Afford Anything

Category: FIRE

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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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#425: Ask Paula: My Dad Died, and My Mom Is CLUELESS About Finances

Ellen’s dad died unexpectedly. Her mom is clueless about finances. How does she help a 70-year-old unravel financial complexities?

Mike has an opportunity to buy into his friend’s growing business. What should be his legal, financial, and relationship considerations?

Pepp wants to know what’ll happen to her Restricted Stock Units when her company goes private.

An anonymous caller needs to build her nest egg. She’ll be a full-time student with no income. She has 20 years until retirement. Should she execute a Roth conversion?

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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#424: The Power of Knowing When To Walk Away, with Annie Duke

We’re taught to stay in the game.

Persist. Be gritty. Try, try again.

But sometimes, the best decision is to walk away. Move on.

How do you know when that’s right? When should you double-down … and when should you fold?

Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills.

Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit.

It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice.

She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life.

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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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#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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