Cover image of Afford Anything
(1944)

Rank #13 in Investing category

Business
Investing
Entrepreneurship

Afford Anything

Updated 3 days ago

Rank #13 in Investing category

Business
Investing
Entrepreneurship
Read more

You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention – and ultimately, our life. Every decision is a trade-off against another choice.But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life?Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life.Want to learn more? Download our free book, Escape, at http://affordanything.com/escape

Read more

You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention – and ultimately, our life. Every decision is a trade-off against another choice.But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life?Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life.Want to learn more? Download our free book, Escape, at http://affordanything.com/escape

iTunes Ratings

1944 Ratings
Average Ratings
1674
117
57
36
60

Paula give this a listen

By Interested bystander - Dec 02 2019
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Go listen to Dave Ramsey: 10855, “Delay Gratification...”. You can start at 30 minutes 40 seconds.

Great podcast

By Ggdhhvfcf - Nov 27 2019
Read more
Good content great format and most helpful interviews and the end summary is awesome.

iTunes Ratings

1944 Ratings
Average Ratings
1674
117
57
36
60

Paula give this a listen

By Interested bystander - Dec 02 2019
Read more
Go listen to Dave Ramsey: 10855, “Delay Gratification...”. You can start at 30 minutes 40 seconds.

Great podcast

By Ggdhhvfcf - Nov 27 2019
Read more
Good content great format and most helpful interviews and the end summary is awesome.

Listen to:

Cover image of Afford Anything

Afford Anything

Updated 3 days ago

Read more

You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention – and ultimately, our life. Every decision is a trade-off against another choice.But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life?Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life.Want to learn more? Download our free book, Escape, at http://affordanything.com/escape

Why I Hate the FIRE Movement, says Suze Orman

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#153: A few weeks ago, Suze Orman's team reached out to me and asked if I'd be interested in chatting with Suze on my podcast.

"Um, duh," I replied.

Sure Orman is one of the most famous voices in the world of personal finance. From 2002 to 2015, she hosted The Suze Orman Show on CNBC. She's the author of 10 mega-bestselling books, she wrote a financial column for O, The Oprah Magazine, and she's made multiple appearances on The Oprah Winfrey Show.

I turned to Twitter and Facebook and asked this community, "What would you like me to ask Suze?"

One question stood out far ahead of all others in popularity: What does Suze Orman think about the FIRE movement?

I opened with that question. And Suze's response shocked me.

"I hate it," she replied. "I hate it. I hate it. I hate it. And let me tell you why."

That's a direct quote. (Really.)

She spent the next 30 minutes explaining why she thinks pursuing FIRE could be the biggest mistake of a person's life.

Well, then.

Why does Suze Orman hate the FIRE movement?

Find out in today's episode, and join the discussion and help spread the FIRE by sharing your thoughts on today's episode in the show notes, on Facebook, and on Instagram.

Oct 01 2018

1hr 18mins

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Seven Ways to Escape the Rat Race - with Michael Robinson

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#222: Michael Robinson and his wife, Ellen, achieved financial independence at age 33. They ‘retired’ (they still enjoy working) three years later at age 36 on two five-figure incomes. Today, Michael and Ellen are raising their two children to be bilingual by slow traveling throughout Latin America.

Michael and Ellen blog about their FIRE adventures at uncommondream.com. They believe that “the Uncommon Dream is the dream pursued – the dream met with planning, action, and sacrifice. With just a dream and those three tools, you can accomplish almost anything.”

Today, Michael joins us on the show to talk about the seven ways that he and Ellen escaped the rat race and achieved FI at 33. If you enjoy hearing stories and case studies from people in this community who have reached FI, then you’ll love this interview.

For the full show notes, go here: https://affordanything.com/episode222

Oct 28 2019

1hr 2mins

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The biggest study of everyday millionaires in 25 years - with Chris Hogan

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#171: Chris Hogan surveyed 10,000 millionaires in the United States. Here's what he discovered:

- 89 percent of millionaires have a net worth between $1 million to $5 million dollars

- 62 percent graduated from public state schools

- 9 percent didn't graduate from college

- Close to 50 percent had a B average or less in school

- 55 percent give to charities and churches on a regular, monthly basis

- 73 percent never had a penny of credit card debt

- 18 percent are self-employed

- 62 percent earned a household income of less than $100,000 annually

- 80 percent exercise at least three times a week.

On average, their homes are 2,600 square feet, and they've lived there for an average of 17 years. Two-thirds have a paid-off mortgage. They paid off their home on average in 11 years.

Their net worth breaks down as one-third their home, and two-thirds their investments. They became millionaires at the average age of 49.

They spend, on average, $35 on a pair of jeans.

What can we learn from these everyday millionaires? Find out in today's episode! For more, visit https://affordanything.com/episode171 

Jan 07 2019

1hr 31mins

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How to Spend Less, Earn More and Grow the Gap

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#91: Grow the gap between your income and your expenses: How to tackle the 4 biggest expenses in the average American household budget.

Also, I share non-obvious tips on how to trim back on these costs.

Enjoy!

Paula For more details on this presentation, go to http://affordanything.com/episode91

Aug 21 2017

46mins

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Andrew Hallam: How I Became a Millionaire on a Teacher's Salary

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#59: By his mid-30's, Andrew Hallam became a millionaire on a teacher's salary. He began by investing $100 a month upon advice given by a mechanic. Then he began saving nearly half his $28,000 teacher’s salary. Andrew rode a bicycle 35 miles to work, found ways to avoid paying rent, and regularly ate pasta and potatoes as well as clams he picked himself for added protein. In today's interview, Andrew shares that story. Find more comprehensive details at http://affordanything.com/episode59

Jan 09 2017

1hr 2mins

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Thirteen Dumb Mistakes Smart People Make with Their Money - with CBS News analyst Jill Schlesinger

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#182: Millions of smart, educated and successful people make dumb mistakes with their money ... and they don't realize it.

