Blog

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    #317: How to Win at Work & Succeed at Life, with Michael Hyatt & Megan Hyatt Miller

    ByErin @ Team Afford Anything
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA317.mp3" title="How to Win at Work & Succeed at Life, with Michael Hyatt & Megan Hyatt Miller" 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 work/life balance sound like a mythical wonderland that only a select few ever achieve?

    Do you make it a goal to enter this mythical wonderland each year, only to end up completely disappointed a month or two later?

    Or have you completely written off this mythical land to double-down on work in hopes that you’ll achieve financial independence sooner?

    Neither of these has to be the reality you settle for.

    Work and life can coexist together. Without enormous trade-offs.

    But you need to ruthlessly prioritize both areas of your life to make it happen.

    “Yeah, okay. Please indulge me. Tell me how I can achieve this so-called work/life balance.” 

    We’ll leave that to our guests, best-selling author Michael Hyatt, and his daughter and CEO of Michael Hyatt & Co, Megan Miller Hyatt.

    They both practice what they preach in their new book, Win at Work & Succeed at Life, and they’re here to share concrete examples and actionable steps you can take today to make work/life balance achievable.

  • #316: Ask Paula – I Doubled My Investments During the Pandemic. What Should I Do Next?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA316.mp3" title="Ask Paula: I Doubled My Investments During the Pandemic. What Should I Do Next?" 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" ]

    Michele wants to reach financial independence (FI), and her grandparents are leaving her their house. She already owns a home, and she’s torn between six potential options that will propel her toward FI. What should she do?

    Fred doesn’t have access to a workplace retirement plan. Besides opening a Roth IRA, what else can Fred do to juice up his retirement savings?

    Pauly from Portland doubled the inheritance money he received from $50,000 to $100,000 during the pandemic. Now he’s wondering if it’s okay to use this $100,000 as a downpayment on a home in Portland. Is that a wise use of the money?

    Preethi accidentally withdrew funds from her Roth IRA as an excess distribution, and she’s already filed her taxes. What should she know for tax time next year?

    Casey is in the market for a second rental property and wants to know: would we recommend purchasing a rental in a complex where she already owns a condo? Or should she diversify into a different complex in a different, nearby, more stable town?

    My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy!

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    #315: The Science of Behavioral Change, with Katy Milkman

    ByErin @ Team Afford Anything
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA315.mp3" title="The Science of Behavioral Change, with Katy Milkman" 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" ]

    Do you ever grapple with the differences between your present self and your ideal self? 

    Your ideal self might eat healthy meals 80 percent of the time, save 50 percent of their income with ease, set boundaries without apology, or exercise and meditate four out of seven days a week. 

    Yet, your present self might struggle to ward off temptation when it comes to food and spending. Your present self may struggle to set boundaries, period. And your present self much prefers sleeping in and watching Netflix over going to the gym. 

    You desperately want to bridge the gap between your present self and your ideal self, but no matter what you do, construction stops halfway. 

    If that resonates with you, today’s guest, Katy Milkman, is here to share the science of getting from where you are now to where you want to be. 

  • #314: Ask Paula – I’m Worried About My Parent’s Retirement. What Should I Do?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA314.mp3" title="Ask Paula: I’m Worried About My Parent’s Retirement. What Should I Do?" 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" ]

    Briale opened a Variable Annuity inside a 403b at work when she was 23. She has 17 years to go before retirement. As an elementary school teacher, her pension will be $6,000 per month. Should she stop contributing to the annuity and contribute to a Roth IRA instead?

    Debi has an extra $1,000 each month and isn’t sure where to save it. She also has $10,000 in a CD which will reach maturity in August 2021. Her goal is to buy a residence in the next five years. Should she save this all for a downpayment?

    Dominique is concerned about her parents retirement portfolio. Their advisor charges a fee of 1.5 percent assets under management. Her parents are frugal and they don’t realize how much they’re paying. Should she talk to them, or drop the issue?

    Sarah isn’t sure whether she should put more of her savings towards a Roth 401k or a 529 fund for her future kids. Which option is best if she wants financial flexibility?

    Hunter put a credit freeze on his two children’s credit, which required sending each credit union documentation via mail. Experian and TransUnion confirmed the credit freeze, but Equifax didn’t. Upon calling, the representative gave Hunter a different mailing address for the documents. What should he do?

    My friend and former financial planner Joe Saul-Sehy joins me once again to tackle these questions. Enjoy!

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    #313: The Unspoken Rules that Could Cost You Thousands, with Gorick Ng

    ByErin @ Team Afford Anything
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA313.mp3" title="The Unspoken Rules that Could Cost You Thousands, with Gorick Ng" 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" ]

    Portrait photo of Gorick NgAre you aware of the unspoken rules that govern your workplace or industry?

    …the rules that determine how you’re perceived by your managers?

    …the rules that no one teaches us?

    Yeah, those rules.

                “Um, well, if they’re unspoken rules, then…probably not?”

    Case in point.

