Afford Anything

Paula Pant | Cumulus Podcast Network

You can afford anything, but not everything

  • 35 minutes 27 seconds
    Why the Latest Economic Report is a Rorschach Test

    #514: The S&P 500 hit a record high — and the GameStop guy is back, and he now owns 9 million shares of GME, making him the 4th largest shareholder.


    Interest rates from remain the same, and are expected to hold steady until September. Inflation remains unchanged from last month.


    Last month we saw a massive explosion of new jobs, at 272,000 — nearly 90,000 more than predicted. But we also saw unemployment tick up, which created mixed signals.


    Learn the implications of the latest economic news — and how it impacts your wallet — in this month’s economic update.


    For more information, visit the show notes at https://affordanything.com/episode514

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    14 June 2024, 8:00 pm
  • 1 hour 2 minutes
    Bachelorette Star Jason Tartick: The Truth About Financial Infidelity

    Jason Tartick, a former banker and TV star from The Bachelorette, discusses finances in relationships. He describes eight crucial questions about money that every couple should discuss.

    When a couple is dating, but before they get serious, he says, each person should divulge their debt-to-income ratio. This is your monthly debt payments divided by your gross monthly income. Keeping this ratio below 30-40% is crucial for financial stability. Banks consider this when approving loans.

    Couples still in the dating stage should also discuss their credit scores. If you're thinking about becoming serious with someone, you need to understand their history with debt, and their attitude towards debt, since you'll likely be co-borrowing together if the relationship lasts. A couple with a good credit score can save around $100,000 on a $300,000 mortgage over 30 years.

    Couples should avoid shaming or blaming each other during these money conversations, he says. The goal is to understand each others' financial attitudes, habits and history -- not to point fingers or make judgments.

    After marriage or lifetime commitment, Jason emphasizes the importance of having both individual and joint bank accounts. This allows each person to enjoy autonomy, while also contributing towards shared expenses. Regularly reviewing your net worth as a couple provides transparency and helps avoid misunderstandings.

    He also talks about financial infidelity -- what is it, and how can you spot it?

    Finally, Jason encourages couples to discuss spending habits, in order to understand each others' values and goals.

    Here's a great question to ask your boyfriend, girlfriend, spouse or partner: "If you had an unlimited budget, what's the first thing you would you spend it on?" The answer reveals the persons' priorities.


    For more information, visit the show notes at https://affordanything.com/episode513

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    11 June 2024, 8:37 pm
  • 1 hour 2 minutes
    Don't Let One Big Bill Blow Up Your Budget (Here's How)

    #512: An anonymous caller who received a large inheritance feels paralyzed by all the investment philosophies he’s read about. How does he pick a winning strategy he can stick with?


    Josh is an expectant dad looking to buy a bigger house but doesn’t know how much everything will cost. Should he save more or invest more?


    Another anonymous caller worries that large expenditures like buying a new car or replacing her home’s roof will blow up her budget in retirement. How does she plan for unexpected expenses?


    Former financial planner Joe Saul-Sehy and 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/episode512

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    7 June 2024, 5:00 am
  • 53 minutes 12 seconds
    Q&A: "I'm Scared of Running Out of Money in Retirement!"

    #511: Sara is five years from retirement with a paid-off house. But she’s worried that her money will run out before she turns 80. What does she need to do now to protect her future self? 


    Lauren is a personal finance nerd who gets it. But one question perplexes her: When should she should choose an ETF over an index mutual fund? What about vice versa? Paula and Joe explain.


    An anonymous caller plans to sell her house and live a “slow-madic” lifestyle. But she’s on disability and needs to keep her money safe. How should she invest her $500,000 windfall?


    Former financial planner Joe Saul-Sehy and 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/episode511

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    4 June 2024, 5:00 am
  • 53 minutes 44 seconds
    How to Master the Psychology of Persuasion, with Michael McQueen

    #510: Maybe you’re trying to convince:

    – Your spouse | to embrace the FIRE movement.

    – Your teenage kids | to invest some of their summer job money in stocks.

    – Your neighbor | to sell you their house in a private, off-market deal.

    – Your boss | to give you more vacation time.

    – Your client | to pay you more.

    Today’s episode is about how to change minds, build trust, navigate conversations, and influence and persuade others.

    We chat with Michael McQueen, a social researcher, strategist, and the author of 10 books.

    He’s spoken alongside Bill Gates, Apple co-founder Steve Woznick and Dr. John C. Maxwell, and was named Australia’s Keynote Speaker of the Year. His latest book, Mindstuck, focuses on how to be more persuasive.


    Here are some of the ideas we cover:

    Stubbornness: We tend to be stubborn because of our inherent desire to protect our existing beliefs and identities. This is partly due to the fact that the human mind has a tendency to make quick judgments and resist challenges.


    Logical Fallacy: People often rely on confirmation bias and tribalism when evaluating information. We tend to favor information that aligns with our existing beliefs and groups we identify with.


    Complexity over Extremes: When presented with opposing viewpoints, exposure to extreme viewpoints can – counterintuitively – make people more entrenched in their own beliefs. Introducing complexity and nuance can foster a more open-minded approach.


