Afford Anything | Get Smarter With Money

#321: Have you dreamed of making a career transition, only to realize you have no idea where to start, who to talk to, or how to convey your skills to interviewers? Career expert Ashley Stahl has the information you need to take control of your career and pivot into something new. Ashley struggled with this, too -- but in the process, she figured out a system for identifying someone’s core skills...

#320: Rob is hoping to retire at age 60, but he has a pesky mortgage balance he wants to eliminate beforehand. He and his wife expect to inherit $300,000. Should they use this money to pay off their mortgage or should they bulk up their retirement accounts? Another anonymous caller has two separate questions. One is about the tax efficiencies of ETFs vs. mutual funds, while the other is about Ginn...

#319: Julia Galef is an acclaimed expert on rational decision making. She’s hosted the Rationally Speaking podcast for the last decade, and she’s passionate about good reasoning. Her book, The Scout Mindset, highlights the importance of looking at situations objectively and honestly. This is something a lot of people struggle with -- humans are often irrational -- but Julia argues that this is a s...

#318: Joe is a new real estate agent and he’s looking for ways to save. Is opening a SEP IRA a good account when you’re no longer a W2 employee? Grace has a similar concern: she’s a tutor, but she’s paid as a contractor. Should she forget about her Vanguard brokerage account and open a SEP IRA or Solo 401k? Kim is newly divorced and celebrating the freedom to make her own financial decisions. She’...

#317: What if work and life can coexist together - without enormous trade-offs? What if all you have to do is ruthlessly prioritize within each area and manage the rest with automation and delegation? If it sounds like a pipedream, it’s not. Guests Michael Hyatt & Megan Hyatt Miller, authors of Win at Work & Succeed at Life, share how work/life balance is more achievable than you think. They also...

#316: Pauly from Portland doubled the inheritance money he received from $50,000 to $100,000 during the pandemic. Now he’s wondering if it’s okay to use this $100,000 as a downpayment on a home in Portland. Is that a wise use of the money? Preethi accidentally withdrew funds from her Roth IRA as an excess distribution, and she’s already filed her taxes. What should she know for tax time next year?...

#315: Do you ever grapple with the differences between your present self and your ideal self? Katy Milkman, host of the Choiceology podcast and the James G. Dinan Professor at The Wharton School of the University of Pennsylvania, shares the science of getting from where you are now to where you want to be. Her book, How to Change, is a “science-based blueprint for achieving your goals, once and fo...

#314: Briale opened a Variable Annuity inside a 403b at work when she was 23. She has 17 years to go before retirement. As an elementary school teacher, her pension will be $6,000 per month. Should she stop contributing to the annuity and contribute to a Roth IRA instead? Hunter put a credit freeze on his two children’s credit, which required sending each credit union documentation via mail. Exper...

#313: Do you know the unspoken rules about how to get ahead in your workplace or industry (and as a result, how to earn more)? Unspoken rules, and the corresponding social norms, create a major impact in how we’re perceived in the workplace -- and therefore how often we’re promoted. But these rules are rarely taught. Managers expect us to understand these implicit rules, but they never explain the...

#312: After paying basic living expenses and maxing out their 401k’s and Roth IRAs, Caroline and her partner have $4,000 - $5,000 left each month. Where should they put this money if their goal is to simply have their money work harder for them? Sanjay is torn between selling his townhome or renting it out. The rental numbers don’t work on his 15-year mortgage -- should he refinance to a 30-year m...

#311: Do you find yourself overthinking and getting stuck in unproductive thought loops? According to a study commissioned by today’s guest, 99.5 percent of 10,000 people said they overthink. Chances are, you can relate. That guest is Jon Acuff -- a New York Times bestselling author who loves to nerd out about goals. In this discussion, he shares 10 signs you're overthinking, explains the differen...

#310: Greta is tired of financial modesty. She wants to achieve financial independence through diversified income streams, and has her eyes set on owning local duplexes. What should she focus on to make this happen?  Jeannie wants to know: when should you scale back 401k contributions so you can invest in something else, like real estate? Steph and her husband came into $25,000 and aren’t sure wha...

