Personal Finance 101

New to personal finance and money management? Start here to learn about the basics like paying off debt, saving more, spending less, and budgeting.

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    #283: Ask Paula & Joe – Could the Stock Market Be Too Much of a Gamble?

    ByErin @ Team Afford Anything
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    Andrea’s parents have a seemingly salesly financial advisor. He tried to get them to purchase a second life insurance policy, among other potentially pushy moves. Are her parents better off without his advice?

    Teresa can’t shake the feeling that the stock market is more of a gamble than an investment. Is there any advantage to holding funds for the long-run if the market drops and you lose your gains?

    June is curious about the best college planning strategies for families who are working toward, or close to, financial independence. How can you help your children while securing your financial future?

    Big Sister’s little sister rents a mobile home in an area she loves. The owner wants to sell, but her little sister might not obtain financing. Should Big Sister buy the property and sell it to her via seller financing?

    Managing for Mom in Massachusetts has an investment strategy that he wants to run by us. Does it make sense to shift a 50/50 stocks and bonds portfolio to 100 percent stocks, and shift back to a 50/50 split after the market returns to pre-pandemic numbers?

    My friend and former financial planner Joe Saul-Sehy joins me to answer these questions. Enjoy!

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    #277: Timeless Financial Lessons from My Grandma, with Michelle Singletary

    ByPaula Pant
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    Michelle Singletary writes a Pulitzer-nominated personal finance column, The Color of Money, for The Washington Post. Her column is syndicated in more than 100 newspapers nationwide. She’s the author of three finance books and holds an MBA from Johns Hopkins University.

    But her strongest financial education came from her grandmother.

    Her grandmother raised five grandchildren while working full-time as a Nursing Assistant at a hospital. She earned $13,000 per year, but never took welfare, was never late on a bill, and “handled her money like a pro.”

    In this podcast episode, Michelle shares timeless financial lessons she learned from her grandmother, including…

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    #275: Avoid These 13 Hidden Money Mistakes That Most People Make, with Jill Schlesinger

    ByPaula Pant
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    It’s September! I’m on round two of what I’ve dubbed my September Sabbatical, otherwise known as my yearly time to take a one-month recess from podcast production.

    Throughout September, we’re airing some of the most insightful, inspiring interviews from the archives. You’ll hear from experts discussing topics like habits, happiness, focus, digital minimalism, classic financial lessons and easy-to-make financial mistakes. Enjoy!

    Even the nerdiest of money nerds are susceptible to making a dumb financial mistake.

    “Nope, not me! There’s no way I make any financial mistakes. I live and breathe this stuff.”

    Hm, really? You’re not capable of making any financial mistakes?

    By the way – we’re not talking “classic” mistakes like taking out a bunch of loans, running up your credit card, or making a late payment.

    We’re talking about hidden mistakes, like having the wrong life insurance policy, or not having an estate plan, or listening to the wrong ‘experts.’

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    #273: The Emotional Complexity of Money, with Dr. Dan Ariely

    ByErin @ Team Afford Anything
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    Has the pandemic caused you to feel less-than at any point?

    Do you find your painstakingly-formed money habits harder to stick with?

    Are you worried about losing your job or figuring out how to make ends meet?

    Many of us have faced one or all of these pressures since March. And we’re wearing thin, if we haven’t already crumbled.

    Today’s guest, Dr. Dan Ariely, best-selling author and famed behavioral economist, returns to the show with a simple message for us:

    “My responsibility ends at me doing the best job I can.”

    If this resonates with you, tune in as Dr. Ariely and I discuss the emotional complexity of money.

    Specifically, we discuss: preparing for a job loss and lowering expenses, the emotional and financial complexity of control, the value of resilience (and how to become more resilient), and embracing the pain of the process.

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    #272: Ask Paula – I’m Three Years from Retirement. How Should I Invest?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA272.mp3" title="Ask Paula - I’m Three Years from Retirement. How Should I Invest?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Kelsey doesn’t feel comfortable investing in total stock market index funds and would rather invest in ESG funds. How can she tell if she has the necessary $2,000 invested in a company to submit a proposal to participate in a proxy voting? Also, Vanguard has a poor history of supporting shareholder resolutions. What can we do about this?

