Afford Anything

Category: Episodes

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#484: Ask Paula: The Hidden Cost of Public Service Loan Forgiveness

Kristen’s financial advisor charges a 1.3 percent fee on her investments. They also sold her term life, whole life, and long-term disability insurance. Do they have her best interests at heart?

Casey has $290,000 in student loan debt. He committed 10 years to one employer for a chance at public service loan forgiveness. But five years in, Casey questions what he’s missing out on.

Sara feels like it’s time to move to a more conservative asset allocation but she’s torn between buying bonds from Vanguard or Treasury Direct. What’s the difference anyway?

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

Enjoy!

P.S. Got a question? Leave it here.

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#483: Thriving in a High-Pressure World, with Jennifer Breheny Wallace

Competitive. Results oriented. Driven to be the very best.

These are a few ways to describe achievement culture.

Achievement culture can also be described as stressful, high pressure and unhealthy.

Yet, there is consistently the pressure – internally and externally – to make more money, be a better parent, spouse, friend, or employee. These burdens comes at a heavy cost to our well-being.

Jennifer Breheny Wallace, author of the New York Times Best Seller “Never Enough: When Achievement Culture Becomes Toxic – and What We Can Do About It” shares with us how to manage our need for success AND how to avoid the toxic traps that can accompany obsession with success.

She offers insights into the consequences of this culture on individuals’ mental health, and overall well-being, while also discussing practical solutions to common challenges.

If you’ve ever felt the burn of trying to do it all, or if you just want a smarter way to navigate success without losing your sanity, the insights shared in this interview will help you develop a more fulfilling and balanced life.

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#482: Ask Paula: Should We Drain Our Brokerage to Make a HUGE Down Payment?

A caller named “M” wonders if liquidating stocks for a larger down payment makes sense in a high-interest rate environment.

An anonymous caller wants to take a pay cut to pursue his passions. But 75 percent of his net worth is in real estate. Is this too risky?

Tiffanie hasn’t saved enough for early retirement, but she has a plan to use home equity to accelerate her goals. Is this going to work?

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

Enjoy!

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#480: Your Blueprint for Life’s Toughest Challenges, with Hal Elrod

The death of a sibling.

Being declared dead after a head-on collision with a drunk driver.

Suffering financially during the Great Recession.

CANCER.

Today’s guest, Hal Elrod, has battled all of these tough challenges.

His little sister passed away in his mother’s arms. Years later, Hal was hit by a drunk driver, broke 11 bones, declared dead, and once revived, learned that he might have to spend the rest of his life in a wheelchair. (He eventually regained his ability to walk.) And after that, he was slammed hard in the wallet during the Great Recession.

But he’s a fighter. He needed to develop practices to build his resilience.

So Hal created “The Miracle Morning,” a morning routine practice that gained massive popularity when he released it in 2012.

The six-step Miracle Morning routine is coined S.A.V.E.R.S. — silence, affirmations, visualization, exercise, reading, and scribing (writing).

The routine became wildly popular, in part due to its flexibility; Hal explains that time-crunched people can start this as a six-minute routine; dedicating just ONE minute to each of these six steps. Over time, people can see the positive changes that this makes, and expand the time they allot for this.

The routine is now the subject of a documentary, also called the Miracle Morning, available on Prime Video. Midway through filming, Hal was diagnosed with a rare form of leukemia and given a 30 percent chance of survival. He let the cameras roll as he coped with his diagnosis in real time.

He joins us on this podcast to describe that experience, and to talk about the practices that he’s used to stay productive in the face of grief, severe injury and cancer.

He talks to us about:
— the powerful Five-Minute Rule that helped him recover from a nearly fatal car crash
— the six most popular personal development practices of the successful
— specific tactics you can harness to create YOUR most successful life.

As we move into the New Year, many of you are setting goals and resolutions.

Hal describes specific, actionable tactics that you can use to build scaffolding and support around your new goals.

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#479: Ask Paula: Is Mom Getting Ripped Off by Her Investment Advisor?!

Nicole’s 78-year-old mom is paying huge fees for low returns. How can Nicole help her mom make better investments?

