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

#99: Thirteen years ago, Joshua Dorkin's friends teased him about starting a website that seemed to have no future. "I would get calls from my buddies who would literally call me on my cell phone [and say] 'Hey Josh, we just walked past a penny on the ground. We were thinking about picking it up and mailing it to you." At the time, Dorkin had just launched BiggerPockets, a then-nascent website about real estate investing. "I was working a full-time job making no money as a teacher," Dorkin says, "... and then [I] quit that job, reliable income, to blindly create this platform for other people. And I was helping other people get rich, and I was broke." Dorkin spent the next 8 years working mostly as a one-man operation as he tried to monetize a fledgling website. "We were struggling and scrapping by on every AdSense check that we could collect," Dorkin says. "The business really wasn't making serious money for probably getting close to a decade." The story has a happy ending. Today, BiggerPockets has gro

#98: How much money should you invest in a side hustle or side business? How do you know if your side hustle idea is viable? What if you want to start 5 or 6 side businesses? Should you lump these together under a common business umbrella? Or should you separate them out? These are the questions about side hustles -- asked by listeners Adalia and Brionna -- that I answer in today's episode. My friend Joe Saul-Sehy from the Stacking Benjamins podcast joins me to chime in with his views on building side businesses, as well. Joe and I also answer two non-side-business-related questions, as well. Skye asks: -- You talk about saving 50 percent of your income. What exactly does this mean? Steph asks: -- I have $10,000 in credit card debt and $48,000 in student loans at a 5 percent interest rate. I have a $1,000 emergency fund and $32,000 in retirement funds. My dad is willing to give me money to repay my student loans; should I accept this? And if so, should I put this money towards student loans or retirem

There are more heroes than villains in this world. We have seen a tremendous outpouring of love and support today. Please support the cause that's calling you, whether it's supporting the victims of the Las Vegas shootings, or disaster relief in Puerto Rico, or ongoing humanitarian crises that don't make headlines. Please support the victims of the Las Vegas massacre at https://www.gofundme.com/dr2ks2-las-vegas-victims-fund Learn more about your ad choices. Visit podcastchoices.com/adchoices

#97: How can you be awesome at your job? That's the question that today's guest, Pete Mockaitis, and I tackle on the latest Afford Anything podcast episode. Pete hosts one of iTunes' top 10 career podcasts, called -- appropriately -- How to Be Awesome at Your Job. In typical nerd fashion, I launch our interview by asking him: "What is the metric by which 'awesome' is determined?" Here are a few other questions that I hurl his way: How to Get a Raise: Imagine that you enjoy your job; you don't want to quit. But they're not paying you what you're worth. You've asked for a raise, several times, and they've said no. What do you do? Angle for a Promotion? Or Focus on a Side Hustle? Let's assume that you're employed full-time, and your goal is to make more money. What's more effective: [Option 1] Focus on your full-time profession, putting in the extra hours to angle for a promotion? -- OR - [Option 2] Be an average employee and focus your excess time and energy on building a side hustle? Tough it Out, Then

#96: Today I tackle 4 real estate questions that come from the listeners. Chris, age 25, says: Over the next 30 years, I'd like to acquire 15 rental properties. Then, at age 55, my wife and I can retire and travel. To begin, I'd like to buy a duplex, live in one unit and rent the other on Airbnb. Once I gain some equity and save enough for another downpayment, I'd like to purchase another duplex, move in, and repeat this process. However, I'm reluctant to get started for one reason. There's a decent chance that I'll need to move out-of-state within about a year or two. I don't want to be an out-of-town Airbnb host. Should I follow this plan, even though there's a good chance I might move away soon? __ The next caller, who remains anonymous, says: I love your rental property income reports; they give me a great understanding of your numbers. But you have economies of scale on your side. Your payments to your accountant, attorney, bookkeeping software, etc., are spread out across 7 rental units. When