    So, how the heck are we supposed to land the right jobs for our career trajectory, succeed in those jobs, and advance, without knowing what these rules are?

    Today’s guest is here to pull back the curtains.

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    #312: Ask Paula – How Should I Invest $5,000 Per Month?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA312.mp3" title="Ask Paula - How Should I Invest $5,000 Per Month?" 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" ]

    After paying basic living expenses and maxing out their 401k’s and Roth IRAs, Caroline and her partner have $4,000 – $5,000 left each month. Where should they put this money if their goal is to simply have their money work harder for them?

    Sanjay is torn between selling his townhome or renting it out. The rental numbers don’t work on his 15-year mortgage — should he refinance to a 30-year mortgage instead?

    “Olivia” has two unrelated questions: what are our thoughts on the housing market in relation to the moratoriums on mortgage payments and emergency bans on evictions? What will happen when they go away? Additionally, what tools, questions, or resources do we recommend to have a productive financial conversation with your partner?

    Kyle wants to construct a portfolio with the highest Sharpe ratios and wants to know: would the risk parity model work? What are the downsides?

    “Priyanka” wants to know: do you need to submit receipts for the HSA contributions you make?

    G is curious: does the stimulus check received for their children count as earned income for the kids? If so, can they put it toward the Roth IRAs they opened for their children?

    My friend and former financial planner, Joe Saul-Sehy, joins me as usual to tackle these questions. Enjoy!

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    #311: The Surprising Solution to Overthinking, with Jon Acuff

    ByErin @ Team Afford Anything
    [smart_track_player url="http://traffic.libsyn.com/secure/paulaandjaymoney/AA311.mp3" title="The Surprising Solution to Overthinking, with Jon Acuff" 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" ]

    Do you ever feel like there’s a voice inside your head that insists on repeating all of your fears, insecurities, or mistakes?

    Does this voice craft invisible scripts that then govern your life in the most limiting way ever?

    Are you just sick of this voice having a home inside your head?

    You’re not alone.

    Today’s guest, bestselling author, Jon Acuff, found himself suffering the same fate. It wasn’t until he silenced this voice and replaced it with a kinder, gentler one that he began to wonder if this was common.

    He commissioned a study to find out, and the results were clear: 99.5 percent of 10,000 people said they were overthinkers.

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    #310: Ask Paula & Joe – What Should I Do With $25,000?

    ByPaula Pant
    [smart_track_player url="http://traffic.libsyn.com/forcedn/paulaandjaymoney/AA310.mp3" title="Ask Paula - What Should I Do With $25,000?" 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" ]

    Greta is tired of financial modesty. She wants to achieve financial independence through diversified income streams, and has her eyes set on owning local duplexes. What should she focus on to make this happen?

    Jeannie wants to know: should you scale back 401k contributions so you can invest in something else, like real estate?

    Steph and her husband came into $25,000 and aren’t sure what to do with it. Should they pay off their student loans, save it towards a house and starting a family, or purchase her company stock options?

    J from California is curious: how do you strike a balance between optimization and simplicity in your financial plan?

    Dawn has $65,000 in a 403b through Ameriprise and the fees associated with it are outrageous. Should she take the money out and put it elsewhere, or leave it?

    My friend and former financial planner, Joe Saul-Sehy, joins me to answer these five questions. Enjoy!

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    #309: Are We Due For Another Housing Market Crash?

    ByErin @ Team Afford Anything
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA309.mp3" title="Are We Due For Another Housing Market Crash?" 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" ]

    Are we in a housing bubble?

    Are we going to see a repeat of 2006 all over again?

    Are there any good investment deals to be found right now?

    These are the questions playing on many people’s minds, and we seek to explore the answers in today’s First Friday bonus episode.

    We start by exploring some of the forces that are at play in today’s real estate market. What separates the market of 2006 from the market of today?

    In the second half of the episode, Paula explains how and why she chose to buy a duplex in Indianapolis, despite being in a seller’s market. There are deals to be had if you know where to look and what to look for.

    Enjoy!

  • How Kelsey Bought a Rental Property in Joshua Tree, California

    ByPaula Pant

    Kelsey Kaszas loves numbers.

    But crunching numbers too much can be a crutch, rather than a tool.

    Before she enrolled in Your First Rental Property (YFRP), Kelsey found herself stuck in analysis paralysis. She wanted to invest in rental property, but she kept crunching theoretical numbers without taking action.

    “When people talk about how difficult it is to get over analysis paralysis, that is me, that is absolutely me, because I’m such a numbers person,” she said. “I love to analyze every single aspect of something new.”

    She’s not alone.

    Analysis is great. But analysis paralysis, when overthinking or overanalyzing leads to inaction, is one of the most common obstacles new investors face.

    When you’re putting significant savings on the line, analysis paralysis is a normal fear-based response.

    But it sidelines you. It shortens your time in the market and the compounding gains that follow.

    Kelsey recognized this and enrolled in the course to learn how to rigorously analyze properties without succumbing to analysis paralysis.

    She learned how to transform analysis into action.