Nick is in his 40’s. His long-term care insurance rate is nearly doubling. Should he stop spending on this type of insurance?

Paul is a single dad, worried about paying his daughter’s college costs. He’s trying to figure out how to report lower income on the FAFSA, so that his daughter can get better financial aid.

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

Enjoy!

P.S. Got a question? Leave it here.

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#478: Buy the Damn Guac, with Jamila Souffrant

Ever skipped that extra drink, pricey cheese, or a night out for the sake of your wallet?

If this feels familiar, then you’ll appreciate today’s episode with Jamila Souffrant.

Jamila is a Certified Financial Education Instructor, podcast host, and author, guiding us on making savvy choices to save while still having fun.

Jamila explores the power of understanding our “why not,” staying motivated on our financial paths, shaping a success-bound mindset, and posing THREE crucial self-assessment questions for goal alignment

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#477: Ask Paula: Investing for the Future vs. Paying Down the Past

Kayla is torn between paying off a loan early or catching up on missed retirement contributions.

Josh wants to retire early and meets the threshold for zero capital gains taxes. Should he put all his retirement savings into a brokerage account?

An anonymous caller wants to know how to merge financial lives with her husband from another country.

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

Enjoy!

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#476: Astronaut’s Guide to Taking YOUR Moonshot, with Mike Massimino from NASA and Big Bang Theory

Mike Massimino stared in disbelief at his TV.

The date was July 16, 1969, and he marveled as Neil Armstrong and Buzz Aldrin landed on the moon.

At that moment, he knew he wanted to become an astronaut.

He was six years old.

But as Mike grew older, he developed more “realistic” dreams. After all, every kid wants to become an astronaut. The chances of making it are incredibly slim. He went to a local college, studied engineering, and took a job at IBM.

But he couldn’t shake the tiny voice inside that said – “why not try?”

So Mike upended his life. He enrolled in a Ph.D. program at MIT, and then proceeded to fail the qualification exam so horrifically that his professors gently suggested that perhaps a doctorate isn’t right for him.

He battled to pass the exam on his second attempt, and went on to teach at Georgia Tech, from where he repeatedly submitted applications to NASA for their astronaut candidate program.

He was thrilled when he received his acceptance – until he learned he needed stronger vision. At the time, NASA required astronauts to have natural 20/20 eyesight, without surgery.

So he sought out a doctor to help him re-train his eyesight.

Then he learned that he’d need to pass a swim test. He was in his 30’s and had never swum. “Can’t I just take a math quiz?,” he joked.

But he … didn’t let that sink him. (Pun intended).

In today’s special episode, former NASA astronaut Mike Massimino explains how anyone – including you – can take your own moonshot.

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#475: Tribute to Charlie Munger, The Man Who Taught Warren Buffett How to Invest

Born in 1924, Charlie Munger was raised during the Great Depression.

At the time of his death on Tuesday, his net worth was estimated at $2.6 billion.

But Munger’s greatest achievement wasn’t merely the scorecard of his net worth. His wit and wisdom, which Munger shared with the world through his book, Poor Charlie’s Almanack, which made him one of the most respected investors of the last century.

Munger is the man who taught Warren Buffet how to invest.

He’s lauded as the moral compass of Berkshire Hathaway, the company where he has served as vice chairman since 1984.

He’s the man who famously said, “In the short run, the market is a voting machine. But in the long run, it is a weighing machine.”

Munger and Buffet met each other in Omaha, their shared hometown, at a lunch at the local Omaha Club, where they were introduced by mutual friends. They instantly connected.

Buffet was an unknown at the time, but Munger saw his potential.

Munger’s wife once asked him, “Why are you paying so much attention to [Buffet]?,” and Munger replied, “You don’t understand. That is no ordinary human being.”

Their business partnership and friendship has lasted for more than 50 years, and Munger played a key role in many of Buffet’s investing decisions.

He passed away on November 28, 2023, at age 99.

In today’s First Friday bonus episode, we pay homage to the late investing legend Charlie Munger.

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