Afford Anything

#462: As a society, we’re fascinated by stories of the rich. We hear news, see social media posts, and read books about how others become wealthy, how to maintain that status, and what their lifestyles look like. But what if the media we’re consuming is misleading us? Dr. Seth Stephens-Davidowitz’s research shows that the stories about the rich that dominate the popular press are misleading. Stephens-Davidowitz holds a PhD in economics from Harvard University. He’s a data scientist and a New York Times bestselling author. In today’s episode, we discuss the misleading stories around the rich. We unearth the truth behind those stories, using data rather than narrative. We explore the types of businesses that quietly make people millionaires. We describe the ages, occupations and locations of people that become rich, and the unexpected paths they take to achieve this. And we share actionable takeaways that will help you do the same. Discussion as of September 2023: 01:38: Who gets secretly rich? 02:18: The kind of protection you need if you want to be rich 04:10: The number one way to become a millionaire 08:44: What is takes to be a successful entrepreneur 09:19: The detrimental impact of some stories 12:48: The worst kind of businesses 17:14: Who makes up the best entrepreneurs? 21:18: Increase your luck surface area 27:57: How to revolutionize a field 30:37: The ACTUAL path to entrepreneurial success 32:08: The role of duration neglect in decision making For more information, visit the show notes at https://affordanything.com/episode462 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#461: A special LIVE recording in front of an audience at Podcast Movement, an industry conference in Denver. Former financial planner Joe Saul-Sehy and I tackle two questions in today’s episode. Our first question comes from a soon-to-be-single-mother on the precipice of divorce. How should she navigate this financially? Our second question comes from the spouse of a Purple Heart veteran of the war in Afghanistan. She and her husband would like to take a one-year sabbatical from work when they turn 40, which is in five years. They’d also like to pivot into lower-paying but more enjoyable careers. How should they map out their money for this transition? Joe and I dedicate this episode, recorded live on stage, to answering these two questions. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode461 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#460: Mental toughness is the bedrock of starting a business, growing a multimillion-dollar portfolio, investing in real estate, crushing your debt, retiring early. Today’s guest, Dr. Nate Zinsser, mentors elite athletes, soldiers and executives in confidence and mental toughness. He is the sports psychology mentor for two-time Superbowl MVP Eli Manning and the Director of the Performance Psychology Program at the U.S. Military Academy at West Point. He’s mentored the NHL’s Philadelphia Flyers and NCAA teams, and has been a consultant for the FBI Academy, U.S. Army Recruiting Command, and the NYC Fire Department. He holds a PhD in sports psychology from the University of Virginia. In today’s episode, we discuss how to develop the type of mental toughness and confidence that can help you grow your investments, start a business, take risks in your career, make offers on houses, and overall master your financial life. For more information, visit the show notes at https://affordanything.com/episode460 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#459: Andrey is a savvy 10-year-old wondering what’s the best way to save up for his first car. Ingrid wants to know if her parents’ preference for Retiring on Dividends is a better approach compared to the 4 Percent Rule. Erica’s part-time work schedule will place her in an unusually low tax bracket this year. Should she take this rare chance to execute a Roth conversion? Or is it better to prioritize debt payoff? Chloe is worried about the end of student loan forbearance. Should she pull back from making retirement contributions to focus on debt payoff? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#458: Today we chat with Scott Trench, the CEO and President of BiggerPockets, a real estate investing education company with more than 2 million members. He joins us to share cutting-edge insights on today’s real estate market. We discuss economic trends, demographic shifts, and talk about how interest rates impact home buyers. Whether you're a potential homebuyer, an investor, or simply curious about the housing market, this conversation will shield light on what’s REALLY happening in today’s confusing real estate market. For more information, visit the show notes at https://affordanything.com/episode458 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#457: Angie sold all the stocks in her retirement account last year. And now the market’s climbing. What should she do with her $500,000 cash position? Christina will be graduating with six figures of student debt. Should she refinance out of a federally protected loan to lower her interest rate? An anonymous caller wonders how Paula and Joe handled their primary residences when they moved out of state. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/podcast-questions For more information, visit the show notes at https://affordanything.com/episode457 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#456: Stanford psychology professor Jamil Zaki shares his research and findings around the science of empathy – and how we can apply this to improving our relationships with colleagues, clients, customers, co-founders, and business and investing cohorts. Zaki is the director of the Stanford Social Neuroscience Lab, and the author of “The War For Kindness.” We'll break down the science. We talk about why empathy matters in business, investments, and in career growth, and we’ll discuss its digital age dynamics. How does AI impact the way in which we relate to others? If you want to learn the science of emotional intelligence, and how to apply this to your career and business interactions, you’ll learn a lot from today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode456 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#455: Yvette recently retired with the goal of reaching a $10,000 monthly income from her real estate investments. Should she put her money toward debt payoff or portfolio expansion? Carly wants to buy a second home and convert her current home to a rental. What are the pros and cons of tapping into existing equity versus saving cash for a down payment? An anonymous caller plans to move back to her touristy hometown in six to seven years. Is it smart to buy something now and take advantage of a thriving Airbnb market? I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode455 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#454: Amy says she hit “rock bottom” with her finances. She says she struggled to ask for help before her situation became an emergency. How can others ask for help sooner? Rebecca is a mother of four, which means she’s juggling four distinct college timelines and 529 plans. How does she make a withdrawal plan when there are so many unknowns? Anne Marie switched jobs. What should she do with her old retirement accounts? And Dylan wonders if the IRS Rule of 55 applies to Roth 401k accounts. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode454 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today I chat with Simone Stolzoff, a consultant for organizations ranging from Google to the Surgeon General’s Office, and the author of "The Good Enough Job." He’s a graduate of Stanford and U. Penn. Simone has spent a lot of time thinking about the role of work in our lives, and he's got some really interesting ideas about how we can see work as just one part of a happy and fulfilling life. We'll be talking about what happens when work becomes more than just a job, how to challenge the idea that work has to be our calling or our dream, and how to build a more well-rounded life. If you’ve ever “over-identified” with your job, then you’ll find today’s conversation thought-provoking. Enjoy! For more information, visit the show notes at https://affordanything.com/episode453 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#452: Peter Atwater, an economics professor at The College of William and Mary and author of “The Confidence Map,” joins us to discuss how confidence shapes our financial markets. He explains how The Hunger Games relates to the Lehman Brothers collapse. He describes why you should “Buy Adele and Sell Pharrell.” From the Panic of 1857 to the patterns behind modern media consumption, Peter talks us through the intricate web of behavioral oddities that extend beyond finance. He talks about the “K-shaped recovery” – how different segments of the population are experiencing different economic realities. He touches upon economic, political, and social trends, and the hidden dynamics that shape market behavior and reveal the profound impact of consumer confidence. Our conversation will leave you with a deeper understanding of how behavioral patterns shape the financial landscape – including your investments. Enjoy! For more information, visit the show notes at https://affordanything.com/episode452 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#451: Rachel’s car is nearing its end of life and she’s short on cash. Should she sell before she’s hit with a major repair? Cam wants to arbitrage a hefty low-interest loan with a three-year payback period. Is this the opportunity of a lifetime or a disaster waiting to happen? Kris has tried all the budgeting apps but they’re cumbersome and time-consuming. Is there a better way to track his monthly expenses? An anonymous caller feels stretched thin with a high mortgage on a single income. Should she sell off some stocks to lower her monthly payments? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode451 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#450: On the First Friday of each month, we roll out a bonus episode that’s totally different from what we usually produce. These bonus episodes are special, unique, and – we hope – round out a fuller, more multifaceted picture of what we think about. Today, I’m introducing you to a business and economics correspondent from Moscow who I’m honored to call a close friend. Her name is Andrea Palasciano. She’s covered business stories from Paris, Marseilles, Rome and Moscow. She’s fluent in Italian, German, Spanish, French, English and Russian. She’s covered stories ranging from diamond mining in Siberia to sleep deprivation. She’s close friends with Evan Gershkovich, the 31-year-old Wall Street Journal reporter who’s currently in a Russian prison. Today is his 100th day behind bars. Andrea and I were both Knight-Bagehot Fellows and bonded during our year of immersing ourselves into deeply understanding how to tell better stories about business and economics. She joins me in this special episode to talk about the stories she’s covered, the sabbatical experience, and why it’s critical to understand how a bond works (!!). Enjoy! For more information, visit the show notes at https://affordanything.com/episode450 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#449: Jackie is a 42-year-old paralegal with two rental properties. She wants to buy three more. She asks for Paula’s thoughts about today’s economy. Should she buy under these economic conditions? Jen’s husband will retire with a pension that pays twice their living expenses. Does she still need her own retirement account? Rachael just bought a duplex, which she wants to househack. But she’s having second thoughts. Did she bite off more than she can chew? “Minouche” is a return caller with new information: she believes that borrowing from Dad is her only path to home ownership. Does this change Paula and Joe’s advice to her? (And is it even true?) And Molly, a concerned mom, shares some thoughts about this situation. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#448: An anonymous caller is dealing with guilt over spending a large cash gift. What’s the best use if she doesn’t have an obvious financial goal to throw at it? Eric reached financial independence a few years ago but he hesitates to quit his job. What the heck is a Roth conversion ladder and how can he overcome his psychological barriers? Another anonymous caller and his wife earn $300,000. He feels like they should be financially independent but they’re far from it. What’s going on? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it here For more information, visit the show notes at https://affordanything.com/episode448 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#447: We talk to Stanford economist Nick Bloom about his groundbreaking research on working from home. Nick has been studying remote work for more than 20 years – since the 1990’s, when people were “telecommuting.” His research, in real-time, looked at how events such as 9/11 shaped attitudes about remote work. The pandemic created a surge of interest in his research. It brought many newcomers to the field. But Nick has the benefit of historical knowledge. He’s spent his career deep-diving into this topic. Nick sheds light on the advantages and challenges of remote work, drawing from extensive data and analysis. He shares surprising numbers and statistics. We discuss productivity, collaboration, employee well-being and organizational dynamics. We also discuss the impact of remote work on cities and housing. Enjoy! For more information, visit https://affordanything.com/episode447 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#446: Paul suffered a stroke at 48. He’s on disability and feeling lost. How does he figure out what’s next? Should Ashley’s aging parents spend a third of their retirement savings on a house? Margaret is wondering if she could use her 401k for a down payment and save on her taxes. An anonymous caller is concerned she won’t have enough access to cash if she retires at 50. Is an Indexed Universal Life policy the right solution? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. For more information, visit the show notes at https://affordanything.com/episode446 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#445: We sit down with Steve Chou, an accomplished entrepreneur who, alongside his wife, built two businesses that each bring in seven figures – and gives them the freedom to spend more time with their kids. We delve into the challenges he faced in the early stages of his business and how he overcame these obstacles. Additionally, Steve opens up about the personal and emotional aspects of running a business. He candidly discusses the fears, doubts, and sacrifices he and others have encountered during this transformational journey, emphasizing the importance of resilience and avoiding the comparison trap. Whether you're contemplating leaving your job to start your own venture or simply seeking inspiration from a seasoned entrepreneur, this episode with Steve Chou is a must-listen. For more information, visit the show notes at https://affordanything.com/episode445 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#444: The student loan pause is coming to an end. A moratorium on student loan repayments has been in place since the start of the pandemic, but starting Sept. 1st, millions of borrowers will be required to start making payments on their loans again. What does this mean for borrowers? In this episode, we'll discuss what borrowers can do to prepare, including an in-depth look at the variety of repayment plan options. We’ll also talk (in general terms) about how to handle ANY surprise new monthly bill – whether it’s a medical bill, a family member who needs ongoing financial help, or a student loan repayment that’s about to restart. For a list of Sources and Resources mentioned in the show, go to https://affordanything.com/episode444 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#443: As a former corporate powerhouse turned successful entrepreneur, Amy knows firsthand the challenges and triumphs of building a business from scratch. Amy is the host of the top-ranked podcast "Online Marketing Made Easy," and the owner of a multi-million dollar digital course business. She is also the author of “Two Week’s Notice,” a guide to quitting your job and building your own business. Get ready to be inspired as we uncover Amy's secrets to building a thriving business and learn how you can apply her proven techniques to achieve your own entrepreneurial dreams. Whether you're just starting out or looking to take your business to the next level, this episode is packed with actionable advice that you won't want to miss. For more information, visit the show notes at https://affordanything.com/episode443 Learn more about your ad choices. Visit podcastchoices.com/adchoices