Afford Anything

#474: When Tiffany Aliche was in her 20’s, she fell victim to a credit card scam. A crafty swindler convinced her to take out a cash advance against her credit card for $35,000. He said that he’d invest the money and produce Bernie Madoff-style returns. She was an inexperienced investor. She believed him. She never saw that money again. Aliche worked at a preschool. She didn’t make much money to begin with. But matters worsened when the school shut down, and she lost her job. She fell behind on mortgage payments and lost her condo. In order to recover from such huge setbacks, she had to grapple with an enormous sense of financial shame. Today, financial educator Tiffany Aliche, better known as The Budgetnista, shares how she overcame financial shame. She talks to us about the opposite of shame, which is a sense of financial wholeness. And she discusses practical tips for how to navigate the challenges of debt and scams. For more information, visit the show notes at https://affordanything.com/episode474 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#473: Sarah has cash to pay a $8,000 medical bill but she’s reluctant to drain her savings. Should she sign up for the hospital’s interest-free payment plan? Jennie is an independent consultant but gets paid as a W-2 employee. Without access to a SEP IRA or a 401k plan, is there another option to save for retirement? An anonymous caller is wondering how to run a cost-benefit analysis on pursuing a graduate degree. Brian is getting inundated with spam calls as a real estate investor. Is there a way to stop the madness? 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/episodes473 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#472: Imagine this: You’re a teenage musical prodigy, a world-class classical French horn player. You drop out of college at age 19 and spend your twenties touring the globe as a musician (including, once, tripping and falling off the stage at Carnegie Hall). At age 31, you retire from your musical career, get a Ph.D., and become a professor – first at Syracuse and then at Harvard, where you teach both at Harvard Business School and at the Harvard Kennedy School. You publish 13 books and write a column for The Atlantic, which gets noticed by Oprah Winfrey. Oprah then invites you to dinner, where she asks you to co-author a book together. This is the life of today's guest, Harvard Professor Arthur Brooks, whose collaboration with Oprah, a book called Build the Life You Want, focuses on the science and research behind happiness. Brooks teaches a class on leadership and happiness to second-year Harvard MBA candidates. In our conversation, we discuss a range of topics, including metacognition (thinking about how to think), the neurobiological basis of ruminating, and how to balance the concept of contentment with the innately human urge for ambition and progress. He also offers a formula for happiness: enjoyment + satisfaction + meaning and purpose. So – I hope you enjoy this episode; I hope you find it satisfying, and I hope it fills you with meaning and purpose! – Paula For more information, visit the show notes at https://affordanything.com/episode472 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#471: Bob split a $350,000 windfall between savings and paying down his mortgage. But now he’s wondering if he made a good choice. Can Paula and Joe do the math to justify his gut-driven decisions? Julia wants to tap the equity from a second home to buy a third home in Texarkana, Texas. Is this a good plan? Joey Jr. wants to retire early, put two kids through college and buy a vacation home within the next five years. How can he afford to do it all? An anonymous caller wonders if $1 million is a good budget for a retirement pad. 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/episode471 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#470: The economy is booming. GDP grew 4.9 percent last quarter, the fastest rate of growth since 2021. Consumer spending jumped 4 percent. Unemployment is holding steady at 3.8 percent, historically low. The U.S. added net new jobs for the 34th consecutive month. And yet – people are worried. Online discussion around layoffs at its highest point since July 2020. High-profile headlines about major staffing cuts – most recently from Schwab, which is dismissing 2,000 employees – fuel these fears. Why is there such a disconnect between sentiment, which is pessimistic, and economic data, which is robust? We explore that qu estion in today’s episode. We also discuss the controversial Credit Card Competition Act, which if passed might eliminate credit card rewards like airline miles and cashback. We talk about Mint, the budgeting app with 3.6 million users, announcing that it’s shutting down. We also share details about the student loan repayment debacle. And we describe a landmark court ruling for $1.8 billion – yes, with a B – against the National Association of Realtors and several real estate brokerages, a verdict that may revolutionize the business model of how homes are bought and sold. Enjoy our First Friday of November 2023 episode! Learn more about your ad choices. Visit podcastchoices.com/adchoices