#309: Are we in a housing bubble? Are we going to see a repeat of 2006 all over again? Are there any good investment deals to be found right now? These are the questions playing on many people's minds, and we seek to explore the answers in today's First Friday bonus episode. We start by exploring some of the forces that are at play in today's real estate market. What separates the market of 2006 f...

#308: Ziggy purchased an $890,000 property in San Mateo, CA in 2016. After living there for a year, he had to move, so he rented it out. Unfortunately, it’s cash flow negative. Is this property worth holding onto, or should he sell? Vivek has a paid-off primary residence that he’s interested in renting out for a few years, before selling. He’s worried about capital gains tax – does turning the hom...

#307: “Taxes are the single biggest factor that separates people from their retirement dreams.” That’s a quote from today’s guest, Ed Slott, a nationally recognized IRA distribution expert, practicing CPA, and bestselling author. He argues that there’s a high likelihood that tax rates could rise in the future, and as a result, we need to shovel more money into tax-exempt accounts like Roth IRA and...

#306: Jake and his wife want to retire in five years, at which point they’ll have 14 years before they can access their 401k funds. To help bridge that gap, Jake wants to know: what should their asset allocation look like for their taxable brokerage account? This year, Kim’s employer enrolled all employees into a “fully funded indemnity program combined with a nationwide direct primary care member...

#305: Financial independence is a continuum, a spectrum. How do you know where you stand? In this episode, financial writer JD Roth discusses the seven stages of financial independence, the seven rules of investing, the formula for calculating your lifetime wealth ratio, and the importance of managing your career as though it’s an asset. For more information, visit the show notes at https://afford...

#304: Paige and her fiancé have two autumn 2021 goals: save for a wedding and an emergency fund. There’s one problem: they only have around $200 per month to save. How can they grow the gap when they’ve run out of things to cut and ways to earn more? Kat’s investor friend connected her with a wholesaler who only deals in cash. How can she find $130,000 to buy her subject property? Anonymous “Count...

#303: Can you imagine living in a world without email? Most of us can’t - how would we get work done? - but this is what Cal Newport advocates for in his newest book, A World Without Email. Cal cites a study that found the average knowledge worker checks various communication tools once every six minutes. At that rate, it’s a wonder we get any work done at all. Cal argues that modifying our habits...

#302: Did you know that optimists worry about their finances 145 fewer days than pessimists? They’re also more likely to save money, and are 7x as likely to experience better financial health. Michelle Gielan, bestselling author of Broadcasting Happiness, defines optimism “as the expectation of good things to happen and the belief that our behavior matters.” She shares specific tactics and mindset...

#301: Amelia is worried that she and her husband are under-insured. Should her husband get a short-term disability policy, even though it’s expensive and they’re unlikely to need it? Sarah wants to refinance her owner-occupied triplex, but she’s torn between a 15-year and a 30-year option. Which is better in her situation? Steven just discovered the financial independence (FI) movement in July 202...

#300: Here’s the deal: Target Date Retirement Funds are simple, automated, easy. The problem? What’s simple might not be optimal. Investment expert Paul Merriman joins us to discuss the two-fund portfolio, a mix of one target date fund and one small cap value fund. He describes why this could be the ultimate portfolio for buy-and-hold investors who want to boost their returns, without excessive co...

#299: Chris bought Tesla a few years ago and Jinko Solar eight months ago. Both of these have gone up in value by a lot. What tax strategies can he use to sell these shares? Holly and her three sisters stand to inherit two side-by-side duplexes. How can they structure the ownership of these properties in a fair way? Eric feels hopeless about health insurance as a self-employed business owner. Are...

#298: Money conversations with friends, family members, or significant others are unavoidable. Most of us dread these conversations - they’re awkward, heated, or draining. Erin Lowry, author of Broke Millennial Talks Money, shares tips and scripts for tactfully setting financial boundaries and expectations without drama. If you’re anxious about being in a wedding, splitting the tab with friends, o...

This morning, almost every major brokerage halted trading on the most volatile stocks, including GameStop, BlackBerry, Bed Bath & Beyond, Nokia, and AMC Theaters. We're in a situation where major trading platforms are blocking retail investors - us - from placing trades, while allowing hedge funds and institutional investors to drive prices. That is not a free market. When you don't let people buy...