    Here are some of his tips:

    • Uncover the Hidden Fear
    • Address the Loss Aversion
    • Use "Right and Reflect" to Get People Talking
    • Build Rapport and Choose the Right Moment
    • Frame Your Message for Impact
    • Move Beyond Persuasion and Focus on Progress


    McQueen elaborates on these tips in today’s podcast episode. Enjoy!

    For more information, visit the show notes at https://affordanything.com/episode510

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    31 May 2024, 4:23 pm
  • 44 minutes 24 seconds
    I’m Retiring at Age 34 and a Half!

    #509: Rob wants to retire early, but a real estate investment led to $30,000 of credit card debt. Should he take on more debt to pay it off?


    An anonymous return caller took Paula’s advice and ran with it, doubling her income within a few years. Should she update her investment strategy now that she’s in a higher tax bracket?


    Humaira is tired of paying rent with nothing to show for. Can she leverage some benefits by using her credit card to pay the bills?


    Former financial planner Joe Saul-Sehy and 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/episode509

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    28 May 2024, 5:00 am
  • 54 minutes 48 seconds
    Stanford Researcher Dr. Mary Murphy on How to Cultivate a Growth Mindset

    #508: Recently I chatted with Stanford researcher Dr. Mary Murphy, a renowned expert in the field of psychological and brain sciences.


    Dr. Murphy, who is a Professor at Indiana University and conducts research at Stanford University, shared insights into the concepts of fixed mindset and growth mindset.


    We deep dived into her extensive research on how these mindsets impact motivation, performance, and relationships at work and home.


    She conducted research alongside legendary psychologist Dr. Carol Dweck, who created the original studies around fixed vs. growth mindset.


    If you’ve ever read about fixed vs. growth mindset in the past, you’ve undoubtedly heard of Carol Dweck, who is legendary in the space. Dr. Dweck mentored Dr. Murphy at Stanford, the university from which Dr. Murphy received her Ph.D.


    Dr. Murphy's insights can help you cultivate a growth mindset to overcome challenges and achieve your goals.

    If you want to improve your performance — at work, at home, at the gym, as a world traveler, as an investor, or in any other domain — understanding the research behind mindset is critical.


    Enjoy!

    For more information, visit the show notes at https://affordanything.com/episode508

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    24 May 2024, 2:29 pm
  • 1 hour 1 minute
    How One Ex-Inmate is Building a Better Future

    #507: Robert was recently released from prison and wants to start his life on the right foot. What’s Joe and Paula’s advice for him?


    Suzy is excited to deploy her first corporate bonus but scared to invest everything in a lump sum. Should she stick with what’s worked in the past and just dollar cost-average?


    Meghan doesn’t understand how stock pricing affects capital appreciation. Is it always better to buy when share prices are low?


    Former financial planner Joe Saul-Sehy and 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/episode507

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    21 May 2024, 3:57 pm
  • 1 hour 3 minutes
    MadFientist: Life is Too Short to Wait for Someday

    #506: "Today's guest, Brandon Ganch, also known as the MadFientist, reached Financial Independence (FI) and quit his job as a software developer at 34. But then he faced a vexing question: what should he do with the rest of his life?


    In this episode, Brandon shares his journey with FI, revealing the gap between the ideal life you envision on spreadsheets and the reality that unfolds. He talks about reaching FI sooner than planned, having more money than anticipated, and the adjustments he had to make to his lifestyle. It's a refreshingly honest look at FI that goes beyond the numbers.


    We also dive into the changing landscape of work and the impact of automation, artificial intelligence and machine learning. Brandon talks about what he would do differently if he were in his 20's, and shares valuable insights on tools you can use to stay relevant and future-proof your career.


    You'll enjoy this if:


    -- You're on the FI path and want to ensure your plans are flexible enough for life's surprises

    -- You're curious about the unexpected realities of achieving FI

    -- You're concerned about automation impacting your job security


    For more information, visit the show notes at https://affordanything.com/episode506

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    17 May 2024, 10:11 pm
  • 58 minutes 41 seconds
    Harvard Dropout Builds Nation’s First Car-Free Utopia, with Ryan Johnson and JD Roth

    #505: Ryan Johnson isn't your average CEO. He's a visionary reimagining city life, one car-free community at a time.

    In this episode, we chat with Ryan, the co-founder of Culdesac, about building walkable neighborhoods designed for human connection, not just traffic.

    We'll dive into his experience with Opendoor, his passion for electric bikes (he owns over 60!), and his audacious plan to revolutionize urban living.

    Buckle up (or maybe don't) for a conversation about the future of cities, the power of community, and why you might not need a car ever again.


    For more information, visit the show notes at https://affordanything.com/episode505

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    14 May 2024, 5:58 pm
  • 1 hour 5 minutes
    The Points Guy: Growing a Side Hustle into a 140-Person Business

    #504: Brian Kelly faced a harsh reality during the Great Recession – $65,000 in income and crushing credit card debt. 


    He started a simple side hustle, a website called The Points Guy, as an attempt to earn a few hundred dollars a month.  


    Fast forward to today: The Points Guy boasts 11 million monthly visitors and a thriving team of 140 employees.  


    In this episode, Brian pulls back the curtain on his incredible journey, transforming a fledgling side hustle into a multimillion-dollar enterprise. 


    He also shares his signature expertise – the art of redeeming airline miles and points – empowering you to travel smarter.


    For show notes, visit https://affordanything.com/episode504

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    10 May 2024, 5:00 am
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