Afford Anything | Make Smart Choices About Your Money, Time And Productivity

#648: The U.S. government is shutting down. Bitcoin just hit a record high. Inflation whispers are back. And Wall Street is buzzing with speculation. What does this all mean for your money, your portfolio, and your long-term financial freedom? On this First Friday episode, we unpack the economic headlines you can’t ignore — and help you separate signal from noise. In this episode, we cover: Government Shutdown: What happens when Washington goes dark, and how it could ripple into the markets, interest rates, and your daily life Bitcoin at Record Highs: Why crypto is rallying, what history tells us about speculative manias, and whether this time might be different Jobs Report and Inflation Watch: The latest labor market data, its implications for the Fed, and how it could shape borrowing costs Investor Behavior in Uncertainty: Why volatility can make us overreact, and how to stay grounded in your long-term strategy Key Takeaways Government shutdowns create noise, but historically their long

#647: What if you and your partner want to take a few months – or even a year – off work?  How do you handle health insurance once you leave your jobs?  And how do you make sure the time off isn’t wasted, but becomes a launchpad for what’s next? In this week’s Q&A, we dive into those questions.  We also cover three more listener questions: what to do with a leftover $125,000 in a 529 account, how one listener landed a fully remote job with a 30 percent raise, and whether you can amend your taxes after a FEMA-declared disaster. Listener Questions: Danielle (04:35): “We want a mini-retirement. What should we do about health insurance – and how can we make the most of the time off?” Danielle and her husband want a break, but don’t want to go uninsured, and they also don't want to squander their mini-retirement. We look at what happens when you leave a job, where to find coverage, and how to design a mini-retirement that sparks discovery instead of regret. Lee (32:17): “We have $125,000 left in a 529 acc

#646: What if you didn’t have to choose between grinding full-time until retirement or quitting work altogether? By 40, Andy Hill and his wife had built a $500,000 portfolio and paid off their home. Instead of racing toward early retirement, they chose a third way: scaling back to part-time work, becoming equal partners in parenting, and reclaiming their time. In this episode, recorded live at FinCon, Andy shares his 10-step framework for building a “Coast FIRE” lifestyle — where your investments can coast toward retirement while you focus on living today. __________________________ The Middle Path Beyond FIRE Most of us think of retirement as a cliff: one day you’re working, the next day you’re not. Andy challenges that binary. He and his wife structured their careers to work 20–25 hours per week each, creating a rhythm that gave them more time with their children, each other, and their health. He breaks down the mindset shifts and tactical steps — from eliminating debt and protecting your family wit

#645: Mike (02:50): After 15 years of intentional living, Mike is 80 percent of the way to financial independence. Now he’s trying to help friends take control of their own financial future. But what happens when one spouse is eager to learn and invest, while the other isn’t interested? Michael (27:07): For two years, Michael has tracked his net worth monthly. So far, growth has been driven almost entirely by how much he saved. But when will investment returns begin to take over and shift that steady line into an exponential curve? Alvaro (34:00): After 15 years of investing in U.S. and European real estate, Alvaro has a big decision to make. Should he leverage a commercial loan to build an ADU for short-term rental income, or take on more personal debt to expand their family home? Jonathan (58:50): After hearing Paula and Joe discuss the efficient frontier — and then listening to Big ERN, Paul Merriman, and JL Collins — Jonathan can’t help but wonder: has Joe’s perspective evolved? Is the simple path st

#644: Why do we both crave money and resent it? Why do some people sabotage their financial futures in the name of short-term comfort? And why is your brain — not the stock market — the biggest threat to your wealth? In this conversation, we explore the surprising ways that psychology and money intertwine. Our guest, Dr. Daniel Crosby, is a behavioral finance expert, psychologist, and bestselling author of The Soul of Wealth, The Behavioral Investor, and The Laws of Wealth. His research dives into how our emotions, childhood scripts, and personalities shape the financial decisions we make every day. Dr. Crosby shares why investing is an act of optimism, why income matters more than coupon clipping, and how our spending reveals truths about who we really are — even when we don’t realize it.. Key Takeaways Money is a mirror. The way you earn and spend reflects your real values, not just your stated ones. Tracking your money reveals gaps between who you say you are and how you actually live. Income

#643: Picture this: you're at the Federal Reserve years ago. The chairman literally hangs up a conference call, waits 30 minutes, then calls back — suddenly everyone agrees on the rate decision.  That's the kind of insider story Karsten Jeske (“Big ERN”) shares when he joins us to break down what's happening with the economy right now. Karsten worked at the Federal Reserve Bank of Atlanta for eight years, then spent a decade on Wall Street at Bank of New York Mellon.  Today he runs the popular Early Retirement Now website, where he applies his economist background to help people understand money and markets. You'll hear Karsten explain why the Fed is about to start cutting interest rates. The futures markets are pricing in a 90 percent chance of a quarter-point cut, with more cuts likely through the end of the year.  But why? After all, inflation just ticked up in the latest CPI report, yet the Fed is still planning to lower rates. We dive into how this affects real people. If you're thinking about buyi

