Afford Anything

Category: FIRE

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#444: Student Loan Payments Restart Soon: What to Expect

The student loan pause is coming to an end. 

A moratorium on student loan repayments has been in place since the start of the pandemic, but starting Sept. 1st, millions of borrowers will be required to start making payments on their loans again.

What does this mean for borrowers? In this episode, we’ll discuss what borrowers can do to prepare, including an in-depth look at the variety of repayment plan options. 

We’ll also talk (in general terms) about how to handle ANY surprise new monthly bill – whether it’s a medical bill, a family member who needs ongoing financial help, or a student loan repayment that’s about to restart. 

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#442: Ask Paula: I Tripled My Income. Now What?

An anonymous caller is struggling with a tempting offer from her family to buy her first house.

Tyson is wondering if it’s a good time to convert his bonds into treasuries.

“Jaula” wants to know if she should count her side hustle income as part of her retirement money.

Chris recently tripled his income. How should he manage this unexpected surplus?

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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#440: Ask Paula: Am I Saving Enough For Retirement?

“Barbara,” an anonymous caller from Episode 422, is struggling with a scarcity mindset. How does she stop worrying about the future and build the confidence to enjoy life now?

Samantha and her partner have lived out of their truck for 20 years. They sorta-kinda feel ready to buy a house and settle down. But they’re hesitating. What if they hate it?

An anonymous caller wants to retire and travel in 20 to 30 years. How does she know if she’s saving enough?

Trace plans to take a mini-retirement next year. Where should she keep her savings until then?

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

Enjoy!

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#437: The Five Types of Perfectionists, with Katherine Morgan Schafler

Do you have a project you want to start … but you’re stuck in analysis paralysis?

Do you feel like if you want to do something right, you have to do it yourself?

Do you try to wind down after the end of a long day, but your energy levels are just not quite restored?

If you answered “Yes!” to any of these questions, then this episode is for you.

Psychotherapist Katherine Morgan Schafler, a former on-site therapist at Google, and author of “The Perfectionist’s Guide to Losing Control,” joins us to chat about her research on perfectionism.

She shares a framework on five types of perfectionism. She describes the pros and cons of each type, and how to work through some of the negative tendencies to build a more emotionally healthy life.

Enjoy!

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#435: Ask Paula: How To Prepare for A Layoff

Lee is 30 and facing a tech layoff. She can live for a year on her savings. She’s thinking about taking the rest of the year off. How should she prepare her investments?

Stacy wants to buy an Airbnb but she’s scared she’ll regret selling her company stock to do it.

An anonymous caller is tired of living paycheck-to-paycheck as a freelance artist. How can she stabilize an inconsistent income?

Danelle is a DIY investor. She can’t find a financial advisor who gives advice without insisting on managing her investments. Is she looking in the wrong places?

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

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#434: Tips for Tipped Workers, with Barbara Sloan

The majority of financial advice is geared to people with 9-5 jobs:

• “Negotiate for a raise.”

• “Max out your 401k match.”

• “Budget based on your income.”

Where’s the financial advice for people who earn money in tips: restaurant servers, bartenders, hairstylists, concierge, valets, ushers, nail salon workers, strippers, or other service industry professionals?

What about gig economy workers, freelancers and entrepreneurs? People who don’t earn a regular paycheck?

Not only do these workers earn a volatile and unpredictable income, they also often don’t have job-provided health insurance, retirement plans, and paid time off. They need to provide themselves with these benefits. What should they do?

That’s where Barbara Sloan comes in. She’s a financial coach and author of “Tipped: the life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals.”

Her book and advice applies to anyone who works outside of the traditional confines and systems.

If you (or someone you know) works for tips, you’ll love Barbara. And if you’re curious about exploring work outside of the normal 9-to-5, and wonder how to set yourself up for financial success when your income is hit-or-miss, this episode is for you.

Enjoy!

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#433: Ask Paula: Should I Quit My Cushy Job?

Should “Walker,” an anonymous caller, give up a cushy job to take a year-long sabbatical in Europe?

Blue wants to rent out his East Coast home, take a sabbatical from work, travel to the West Coast with his family, and start a YouTube channel and other entrepreneurial projects. How should he manage his money to make this happen?

Melissa regrets buying a house two years ago in Ft. Lauderdale. She’s poured $30,000 into repairs, all of which she borrowed. Her home-related debts have mounted. She’s over-extended. Should she cut her losses?

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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#431: Mr. Money Mustache Talks About His Dating Life

The title says it all. Paula Pant interviews Mr. Money Mustache about his dating life.

We chat about why he wants to date inside the FIRE community (financial independence, retire early) – and whether he’s had any luck.

We discuss the perils of navigating into the dating world after a divorce, which he did at age 43.

And – AHEM – HE’S ON THE APPS. Well, specifically, he’s on one app. And it’s technically not an app, it’s a website. Whatever. HE’S ONLINE DATING, FOLKS. We talk about the difference between flirting in real life vs. online, and he dishes about what he looks for in a dating profile.

Mr. Money Mustache is the pseudonym of Pete Adeney, one of the most prominent figures in the FIRE movement. He co-stars with Paula, Tiffany Aliche and Ross Mac in the 2022 Netflix documentary Get Smart with Money.

Enjoy!

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#430: Ask Paula: My Parents Are Drowning In Credit Card Debt. What Should I Do?

D is worried that she’s going to suffer from her parents’ poor financial choices. Is it time to confront them about it?

An anonymous caller and her fiance both own a house. Which one do they move into after the wedding?

In a world of rising inflation, Nick wants to know if it’s time to change the way he saves for his future.

Another anonymous caller wants to buy a second home within a decade. How does she start planning now?

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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#428: Ask Paula: Do I Really Need a Financial Advisor?

Jamie currently lives at home and dreams of reaching financial freedom by her early 30s. How can she take advantage of her low expenses to accelerate her wealth building?

An anonymous caller has enough to retire in 5 years. Does she still need her financial advisor or is it time to do it on her own?

Meghan is a personal finance enthusiast who wants to start a coaching side hustle. What’s the best way to get started? 

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

Enjoy!

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

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