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Category: Episodes

January 10, 2025By Paula Pant

#572: Your Last Thoughts Won’t Be About Money, with Dr. Jordan Grumet

At age 7, Dr. Jordan Grumet lost his father. This early loss shaped his career path — he became a physician, following in his dad’s footsteps. But by 2010, feeling burned out from internal medicine, he took an unexpected turn: he became a hospice doctor.

In this episode, Dr. Grumet joins us to discuss what he’s learned from thousands of conversations with people in their final days.

These discussions have revealed a pattern: people don’t typically regret their bank balance on their deathbed. Instead, they regret not pursuing the activities and dreams that truly lit them up.

Dr. Grumet explains the difference between what he calls “Big P Purpose” versus “little p purpose.” Big P Purpose involves major life goals like becoming president or curing cancer. Little p purpose, by contrast, focuses on the process — finding activities you enjoy regardless of the outcome.

He shares the story of a young professional who loved competitive cycling. While working a demanding nonprofit job, this person started fixing bikes at races on weekends. This side project combined his skills and passion, eventually creating enough income for him to reduce his full-time hours.

Dr. Grumet introduces three key concepts for building more purpose into your life:

– Joy of Addition: Add activities that excite you, even if just for 15 minutes daily
– Art of Subtraction: Remove activities that drain you
– Substitution: When you can’t add or subtract, swap one activity for another

He emphasizes that money isn’t the only tool for creating change. Youth, energy, relationships, skills and community can be equally valuable resources. A 22-year-old might lack funds but has the advantage of time and stamina that a 51-year-old doesn’t possess.

Dr. Grumet references the Harvard Adult Developmental Health Study, which found that strong relationships — not achievements or money — most strongly correlate with happiness. He suggests that pursuing activities you enjoy naturally leads to building these vital connections.

The episode closes with a powerful story about his grandfather, who loved math and became an accountant in the 1950s.

This passion influenced Dr. Grumet’s mother to become a CPA, which in turn helped young Jordan develop confidence in math, despite his reading challenges. Years later, this mathematical thinking helped him diagnose a rabbi’s rare condition — proving how small actions can create ripple effects across generations.

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January 7, 2025By Paula Pant

#571: Q&A: When Your Crypto Bet Pays Off TOO Well

An anonymous caller’s crypto investments have recently skyrocketed to 17 percent of her investment portfolio. Given the volatility of this asset, should she rebalance it or go all in?

Jocelyn wants to buy a house in three years but she’s reluctant to keep her sizable down payment in cash. What if she splits the difference and invests half the money instead?

Allison feels antsy holding $1 million in cash with falling interest rates on the horizon. How does she optimize this money while keeping it liquid enough to buy a house on an uncertain timeline?

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

Enjoy!

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January 3, 2025By Paula Pant

#570: The Compound Effect of 52 Tiny Financial Changes

Grab your free copy of the 52-week guide to micro-improvements at affordanything.com/financialgoals

_______

In 2012, the British cycling team pulled off what seemed impossible. After 76 years of losses, they won the Tour de France, took second place, and grabbed 8 Olympic gold medals. Their secret? Tiny improvements that added up to massive change.

That’s the philosophy behind “One Tweak a Week,” a year-long financial roadmap broken into 52 small, manageable steps. Each tweak takes less than an hour — many just minutes — but compound into significant financial progress over time.

The plan breaks down into four quarters. Quarter 1 lays the groundwork with foundational habits like writing a financial motivation statement, calculating net worth, and choosing key metrics to track. It’s about getting clear on where you stand and where you’re headed.

Quarter 2 shifts focus to optimizing your money. You’ll track prices, adjust thermostat settings to cut energy costs, create a “fun fund” for guilt-free spending, and develop strategies for charitable giving. This quarter also tackles professional development and emergency medical expense planning.

In Quarter 3, the focus turns to systematic improvements — maintaining proper tire pressure to save on fuel, capturing work-from-home savings, planning for seasonal expenses, and building a buffer for unexpected price increases.

Quarter 4 wraps up with fine-tuning your system. You’ll evaluate housing options, manage variable food costs, set micro-saving challenges, and create strategies for handling market uncertainty.

The approach mirrors what British cycling performance director Dave Brailsford calls “the 1 percent margin for improvement.” He transformed the team by focusing on tiny details — everything from athlete hand-washing techniques to bringing specific mattresses to hotels for better sleep. Even painting the maintenance floor white to better spot problematic dust on bike gears.

Like Brailsford’s approach, these financial tweaks might seem small on their own. But together, they create a comprehensive system for building lasting wealth.

