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

#536: NYU Psychology Professor Dr. Tessa West has spent nearly two decades studying relationships, including those in the workplace. She talks about her research on why people feel disconnected from their jobs and what to do about it. Dr. West breaks down five main ways people might feel unhappy at work: 1. Crisis of identity: This is when you've poured a lot into your career, but you're starting to question if it's really who you are anymore. 2. Drifting apart: This happens when your job changes, not you. Maybe your company's gone through some big shifts, or your day-to-day tasks are different now. Or maybe your industry has totally changed. 3. Stretched too thin: We've all been there - too much to do and not enough time. 4. Runner up: Always close to that promotion or raise, but never quite getting there. 5. Underappreciated star: You're doing great work, but no one seems to notice. Dr. West digs into each of these, explaining what they look like and why they happen. She talks about how work relatio

#535: Melissa and her partner are preparing for the best earning years of their lives. Could they benefit from automated tax-loss harvesting and transition from DIY investing to a robo-advisor? An anonymous caller just learned something surprising about their Roth 401k and feels squeamish about making future contributions to this account. What’s Paula and Joe’s advice? Hampton is following up on a question from Episode 524 to spark an intriguing discussion on the generational tax advantages of a Roth IRA. 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/episode535 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#534: We sit down with David Novak, the co-founder and former CEO of Yum! Brands, the giant parent company behind KFC, Taco Bell, Pizza Hut, and the Habit Burger Grill. David shares stories from his remarkable career, offering insights into leadership, decision-making, and personal growth. We dive into one of David’s most memorable projects: the creation of Crystal Pepsi. David talks about how the idea was born out of a gut instinct when he noticed a trend toward clear beverages. The media buzz was massive, and he was convinced it was a winner. But the Pepsi bottlers pushed back, saying it didn’t taste enough like traditional Pepsi. David pressed on anyway. The product launched to a lot of fanfare but ultimately flopped.  David reflects on this experience as a lesson in the importance of listening to feedback, even when you’re sure you’re right. The conversation then shifts to David’s unique upbringing. He lived in 23 different states before high school. This taught David to adapt quickly, make friends fast,

#533: Kristin is floored by the 60 percent increase in her homeowner’s insurance this year. Should she cancel the policy and self-insure instead? Susana and her husband are torn. They bought their dream home last year but now need to relocate indefinitely. What should they do with the house? An anonymous caller wants to help his soon-to-be wife invest a five-figure gift she received in another country. How do they untangle the complexities of managing money from abroad? 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/episode533 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#532: We’re diving deep into the art of negotiation, especially when it comes to asking for a raise. The episode is broken down into three main parts, each designed to give you practical tools and insights that you can apply right away. First up, setting the stage. Before you even think about negotiating, it’s crucial to understand the difference between “interests” and “positions.” You’ll learn why knowing the underlying reasons behind what both you and the other party want is key to finding a win-win solution. We’ll also talk about how to prepare yourself, including knowing your BATNA (Best Alternative to a Negotiated Agreement), your aspiration point, and your reservation point. Plus, you’ll get tips on how to build rapport and strategically frame your requests to set the tone for a successful negotiation. Next, we move into taking action. Here’s where you get the practical strategies you can use during the negotiation itself. We’ll cover techniques like anchoring—where you set the initial offer to guide

#531: Let's talk about negotiations. You know, those back-and-forth talks where you try to get the best deal possible on a used car, a house, or a couch on Facebook Marketplace? Or when you ask your boss for a raise? Turns out, asking the right questions can be a game-changer. According to Jeff Wetzler, Ed.D., people often hold back information when they're negotiating. They might be worried about looking bad or giving away too much. But if you can get them talking, you can learn a lot. It's like peeling an onion – layer by layer, you discover what really matters to the other person. The key is to be curious and listen carefully. Show the other person you're interested in what they have to say. And don't just focus on what they're saying; pay attention to how they say it. Their body language and tone can tell you a lot. By understanding the other person's point of view, you can find ways to work together and reach a deal that benefits everyone. It's all about building trust and finding common ground. For m