    An anonymous listener, nicknamed “Jack from Belgrave,” wants to buy and househack one duplex every year to achieve financial independence and leave his office job within the next three to four years. Is his plan realistic?

    Dylan and his wife rolled her 401k into a rollover IRA with pre-tax contributions. They’ve continued contributing to this IRA with post-tax contributions. Should they separate the accounts, or can they worry about this when they’re ready to retire?

    “Alyssa from Belgrave” (another anonymous listener) and her partner earn $150,000 per year after taxes. They’re currently saving 80 percent by living with family. What should they do with their savings?

    Leigh and her husband are three years away from retirement. They have an extra $50,000 in income this year and plenty of options for where to invest this money. Which one is the best?

    Former financial planner Joe Saul-Sehy joins me to answer these questions on today’s episode. Enjoy!

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    #270: Ask Paula – Buy a Home, Buy Investments, or Pay Off Debt? How Do I Decide?

    ByPaula Pant
    [smart_track_player url="https://traffic.libsyn.com/secure/paulaandjaymoney/AA270.mp3" title="Ask Paula - Buy a Home, Buy Investments, or Pay Off Debt? How Do I Decide?" artist="Paula Pant" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_stumble="true" social_pinterest="true" social_email="true" ]

    Briana and her husband want to buy a home, but they don’t have enough saved for a downpayment. They also have student loan debt and a car loan. Which should they prioritize?

    Javier is sick of being in debt. What can he do to put himself in a better situation?

    Tracie wants to buy her first rental property, but she has student loans and a car loan to pay off. If she receives $20,000 from a cash-out refi, how should she use this money?

    Vanitha wants to start a non-profit organization in memory of her uncle. She wants to know: what does this process look like?

    Margie went under contract on a primary residence listed as a six-bedroom property. She found out that, legally, it’s a four-bedroom home. Should she re-negotiate the price, or ask for credits at closing?

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

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    #267: This Year’s Financial Reckoning, with Farnoosh Torabi

    ByPaula Pant
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    This week, one of the most acclaimed names in the world of personal finance journalism joins us to reflect on the events of 2020.

    Farnoosh Torabi started covering personal finance in 2003 as a reporter for Money Magazine. She later became a correspondent for Jim Cramer’s The Street and the host of CNBC’s primetime show Follow the Leader. She’s the host of the award-winning So Money podcast and the author of several bestselling personal finance books, including When She Makes More: 10 Rules for Breadwinning Women.

    She’s a contributing editor to NextAdvisor, a personal finance platform in partnership with TIME, as well as a financial columnist to O, The Oprah Magazine and a contributing editor for Bloomberg Business.

    She joins us to discuss how the events of 2020 have led to a great financial reckoning.

    You’ll enjoy this if:

    • You want to hear candid discussion about race, privilege, and the wealth chasm
    • You’re curious to hear about how the personal finance landscape has changed in the last two decades
    • You’re wondering if, in fact, “this time it’s different”
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    #263: How to Build Financial Resilience in 2020, with Dr. Brad Klontz, financial psychologist

    ByErin @ Team Afford Anything
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    Brad Klontz - Afford Anything PodcastDo you feel like you’ve spent the last few months on an emotional rollercoaster? Especially with your finances?

    Many of us have experienced one — if not all — of the following situations since March:

    • Volatility in the stock market rattling our retirement portfolios
    • Inconsistent and sometimes delayed unemployment benefits
    • Uncertainty around employment, including reduced hours, reduced pay, furloughs, and safety issues
    • Fears about our own health and safety
    • Fears about the health and safety of loved ones

    It’s been a tough year, and we’re only halfway through it.

    Today’s guest has insights and actions to help you build financial resilience in 2020. Not only will you emerge from the events of this year stronger, you’ll also face future personal challenges and economic downturns with more confidence and knowledge.