Author: Paula Pant

  • PSA Thursday – What’s in Store for the Rest of 2020?

    ByPaula Pant
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    After a brief hiatus, PSA Thursday is back! If you’re a new listener, PSA Thursday is a weekly-ish segment of the podcast in which we normally talk about how to handle money, work, and life in the middle of a pandemic.

    However, for this episode, we’re taking a step back to 1) reflect on why this show exists, and 2) give you a sneak peek of future PSA Thursday episodes. 

    We also break down why we interview the guests that we have on the show, and the important difference between telling someone what to think versus telling them how to think. 

    Enjoy!

  • #280: Ask Paula – Could This NYC Couple Contribute Only $10,000 Per Year Towards Retirement?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA280.mp3" title="Ask Paula - Could This NYC Couple Contribute Only $10,000 Per Year Towards 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" ]

    Amy and her husband have $900,000 saved for retirement. They’re 40 years old and plan to retire at 65. Due to a job change + pay cut, they might only have $10,000 per year to save for the next 25 years. Will this be enough, given their yearly expenses of $144,000?

    Janie wants to get a solar power system for her house, but isn’t sure how to pay for it. Should she borrow funds from her seven-month emergency fund, or use funds from a taxable brokerage account that were earmarked for retirement?

    CJ and his wife netted $200,000 from the sale of their home. They aren’t sure when they’ll purchase their next home – their timeline could be as short as three years or as long as six years. Where should they keep the $200,000 to use towards a downpayment on their next home?

    Brandon wants to retire in the next five to ten years. He contributes 20 percent to his Roth 401k. Since he can’t withdraw those contributions early, does it make more sense to contribute up to the match of his 401k and invest the rest in an IRA with the goal of doing a Roth conversion?

    Anonymous “am I missing out?” wants to know: when is tax-loss harvesting worthwhile?

    My friend and former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!

  • #278: The Loopholes That Destroy Our Ability to Form Habits, with Gretchen Rubin

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA278_REPLAY_Gretchen_Rubin.mp3" title="The Loopholes That Destroy Our Ability to Form Habits, with Gretchen Rubin" 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" ]

    Does this sound like you?

    You want to exercise, but you can never find the time for a workout. Eventually, you grow tired of putting exercise off. You commit to working out every morning. You become so enthusiastic, you buy new gym clothes for the occasion.

    Your enthusiasm carries you for five days, and on day six, you’re swamped with work. You promise yourself you’ll exercise tomorrow – after all, taking a break for one day won’t hurt. And then … you never get back on the wagon. The cycle repeats.

    Most habits and routines start with good intentions. But good intentions aren’t enough to carry you through tough times. Good intentions aren’t enough to overcome the excuses you’ll make, either.

    That’s what today’s guest, Gretchen Rubin, is here to explore.

    Gretchen Rubin is the New York Times best-selling author of The Happiness Project, Better Than Before, and The Four Tendencies. She joins us on the podcast to discuss the loopholes that we use – the excuses that we make – when it comes to breaking bad habits and forming good habits. Why is this important? The more aware we are of loopholes, the better we can resist them.

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    #277: Timeless Financial Lessons from My Grandma, with Michelle Singletary

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA277.mp3" title="Timeless Financial Lessons from My Grandma, with Michelle Singletary" 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" ]

    Michelle Singletary writes a Pulitzer-nominated personal finance column, The Color of Money, for The Washington Post. Her column is syndicated in more than 100 newspapers nationwide. She’s the author of three finance books and holds an MBA from Johns Hopkins University.

    But her strongest financial education came from her grandmother.

    Her grandmother raised five grandchildren while working full-time as a Nursing Assistant at a hospital. She earned $13,000 per year, but never took welfare, was never late on a bill, and “handled her money like a pro.”

    In this podcast episode, Michelle shares timeless financial lessons she learned from her grandmother, including…

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    #276: Cut the Fluff and Become a Digital Minimalist, with Dr. Cal Newport

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA276.mp3" title="Cut the Fluff and Become a Digital Minimalist, with Dr. Cal Newport" 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" ]

    Have you found yourself mindlessly scrolling through social media feeds over the last few months? Have you also found yourself in a state of sadness, anxiety, or aggravation afterwards?

    We live in an increasingly noisy world. A world in which many of us use social media, or the internet in general, to escape. But our escapes often leave us feeling empty and annoyed at ourselves for wasting several hours of precious time.

    Here’s one possible remedy for this tiring, relentless cycle: embrace the philosophy of digital minimalism.

                Okay, I’m in. But…what’s digital minimalism? 

    Digital minimalism is a term coined by Dr. Cal Newport, today’s guest.

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    #275: Avoid These 13 Hidden Money Mistakes That Most People Make, with Jill Schlesinger

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA275.mp3" title="Avoid These 13 Hidden Money Mistakes That Most People Make, with Jill Schlesinger" 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! I’m on round two of what I’ve dubbed my September Sabbatical, otherwise known as my yearly time to take a one-month recess from podcast production.

    Throughout September, we’re airing some of the most insightful, inspiring interviews from the archives. You’ll hear from experts discussing topics like habits, happiness, focus, digital minimalism, classic financial lessons and easy-to-make financial mistakes. Enjoy!

