Afford Anything

Author: Paula Pant

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#473: Ask Paula: How to Pay Off a $8,000 Medical Bill Without Going Broke

Sarah has cash to pay a $8,000 medical bill but she’s reluctant to drain her savings. Should she sign up for the hospital’s interest-free payment plan?

Jennie is an independent consultant but gets paid as a W-2 employee. Without access to a SEP IRA or a 401k plan, is there another option to save for retirement?

An anonymous caller is wondering how to run a cost-benefit analysis on pursuing a graduate degree.

Brian is getting inundated with spam calls as a real estate investor. Is there a way to stop the madness?

Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

Enjoy!

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#472: Happiness Habits, with Harvard Professor Arthur Brooks

Imagine this: You’re a teenage musical prodigy, a world-class classical French horn player. You drop out of college at age 19 and spend your twenties touring the globe as a musician (including, once, tripping and falling off the stage at Carnegie Hall).

At age 31, you retire from your musical career, get a Ph.D., and become a professor – first at Syracuse and then at Harvard, where you teach both at Harvard Business School and at the Harvard Kennedy School.

You publish 13 books and write a column for The Atlantic, which gets noticed by Oprah Winfrey. Oprah then invites you to dinner, where she asks you to co-author a book together.

This is the life of today’s guest, Harvard Professor Arthur Brooks, whose collaboration with Oprah, a book called Build the Life You Want, focuses on the science and research behind happiness.

Brooks teaches a class on leadership and happiness to second-year Harvard MBA candidates. In our conversation, we discuss a range of topics, including metacognition (thinking about how to think), the neurobiological basis of ruminating, and how to balance the concept of contentment with the innately human urge for ambition and progress.

He also offers a formula for happiness: enjoyment + satisfaction + meaning and purpose.

So – I hope you enjoy this episode; I hope you find it satisfying, and I hope it fills you with meaning and purpose!

– Paula

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#471: Ask Paula: I Came Into A Lot of Money. What Should I Do With It?

Bob split a $350,000 windfall between savings and paying down his mortgage. But now he’s wondering if he made a good choice. Can Paula and Joe do the math to justify his gut-driven decisions?

Julia wants to tap the equity from a second home to buy a third home in Texarkana, Texas. Is this a good plan?

Joey Jr. wants to retire early, put two kids through college and buy a vacation home within the next five years. How can he afford to do it all?

An anonymous caller wonders if $1 million is a good budget for a retirement pad.

Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

Enjoy!

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#470: The GDP Grew 4.9 Percent, Unemployment is at a Near-Record Low … and Everybody’s Stressed About Layoffs

The economy is booming. GDP grew 4.9 percent last quarter, the fastest rate of growth since 2021. Consumer spending jumped 4 percent. Unemployment is holding steady at 3.8 percent, historically low. The U.S. added net new jobs for the 34th consecutive month.

And yet – people are worried.

Online discussion around layoffs at its highest point since July 2020. High-profile headlines about major staffing cuts – most recently from Schwab, which is dismissing 2,000 employees – fuel these fears.

Why is there such a disconnect between sentiment, which is pessimistic, and economic data, which is robust? We explore that question in today’s episode.

We also discuss the controversial Credit Card Competition Act, which if passed might eliminate credit card rewards like airline miles and cashback. We talk about Mint, the budgeting app with 3.6 million users, announcing that it’s shutting down. We also share details about the student loan repayment debacle.

And we describe a landmark court ruling for $1.8 billion – yes, with a B – against the National Association of Realtors and several real estate brokerages, a verdict that may revolutionize the business model of how homes are bought and sold.

Enjoy our First Friday of November 2023 episode!

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#469: Ask Paula: Feeling FOMO About Your Home Equity? Here’s What to Do

Lindy feels like her $300,000 of accumulated equity could be put to better use. But she doesn’t want to buy more real estate right now. What’re her options?

Katie wants to become a landlord in her home state but she’s concerned about the effects of redlining. Should she look into Section 8?

Claudia lives in Germany and wants to buy an apartment in Manhattan. But she knows nothing about US real estate. Where does she start? 

I tackle these questions in today’s episode.

Enjoy!

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#468: How MICE Impacts Your Money, with Bryan Kuderna

Money management is all about setting priorities.

Maybe you have the twin goals of sending your kids to college while also saving enough for retirement.

And maybe you’re struggling to figure out how to balance the two.

Today, Bryan Kuderna, a certified financial planner, shares a framework for helping us set priorities.

We talk about the importance of economic literacy, in addition to financial literacy. We discuss how retirement has changed throughout history. And we apply those broader lessons to how you think about retirement.

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#467: Ask Paula: Use One Debt to Pay Off Another?

Should Knoxville use a higher-interest Home Equity Loan (HELOC) to pay off a lower-interest 401k loan?

Joelle’s tenant is interested in a rent-to-own agreement. Is this a good idea from a landlord’s perspective?

A recent wildfire shifted Sharon’s house into a flood zone. Should she sell before FEMA redraws the map and it becomes official?

Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

Enjoy!

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#464: The Science of Friendship (and How It Improves Your Net Worth), with Dr. Marisa Franco

More than ever, most people’s lives are packed to the brim with activity. We are trying to fit in demanding jobs and families, commuting and a neverending list of chores. Social lives often suffer.

It’s no wonder that in 2021, 12% of U.S. adults said they did not have any close friends, up from 3% in 1990.

This has enormous consequences on our health, productivity, and our ability to grow our net worth, make money, and enjoy life.

Dr. Mariso Franco, a renowned psychologist and best selling author, shares invaluable insights on the significance of fostering meaningful connections and discusses the detrimental impact of NOT having fulfilling connections in our lives.

Today’s episode also delves into the importance of connection in the workplace. We chat about how cultivating genuine relationships with colleagues can boost productivity, enhance job satisfaction, and contribute to a positive work environment.

Throughout the episode, Dr. Marisa Franco shares practical tips and actionable advice on how to nurture and sustain friendships in our fast-paced, digital age and improve our overall well- being.

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#463: Ask Paula: Student Loan Deferment HACK – How Christina Saved $60,000 in Interest

Christina recently slayed her debt and put herself on track for financial success. But now she’s bored. How can auto-investing be more exciting?

Speaking of debt, Christina shares a creative HACK to SAVE $60,000 in student loan interest payments. 

Mary is struggling to compare two job offers: one from a large corporation and another from a tiny business. How should she decide?

An anonymous caller wants to buy a different home, and convert his current home into a rental. How should he finance this move?

Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

Enjoy!

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Afford Anything