The guide is available at affordanything.com/financialgoals.

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December 31, 2024By Paula Pant

#569: Financial Lessons We Learned – and What’s Ahead for 2025

Let’s take a look back on the biggest financial and economic stories of 2024 – and a look ahead to 2025!

The Fed
GDP
The Bull Market
The Deficit
Inflation
Bitcoin
Basel III Endgame
and Scientific Breakthroughs

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December 20, 2024By Paula Pant

#568: Q&A: Why Smart Investors Are Questioning VTSAX and Chill

Jason is confused by the recent discussions about the efficient frontier and Paul Merriman’s four-sector strategy. It seems a lot like another form of stock-picking. What’s the difference?

Michelle straddles the Roth income threshold and is frustrated that she never knows if she’ll qualify for a Roth contribution until tax season. Is her current savings plan too complicated?

Evan has $100 to spend on personal finance books for his high school’s library. What books would Paula and Joe put on this limited shelf space?

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

Enjoy!

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December 17, 2024By Paula Pant

#567: Lessons from High-Stakes Decisions, with Polina Marinova Pompliano

What happens when an astronaut goes blind during a spacewalk?

For Chris Hadfield, this wasn’t a hypothetical scenario. While working outside the International Space Station, cleaning solution from his helmet visor spread into both eyes, leaving him completely blind in the vacuum of space.

His response? Stay calm and methodically evaluate options. He could call Houston. He could have a crew member rescue him. He could try to cry to flush out his eyes – though that’s tricky in zero gravity.

This story opens our conversation with Polina Marinova Pompliano, former Fortune Magazine reporter and author of the new book “Hidden Genius.”

Through her interviews with high-performers across fields — from astronauts to investors to extreme athletes — she uncovers patterns in how people handle uncertainty and build resilience.

Take trust, for example. Reid Hoffman’s formula is simple: Trust = Consistency + Time.

It’s not enough to show up sporadically when it’s convenient. Trust builds through meeting deadlines, following through on commitments, and maintaining clear communication — even during challenges.

Reliable consistency compounds over time, much like interest in an investment account.

Or consider Charlie Munger’s approach to beliefs. Rather than defending positions “to the death,” he argues you should only claim to believe something if you can argue the opposition’s viewpoint better than they can. This forces you to genuinely understand different perspectives rather than just reflexively disagreeing.

The conversation explores how people navigate major setbacks, from Conrad Anker surviving an avalanche that killed his climbing partners to Polina’s own experience of quitting Fortune magazine right before COVID hit. A key theme emerges: resilience isn’t about avoiding difficulty, but about training yourself to handle it through small daily practices.

Former Navy SEAL David Goggins calls this “callusing the mind.” By deliberately doing one uncomfortable thing each day – whether that’s running in the rain or having a difficult conversation – you build your capacity to handle larger challenges. The goal isn’t to become superhuman, but to expand your comfort zone step by step.

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December 17, 2024By Paula Pant

#566: Q&A: Breaking Up with Total Market Funds After 10 Years

Jackie is sold on Paul Merriman’s “Four Funds” approach, but she’s overwhelmed by the logistics of diversifying her single fund portfolio.. What are the best practices to redistribute her investments, handle taxes, and manage rebalancing?

Heidi’s mother recently passed and she’s struggling to decide between distribution options, their tax implications, and investment options for the […]

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December 10, 2024By Paula Pant

#565: Codie Sanchez: From Wall Street to Washing Machines

When Codie Sanchez worked in finance, she wasn’t planning to buy a laundromat. But facing 60-70 hour workweeks and realizing she didn’t want her boss’s job, she started looking for an exit strategy. Instead of buying a fancy car during her “midlife crisis,” she purchased that first laundromat – a decision that would lead her to acquire multiple laundromats, car washes, and other local businesses.

Codie joins us to break down how regular people can buy and run profitable local businesses, even without previous ownership experience. These “Main Street” businesses – think laundromats, car washes, landscaping companies, and other local services – often generate steady cash flow without requiring complex technology or massive scale.

She shares eye-opening stats about business ownership in America: while 80 percent of Americans owned a business in the 1800s, today that number has dropped to just 6 percent. Meanwhile, private equity firms have increased their ownership of small businesses from 4 percent in 2000 to 20 percent by 2020.

But there’s good news for aspiring business owners. Codie breaks down 21 different ways to finance a business acquisition, from seller financing to equipment loans. She explains that 60 percent of businesses sell with some form of seller financing, making ownership more accessible than many realize.