I'm not talking about obvious dumb mistakes, like spending 85 percent of your income on a fleet of Ultra-Luxe-Fancymobiles for your 16-car garage. That's clearly a bad idea.

Instead, I'm talking about hidden dumb mistakes that you may not realize until it's too late.

Perhaps you don't have enough insurance, or you hold the wrong types of policies for your age and life situation.

Maybe you don't have an estate plan, or you haven't updated your estate plan after your childbirth or divorce or remarriage.

What if you're taking financial advice from the wrong people, or buying products that you don't understand? Are you rushing to buy a home too soon? Did you take out too much debt for college?

Today's podcast guest, Emmy-nominated CBS News business analyst Jill Schlesinger, describes 13 dumb mistakes that smart people make with their money.

For more information, visit the show notes at https://affordanything.com/episode182 

Mar 11 2019

1hr 13mins

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Ultimate Beginner Guide to Real Estate Investing

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#4: Paula shares a confession. Then she redeems herself by sharing her gross monthly income.

(Yeah. Listen from the beginning).

Full show notes at http://TheMoneyShow.co/04

There are a variety of ways to invest in real estate:

  • Flipping houses
  • Buy-and-hold
  • Tax liens
  • Wholesale
  • Income-producing rental properties (commercial and residential)

Paula loves residential rental properties.

Ask yourself: Do you want capital appreciation or cash flow from rental income?

Paula puts a few guidelines in place to determine if a property is right for her.

First of all, the monthly rent needs to be at least 1% of the total acquisition price.

Example: A $100,000 home would need to rent for $1,000 a month. Why? Because roughly half of the rent is gobbled up by operating overhead:

Taxes, Insurance, property management, and repairs/maintenance

Paula offers much more valuable information in this episode and on her blog, AffordAnything.com.

Jan 28 2016

1hr

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Suze Orman Says $2 Million is Nothing; You Need $10 Million to Retire Early. Internet Explodes

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#154: Want to retire early? You'll need at least $5 million, more likely $10 million, says famous financial personality Suze Orman.

I should know. She said that to me, directly, on my podcast.

I asked Suze for her opinion about a frugal, flexible person who wants to retire early with a $2 million portfolio. She warned that retiring would be a massive mistake.

"Two million dollars is nothing," Suze said. "It's nothing. It's pennies in today's world, to tell you the truth."

Wait, what?

"Listen," she said. "If you have $20 [million], $40 [million], $50 [million] or $100 million dollars, be like me, okay. If you have that kind of money ... and you want to retire, fine."

"But if you only have a few hundred thousand dollars, or a million, or $2 million, I'm here to tell you ... if a catastrophe happens ... what are you going to do? You are going to burn up alive."

But what's wrong with retiring early on $2 million? Assuming it's invested 50/50 in equities and bonds and harvested at a 4 percent withdrawal rate, a portfolio of $2 million could create annual investment income of $80,000. Surely that's enough, right? *Riiiight?*

Nope. Suze says that's not enough.

"I think that in the long run, $80,000, especially after taxes and as you get older, is not going to be enough. You may think it's going to be enough, but it's just not," she told me on the Afford Anything podcast.

"You can do it if you want to. I personally think it is the biggest mistake, financially speaking, you will ever, ever make in your lifetime."

I asked her if a $3 million portfolio at a more conservative 3 percent withdrawal rate would be okay for an early retirement. She said no.

"Think about it logically," she said. Supporting a disabled family member who needs full-time care could cost $250,000 per year, she said. Ordinary cost-of-living would cost another $100,000 per year. This means you'll need $350,000 per year after taxes to cover your costs, which is $500,000 per year before taxes, which at a 5 percent withdrawal rate means that you'd need a portfolio of $10 million.

If you don't have at least $5 million or $10 million, don't retire early, Suze said.

"Here's what the FIRE people, you are not thinking about, so I'm going to give it to you straight here now," she said.

She described the possibility of getting sideswiped by massive taxes and catastrophic emergencies. What if your home gets destroyed by an earthquake or flood and insurance denies your claim? What if you're in a tragic car accident and you need full-time care? What if the U.S. experiences 25 percent unemployment, which means you won't be able to find another job if you wanted one? What if your investment income gets consumed by massive future tax hikes?

"When you get older things happen," Suze said. "You're hit by a car, you fall down on the ice, you get sick, you get cancer. Things happen."

"Alright, you can do it if you want to," she said. "I'm just telling you, you will get burned if you play with fire."

For more, visit the show notes at http://affordanything.com/episode154

Oct 05 2018

1hr 1min

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The Seven Stages of Financial Independence, with Joshua Sheats

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#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

Aug 22 2016

1hr 25mins

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Habits We Rock to Kick Ass and Grow Wealth

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#3: Paula and J. Money share the financial habits they use to grow wealth.

