Afford Anything

Category: Episodes

By Erin @ Team Afford Anything

PSA Thursday: What’s Happening with Student Loans?

Welcome back to PSA Thursday, a weekly-ish segment in which we talk about how to handle money, work, and life in the year that is 2020.

Today we provide an update on the latest news in student loan forgiveness and forbearance, plus smart strategies for student loan repayment in 2021.

Here’s what we discuss:

  • When you can expect to make payments on qualifying student loans again
  • What could happen in the future
  • How to budget for your student loan repayments
  • Should you make extra student loan payments?
  • What you should do if you have private student loans
  • How your employer could potentially help you pay off your loans (if they have an educational assistance program in place)

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By Erin @ Team Afford Anything

#289: Business Principles that Improve Your Life, with Josh Kaufman

Wish you could get a crash course in business administration, without the expensive price tag?

Want to know how you can provide more value in your current job to increase your chances of a promotion or raise?

Are you exploring the possibility of turning your side hustle into a full-time business, but have no idea where to start?

Today, Josh Kaufman, bestselling author of The Personal MBA, joins us on the show to discuss all three of these situations and much more.

In Josh’s words, “I think in general, business as a domain of knowledge is one of those things that once you learn it…it can help you in all sorts of different areas, even outside of business.” Regardless of whether you’re a teacher, graphic designer, entrepreneur, junior level employee, or manager, becoming familiar with business basics can change your perspective on work and the part you can play in your role.

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By Paula Pant

PSA Thursday: To Buy or Not to Buy?

Many people in the personal finance / FIRE community have a complicated relationship with the concept of consumer spending.

They may see family, friends and neighbors demonstrate one extreme — they’re profligate spenders who will buy anything — and, in an effort to be nothing like them, they may overcompensate by becoming extreme penny-pinchers. (I see this often at the start of a person’s FIRE journey, when the pendulum is swinging sharply in the other direction). 

The reality is that neither extreme is healthy.

There’s a middle ground between being so gullible that you’ll buy anything vs. being so cynical that you build a wall that shuts real value out of your life and hampers your growth.

In recognition of that balanced middle path, today’s PSA Thursday episode focuses on five questions that you should ask yourself before making a purchase.

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By Paula Pant

#287: Put Yourself on the Hook, with Seth Godin

“Confidence is a trap.”

“Personal narrative is another trap; it was invented by the social media people to turn well-rounded, comfortable people into balls of insecurity.”

“Authentic is a ridiculous concept, and it’s a trap, and no one wants you to be authentic. They want you to be consistent.”

Prolific thinker and writer Seth Godin, arguably the most famous modern author in the field of marketing and storytelling, shares these insights in today’s conversation.

Seth Godin is famous for his ideas. He’s written 19 bestselling books on mastery, creativity, business and marketing. His books have been translated into 35 languages, and one of his books was the top bestselling marketing book of the last decade. He’s an inductee to the Marketing Hall of Fame (yes, it exists).

He joins us today to talk about creativity, choice, the importance of practice, and how to overcome your self-imposed limitations.

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By Erin @ Team Afford Anything

PSA Thursday: How to Slash Your Food Budget, with Rosemary Fotheringham

Welcome back to PSA Thursday, a weekly-ish segment in which we talk about how to handle money, work, and life in the year that is 2020.

Today, we’re tackling one of the biggest line-items on your budget: food.

According to the Bureau of Labor Statistics, in 2019, Americans spent just over $8,000 on food.

If you’re on a tight budget, slashing your grocery bill is one of the easiest ways to spend less. But what if you don’t want to compromise on healthy eating?

Today’s guest, Rosemary Fotheringham, is a Functional Nutritional Therapy Practitioner (FNTP) who’s also on the path to financial independence. She and her husband slashed their monthly grocery bill from $1,200 down to $300 – without eating pasta every night.

In this episode, Rosemary explains their framework for healthy eating and shares her best tips for eating well on a tight budget.

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By Paula Pant

#286: Ask Paula – How Long Will It Take Me to Become a Millionaire?

Kaitlyn has $78,000 saved for a property, but she isn’t sure whether she should buy a personal residence, a rental property, or both. How can she best use this money?

An anonymous listener wants to lower their housing expenses. Should she and her husband buy a cheaper property and turn their current home into a rental, or should they stay and pay off the mortgage as quickly as possible while saving for a downpayment on another property?

Alex is just getting started with financial independence and asks: how can you calculate your financial independence date, and how do you know how much you need to save to reach that number at a certain age? 

Ell wants to know: what’s the difference between a high-yield savings account and a money market account, and how can you maximize the interest you earn in these accounts?

Jenn wants to know: is it possible for Canadians to find cash-flow positive real estate deals, either in Canada or the United States?

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

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By Paula Pant

#285: Ask Paula – How Can I Pay for Grad School?

Sam wants to use the funds in her Vanguard S&P 500 index funds for a downpayment on a house. She isn’t sure if she should keep her savings in the market. Should she move her money, and where?

Hailey purchased a duplex in March and is already looking to sell due to a hostile tenant during the purchase process. How can she shift her focus from her initial return on investment to a long-term outlook?

Zoe dreams of attending grad school, but her savings are locked away in retirement accounts. How can she save for grad school in the next two to three years?

Mohamed wants to monetize a new podcast with affiliate relationships, but the service providers he wants to promote don’t offer affiliate programs. Can he still make this work, and how?

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

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By Erin @ Team Afford Anything

PSA Thursday: Broadcasting Live from FinConX

Welcome back to PSA Thursday, a weekly-ish segment in which we talk about how to handle money, work, and life in the year that is 2020.

Paula Pant and Andy Hill broadcast from Dallas, where they’re part of a bare-bones skeleton production crew that’s hosting the 10th annual FinCon, a conference for a community of personal finance podcasters, YouTubers and bloggers.

On the evening before the event, they reflect on the importance of community, especially when it comes to learning about money management. Enjoy this behind-the-scenes glimpse.

Paula and Andy discuss:

  • Why FinCon is a great resource for discovering others in the personal finance space. For example, content creators who cover Canada, student loan debt, parenting, etc.
  • Why you shouldn’t hand your critical thinking over to someone else
  • The philosophy of Afford Anything, and why that and the community come first
  • Paula’s worldview on being an “expert” or a “guru” and how you can present yourself differently
  • Paula puts Andy in the hot seat: how does he see himself as a content creator?
  • Leading from behind

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By Erin @ Team Afford Anything

#284: The Psychology of Money, with Morgan Housel

Do you wrestle with the idea of leaving your savings in an account earning next to nothing versus investing it in the stock market?

Do you use investment strategies that allow you to work with your nature, rather than against it?

Are you careful to seek investment advice from those who share your investment goals, or do you get caught up in the trends of day traders?

Morgan Housel, author of The Psychology of Money, joins us to discuss why investing is not the study of finance, but the study of how people behave with money. Morgan is an award-winning financial journalist, former columnist for the Wall Street Journal and The Motley Fool, and one of the foremost thinkers in the world of investing.

As a long-term investor who shares our buy-and-hold philosophy, Morgan has behavioral finance insights that can help us invest for financial independence with more clarity and a better understanding of ourselves.

We discuss how to develop self-awareness around biases, the importance of flexibility for long-term strategies, saving like a pessimist and investing like an optimist, becoming durable in the face of market adversity, the key difference between patience and stubbornness (and how it affects your mindset), expectation management, the importance of bonds and emergency funds, and a difficult lesson about tail risks that Morgan learned at age 17.

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