#469: Lindy feels like her $300,000 of accumulated equity could be put to better use. But she doesn’t want to buy more real estate right now. What’re her options? Katie wants to become a landlord in her home state but she’s concerned about the effects of redlining. Should she look into Section 8? Claudia lives in Germany and wants to buy an apartment in Manhattan. But she knows nothing about US real estate. Where does she start? I tackle these 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/episode469 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Money management is all about setting priorities. Maybe you have the twin goals of sending your kids to college while also saving enough for retirement. And maybe you’re struggling to figure out how to balance the two. Today, Bryan Kuderna, a certified financial planner, shares a framework for helping us set priorities. We talk about the importance of economic literacy, in addition to financial literacy. We discuss how retirement has changed throughout history. And we apply those broader lessons to how you think about retirement. For more information, visit the show notes at https://affordanything.com/episode468 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#467: Should Knoxville use a higher-interest Home Equity Loan (HELOC) to pay off a lower-interest 401k loan? Joelle’s tenant is interested in a rent-to-own agreement. Is this a good idea from a landlord’s perspective? A recent wildfire shifted Sharon’s house into a flood zone. Should she sell before FEMA redraws the map and it becomes official? 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/episode467 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#466: The Consumer Financial Protection Bureau reported in 2022 that medical debt is the most common reason to get a debt collector call. A Census Bureau study in 2021 found nearly 1 in 5 households (19%) couldn’t pay for medical care when it was needed. These statistics underscore the fact that the potential for unforeseen medical expenses to negatively impact our lives is ENORMOUS. Dr. Virgie Bright Ellington, a medical billing expert and author of “What Your Doctor Wants You to Know to Crush Medical Debt,” joins us for today’s episode to discuss the thorny topic of medical expenses. The episode begins by acknowledging the widespread and detrimental impact that medical bills can cause, especially in a healthcare system as intricate as the one in the United States. Dr. Ellington emphasizes the importance of proactively addressing medical bills to prevent them from becoming a source of financial stress. She then shares a detailed roadmap that will empower listeners to navigate the complex world of medical bills with confidence, ultimately achieving financial peace of mind in healthcare. For more information, visit the show notes at https://affordanything.com/episode466 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#465: The Fed is holding interest rates steady for now. The jobs report is better than expected. Stocks and bonds are both going down. What's going on right now in both the economy and in the markets and where should you put your money and your time and attention? That’s what we’re going to cover in this episode. Links mentioned: https://affordanything.com/inflation https://affordanything.com/365 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#464: More than ever, most people's lives are packed to the brim with activity. We are trying to fit in demanding jobs and families, commuting and a neverending list of chores. Social lives often suffer. It’s no wonder that in 2021, 12% of U.S. adults said they did not have any close friends, up from 3% in 1990. This has enormous consequences on our health, productivity, and our ability to grow our net worth, make money, and enjoy life. Dr. Mariso Franco, a renowned psychologist and best selling author, shares invaluable insights on the significance of fostering meaningful connections and discusses the detrimental impact of NOT having fulfilling connections in our lives. Today’s episode also delves into the importance of connection in the workplace. We chat about how cultivating genuine relationships with colleagues can boost productivity, enhance job satisfaction, and contribute to a positive work environment. Throughout the episode, Dr. Marisa Franco shares practical tips and actionable advice on how to nurture and sustain friendships in our fast-paced, digital age and improve our overall well- being. For more information, visit the show notes at https://affordanything.com/episode464 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#463: Mary is struggling to compare two job offers: one from a large corporation and another from a tiny business. How should she decide? An anonymous caller wants to buy a different home, and convert his current home into a rental. How should he finance this move? Christina recently slayed her debt and put herself on track for financial success. But now she’s bored. How can auto-investing be more exciting? Speaking of debt, Christina shares a creative HACK to SAVE $60,000 in student loan interest 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 here. For more information, visit the show notes at https://affordanything.com/episode463 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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