#530: We sit down with financial educator Brian Feroldi to dive into the often-overlooked world of stock-based compensation. This form of compensation is becoming more common, especially in large companies, but many employees don’t fully understand how to make the most of it. Brian helps break down the basics, explaining what stock-based compensation is and why companies use it to attract and retain employees. We start by discussing why companies offer stock options or restricted stock units (RSUs) instead of just higher salaries or bonuses. Brian explains that stock-based compensation is a way for companies to align your interests with the success of the business. When you own a piece of the company, you’re more likely to care about its performance, which can drive you to work harder and stay longer. This also allows companies to conserve cash while still offering competitive compensation packages. Brian also highlights the importance of understanding the different types of stock-based compensation. He break

#529: Anonymous, 60, recently lost her job and is worried about retirement. She owns a paid-off triplex, living in one unit and renting the others for $30,000 a year. She used her 401(k) funds to buy the triplex and now has $50,000 in retirement savings and $150,000 in cash. She expects only $2,400 a month from Social Security at age 67. After losing her son two years ago, she's seeking advice on managing her underfunded retirement. Noelle, 40, and her husband, 49, want to cancel his whole life insurance policy. They are debt-free, own their home, and plan to retire soon, relying on Noelle's $80,000 income. They have $504,000 in retirement savings. Should Noelle keep her $100,000 term life policy until she retires? Sleepless in San Antonio, age 35, plans to retire at 45 but is concerned about how this will affect Social Security benefits, which is calculated based on the top 35 earning years. Should they work longer in order to boost their Social Security benefits? Former financial planner Joe Saul-Sehy and I

#528: The Federal Reserve recently decided to hold interest rates steady, leading to significant shifts in the stock market. The Dow dropped over 850 points, and the NASDAQ entered correction territory, falling more than 10% from its peak. But what do these numbers mean for you? We break down the latest jobs report, which shows a rise in unemployment to 4.3%, triggering a recession indicator known as the Sahm Rule. This isn't just economic jargon; it affects real lives, impacting job security, investments, and financial planning. We discuss potential ripple effects on various sectors, such as real estate, where interest rates influence housing affordability.  We also examine the technology sector's volatility and how recent market corrections might influence tech stocks and the overall investment landscape. Understanding this can help you make informed decisions about your investment portfolio. Every First Friday of the month, we bring you our "First Friday Monthly Economic Report," where we help you make sen

#527: Luke and his wife are breaking some personal finance rules in the name of financial independence. Are they right to take this approach or is there a better way? Christina is worried. She’s retired with a paid-off condo in Florida. But rising fees, insurance rates, and a major HOA assessment are killing her cash flow. Is it time to become a renter? Les is surprised by Paula and Joe’s allocation recommendations for international equities. Based on market capitalization, it makes no sense. What’s he missing? 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/episode527 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#526: Recorded LIVE on stage at the Morningstar Conference in Chicago! We chat with behavioral finance professor Meir Statman. He breaks down the differences between standard finance and behavioral finance, making it clear that understanding human behavior is an essential part of investing. Statman starts by explaining that standard finance assumes people are rational. They make decisions purely based on logic and aim to maximize wealth. However, behavioral finance sees people as normal, not always rational. We often act on emotions and cognitive shortcuts. For instance, people might prefer receiving dividends over selling shares, even if both result in the same financial gain. This is because dividends feel like income, while selling shares feels like dipping into savings. He uses a great metaphor to explain how investors view their portfolios. Think of a dinner plate: behavioral investors like their investments separated, like mashed potatoes on one side, vegetables on another, and steak in the middle. Rati

#525: We chat with renowned financial advisor Michael Kitces at the Morningstar Investor Conference in Chicago. Kitces answers a big question: Is the economy worse than we think? He explains that a few big companies like Nvidia, Meta, and Alphabet are holding up the S&P 500. But this doesn’t mean the economy is bad. It's common for a small group of companies to drive the market. Since it’s hard to predict which companies will do well, he stresses the need for diversification. Kitces tells us to focus on long-term growth instead of trying to time the market. He shares a famous quote from economist John Maynard Keynes: "Markets can remain irrational longer than you can remain solvent." This means it’s better to invest broadly and wait for the market to grow over time. Kitces also says that career development is important. He believes boosting your income through career advancements can have a bigger impact on your financial health than trying to get the highest returns on your investments. He says, "Spending