#95: J. David Stein used to manage billions of dollars. He retired at age 46. Now that he's retired, he faces a different challenge: How should he invest his own money? What investing philosophy should he follow in his own life? And what can we learn from that? Stein, who now hosts a podcast called Money for the Rest of Us, joins me on today's show to talk about his big-picture investing ideas. For a list of my takeaways, go to http://affordanything.com/episode95 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#94: Early retirement? Yes please. This week, I answer questions from the audience community around early retirement planning, health savings and debt pay-off. I'm interested in early retirement. How can I avoid early withdrawal penalties? How does early retirement impact the 4 Percent Rule? Should I use an HRA or an HSA? How do I open a Roth IRA? If you’re into early retirement, don’t miss today’s episode. For complete resources and show notes, go to http://affordanything.com/episode94 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#93: Do you enjoy spending time alone? Does your inner monologue chatter constantly? When you were a student, did you sometimes stay quiet even when you knew the correct answer? Do you avoid confrontation? Does small talk bore you? Have people told you that you're "too intense" or that you "get deep quickly?" Do you live inside your head? Do people see you as a good listener? Do you rarely interrupt others? Are you better at writing thoughts than speaking them? Are you good at focusing for long periods on tasks that you're really interested in, but totally checked out of tasks that bore you or that feel superficial? If so, you might be an introvert. And today's episode might be for you. If you'd like to learn how to thrive in any pursuit -- like starting a business, traveling the world or becoming an investor -- tune in to learn how to use your natural tendencies to your advantage. For more information, including links to resources mentioned in this episode, go to http://affordanything.com/episode93

#92: If you're interested in real estate investing, and if you've wondered how to assemble an all-star team, today's episode is for you. I'm hosting another edition of Ask Paula, in which I tackle three audience-submitted questions about building a team as a real estate investor. Salome from Cincinnati asks: Who are the people I'll need on my real estate team? How much will I spend in paying them? And how can I find them? Doug from Louisiana asks: I've saved $20,000 as the downpayment on a rental property. Should I use this money? Or should I look for a loan that can cover a larger chunk of the financing? Also, how should I look for a tenant? Should I handle this myself, or hire a property manager? Patricia from California asks: I live in Bay Area. I cannot buy a house here. I want to buy a rental property in Baton Rouge, Louisiana, and I've identified the specific property/neighborhood in which I want to invest. How can I start assembling a team from out-of-state? For a full list of resources from this

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#90: Curious about real estate investing? I'm rocking the microphone solo on today's episode, tackling the rental property questions that you -- the listeners -- have asked. Rachel from the Ozarks asks: I'm inspired to start investing in real estate. I live in the Ozarks region, and the cap rates around here are fantastic. However, the online reviews for local property management companies are consistently terrible. What should I do if I can't find a good property manager? Daan from Malaysia asks: I'm a Dutch national who plans to be a global nomad for the next 10-15 years. I live in Malaysia at the moment, and I plan to continually travel internationally for my work. Many people in Asia are investing in real estate; do you have any recommendations for choosing investments abroad? A caller who wants to stay anonymous asks: I live in Denver and I'm tired of paying rent. I'd like to buy a house and eventually collect rental income from it, as well. But I'm having trouble saving enough money for a downpaymen

#89: Imagine you’re financially secure. You have enough money to support yourself, your family and pursue your dreams. You’ll need to continue working, but it’s fulfilling work with a reasonable schedule. What would you do with both your time and money? Next, imagine you’re financially independent. You DON’T need to work anymore. Your investments create enough money to support yourself and your family. What would you do? Okay, let's shake things up. Imagine you visit your doctor, who tells you that you only have 5-10 years to live. You’ll never feel sick, and you’ll have no advance notice of the moment of your death. Your financial position is the same as it is today. What would you do? Now imagine the same scenario as before -- you have 5-10 years to live -- but in this scenario, you have unlimited funds. What would you do? These are 4 of the 11 questions about money and life that I asked a crowd of 100+ people at the World Domination Summit. I share the rest of the questions on today's episode. Get Rich

#88: Former financial planner Joe Saul-Sehy and I answer 4 questions from the Afford Anything community. We chat about how to control lifestyle inflation, how to break up with a financial planner, how to invest your first $10,000, and whether or not sector-specific or theme-specific funds are a good idea. #1: Laura is transitioning to a new job, and she's discovered that her new responsibilities require some lifestyle inflation. She needs work-appropriate clothing, for example; she can't wear leggings everyday anymore. She and her husband are going to need two cars, instead of one. And she's ordering restaurant delivery more often, because she doesn't have time to cook. She recognizes that lifestyle inflation is unavoidable, and she's curious: what's legitimate and what's not? What's the difference between healthy lifestyle inflation vs. over-the-top upscaling? #2: Nakia wants to "divorce" her financial planner. But she's not sure how to break the news gently. Her financial planner is a friend and neighbo