Full show notes can be found at http://themoneyshow.co/03

Listen as they share their favorites (and a couple neat tricks):

  • Track Net Worth
  • Maximize retirement savings accounts
  • Pay bills at least 1 month in advance
  • Set up bills on auto-pay
  • Leave a buffer in your checking account
  • Round up debt payments
  • Double the principle payments of your mortgage

Enjoying the show? Please leave a comment or write a short review for the show in iTunes: http://themoneyshow.co/itunes

Jan 28 2016

1hr 7mins

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Jen Sincero says she used to be a "grouchy broke person"

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#75: In her early 40's, Jen lived in a converted garage, buried in credit card debt and scrounging for spare change. She was the type of person who'd join her friends at a restaurant for dinner , order nothing except tap water, and fill up on the complimentary bread basket. She used duct-tape to repair her shoes. Her "splurges" consisted of buying new windshield wipers.   Despite her struggles, Jen believed that pursuing wealth was icky. She'd internalized negative social attitudes towards money, such as: Money isn't important. People are. Rich people are lucky / gross / shallow. You can't make money doing [insert your-dream-here]. You have to attend a good college to make money. Money is out of my reach. It's lonely at the top. Who has that kind of money? He/she is only about the money. Those negative attitudes, Jen says, were holding her back. So she created a more positive script -- such as "I'm good at making money," and "Money is a tool that helps me live my best life." This attitude shift made all the difference. In today's interview, Jen describes her journey from broke to badass, and she explains how everyone can become more of a maverick at making money. Enjoy! Resources mentioned in this episode can be found at http://affordanything.com/episode75

May 01 2017

56mins

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Andrew Hallam (Part Two): The Nine Rules of Wealth You Should Have Learned in School

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#60: Andrew Hallam grew a million-dollar investment portfolio on a schoolteacher's salary by his mid-30's.

In his bestselling book, Millionaire Teacher, he describes these nine lessons in detail.

He shares these nine rules on this podcast, and his ideas are so substantive that -- for the first time -- I decided to release his interview as a two-part series.

In last week's episode, Andrew shared the first three rules of building wealth. This week, Andrew dives into the final six rules that can turn middle-class people into millionaires.

Here's a sneak peek:

    •    #1: Learn how to think and spend like a millionaire.     •    #2: Start investing early. Time is your greatest investment ally.     •    #3: Choose low-cost index funds. Small fees pack big punches.     •    #4: Understand your inner psychology. Conquer the enemy in the mirror.     •    #5: Learn how to build a balanced, responsible portfolio.     •    #6: Create an indexed account, no matter where you live.     •    #7: Don't resign yourself to taking this journey alone.     •    #8: Inoculate yourself against slick sales rhetoric.     •    #9: If it sounds too good to be true, it probably is.

These rules may sound simple, but our discussion took an advanced turn. Andrew and I dive deep into thorny topics like hedge funds, casinos, and human psychology.

Enjoy this two-part series, and don't forget to check out Andrew's excellent book, Millionaire Teacher.

Jan 16 2017

1hr 40mins

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What I’ve Learned from Interviewing 500 Millionaires -- with Jaime Masters of Eventual Millionaire

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#200: Nine years ago, I had no idea that personal finance blogs existed.

Then, as I was flipping through an issue of Kiplinger magazine, I came across an article about a woman who paid off $70,000 in debt in 16 months.

Her name was Jaime, she lived in Maine, and she earned 3x her husband’s income. He made $30,000 per year; she made $100,000. They wanted to have a baby, and she wanted to stay at home for the first year, but their debt load made this impossible.

She aggressively went into debt-crushing-mode, working 70 hour weeks while 7 months pregnant in order to tackle their debt. She started a blog (and later a podcast), Eventual Millionaire, to track her journey and interview millionaires.

This article made me aware of the existence of personal finance blogs. I immediately thought, “I want one.”

The following year, I started my own site, Afford Anything. Like Eventual Millionaire, it later became a podcast, as well.

Today, we’re celebrating Episode 200 of the Afford Anything podcast. And so it feels fitting that the special guest for Episode 200 should be the woman whose story inspired the creation of this platform, Jaime Masters.  

For more information, visit the show notes at http://affordanything.com/episode200 

Jun 24 2019

1hr 2mins

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One Tweak a Week in 2019 -- Easy Improvements to Your Financial Life in 2019

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#169: Happy New Years! To kickoff 2019, we've created a free book called One Tweak a Week, outlining 26 easy, actionable ways that you can improve your financial life.

Today's podcast episode covers these 26 tweaks, so you can listen in audio format, in addition to reading the book.

If you put these into action for the first six months of 2019, you'll be in a more stronger position in June than you started in January.

Each tweak takes less than one hour (some are as quick as five minutes), and taken together, these tweaks can accumulate into a serious impact.

Improve your money management and get closer to financial independence with our free book, One Tweak a Week. You can download it here: https://affordanything.com/2019 

Dec 31 2018

1hr 6mins

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The Simple Path to Wealth, with Jim Collins

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#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

Jun 27 2016

34mins

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From Debt to Financial Independence, with Get Rich Slowly Founder JD Roth

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#20: The Money Boss, JD Roth, went from $35k in credit card debt to selling a personal finance blog for an undisclosed amount of money. Today he shares how financial independence affected him - and how having enough money to be financially independent forces us to face our problems.

For more information, visit the show notes at https://affordanything.com/episode-20-debt-financial-independence-get-rich-slowly-jd-roth/

Apr 11 2016

58mins

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Random Smattering of Lessons on Money, Work and Life — plus A Call for Radical Authenticity

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#103: On today’s show, I'm sharing this random smattering of lessons on money and life.⠀

1) Simplify everything.⠀

2) Risk = Probability x Magnitude.⠀

3) Curate.⠀

4) Never delay gratification.⠀

5) Know your net worth, relative to your lifetime earnings.⠀

6) Don't half-ass anything. (Whole-ass a few things.)⠀

7) When you're not at work, don't be at work.⠀

8) Yes, and.⠀

9) Money can't make you happy, but a lack of money can make you unhappy.⠀

10) Every conversation about money is really a conversation about values.⠀

11) The less you try, the better.⠀

12) Work with your nature, not against it. ⠀

13) The thing should be its own reward.⠀

14) Practice radical self-reliance.⠀

15) Achieve being through doing.⠀

16) What is stated, happens.⠀

 ⠀

I elaborate on each of these in today’s episode. In addition, I’m also sharing my mini-keynote from FinCon on the importance of authenticity and passion in online business.

