Afford Anything

Tag: savings strategies

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#587: Q&A: Should You Cash Out Your ETFs? The Hidden Consequences of That Decision …

Debi is stressed about saving a down payment to buy a house in her high-cost-of-living area. Should she cash out her brokerage account to speed up the process?

Lucas and his wife are high earners, but they’re tired and ready for a change. What strategies can they use to maximize their investments and confidently step away from their jobs?

Grant is thrown off by recent discussions about the efficient frontier. It sounds a lot like market timing to base an investment strategy on an arbitrary set of historical dates. What’s he missing?

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

Enjoy!

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#512: Don’t Let One Big Bill Blow Up Your Budget (Here’s How)

An anonymous caller who received a large inheritance feels paralyzed by all the investment philosophies he’s read about. How does he pick a winning strategy he can stick with?

Josh is an expectant dad looking to buy a bigger house but doesn’t know how much everything will cost. Should he save more or invest more?

Another anonymous caller worries that large expenditures like buying a new car or replacing her home’s roof will blow up her budget in retirement. How does she plan for unexpected expenses?

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

Enjoy!

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#509: “I’m Retiring at Age 34 and a Half!”

Rob wants to retire early, but a real estate investment led to $30,000 of credit card debt. Should he take on more debt to pay it off?

An anonymous return caller took Paula’s advice and ran with it, doubling her income within a few years. Should she update her investment strategy now that she’s in a higher tax bracket?

Humaira is tired of paying rent with nothing to show for. Can she leverage some benefits by using her credit card to pay the bills?

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

Enjoy!

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#507: How One Ex-Inmate is Building a Better Future

Suzy is excited to deploy her first corporate bonus but scared to invest everything in a lump sum. Should she stick with what’s worked in the past and just dollar cost-average?

Meghan doesn’t understand how stock pricing affects capital appreciation. Is it always better to buy when share prices are low?

Robert was recently released from prison and wants to start his life on the right foot. What’s Joe and Paula’s advice for him?

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

Enjoy!

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#493: Wall Street Secrets, with Your Rich BFF Vivian Tu

Do you ever wonder what happens behind closed doors on Wall Street?

Vivian Tu, also known as Your Rich BFF, is here to spill the tea.

Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college.

While working on Wall Street, Vivian saw some weird things.

Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside.

Vivian realized that there’s a group of high-income and high-net-worth people who handle money in drastically different ways than she learned in her frugal upbringing.

She learned about investing, taxes, legal loopholes. She discovered new ways of thinking about money.

She shares these insights — gleaned from her Wall Street days — in today’s podcast episode.

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#459: Ask Paula | 10-Year-Old Asks: How Do I Save for My First Car?

Andrey is a savvy 10-year-old wondering what’s the best way to save up for his first car.

Ingrid wants to know if her parents’ preference for Retiring on Dividends is a better approach compared to the 4 Percent Rule.

Erica’s part-time work schedule will place her in an unusually low tax bracket this year. Should she take this rare chance to execute a Roth conversion? Or is it better to prioritize debt payoff?

Chloe is worried about the end of student loan forbearance. Should she pull back from making retirement contributions to focus on debt payoff?

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

Enjoy!

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#451: Ask Paula: The Hidden Costs of Leverage

Rachel’s car is nearing its end of life and she’s short on cash. Should she sell before she’s hit with a major repair?

Kris has tried all the budgeting apps but they’re cumbersome and time-consuming. Is there a better way to track his monthly expenses?

An anonymous caller feels stretched thin with a high mortgage on a single income. Should she sell off some stocks to lower her monthly payments?

Cam wants to arbitrage a hefty low-interest loan with a three-year payback period. Is this the opportunity of a lifetime or a disaster waiting to happen?

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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#432: The Risk of Not Fully Living, with Michael Lynch

Have you ever worried about running out of money after you retire?

Do you keep checking your net worth to make sure you have enough? Does this always feel a little … unsatisfying?

This episode discusses why.

Today’s guest, Michael Lynch, is a certified financial planner and author. His most recent book, “It’s All About The Income,” says that we’re obsessed with the wrong thing. Retirement planning is focused on growing assets. But your assets aren’t going to keep the lights on. Your INCOME, not your assets, is the centerpiece of your retirement.

He shares real-life examples of the biggest risks to your income — the risks that might halt you from enjoying your retirement years. He shares tips on how to make sure your income is smooth and secure, even when you’re not punching the clock anymore.

Enjoy!

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#408: Build YOUR 15 Year Career, with Kiersten and Julien Saunders

When Kiersten and Julian Saunders began dating in 2012, they fell in love quickly, and their relationship felt strong – until they started talking about money.

They broke up as a result of their first money conversation.

Luckily, they got back together, figured out how to have tough conversations, and paid off $200,000 in debt over the next five years.

Then they started thinking about how to hack their careers. They came up with a plan for a 15-year career.

Today, they join us on the podcast to talk about the 15-year career framework and how to approach your career – and your finances – in 5 year stints.

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