    Even the nerdiest of money nerds are susceptible to making a dumb financial mistake.

    “Nope, not me! There’s no way I make any financial mistakes. I live and breathe this stuff.”

    Hm, really? You’re not capable of making any financial mistakes?

    By the way – we’re not talking “classic” mistakes like taking out a bunch of loans, running up your credit card, or making a late payment.

    We’re talking about hidden mistakes, like having the wrong life insurance policy, or not having an estate plan, or listening to the wrong ‘experts.’

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    #274: Finding Hope and Happiness in a Confusing World, with Mark Manson

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA274.mp3" title="Finding Hope and Happiness in a Confusing World, 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" ]

    It’s September! If you’ve listened to any episode in the last month, then you know that I’m on round two of what I’ve dubbed my September Sabbatical, otherwise known as my yearly time to take a break from podcast production.

    We’re not leaving you hanging, though. Instead, we’re digging through the archives and airing some of my favorite interviews on the show. Enjoy!

    What does it take to create a sustainable sense of hope?

    That’s the question that I invited Mark Manson, megabestselling author of Everything is F*cked and The Subtle Art of Not Giving a F*ck, to answer on this episode.

    While we published this episode one year ago, the question of how to create hope remains as pressing as ever.

    Mark says that three basic factors contribute to a sense of hope:

    1. Autonomy
    2. Purpose
    3. Community

    Mark and I keep these three factors in mind as we discuss how to define success, find new challenges, and choose what’s meaningful in life. We touch on the importance of emotional regulation and avoiding crises of hope. And we talk about how they relate back to the financial independence retire early (FIRE) movement.

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    #272: Ask Paula – I’m Three Years from Retirement. How Should I Invest?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA272.mp3" title="Ask Paula - I’m Three Years from Retirement. How Should I Invest?" 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" ]

    Kelsey doesn’t feel comfortable investing in total stock market index funds and would rather invest in ESG funds. How can she tell if she has the necessary $2,000 invested in a company to submit a proposal to participate in a proxy voting? Also, Vanguard has a poor history of supporting shareholder resolutions. What can we do about this?

    An anonymous listener, nicknamed “Jack from Belgrave,” wants to buy and househack one duplex every year to achieve financial independence and leave his office job within the next three to four years. Is his plan realistic?

    Dylan and his wife rolled her 401k into a rollover IRA with pre-tax contributions. They’ve continued contributing to this IRA with post-tax contributions. Should they separate the accounts, or can they worry about this when they’re ready to retire?

    “Alyssa from Belgrave” (another anonymous listener) and her partner earn $150,000 per year after taxes. They’re currently saving 80 percent by living with family. What should they do with their savings?

    Leigh and her husband are three years away from retirement. They have an extra $50,000 in income this year and plenty of options for where to invest this money. Which one is the best?

    Former financial planner Joe Saul-Sehy joins me to answer these questions on today’s episode. Enjoy!

  • PSA Thursday: Here’s a simple framework for deciding how to earn extra income

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA271b_PSA_Thursday.mp3" title="PSA Thursday: Here's a simple framework for deciding how to earn extra income" 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" ]

    A desk with a small plant, yellow cup, and imac on itWelcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.

    Today, we’re focusing on handling money — specifically, how to earn more, especially as the $600 supplemental federal unemployment benefit has come to an end.

    The new $300 supplemental benefit that’s replacing it is slooooowly getting approved by FEMA, state-by-state, through an excruciatingly snail-like process that can only be described as ?????.

    As a result, millions of people — including possibly your friends, family, neighbors, or yourself — are in financial limbo.

    You may be lamenting the loss of the old benefit, anxiously awaiting the new reduced benefit, and drowning your sorrows in a bucket of Ben and Jerry’s ice cream while you wait for two+ months to receive a whopping half of the enhanced benefit that you used to collect.

    That’s a run-on sentence, I know, but there are worse atrocities in life.

    So. Here we are. And you — or someone you know — might be extra-anxious to figure out how to make a little extra money right now.

    That’s why we put together a guide that does two things:

    1. This guide gives you a framework for how to think about opportunities to make extra money. How to think about the tradeoffs, the pro’s and con’s, the priorities.
    2. This guide gives you those opportunities, organized along that framework.

    Click here to see the full guide, complete with awesome offers and resources.

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    #270: Ask Paula – Buy a Home, Buy Investments, or Pay Off Debt? How Do I Decide?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA270.mp3" title="Ask Paula - Buy a Home, Buy Investments, or Pay Off Debt? How Do I Decide?" 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" ]

    Briana and her husband want to buy a home, but they don’t have enough saved for a downpayment. They also have student loan debt and a car loan. Which should they prioritize?

    Javier is sick of being in debt. What can he do to put himself in a better situation?

    Tracie wants to buy her first rental property, but she has student loans and a car loan to pay off. If she receives $20,000 from a cash-out refi, how should she use this money?

    Vanitha wants to start a non-profit organization in memory of her uncle. She wants to know: what does this process look like?

    Margie went under contract on a primary residence listed as a six-bedroom property. She found out that, legally, it’s a four-bedroom home. Should she re-negotiate the price, or ask for credits at closing?

    I answer these questions in today’s episode. Enjoy!