Enjoy!

You can subscribe to show updates at podcast.affordanything.com -- just throw your email address into that big box above-the-fold.

Nov 13 2017

54mins

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How We Retired at Age 38 and 41 -- with Tanja Hester & Mark Bunge

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#111: Tanja Hester and Mark Bunge used to have demanding but fulfilling careers as political and social cause consultants.

While they loved the mission behind their work, they grew tired of the exhausting hours and grueling travel. Their home felt like a weekend crash pad. They had no time or energy to pursue outside passions like skiing, biking and volunteering.

Six years ago, they read a book that changed the course of their lives.

The book, How to Retire Early, set the couple on the path of financial independence. They moved from pricey Los Angeles to the more affordable North Lake Tahoe. They started automatically saving and investing huge chunks of their paycheck. They crafted detailed spreadsheets, plotting precisely how much they'd need to save before they could comfortably quit their jobs.

Today, Tanja and Mark are newly-retired ... at the ages of 38 and 41.

How did they progress towards early retirement so quickly? And what lessons would they share with anyone else who wants to escape the 9-to-5 grind?

Find out in today's episode.

For more information, visit the show notes at http://affordanything.com/episode111

Jan 08 2018

55mins

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How to Make Money without a Job -- with Nick Loper from Side Hustle Nation

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#85: Like many people, Nick Loper used to work a full-time job that didn't excite him. Unlike most people, Loper decided to escape his uninspiring work life. First, he launched a shoe-comparison website that began collecting side income. Over time, this side project grew increasingly profitable, until -- finally -- he thought he could run this website full-time. Loper quit his job. That's when all hell broke loose. Within days, Loper's website lost 80 percent of its search traffic and advertising revenue. Loper found himself both unemployed and without a viable business. He spent several months correcting course, making his business solvent again. More importantly, he learned the importance of creating *multiple streams of income.* Loper launched multiple small side businesses in order to diversify his income. Some succeeded; others quietly fizzled out. He made enough 'small bets' that he wound up with a handful of winners. Today, his income comes from a cacophony of different sources. He's diversified. Loper joins us on this week's episode to explain how to develop a "side hustle," a small micro-business that provides a supplemental source of income.     Here are some of his suggestions: #1: Tap the Sharing Economy We've heard about Uber, Lyft, Airbnb, Instacart and TaskRabbit -- popular 'sharing economy' platforms that allow people to turn their car, home and/or time into extra cash. But beyond those obvious examples, there are plenty of sharing-economy websites that niche down into higher-paying specializations, such as: http://Turo.com -- A website in which you can rent your car; no driving required. You make money from the asset, not from your time. http://EatWith.com -- A dinner-party-hosting website ideal for people who are skilled cooks, chefs, or party hosts, but don't necessarily have the capital to start their own restaurant. "Each of these is a little mini-search-engine," Loper says. 2. Freelancing / Expertise-Based Businesses The stronger your expertise, the more money you can potentially earn. After all, you're not just selling your time; you're selling your *knowledge.* Websites that help people profit from their expertise include: http://TheExpertInstitute.com -- A website where attorneys look for expert witnesses. http://Thumbtack.com -- A website for service professionals, from CAD designers to nutritionists to CPR training. http://Wyzant.com -- A website for expert tutors in every subject from calculus to piano. http://Clarity.fm -- A website for on-demand coaching or consulting from experts. 3. E-Commerce Loper outlines two models for selling physical products online:      - **The Retail Arbitrage Model:** Under this model, you find and flip items online. - **The Private Label Model:** Under this model, you design, manufacture, package and import your own product. Loper dives into details about all of these side hustle opportunities -- and also describes the biggest mistakes that he sees entrepreneurs and wantrapraneurs make -- in today's episode. Enjoy! ________________ Resources Mentioned: Side Hustle Nation http://www.sidehustlenation.com 200 Sharing Economy Platforms http://www.sidehustlenation.com/sharing-economy-make-extra-money Steve Chou episode of the Afford Anything Podcast http://podcast.affordanything.com/make-100000-year-online-steve-chou-wife-quit-job

Jul 10 2017

1hr

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Ask Paula -- Get Ready for the Next Recession

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#110: Happy New Years! We're kicking off this year on a bright and cheerful note -- with a conversation about the impending recession! Yay!

The U.S. stock market is at a peak, continuing its 9-year bull run. The markets have been rising since March 2009 without any major corrections or pullbacks.

We are living in one of the longest periods of economic expansion in our nation's market history.

That's worrisome.

Speculators with short memories are popping champagne corks thinking the good times will last forever, while those of us who are students of history know that what goes up must come down.

Trying to guess WHEN the next recession will happen is a waste of time. A more efficient use of time is to prepare ourselves such that when it does happen -- whenever that may be -- we are ready.

How can we prepare for a recession? That's one of the four topics I cover in today's episode.

Specifically, here's what we chat about in this first episode of 2018:

Thayne asks: 1) Broadly -- What are the best investments overall if you're going into a recession?