EXCLUSIVE: Is your money safe in today’s economy? In this bonus interview, Paula Pant sits down with financial expert Rob Berger to unpack the latest on inflation, interest rates, market valuations, and the future of Social Security. Together, Paula and Rob dive into the tough questions: Is the American Dream dead for Gen Z? Will there be another market crash? How should you invest when stocks feel overpriced? Can you still retire comfortably if Social Security gets cut? Rob also shares his insights on asset allocation, diversification, and long-term investing strategies — advice that matters whether you’re in your 20s saving for a first home or in your 60s planning for retirement. Don’t miss this conversation between Paula Pant and Rob Berger — a deep dive into money, markets, and the decisions that shape your financial future. Timestamps: (04:19) CPI Numbers, Mortgage Rates, and Market Outlook (05:05) Inflation, Jobs & the Fed’s Dilemma (05:46) Stagflation Concerns (06:38) In

#642: Curious about how individual stock picking could sharpen your investing skills—even if you’re an avid index fund investor? Paula sits down with David Gardner, co-founder of The Motley Fool and author of Rule Breaker Investing, to delve into the world of contrarian stock strategies and the mindset behind picking standout companies. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Sports team investing analogy (4:20) Individual stocks vs index funds (7:12) Values-based investing approach (13:16) Starbucks pick criteria (13:28) Six rule breaker traits (20:41) Why overvalued works (26:44) Market timing philosophy (32:20) Traditional metrics miss key factors (39:18) When to sell stocks (45:26) Winners vs losers math (48:32) Portfolio allocation rules (55:10) Sleep number concept (1:00:00) Adding to winners strategy (1:05:

#641: Cristina has a $1.2 million portfolio and hopes to make work optional within the next decade. Is she invested in the right way? Or should she change up her asset allocation? Anonymous and her husband plan to retire in 5 years. They have 10 rental properties and a $2.75 million portfolio. They dream of slow travel, generosity, and family time. How should they structure their assets to support the lifestyle they want? Paula (the caller) and her husband are planning for three kids, private school, and possibly college down the road.  Should they front-load a 529 plan with a large lump sum, or take a different approach? 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. Resources mentioned in the show: Interview with Frank Vasquez Risk Parity Cheat Sheet Caller Christina's original call on https://affordanything.com/episode463 Afford Anything Episode 618 https://affordanything.com/episode618 Risk Parity Port

#640: The jobs report came out this morning and it was a painful one. The US added only 22,000 new jobs in August, according to the latest BLS report. And unemployment ticked up to 4.3%. What does this mean? Find out in today's First Friday episode! Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (01:48) ADP vs BLS Jobs Data (04:33) Mortgage Rates & Their Impact on Homebuyers and Sellers (11:30) Fed Chair Jerome Powell’s Remarks (12:54) The Fed’s Dual Mandate Explained (15:58) The Fed’s Changing Approach to Unemployment (18:13) Implications: Rate Cuts on the Table For more information, visit the show notes at https://affordanything.com/episode640 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#639: Aisha is excited to share how some life-changing advice has played out for her career. She wonders now: what limiting beliefs has Paula and Joe had to overcome in their businesses? Lesley is attracted to community bonds as a way to build collective wealth for the underserved. But do the same risks exist as they do in the traditional bond market? An anonymous caller is intrigued by the promise of Employee Stock Ownership Plans. Is this the answer to a smooth exit from her business that also leaves a legacy for her employees? 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. Resources mentioned in the show: Aisha's original call in Episode 473 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#638: Fifty dollars. That's how much this couple transferred to their "Trip to Europe" savings account each time they cooked dinner instead of going to a restaurant. By year's end, they had funded their dream vacation — not through budgeting or willpower, but by hacking their habit loop. This story illustrates how James Clear approaches habit change. Clear joins us to explain the four-stage cycle that drives every behavior: cue, craving, response, and reward. You see a restaurant (cue), predict it will be convenient and tasty (craving), eat out (response), and satisfy your hunger (reward). Repeat this loop enough times and the behavior becomes automatic. Clear translates these four stages into four laws for building good habits: make it obvious, make it attractive, make it easy, and make it satisfying. Want to break a bad habit? Flip the script — make it invisible, unattractive, difficult, and unsatisfying. We explore practical strategies like habit stacking, where you attach a new behavior to an

#637: Nick wants to set up an investment account for his nephew to contribute annually, creating a nest egg for college since the parents are already opening a 529. He's unsure whether a standard brokerage account, IRA or other options work best when you're not the parent. Diana asks whether she needs TIPS in her portfolio to protect against inflation. Or can she just rely on other investments that outpace inflation? She's also wondering about the tax implications of TIPS ETFs. This matters during her peak earning years. Prethive asks whether he should switch from Roth to Traditional 401(k) contributions. When he retires, he wants to move to a tax-free state. Or maybe move abroad. He wonders if moving to avoid state taxes in retirement would save more money long-term. 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/episode637https://affor