#87: A week and a half ago, I flew to Portland for the World Domination Summit -- a conference with an admittedly eyebrow-raising title. The conference is hosted by Chris Guillebeau, the New York Times best-selling author of multiple books, including The Art of Non-Conformity. He was also a previous guest on this podcast. I've wanted to check out WDS for years, so I was thrilled when Chris asked me to give a presentation there. Then he mentioned that my presentation should be three hours long, which sounded terrifying. But that's all the more reason to say yes. I choose my own eyebrow-raising topic, How to Afford Anything, and ... promptly procrastinated on planning for several months. Yeah, that definitely happened. #guilty Then, at the beginning of July, I flew into a frenzy, called a few friends for advice, scanned over several books, watched multiple talks for inspiration, and isolated myself in a remote, empty house for several days. (Past guest Cal Newport would call this a "deep work retreat.") Th

#86: The real estate questions keep coming in, so today I’m answering questions from three Afford Anything listeners: Heather is ready to buy her first rental property. She wants to acquire about one house per year, following a buy-and-hold strategy. Salome and her husband are renting out an unused room in our house on Airbnb. We're interested in venturing into buying rental properties later. Then Caren talks about coming across several real estate investing clubs, or memberships, in which the organization pulls together a list of various contractors and property managers. What are Paula’s thoughts and experiences with these types of things? For a full list of show notes and resources, visit http://affordanything.com/episode86 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#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 diversifie

#84: This week, I tackle your questions with my good friend, recovering financial planner Joe Saul-Sehy. Here's what we answer: 1. I'm asking for a friend -- no, really, I'm asking for a friend! My friends are married and buried. They're a married couple, buried in $500,000 of debt. Some is federal student loans, some is private student loans, and some is credit card debt. They're paying the minimum on their student loans, with the hope that these loans will be forgiven after 25 years. They're also saving money in their retirement accounts. Is this a terrible plan? Should they stop saving for retirement while they wipe out their student loans? If so, how can I convince them? 2. My husband and I are both 30 and live in Ft. Collins, Colorado. We don't plan on having children. We know that long-term care insurance gets more expensive as you age. Should we buy this insurance now? Or can we self-insure for this through adequate retirement/investment funds? 3. I own my home free-and-clear, and I'm buying a s

#83: Hey. It’s time we talked. I’ve made many tough decisions in my business. I’ve said “no” to thousands of pitches, turned away countless advertising requests, and made difficult choices about content and tone. And sometimes I don’t know whether or not I’ve made the right choice. Today’s podcast episode is a painfully personal one. I open up my mind, explaining exactly how I make decisions about how to lead this online community. I’m frank about the doubts I hold and the choices I’ve questioned in hindsight. I’m blunt about the things I still do not know; the ethical quandaries that plague me. Today’s episode, perhaps more than any episode I’ve ever done, comes from my heart. I hope you enjoy it. ---------- Have thoughts/concerns/suggestions regarding what I discussed in this episode? Feel free to reach out on the site (http://affordanything.com/episode83), Twitter (@affordanything), Instagram (@paulapant), or YouTube (https://www.youtube.com/affordanything).  Also, note to new listeners: I HIGHLY s

#82: Welcome to another Ask Paula episode! This week, I answer three real estate questions: #1: What criteria do you use when you’re shopping for an investment property? What qualities make you say, “heck yeah I’m buying this!!” — and what qualities make you say, “No way!” #2: I enjoy renting my personal home, but I still dream of investing in rental properties. Does it make sense to buy a rental property, even while I’m still a renter myself? #3: I’m a 45-year-old actress, and my income probably won’t qualify me for conventional bank financing for an investment property. But I already own a property with a lot of equity. Should I tap that in order to buy another rental? Or look for a private loan? Enjoy!   For more Ask Paula episodes, visit http://podcast.affordanything.com/tag/ask-paula Want your question answered? Leave a message here: http://www.affordanything.com/voicemail  Learn more about your ad choices. Visit podcastchoices.com/adchoices

#81: Jenny Blake used to have an enviable job. As a Career Development manager at Google, she enjoyed the perks of a Silicon Valley life, plus the satisfaction of helping people everyday. She co-founded Google's Career Guru Program, and helped countless Google employees find their right career "fit." But, ironically, Blake sensed that her own career wasn't on the right track. So she took a brave plunge that few would dare: Blake quit Google, packed her bags, and moved from California to New York in search of a new life. She launched her own business. She began publishing books. Today, she joins us on this podcast to share the knowledge she's accumulated over many years about how *anyone* can pivot into a new career or direction. If you're feeling stuck in your job, and you're thinking about making a major life change -- regardless of whether you'd like to try a new industry, retire early, or start your own business -- you might want to hear some of Blake's advice. Enjoy! http://podcast.affordanything.c