Want to avoid common pitfalls? Codie introduces her RICH framework:
– Research: Define what type of business fits your goals and skills
– Invest: Get skin in the game, but never risk bankruptcy
– Command: Use systems and metrics to avoid accidentally buying yourself a job
– Harness: Build toward bigger goals if desired

She emphasizes starting small — master one business before attempting to build an empire. A successful acquisition requires understanding the “roadmap to making money” – the 5-7 key steps that drive profit in any business.

The numbers tell an encouraging story: while 90 percent of startups fail within 10 years, small business acquisitions have a 75-95 percent success rate. Codie attributes this to buying proven business models rather than starting from scratch.

Perhaps most importantly, she challenges the notion that “boring” businesses can’t generate serious wealth. From a roofing company founder becoming one of the world’s wealthiest women to a garbage collection entrepreneur building a billion-dollar enterprise, Main Street businesses have created numerous millionaires and billionaires.

Want to learn more? Check out Main Street Millionaire.

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December 9, 2024By Paula Pant

#564: The Real Story Behind These New Tariffs

Our economy just gave us two big surprises that shape how we’ll do business and invest in 2025.

Our job market is going through major changes. Sure, we added 227,000 jobs – way more than anyone expected. Healthcare and hospitality are booming. But here’s what you need to watch: our unemployment rate just climbed to 4.2%. When you look at how many people are joining or leaving the workforce, you’ll spot some interesting signals about where we’re headed.

You’ve probably heard about these new trade proposals making waves. They’re targeting our biggest trading partners – Mexico, Canada, and China. Let’s talk about what tariffs really mean for your wallet. Some industries win, others lose. Your grocery bill? That might change. Your job prospects? That depends on your industry. We’ll help you connect these dots.

This matters because you need to know how these shifts affect your money, your job, and your business decisions. Our markets are changing. Our policies are evolving. But when you understand what’s happening, you can make smarter moves.

Join us as we break down these economic changes into practical insights you can actually use.

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December 3, 2024By Paula Pant

#563: What the Crypto Shift Means for Your Money, with Tatiana Koffman

Bitcoin is hitting new all-time highs. Is this just another bull cycle, or are we witnessing a fundamental shift in how the world thinks about money?

That’s the question at the heart of our conversation with Tatiana Koffman, General Partner at Moonwalker Capital and author of “The Myth of Money.”

Koffman joins us to explain why Bitcoin might be considered “digital property” rather than just a currency. She breaks down how Bitcoin derives its value from mathematical scarcity – similar to how gold becomes harder to mine over time, Bitcoin becomes more difficult and expensive to create every four years through events called “halvings.”

The conversation moves through several key developments in cryptocurrency. We discuss the recent approval of Bitcoin ETFs and how traditional financial institutions like JPMorgan Chase (whose CEO Jamie Dimon once openly criticized crypto) are now embracing these products. Koffman shares insights about crypto adoption worldwide, from El Salvador’s experiment with Bitcoin as legal tender to Dubai’s emergence as a crypto hub.

When discussing Africa’s cryptocurrency landscape, Koffman explains how Nigeria’s unstable banking system has driven crypto adoption, with many young people using decentralized exchanges to participate in global markets. She describes how some Nigerians have built significant wealth starting from nothing, using “airdrops” (free tokens given to early adopters) to begin trading.

The interview includes a debate about inflation rates and economic data reporting, with Koffman expressing skepticism about official figures, while I push back on claims made without supporting evidence.

Koffman also explains different categories of crypto investments, distinguishing between Bitcoin as a potential store of value and what she calls “meme coins” – speculative assets she compares to gambling. She provides context about stable coins, particularly USDC and Tether, and their role during the Silicon Valley Bank collapse.

For those interested in investing in cryptocurrency, Koffman suggests starting with exposure to Bitcoin through regulated platforms like Coinbase or ETFs, while emphasizing the importance of proper security measures. She explains concepts like “cold wallets” and “seed phrases,” comparing them to different levels of bank security.

Looking ahead, Koffman discusses cryptocurrency’s potential role in reducing dependence on the U.S. dollar, particularly in developing economies, while acknowledging the challenges of creating stable alternative currencies.

Find Koffman’s weekly newsletter at mythofmoney.com or follow her on Twitter and Instagram @TatianaKoffman.

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Afford Anything

  • Start Here
    • About
    • Team Afford Anything
    • Media
    • Questions?
  • Blog
    • Binge
  • Podcast
    • Binge
    • Sponsors
    • Ask a Question
    • Guest Guidelines
  • Community
  • TV
  • Explore
    • Your First Rental Property
    • Travel
    • Start a Blog
    • Earn Extra Income