2) Specifically -- What's the most recession-proof type of real estate investment?

Aaron from Portland, Oregon asks: In Episode 96, you discussed the benefits of real estate investing -- but you didn't mention the use of leverage, nor did you mention that real estate is an inefficient market. Why not?

Anna from the San Francisco Bay Area asks: I've moved out of my condo, which I'm renting out. But the rent only covers the mortgage (PITI) and HOA. Should I sell the condo? If so, I could use $250,000 in equity for an alternate investment, such as buying rental properties out-of-state.

Enjoy!

_____ Resources Mentioned: How to Calculate Cap Rate and Cash-on-Cash Return -- http://affordanything.com/2012/01/25/income-property

Jan 01 2018

50mins

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What I Learned from Losing $170 Million, with Noah Kagan

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In November 2005, when Noah Kagan was 24, he was hired as Employee #30 at Facebook. His stock options would have been worth $170 million if he’d cashed out in 2014, he says.

But he didn’t see a dime.

In June 2006, merely 9 months after he started working at Facebook, Noah got fired. Instead of making $170 million, he made zero.

He fell into a deep depression for a year. Then he rescued himself by becoming a serial entrepreneur. He tried his hand at a lot of things -- including developing Facebook games, selling discount cards, creating a payment processor in the gaming space -- but he’s best known for his two most successful companies.

In 2010 he started a company, AppSumo, which offers discounts on small business software. By 2012, AppSumo was grossing $4 million per year in revenue, with annual net profits of $500,000.

Yet Noah wasn’t fulfilled. He pivoted. In 2015 he started a sister company, Sumo.com, which develops marketing tools for websites and online businesses.

In today’s episode, Noah and I discuss reflections on business, money and life.

Enjoy!

For more information, visit the show notes at https://affordanything.com/episode228

Dec 02 2019

1hr 5mins

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Ask Paula: How Can I Get the Most from My Mini-Retirement?

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Lien is taking a year off of work to live the van life with her husband. She wants to know how she can make the most of this sabbatical to figure out how to turn her less-than-inspiring career into a lifestyle that she loves.

Lien called in again to say that she wants to start a new business and a family when she returns from her gap year. Her former job offered excellent health benefits and maternity leave, but she doesn’t really want to go back. What should she do?

Eddie wants to build his real estate portfolio. How should he approach downpayments - put down more to net more profit, or put down less to acquire more properties?

Wilson is wondering if it’s a good idea to partner with a friend on real estate ventures. What are the downsides?

Wilson also wants to know about real estate business expenses, and the pros and cons of short-term rentals vs. long-term rentals.

Sean has an inconsistent employment history and is struggling to find a lender that will give him a mortgage. He wants to know if there are any other ways he can get a mortgage for a 4-plex?

An anonymous listener is thinking about taking the leap into real estate investing and wants to know how to overcome the fear they have about it. Also, should they put all of their savings towards real estate?

Anonymous is also wondering: how do you calculate net worth when you’re married?

For more information, visit the show notes at https://affordanything.com/episode227

Nov 25 2019

1hr 23mins

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How to Make Time for Things That Matter, with John Zeratsky

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#226: Feeling time-crunched? Today’s episode is for you.

Today’s episode features productivity expert John Zeratsky, who shares specific, action-packed time management strategies, with a focus on email management. If the term inbox zero sounds laughable, these strategies are up your alley.

John’s interest in productivity began one winter morning in 2008, when he realized that the past few months had been an eerie blur. He realized that time was slipping away. He knew he needed to figure out a better way to manage his time - and his life.

He started deep-diving into time management strategies and eventually co-authored a book, Make Time.

If you want to learn how to redesign your daily schedule, you’ll enjoy this episode.

For more information, visit the show notes at https://affordanything.com/episode226

Nov 18 2019

1hr 13mins

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Ask Paula: How to Invest for the Next Five Years

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#225: Lauren is 26 and earns $48,000 per year after taxes.

She saves $12,000 annually in retirement accounts, and an additional $18,000 per year for a downpayment on a home.

She wants to buy a home in the next five years. Where should she keep her savings in the meantime?

Sawyer has a five-year financial independence plan. She owns two high-end condos in a NYC suburb. She lives in one unit and rents the other, but she’s bothered by the fact that she’s forgoing collecting rent on her home unit. Should she move?

Katie’s husband is going to grad school and they want to pull money out of a Vanguard account to fund his tuition. Should they do this?

Cassie is in the process of finalizing a divorce. She and her daughter will receive between $80,000 - $116,000. Should they use the funds to buy a home with a 20 percent down payment or pay off their $30,000 debt?

Andy is curious: should you re-adjust the 4 percent withdrawal rule if your investment portfolio grows?

Joe wants to become self-employed but is concerned about health insurance. What are some affordable options?

Laura is ready to retire. She’s also engaged, and her fiance wants to keep working. Should they file taxes jointly or separately?

Doug is interested in learning more about equity sharing programs. Are these safe investments?

Tania wants to know: can you open and fund a Roth IRA if your only source of income is alimony?

Brian took out a 401k loan to buy a car. He regrets his decision. Should he take out a personal loan to pay back the 401k loan?

Former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode225

Nov 11 2019

1hr 25mins

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The Science of Rapid Learning, with Scott Young, author of Ultralearning

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#224: Scott Young, author of Wall Street Journal best-selling book Ultralearning, talks about the 9 principles of Ultralearning, which can help you learn new skills, reinvent yourself, stay relevant, and adapt to whatever life throws at you. If you think you know the best way to learn something, think again. This book will challenge your assumptions.