#636: Behavioral economist Etinosa Agbonlahor joins us to discuss "money scripts" — the unconscious beliefs we inherit or develop about finances.  Agbonlahor, CEO of Decision Alpha and former Director of Behavioral Science Research at Fidelity Investments, is the author of "How to Talk to Your Parents About Money."  She studied financial management at Cornell University and explains how these hidden biases create problems when we try to discuss finances with family members. You might assume everyone thinks saving money makes sense, while your parents operate under completely different beliefs. These conflicting scripts can derail conversations before they start.  Agbonlahor shares the story of a single mother who became so anxious about money after her divorce that she refused to buy her teenager expensive shoes. Years later, she realized she was trying to teach extreme frugality to protect her daughters from the financial insecurity she experienced. The key to productive money conversations lies in thre

#635: Arielle’s head is spinning from the seemingly contradictory advice she hears about the best investments to hedge against inflation and a possible recession. What’s she missing? Dave is curious about private investments after listening to a recent First Friday episode. What are they, and should he consider them for his portfolio? Abbey is stoked about the raise she negotiated for her first job out of school. But she’s worried about liability risk related to her new position. How does she protect herself?  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/episode635 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#634: Picture this: you're 26 years old, fresh out of Wharton, and you decide to start a business with two friends. You spend years building a digital marketing firm that eventually works with Dollar Shave Club and Madison Reed. You bootstrap the entire thing without taking a dime of venture capital funding. That's exactly what one Wharton graduate did — and his story represents the reality of entrepreneurship that most people never hear about. Lori Rosenkopf, a management professor at Wharton Business School and head of Venture Labs, joins us to shatter the biggest myths about starting a business. The Mark Zuckerberg college dropout story? It's not just rare — it's misleading. Research shows that the most successful entrepreneurs, those in the top 0.1 percent of venture-backed firms, average late 30s to early 40s when they start their companies. Many continue launching businesses into their 50s and 60s.  Your age and corporate experience isn't holding you back from entrepreneurship — it's actually giving

#633: Paul is worried the private equity investment he’s about to make could be a scam. How can he do his due diligence and stay protected when there’s a shortage of reliable information? Rob is questioning the purpose of a bond allocation in his eight-figure investment portfolio. Is he on to something, or is there a legitimate case to add them? Dan can retire in a few years, but he’s itching to do it now. Would buying a business be the key to unlocking an earlier exit from his W2? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! Resources: Interview with Dr. Eric Cole Interview with Katie Gatti Tassin P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode633 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Your Next Raise is open for enrollment! ⁠https://affordanything.com/how-to-negotiate-your-next-raise #632: There are 10 conversations that a person should have at work in order to do a better job, have better relationships at work, and make more money. Melody Wilding, Professor of Human Behavior at Hunter College, joins us to talk about how you can get the most out of your boss. Resources: Managing Up by Melody Wilding: managingup.com Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) The 10 Conversations Framework (02:37) Shifting Workplace Dynamics (06:11) Key Conversations for Alignment (10:02) Understanding Your Boss’s Priorities (12:02) Mapping Stakeholder Influence (15:28) Visibility and Proximity Bias (20:31) Managing Shifting Priorities (22:11) Understanding Boss Archetypes (28:01) Navigating Personality Framewo

Your Next Raise now open for enrollment! https://affordanything.com/how-to-negotiate-your-next-raise #631: Jason's analysis of his retirement plan shows that the simple path beats the efficient frontier. Is he right or is he missing something? Minerva is worried about the impacts of tax inefficiency to her wealth. Are her investments properly located? Scott feels frozen because he doesn’t understand the nuances of the efficient frontier. Where can he get a simplified explainer so he can start taking action? 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. Resources Mentioned: https://affordanything.com/how-to-negotiate-your-next-raise/ ⁠https://affordanything.kit.com/assetlocation ⁠Join Paula at Acorns and get your $5 bonus!⁠ https://affordanything.com/577-qa-the-efficient-frontier-was-perfect-until-hr-got-involved/ https://affordanything.com/547-ask-paula-we-have-2-million-at-40-now-what/ https://www.whi

Special bonus episode. The Bureau of Labor Statistics issues massive job revisions on Friday morning. The revisions wipe out nearly 90% of previously reported gains for May and June. This raises fundamental questions about how our most trusted economic data gets calculated. In this episode, we break down how the system works. We examine why the revisions are so large. We explore what this means for understanding the real economy. Friday arrives. The BLS delivers what appears routine: 73,000 new positions added in July. But the revisions tell a different story. May's initially reported 144,000 job gains become 19,000. June's seemingly solid 147,000 drops to just 14,000. These represent 87-90% overestimates. They fundamentally alter the economic picture for those months. The BLS surveys 560,000 businesses each month. They use payroll data from the 12th of the month. But only 60-73% of those businesses respond by the initial release deadline. The remaining portion gets filled through statistical modeli