Author: Paula Pant

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    #213: Nine Lessons from a Millionaire Teacher, with Andrew Hallam

    ByPaula Pant
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    It’s September! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m traveling the globe and taking a break from podcast production.

    In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.

    If you missed the last episode, you might want to listen to it before diving into this one, as Andrew and I go into the finer points of investing here.

    Seriously. This is one of the most in-the-weeds shows I’ve done to date.

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    #212: How Andrew Hallam Became a Millionaire on a Teacher’s Salary

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA212_SABBATICAL_Andrew_Hallam_pt1.mp3" title="How Andrew Hallam Became a Millionaire on a Teacher's Salary" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    It’s September!! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe.

    In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts.

    The first episode we’re bringing back is part one of a two-part interview with Andrew Hallam, a teacher who became a millionaire in his 30s and reached FI in his 40s.

    How? Beyond investing small sums (we’re talking less than $100 per month) throughout college, he also saved half of his starting salary of $28,000.

    Yes, you read that correctly. This episode is awesome for anyone who thinks it’s impossible to reach FIRE on a low salary.

    I originally interviewed Andrew in January 2017, and we could not stop talking. Which is why our three-hour interview was divided into two parts.

    In this first part, Andrew shares his story – how he became a millionaire, and why he wanted to achieve FIRE in the first place.

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    #211: What’s Your Why? Financial Independence, Debt Freedom and More

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA211.mp3" title="What’s Your Why? Financial Independence, Debt Freedom and More" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Hey there!

    I’m writing this from Croatia, where I’m beginning five weeks of travel that I’m calling my September Sabbatical. From now through September 23rd, I’ll be exploring the globe and enjoying a one-month break.

    Today, I’m kicking things off with a community-based episode. Here’s the backstory behind today’s show:

    There’s an event called CampFI, which is a 3-4 day gathering for people who are interested in financial independence. CampFI holds around half a dozen events per year in various locations; I spoke at one in Colorado Springs this past July.

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    #210: How to Be an Adult – with Mark Manson

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA210.mp3" title="How to Be an Adult - with Mark Manson" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    We live in a fascinating era: huge sections of society are more prosperous, advanced and safe than at any other point in human history, yet depression and anxiety are at record highs.

    It’s a paradox of progress: the richer the nation, the more likely its citizens are to suffer from mental health issues and report feeling crushing isolation and unhappiness.

    What gives?

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    #209: Ask Paula – Are Index Funds Unsafe?

    ByPaula Pant
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    Anonymous wants to retire early and often. They’re going overseas, where they’ll make their annual salary within six months. Where should they put their extra income?

    Anonymous also wants to know: how can they find a financial advisor they can actually trust?

    Another anonymous listener wants to know – is it possible to spend more while minimizing taxes in early retirement?

    JuanCarlos asks: is $20,000 too little to invest with a financial advisor?

    Angela is wondering how to create a Roth IRA account for a teenager.

    Rose is thinking about switching from mutual funds to index funds because it means encountering less fees, but her and her husband are in their 60s. Does this make sense?

    Ari has $700,000 to invest in a taxable brokerage account. He wants to know if a 90 percent total stock market index and 10 percent bonds is a good asset allocation.

    Dave and his wife want to use their defined benefit plans as their primary income stream in retirement, and supplement with Roth and 457 incomes. Where else should they be saving?

    Myself and former financial planner Joe Saul-Sehy answer these questions on today’s episode.

    Enjoy!

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    #208: How to Talk to Your Parents About Retirement and Beyond — with Cameron Huddleston

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA208.mp3" title="How to Talk to Your Parents About Retirement and Beyond -- with Cameron Huddleston" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Well, this could get awkward.

    Your parents and grandparents are aging. (Duh.) You want to have a few important financial conversations with them. It’s time to get the answers to questions like:

    “So … are you ready for retirement?”

    “You’ve been retired for 10 years … how’s that going? How are your finances looking?”

    “Do you have a will or legal trust? What’s your estate plan situation?”

    “Do you have an advance health care directive?”