Whether you want to develop hard skills to become more valuable at your job, soft skills for your journey to self-improvement, or you want to honor your love for learning, these 9 principles will help you become more effective at developing new skills.

If you enjoyed my interviews with James Clear or Cal Newport, you’ll enjoy this one.

For more information, visit the show notes at https://affordanything.com/episode224 

Nov 04 2019

1hr 30mins

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Ask Paula: Should I Choose This or That? How to Weigh the Tradeoffs

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#223: Elizabeth is curious to know: what does a good net worth breakdown look like? Is it appropriate to have a lot of your net worth tied up in real estate?

Marie wants to start her own business, but she’s living paycheck-to-paycheck. Is incurring debt her only option to make this dream a reality?

Bria wants to take a second mini-retirement and has a good chunk of money saved up. She wants to come back to the workforce with a cash cushion. What should she do with her money while traveling?

Connor is facing a dilemma. Is he correct in not prioritizing 401k contributions given that his employer doesn’t offer a match, combined with his goal for financial independence? Is his strategy of using his savings for real estate investing better?

Caroline is wondering: should she aggressively pay off her home and her rental properties, or use her excess savings to fund a brokerage account?

Anonymous is relocating from Southern California to Florida. She wants to know if she should rent an apartment and buy a rental property, or buy a primary residence with the $150,000 she has saved.

Today’s episode is full of exploring and weighing tradeoffs.

For more information, visit the show notes at https://affordanything.com/episode223

Nov 01 2019

1hr 25mins

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Seven Ways to Escape the Rat Race - with Michael Robinson

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#222: Michael Robinson and his wife, Ellen, achieved financial independence at age 33. They ‘retired’ (they still enjoy working) three years later at age 36 on two five-figure incomes. Today, Michael and Ellen are raising their two children to be bilingual by slow traveling throughout Latin America.

Michael and Ellen blog about their FIRE adventures at uncommondream.com. They believe that “the Uncommon Dream is the dream pursued – the dream met with planning, action, and sacrifice. With just a dream and those three tools, you can accomplish almost anything.”

Today, Michael joins us on the show to talk about the seven ways that he and Ellen escaped the rat race and achieved FI at 33. If you enjoy hearing stories and case studies from people in this community who have reached FI, then you’ll love this interview.

For the full show notes, go here: https://affordanything.com/episode222

Oct 28 2019

1hr 2mins

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Ask Paula: How Much of My Company Stock Should I Buy?

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#221: Vanessa is curious about Fidelity and Vanguard. She asks: what are your thoughts on the no-fee Fidelity index funds? What are your opinions on Vanguard’s financial advisors?

Andy wants to know: should my wife and I continue maxing out our traditional 401k and backdoor Roth IRA, or should we start contributing to the Roth 401k my employer offers?

Kyle is wondering - how can he minimize his taxes when he earns $450,000/year?

Rob is self-employed and has been maxing out a Roth IRA, but recently discovered that he can open a self-employed IRA. Should he move his Roth IRA money over, or just open a new account and fund it from scratch?

Christina is torn. Her and her husband have been saving to buy a house, but because they live in New York, their savings won’t go very far. Is it a good idea for them to continue renting, despite their dreams?

Mercedes is wondering how REITs compare to stocks and owning actual real estate. Additionally, she’d like to know more about Forex trading.

Craig has an employee stock purchase plan (ESPP). Since these tend to be risky, he’s wondering: is he better off moving the $25,000 that he puts towards the ESPP into mutual funds? Or is an ESPP a good way to diversify his funds?

Myself and former financial planner, Joe Saul-Sehy, answer these questions in today’s episode. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode221

Oct 21 2019

1hr 16mins

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Stillness is the Key, with Ryan Holiday

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#220: In a hectic world, stillness is the key to a calm, enjoyable life.

That idea comes from Ryan Holiday, author of Stillness is The Key.

Stillness is finding flow, staying present, and being impervious to the pressures of the outside world. It doesn’t mean removing yourself from society and sitting in a forest; to the contrary, many CEOs and world leaders have practiced remarkable stillness during times of crisis.

Bestselling author Ryan Holiday discusses actionable tips on how to practice the art of stillness, as well as its applications to the pursuit of financial independence or any massive goal.

For more information, visit the show notes at https://affordanything.com/episode220

Oct 14 2019

1hr 5mins

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Ask Paula: How Should I Invest $4,000 Per Month for Early Retirement?

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#219: Stella is working toward FIRE and wants to know: how can she create passive income in her retirement years? Is a portfolio with stocks and bonds enough, or should she invest in real estate?

Travis and his wife are also on the FIRE path, and are comparing their investment options. Travis is concerned about the inefficiency of reinvesting returns in real estate. How can you factor this into your decision when buying a property?

Stephanie and her husband are also interested in FIRE (hooray!) and they have $20,000 to invest. How can they best use this money to help them FIRE sooner?

Cade, a 24-year-old listener, wants to FIRE by age 30 (we’re on a roll!). He’s saving $4,000/month and wants to know how to invest these savings.

Anonymous and their partner are taking a mini-retirement and have questions surrounding the logistics of healthcare. What options should they consider?

On a different note, Amanda works in academia. After listening to Episode 12, she’s looking for tips on managing long-term, complex collaborative projects now that she’s in a leadership position.

Steve’s question brings us to the topic of building an online business and social media following. Should he have one brand for all of his interests, or divide these interests into separate channels?

I tackle these questions in today’s episode of the show. Enjoy!

