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By Erin @ Team Afford Anything

#263: How to Build Financial Resilience in 2020, with Dr. Brad Klontz, financial psychologist

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.

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By Paula Pant

#262: Ask Paula – I’m Taking a Mini-Retirement in a Pandemic. What Should I Do?

Tyson is taking a year off of work and plans to devote some of his time to domestic travel, volunteer work, and bolstering his rental property portfolio. He originally planned to travel internationally, but won’t due to the pandemic. How does this plan sound?

Jace is wondering whether she should take advantage of the low stock market prices or keep a larger emergency fund due to the pandemic. Which is the better option, given her goal of financial independence?

Jace also wants to know: where do you park your money after maxing out a 401k and Roth IRA?

Venkat had to relocate after living in a condo for one year. He rents out the condo, but he’s in the red. Should he sell this condo? If so, when? 

TW has $250,000 in cash that he can use to either pay off his rental property or purchase two more properties. Which is the better option? 

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

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By Erin @ Team Afford Anything

PSA Thursday – Your Complete Guide to Donor Advised Funds

Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.

In this episode, we cover what donor-advised funds are, how they work, how to open one, and the benefits of including a donor-advised fund in your financial plan or giving strategy.

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By Paula Pant

#261: Why I Quit My Job in the Middle of a Recession — Interview from Lessons from a Quitter

We’re in an economic collapse.

We have the highest unemployment since the Great Depression.

There are many more people who want jobs than there are jobs available.

Yet, you want to quit your job.

Maybe you planned to change careers this year, maybe you wanted to take a sabbatical, or maybe you wanted to retire early.

Regardless of your plans, you might feel as though this recession ripped them to shreds and blew them out the window.

But…what if you could still make your plans work?

What?! Quitting your job at the beginning of a recession is INSANE, isn’t it?

Maybe. Maybe not.

You’re kidding. Right? …Right?? Isn’t that equivalent to career suicide?

Nope. It worked for me.

Since we’re in the middle of another recession and many of you want to voluntarily leave your job at some point in the future, I’m re-airing an interview I did on Lessons From a Quitter two years ago. The host, Goli, interviewed me about quitting my job at the beginning of a recession.

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By Erin @ Team Afford Anything

PSA Thursday – How Does the CARES Act Impact Student Loans?

Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.

In this episode, we cover how to manage student loans in the midst of the pandemic with Travis Hornsby, a Chartered Financial Analyst and the founder and CEO of Student Loan Planner. He is an expert in the complex topic of student loans. If there’s anyone who can deep dive 

We cover: 

  • The CARES Act, and its impact on student loans
  • Options for those with private student loans
  • Why you might want to stop paying extra towards your student loans
  • The changes in government policy around student loans as a result of the pandemic that you need to know
  • The best strategy for managing your student loans in 2020
  • How to view financial independence when you have an overwhelming amount of student loans

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By Paula Pant

#260: Ask Paula – Should I Fire My Financial Advisor During a Pandemic?

Katelyn wants to fire her financial advisor and move her investments from mutual funds into Vanguard index funds. Should she do this during the pandemic? Or should she wait?

Marisa asks: can you invest in a Roth IRA if your income is inconsistent and might exceed the cap?

Anonymous “Flo” had a Simple IRA at her old job that she can no longer contribute to. She also can’t contribute to a 401k until she’s been at her new job for a year. Where should she put her money in the meantime?

Mary received an $80,000 grant of RSUs from her employer when she started. These RSUs began to vest after one year, and the price per share has increased 44 percent. What should she do with the shares?

Anonymous “Olivia” is interested in a Roth conversion ladder, but wants to know: does the pro-rata rule apply here as it does with a backdoor Roth conversion?

My friend and former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy!

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By Erin @ Team Afford Anything

#259: How to Lead with a Vision, with Michael Hyatt

Vision. 

We’re bombarded by articles and books and social media posts that tell us that a “vision” for life and work is essential.

But what is a vision? 

Is it a fluffy, pie-in-the-sky, feel-good statement that elicits warm-and-fuzzy feelings?

Is it the result of a week-long retreat spent in deep reflection? 

Is it a board full of a zillion post-it notes with color-coordinated topics?

Not according to our guest, Michael Hyatt, a New York Times and Wall Street Journal best-selling author on the topics of leadership and business. 

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By Paula Pant

PSA Thursday – Actions Speak Louder Than Words

This has been an exceptionally painful week. 

We have muted the podcast thusfar this week, in support of the #amplifymelanatedvoices movement, the #amplifyblackvoices movement, and in support of the #theshowmustbepaused movement. 

We have assembled a list of resources that highlight a variety of books, websites, podcasts, nonprofit organizations and GoFundMe campaigns that I would like to direct your attention to in lieu of our normal programming. These resources can be found below.

This podcast, as I say in every episode introduction, is dedicated to two questions: first, what are your priorities? Second, how do you align your limited resources — including your time, money, energy and attention — to the things that matter most? 

If dismantling systemic racism and social and economic injustice is a priority to you, as it is to me, then the challenge that we as a community face is answering that tough question. We’ve identified the priority. How do we align our money and time to support that priority?

I have intentionally designed Afford Anything to be a nonpartisan platform. All major party affiliations are welcome here. All religions are welcome here. All people who have love in their heart are welcome here. 

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By Paula Pant

PSA Thursday – Your Guide to Giving: How to Donate, Volunteer and Practice Spontaneous Kindness

Let’s start with the good news: the majority of U.S. households, 6 in 10, donate money to nonprofits and charities, and 1 in 4 adults in the U.S. volunteer their time and talent.

The only way our society is going to get through the struggles and the stresses that we face is if we are good to each other. Compassion and common humanity are crucial.

In this PSA episode we discuss strategies around giving, including how to donate money and volunteer time effectively, as well as how to embrace the opportunity to practice informal, random, spontaneous acts of kindness.

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By Paula Pant

#258: Ask Paula – Can I Quit My Job Before I’m Financially Independent?

“Burned Out in Boston” wants to reach financial independence.

But she’s not sure she can stick it out in Boston much longer.

She and her husband want to move to an area that doesn’t have many job prospects, and they want to make this leap soon, ideally before they reach FI. How do they know when it’s the right time to jump ship to their dream location?

Ingrid and her husband own two rentals. They’re torn between paying one of their rentals off or buying more properties. Which is the better route to take?

Pat is torn: should she convert her garage into an accessory dwelling unit, or use funds to buy an out-of-state rental property?

Chelsea wants to know: what should you do if your newly purchased home is an instant money pit?

Julia wants to know how to approach investing in sector-specific index funds, like utility ETFs. Should they be a small or large portion of your portfolio?

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

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