#524: Mark and his partner will soon inherit an IRA worth over a quarter million dollars. With today’s elevated interest rates, would throwing it all at a primary residence be the smartest play?  An anonymous caller and his girlfriend are musicians who dream of building a home with a monetizable recording studio. How do they untangle personal wants from business needs? Will feels stumped about the options in his defined benefit pension plan. When should he choose a guaranteed annuity over a lump sum payment?  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/episode524 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#523: How much is an hour of your time worth? Google's Executive Productivity Advisor , Laura Mae Martin, joins us to answer that question. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#522: Emily Anne is worried about her obsessive tracking behavior. She’s in great financial shape but struggles to shake the constant compulsion to check her accounts. What should she do? An anonymous caller and his partner plan to use geo-arbitrage to retire early before reaching their financial independence number. Can they have their cake and eat it too? Kevin and his wife are having second thoughts about their Delaware Statutory Trust (DST) real estate investments. How do they back out without compromising their estate plan? 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/episode522 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#521: If you're a longtime listener, you'll enjoy this candid, behind-the-scenes conversation about entrepreneurship and growth between Paula Pant and former financial advisor and Stacking Benjamins host Joe Saul-Sehy. For more information, visit the show notes at https://affordanything.com/episode521 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#520: Happy 248th birthday, USA! In this 5th of July First Friday economic update, we cover five topics: the economic impact of elections in the UK; the S&P 500 topping 5500; the effect of the Supreme Court’s Chevron ruling on Social Security and retirement planning; the latest jobs report; and California’s new law allowing accessory dwelling units to get sold separately as condos. For more information, visit the show notes at https://affordanything.com/episode520 Resources Mentioned: UK’s Office for National Statistics: May 2024 report SupremeCourt.gov: Loper Bright Enterprises v. Raimondo Federal Register: SSA Social Security Administration: Will Social Security Be There for Me? Bureau of Labor Statistics: June 2024 jobs report Learn more about your ad choices. Visit podcastchoices.com/adchoices

#519: We sit down with Jim Kwik, a brain coach and expert in memory improvement, speed reading, and optimal learning. As a child, Jim suffered a brain injury that made learning difficult. He was labeled "the boy with the broken brain," which deeply affected his confidence and performance in school. Today, he’s an expert in memory, focus, learning, cognition and mental performance. He’s here to remind us that our brains are our number one wealth-building tool. He talks to us about strategies for improving memory. He debunks myths like multitasking being efficient. He talks about the negative impact of digital distractions and the myth that we only use 10% of our brains. He describes a great brain diet, and discusses nootropics and other brain supplements. This episode is packed with practical advice. If you want to improve your memory, learn faster, and maintain better brain health, you’ll enjoy Jim Kwik’s tips. Timestamps: [Note: Time codes will vary on individual listening devices based on advertising

#518: If you want to learn about building wealth through entrepreneurship, you’ll enjoy this episode. When Rachel Rodgers graduated from law school, she didn’t take the conventional path to working at a big law firm. Instead, she opened her own practice, specializing in intellectual property law. Many of her clients were entrepreneurs and small business owners. Rachel quickly realized that many of her clients faced significant challenges in trying to grow their business. This ignited a new vision in her: to not just provide legal services but to help entrepreneurs achieve financial success. She pivoted, shutting down her law practice to open Hello Seven, a company that offers comprehensive business strategies to help entrepreneurs reach seven-figure incomes. She joins us today to share actionable insights that can help any entrepreneur, side hustler or small business owner reach seven figures in revenue. Timestamps: [Note: Time codes will vary on individual listening devices based on advertising run times.] 1

#517: Kimiko is dismayed that the asset allocation books she’s read led her down a path to an underperforming portfolio heavy in ex-US stock investments. Where should she go from here? Julie and her husband dream of owning a vacation rental in the Denver area even though the math doesn’t add up. It seems like everyone around can make it work though. What’s missing?  Casey is excited to build his real estate portfolio and purchase his third rental property. He’s also worried that his plan to fund the purchase with his 457 Plan is flawed. What should he do? 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/episode517 Learn more about your ad choices. Visit podcastchoices.com/adchoices