For more information, visit the show notes at https://affordanything.com/episode219

Oct 07 2019

1hr 4mins

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Why We're Irrational with Money - with Kristen Berman

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#218: Kristen Berman is co-founder of Irrational Labs, a behavioral product design company, along with Dan Ariely.

She has a fascinating job that involves looking into why people behave the way they do with their money, and discovering the easiest solution to help them create more positive financial behavior.

In short, she’s a proponent of redesigning the current financial system to make saving automatic and easy, and that’s part of what we discuss in this episode.

If creating better financial habits has been a challenge for you, or if you have trouble framing spending as a positive thing, rather than a loss, then Kristen has awesome advice for you.

Here are some key takeaways from the interview:

1. Habits are overrated - one-time decisions are more effective. 2. Simplify decision-making by giving yourself a rule-of-thumb to follow. 3. Pre-commit to your financial goals. 4. Measure process versus outcome. 5. Use accountability partners to reach your goals. 6. The Three Bs - Behavior, Barriers, and Benefits.

For more information, visit the show notes at https://affordanything.com/episode218

Oct 04 2019

1hr 1min

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Interview on the FI Show: Financial Independence Philosophy and Origin Story | Paula Pant from Afford Anything

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#217: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.

In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.

Earlier this year, Cody and Justin from The FI Show interviewed me and asked some excellent questions about my journey to financial independence, entrepreneurship and passion, and minding the gap between your income and expenses.

We talk about the importance of side hustling and how to create a well-paying job from your skills.

We touch on real estate and why I chose this strategy to reach FI.

We also discuss the bone I have to pick with the financial independence movement.

Finally, we chat about what financial independence is really about, because it’s not about sipping margaritas on a beach. It’s about having the freedom to use your time in whatever way you want.

I hope you enjoy it as much as I did!

Thank you to Cody and Justin for giving us permission to air this interview.

P.S. - Starting with the next episode, we’ll return to our usual routine of brand new interviews and Ask Paula episodes. :)

For more information, visit the show notes at https://affordanything.com/episode217

Sep 30 2019

1hr 4mins

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How Much Can I Spend in Retirement? - with Dr. Wade Pfau

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#216: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.

In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. 

Welcome to another episode from our archives! This one was recorded in March 2018, and Dr. Wade Pfau had a ton of insight into the four percent rule that so many of us are concerned with.

First, here’s a brief history of how the four percent rule came to be. 

In 1994, William Bengen decided to look at 30-year timespans throughout U.S. History, beginning with the year 1926. 

He worked under the assumption that a retiree held 50 percent stocks (in the form of S&P 500 Index), and 50 percent bonds (intermediate-term government bonds). 

He looked at two things: the worst-case scenario, and how much an investor could sustainably withdraw from their portfolio under that worst-case scenario. 

The year 1966 ended up being one of the worst to retire during, and an investor could withdraw 4.15 percent during the first year, and 4.15 percent, adjusted for inflation, every subsequent year. 

That is how the 4 percent rule came to be. 

Dr. Wade Pfau, a Professor of Retirement Income at The American College of Financial Services, argues that the 4 percent rule may not be the end-all-be-all we think it is.

He voices his hesitations and explains how you can determine how much you can afford to spend in retirement on this episode. 

Enjoy!

P.S. - We’ll return to our regular podcast production schedule in October! 

For more information, visit the show notes at http://affordanything.com/216 

Sep 23 2019

1hr 2mins

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The Seven Stages of Financial Independence, with Joshua Sheats

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#215: We are really digging into the archives with today's episode. This originally aired back in 2016!

Besides being another fun and fascinating interview, this is one of our most popular episodes. Which isn't surprising, given the topic we're exploring. :-)

Financial independence means many things to many different people, which might be why we find it challenging to settle on a definition that everyone can agree on.

Regardless of what your personal definition is, Joshua Sheats, a financial planner and host of the well-known Radical Personal Finance podcast, says that financial independence can be separated into seven stages.

We explore these seven stages of FI in this episode, and we also talk about how to enjoy the journey no matter what stage you're at.

Enjoy!

For details, visit the show notes at https://affordanything.com/stages-financial-independence-joshua-sheats/

Sep 16 2019

1hr 31mins

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ChooseFI Interview

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#214: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.

In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.

I’m super excited to share an interview I did with Brad and Jonathan of ChooseFI back in December 2018. It was fun to have the tables turned, and Brad and Jonathan left no stone unturned in their interview with me.

If you ever wanted to know my origin story, including where my love for travel comes from, where my desire for freedom came from, and how I combined both, then give this interview a listen.

We talk about everything from:

  • How travel wasn’t a big part of my life until college
  • How I prefer to travel
  • Why the idea of mini-retirements is so important
  • Making the transition from freelancing to having my own business and giving up that business in favor of focusing on Afford Anything
  • Dealing with imposter syndrome
  • Overcoming and working with a scarcity mindset
  • What financial independence means to me
  • The importance of self-care

Brad and Jonathan are two of the most thorough interviewers I’ve ever recorded with, and this interview was a lot of fun. If you want to learn more about them, I returned the favor by interviewing them on this show on this episode https://www.choosefi.com/105-you-can-afford-anything-but-not-everything-paula-pant

Thanks to Brad and Jonathan and ChooseFI for giving us permission to air this interview!

P.S. - We’ll return to our regular podcast production schedule in October!

For more information, visit the show notes at https://affordanything.com/episode214

Sep 09 2019

1hr 21mins

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Andrew Hallam (Part Two): The Nine Rules of Wealth You Should Have Learned in School

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#213: It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.

In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.

If you missed the last episode, you might want to listen to it before diving into this one, as Andrew and I go into the finer points of investing here.