    “To whom have you given your power of attorney?”

    “What types of accounts do you have, and how can I — or someone whom you designate — access the passwords if and when the appropriate time comes?”

    These financial conversations are important, but awkward. Most people would rather discuss the news, the weather, or the Kardashians.

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    #207: Ask Paula – Should I Take a $30k Paycut for Better Work-Life Balance, or Stick it Out?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA207.mp3" title="Ask Paula - Ask Paula - Should I Take a $30k Paycut for Better Work-Life Balance, or Stick it Out? " artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Matt and his fiance earn $7,500 per month combined. They save more than half of their income. He’d like to take a different job that will decrease his income by $2,000 per month, but improve his quality of life. Should he?

    Suja wants to take out a loan for business growth. What red flags should she watch for?

    Anonymous and her husband are thinking about buying half-million-dollar home, purchasing a second car, and having a baby. They’ve saved an emergency fund and a 20 percent downpayment. Are they ready?

    Trayci wants to quit her 9-to-5 and start working as a 1099 self-employed lifestyle. How should she manage this transition?

    Daria is curious about the economics of a podcast. What do the income and expenses look like?

    Jared wants to retire early and then sell off his rental properties, but he’s worried about the depreciation recapture tax rate. How should he plan?

    Ali wants to set up a long-term giving plan, but most of the advice out there is geared towards wealthy donors. How should middle-class workers set up their charitable giving?

    Financial planner Sophia Bera (hailed by Investment News as one of the Top 40 Under 40) joins me on today’s episode to answer these seven questions.

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    #206: When Career Zigzagging is Smarter – with David Epstein

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA206.mp3" title="When Career Zigzagging is Smarter - with David Epstein" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    We live in a society that values career specialization.

    You’re not a “doctor” — you’re a pediatrician, an anesthesiologist, an oncologist.

    You’re not a “lawyer” — you practice family law, or bankruptcy, or criminal law.You’re not an “engineer” — you’re an electrical engineer who specializes in solar technologies, or a civil engineer who specializes in the application of artificial intelligence in highway traffic design.

    Specialization is beneficial and necessary, but specializing too early in life or too narrowly can also have drawbacks. According to today’s podcast guest, New York Times bestselling author David Epstein, overspecialization can stifle innovation if we’re all digging in parallel trenches. Sampling a broad range of subjects prior to specializing (e.g. at the undergraduate level, or as a hobby) allows people to make connections between far-flung domains and ideas.

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    #205: Ask Paula – Am I On-Track for Retirement?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/paulaandjaymoney/AA205.mp3" title="Ask Paula - Am I On-Track for Retirement?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Is it ever a good idea to use your 401(k) as an emergency fund?

    What’s the best way to break up with your financial advisor so that you can move all of your funds to Vanguard?

    Should you put all of your Roth IRA money into index funds, or is there a better option for your money?

    A listener has a job offer working less hours for more money, but without a retirement plan. Is this a good move?

    When running a small business as a sole proprietor, are there tax advantages to incorporating or forming an LLC? If so, what should you consider?

    What’s the best way to maximize the earnings on a large amount of savings while keeping the savings liquid? Can a robo-advisor help with this?

    Myself and former financial planner Joe Saul-Sehy tackle these six questions in today’s episode. Enjoy!

  • Unusual Ideas about Self-Care … FIRE Edition

    ByPaula Pant

    There are people who claim that ‘self-care’ requires wasting money.

    They’ll encourage you to “treat yourself!,” because “you deserve it!”

    Buy those shoes! Enjoy that upscale sushi restaurant! Upgrade to the nicer, newer car! You work hard. You deserve it!

    Uh-huh.You know what else you deserve?

    You deserve the relief that comes from wiping out a debt.

    You deserve the joy that comes from buying an investment or a rental property.

    You deserve the pride that comes from maxing out your contributions to a retirement account.

    You deserve the stress relief that comes from taking a long walk in the park while listening to an audiobook, or taking a yoga class, or enjoying a hard workout at the gym.