Afford Anything

Category: Episodes

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#423: Ask Paula: Can I Make Money with My Passion?

We’ve heard the warnings about following your passion.

People ask if you can *actually* make money doing what you love. They frame the question “passion or profit?” as though these are in opposition.

The majority – who have never tried – decry, “what if you fail?”

Nobody asks the more important question: what if you succeed?

Are you still going to love your passion when you rely on it to pay the bills?

We grapple with that question in today’s episode, which is devoted to side hustles and starting a business. We use questions from two of our listeners as a jumping-off point to discuss the realities of going into business for yourself, doing what you love.

We share examples from our own lives as professional podcasters, as well as from the lives of friends who are full-time photographers, musicians, writers and other creative entrepreneurs.

Enjoy!

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

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#422: Ask Paula: We’re Saving 72 Percent Of Our Income…and It SUCKS

Emily is saving aggressively for financial independence, but it’s hard to enjoy the present. Is it time to increase spending?

Monroe wants to stop working. Forever. Which is more important: debt payoff or investing?

Another anonymous caller and his spouse dream of building a homestead on an expensive piece of land. How much is too much to spend on housing?

Given the high costs of moving, Sarah wonders if buying a starter home is the best decision. Should she and her fiance jump straight to buying their forever home?

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

Enjoy!

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

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#421: How to Schedule Your Day for Peak Enjoyment, with Laura Vanderkam

Life is busy.

We spend too much time on chores, errands, commuting, emails and other draining tasks. We lack time for joy and hobbies.

Or do we?

Today’s guest, Laura Vanderkam talks to us about how to make the most of our time and carve out more space for gratifying experiences.

Laura Vanderkam is a time management and productivity expert. Her latest work, “Tranquility By Tuesday: 9 Ways to Calm the Chaos and Make Time for What Matters” shares actionable steps to help you fill your schedule with more of what you love.

Enjoy!

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#420: What We Learned in 2022, with Paula Pant

Dr. Ellen Vora, M.D., shared insight into the roots of procrastination, offering evidence-based tips for how to overcome our own inner demons of anxiety, fear and laziness.

Psychology professor Bill von Hippel described why too much happiness is just as detrimental to our long-term health and wellbeing as too little happiness.

Wall St. Journal columnist Spencer Jakab observed the perfect storm of conditions that gave rise to meme stonks and other oddities of our era.

Former financial planner Joe Saul-Sehy argued for “strategic under-diversification” and explained the Sharpe Ratio.

Data scientist Nick Maggiulli explains the save-invest continuum.

And financial planner Bill Bengen, the creator of the 4 percent retirement withdrawal rule, talks about what most people misunderstand about the safe withdrawal rate.

These are just some of the highlights from the Afford Anything podcast in this 2022 year-in-review episode.

Enjoy!

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#419: Ask Paula: Should I Stay At My Job For the 401k?

Casey isn’t happy at her job. If she leaves before her one-year mark, she’ll lose her 401k contributions. Should she stay or find a new job?

Ryan’s investing for his son. If the yield is the same between two mutual funds, can he leave his son with more money if one mutual fund pays dividends more frequently?

Emily already maximizes her 401k contributions. Should she contribute to an after-tax 401k next?

Daan resides in a high-cost-of-living area where real estate appreciates rapidly. But there’s no cash flow. How should he evaluate real estate as an investment?

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

Enjoy!

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

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#418: Maybe We Should Spend More, with Dr. Jordan Grumet

When Jordan Grumet was a child, his dad died unexpectedly.

That was decades ago.

Jordan is a father today, but he thinks often about the possibility of dying young.

And he wonders how to balance enjoying today vs. saving for tomorrow, given that none of us know how long we’ll be on this earth.

How do we think about our lives when the clock starts to run out?

Beyond money, what other tools can we use to live a fulfilling life?

Jordan Grumet, a hospice doctor and host of the Earn and Invest podcast, discusses this in today’s episode.

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#417: Ask Paula: Marriage and Money – What Are the Right Conversations?

Our first anonymous caller is getting married. What are the financial considerations the couple should be thinking through since there is a large income gap between them?

Our second anonymous caller is concerned about her ability to continue working due to major depression. Should she consider disability insurance?

Carly is an accidental landlord and would love […]

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#415: How I Give Away 41% of My Income, with Bob Lotich

The average American donates 2.1 percent of their income to charity, according to data from the Giving Institute. 

But an ordinary couple living in Nashville, Bob and Linda Lotich, refuse to be average.

When they were both 31, they decided to “give their age” – they pledged to donate 31 percent of their income to worthwhile causes.

They’ve increased their charitable giving every year since, to match their age. The couple is now 41 years old, and they give away 41 percent of their income.

When they began this project, the Lotich’s were earning a combined household income in the high five-figures. They were making just under $100,000 combined, living in St. Louis. They carried a mortgage on their home. They worried that their commitment to giving might impact their ability to pay the bills.

Over the last decade, their income has fluctuated – up some years, down in others. They moved to Nashville and had three children. These higher living costs have drastically impacted the family budget.

But their commitment to giving persists.

In today’s episode, Bob Lotich joins us to talk about why and how he committed to the “give your age” philosophy – and shares his advice for anyone who wants practical tips for increasing their capacity to donate to meaningful causes.

Enjoy!

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#414: Ask Paula: I Think I Can Retire Early. Am I Delusional?!

Natasha thinks she and her husband have saved enough to retire early, but they’re scared. Are they ready or are they delusional?

Should Krista tap into the equity from one of her rentals to rebalance a portfolio that is weighted heavily in real estate?

Anonymous is a savvy investor who wants to retire early. She wonders if she should hire a financial advisor, or if she can manage her investments herself.

Amanda is worried that her recently diagnosed health condition might force her to stop working.  How should she financially prepare her family?

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

Enjoy!

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

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