Seriously. This is one of the most in-the-weeds shows I’ve done to date.

If you’re playing catch up: Andrew Hallam is a teacher who became a millionaire in his 30s and reached FIRE in his 40s. His starting salary was $28,000 - net.

If you want to know how he did it, and what his first three rules of building wealth are, then listen to episode 212.

Otherwise, tune into this episode, where we review his six other rules that can turn middle-class people into millionaires:

Understand your inner psychology. Conquer the enemy in the mirror. Learn how to build a balanced, responsible portfolio. Create an indexed account, no matter where you live. Don’t resign yourself to taking this journey alone. Inoculate yourself against slick sales rhetoric. If it sounds too good to be true, it probably is.a

While these rules sound simple on the surface, Andrew and I go way beyond that, talking about hedge funds, human psychology, and casinos.

This was a favorite among listeners back in 2017 and it’s one of the most enjoyable interviews I did. I hope you enjoy!

P.S. - We’ll return to our regular podcast production schedule in October!

For more information, visit the show notes at http://affordanything.com/episode213 

Sep 06 2019

1hr 43mins

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Andrew Hallam (Part One): How I Became a Millionaire on a Teacher's Salary

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#212: It’s September!! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.

In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.

First up is a two-part interview with Andrew Hallam, a teacher who became a millionaire in his 30s and reached FI in his 40s.

How? Beyond investing small sums (we’re talking less than $100 per month) throughout college, he also saved half of his starting salary of $28,000.

This episode is for anyone who thinks it’s impossible to reach FIRE on a low salary.

I originally interviewed Andrew in January 2017, and we could not stop talking. Which is why our three-hour interview was divided into two parts.

In this first part, Andrew shares his story - how he became a millionaire, and why he wanted to achieve FIRE in the first place.

He also shares three principles from his book, Millionaire Teacher: Nine Rules of Wealth You Should Have Learned in School:

Rule 1: Spend like you want to grow rich. (Don’t waste money on junk.) Rule 2: Use the greatest financial ally you have. (Time.) Rule 3: Small percentages pack big punches. (Avoid high-fee funds.)

As for the other six, they’re coming up in Part 2. :)

Enjoy!

P.S. - We’ll return to our regular podcast production schedule in October!

For more information, visit the show notes at https://affordanything.com/episode212

Sep 02 2019

1hr 5mins

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What’s Your Why? Financial Independence, Debt Freedom and More

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#211: Hey there!

I’m writing this from Croatia, where I’m beginning five weeks of travel that I’m calling my September Sabbatical. From now through September 23rd, I’ll be exploring the globe and enjoying a one-month break.

Today, I’m kicking things off with a community-based episode. Here’s the backstory behind today’s show:

There’s an event called CampFI, which is a 3-4 day gathering for people who are interested in financial independence. CampFI holds around half a dozen events per year in various locations; I spoke at one in Colorado Springs this past July.

While I was there, two other podcasters and I decided to interview the participants to find out their “why of FI.” What motivates them to build financial independence?

These interviews and stories from the community are today’s episode.

Enjoy!

For more information, visit the show notes at http://affordanything.com/episode211

Aug 26 2019

1hr 1min

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How to Be an Adult - with Mark Manson

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#210: We live in a fascinating era: huge sections of society are more prosperous, advanced and safe than at any other point in human history, yet depression and anxiety are at record highs. It’s a paradox of progress: the richer the nation, the more likely its citizens are to suffer from mental health issues and report feeling crushing isolation and unhappiness.

What gives?

At the individual level, pursuing financial independence and early retirement (FIRE) often fills people with enthusiasm, purpose and meaning. Yet once people reach FIRE, they often report feeling purposeless or rudderless. It’s a paradox of hope: nothing kills a dream like achieving it. And in the absence of anything else for which to hope, a person becomes, by definition, hopeless.

Ouch.

When we’ve taken care of the bottom of the Maslow Pyramid, how do we find hope and meaning? How can we create purpose in a vast world?

This week, I invited one of my favorite writers, megabestselling author Mark Manson, to join me on the Afford Anything podcast to discuss these critical issues.

Mark Manson is the author of The Subtle Art of Not Giving A F*ck, which sold six million copies and became the #1 bestseller in 13 countries. His latest book, Everything is F*cked: A Book About Hope, lays a framework for finding hope and happiness in a confusing world.

For more information, visit the show notes at http://affordanything.com/episode210

Aug 19 2019

1hr 4mins

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Ask Paula: Are Index Funds Unsafe?

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#209: Anonymous wants to retire early and often. They’re going overseas, where they’ll make their annual salary within six months. Where should they put their extra income?

Anonymous also wants to know: how can they find a financial advisor they can actually trust?

Another anonymous listener wants to know - is it possible to spend more while minimizing taxes in early retirement?

JuanCarlos asks: is $20,000 too little to invest with a financial advisor?

Angela is wondering how to create a Roth IRA account for a teenager.

Rose is thinking about switching from mutual funds to index funds because it means encountering less fees, but her and her husband are in their 60s. Does this make sense?

Ari has $700,000 to invest in a taxable brokerage account. He wants to know if a 90 percent total stock market index and 10 percent bonds is a good asset allocation.

Dave and his wife want to use their defined benefit plans as their primary income stream in retirement, and supplement with Roth and 457 incomes. Where else should they be saving?

Myself and former financial planner Joe Saul-Sehy answer these questions on today’s episode.

Enjoy!

For more information, visit the show notes at https://affordanything.com/episode209

Aug 12 2019

1hr 11mins

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