about real estate investing. One caller from Atlanta said that he's thinking about buying a rental property from a turnkey investing company. (These are companies that buy, renovate and rent out properties, and then sell those properties to investors.) On the surface, this sounds appealing: all benefit and no work. But what are the drawbacks? Are those risks worth it? Should this listener buy a turnkey property? Or should he stay wary of red flags? Another caller, who says he loves real estate investing, mentioned that he's curious about the lack of compound interest in the real estate game. If you're investing in an index fund, he noted, your dividends and gains are automatically reinvested. That's not the case with a rental property. Sure, you can reinvest the cash flow from that property into buying more properties (or buying other investments, like index funds), but that's not the same thing. So ... what does this mean? When you take compound interest into consideration, are rental properties still a good deal? Or are real estate investors missing out on this crucial wealth-building tool? Another wanted to hear more details about a couple whom I mentioned in Episode 4, The Ultimate Beginner Guide to Real Estate Investing. This couple's strategy is to buy a home as a primary residence, live there for at least one year, move out, convert their former home into a rental property, and repeat. They've done this over and over, and now they're raking in the rental cash. The listener wanted more details about that strategy ... which I offered in droves. (And yes, I led myself into another little rant.) Finally, one listener called to share his success story. In an earlier episode, he asked whether he should repay his credit card debt, or save for the downpayment on a house. I told him to pay off his credit cards ... and he's now DEBT-FREE!!!!!! He tells his success story on today's show. Enjoy! Paula Learn more about your ad choices. Visit podcastchoices.com/adchoices

#35: Carrie Smith enjoyed her full-time accounting job, but she wanted to make extra money on the side. Who doesn't, right? She landed a second job in a tax office, working 9-to-5 for one employer and 5-to-9 for the other. She earned decent money, but her schedule had no flexibility ... and she felt unhappy.  This needs to change, she realized. I need to make good money while also enjoying my lifestyle. Even though she had zero experience as a writer, she wondered if she could leverage her skills as an accountant into a new, creative field. She volunteered to write one or two tax planning articles for a client, just to test the waters. She enjoyed the work. She wanted more.  She started reaching out to websites and companies that might need tax-related article writing. She landed her first major client, Yahoo Finance. Then another. Then another.  After a few years, her freelance business grew large enough that she quit her comfortable accounting job. She's her own boss now.  In this episode, Carrie tells her story and offers advice for anyone who wants to earn extra money as a freelancer -- whether its a side hustle or a path towards quitting your 9-to-5 day job.   For more, visit http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#34: Steve Chou's wife used to work grueling hours at a job she dreaded and despised. When she became pregnant with their first child, she decided to quit.  The problem? She earned six figures, and their family needed that income.  She opened an online store, buying handkerchiefs wholesale from China and retailing these online at a significant markup. She and Steve worked together to build a retail website and find customers. They bought Google Ads; they wrote blog posts; they created seller accounts on various shopping portals.   They earned more than $100,000 in their first year of business. In this episode, Steve explains how he and his wife earn six figures as online retailers while enjoying a much more relaxed, liberated lifestyle. He offers pointers for anyone who's interested in making money selling goods online -- either as a side business or as a method for quitting your day job.   For more, visit http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#33: After serving in the Navy for 20 years, Doug Nordman, then-age 41, retired from his military career. Most of his peers started second careers in the civilian world.    But Doug didn't. He had an ace up his sleeve: he had spent his military career saving 40 percent of his income. By the time he turned 41, he held an investment portfolio worth $1 million. Those investments, coupled with a Naval pension for $30,000 per year, propelled him into financial independence.   He's remained retired since leaving the Navy. He's now 55. He surfs three times a week. He travels to Europe on a whim. His retirement portfolio survived two recessions and is now worth $1.7 million.     In this interview, Doug shares the story of how he became a millionaire on a military salary. He also talks about the fulfillment he's found through financial independence.   Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#32: Should you sell your stocks, given that we might be heading for a possible downturn? Also, what are the downsides of index funds? Should you invest in out-of-state rental properties, and if so, how can you figure out where to look? These are just a few of the many questions Paula answers in this week's Q&A episode. Enjoy. For more information, visit http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#31: Jim Collins, also known as popular blogger JL Collins, has been financially independent since 1989. He achieved this in the simplest way possible: he saved half of his income and invested in index funds. Jim says the simplest possible approach is the best, if your goal is to build financial freedom. "The great irony of investing is the simpler of an approach you use, the more powerful of results you get." In this episode, he shares his ultra-simple approach to investing. He says that when you prioritize simplicity, above all else, you can ignore your investments and move on with your life: "Most people don't want to think about this stuff all the time. Most people want to get on with curing diseases and building bridges and writing peace treaties. But the smart ones know they have to have some kind of handle on their money." Check out Jim's ultra-simple path to wealth in this week's episode. http://podcast.affordanything.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Jim Wang shares his journey to financial independence and selling his online company for $3 million. Topics include transitioning to post-financial independence life, balancing work and family, managing windfall funds, and focusing on personal growth over monetary gains.

#29: Paula answers questions you sent in about multi-level marketing, paying off credit card debt vs buying a house, and socially responsible investing. For more information, visit the show notes at https://affordanything.com/episode-29-socially-responsible-investing/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#28: Most people only pay attention if there's a problem - that includes money. Guest, Evelyn Connors gets honest and raw about her previous understanding of how money works and her uber-excitement of taking control of her FI (financial independence). For more information, visit the show notes at https://affordanything.com/episode-28-debt-is-normal-myth-evelyn-connors/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#27: Pete the Planner talks about why millionaire-dom is important and why it's important to try a "mock retirement". For more information, visit the show notes at https://affordanything.com/episode27 Learn more about your ad choices. Visit podcastchoices.com/adchoices