Afford Anything | Make Smart Choices About Your Money, Time And Productivity

#628: You follow all the right personal finance advice. You know you should save more, invest regularly, and build an emergency fund. So why does it feel so much harder for some people than others? The answer lies in your personality. Dr. Sandra Matz, a professor at Columbia Business School, studies the intersection of psychology and money management. She joins us to explain why one-size-fits-all financial advice often fails. Her research found that agreeable people — those who are caring, empathetic, and put others first — have a harder time saving money. The solution isn't better budgeting apps or stricter rules. It's reframing financial goals to match your personality type. For example, agreeable people save more effectively when they view their emergency fund as protection for loved ones or a way to help others during tough times. By contrast, competitive personalities respond better to framing savings as getting ahead in life. This personalized approach extends beyond personality assessments.

#627: Jlyn and her husband are 20 years from retirement, but they’ve got their eye on a second home they’ll live in when the time comes. Should they make the purchase now, or keep saving? Reese was recently laid off, and she’s struggling to choose between two financially responsible paths. Should she continue her long-term disability insurance? Or is it wiser to save money? Kip’s youngest has finally graduated from college, and he’s looking forward to an early retirement. But, with the eyewatering costs of long-term healthcare, is this still a viable path?  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. Resource mentioned: Reese's original question in Episode 417 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#626: A software programmer and an accountant walk into retirement planning. Are they being creative? Dr. Zorana Ivcevic Pringle, a senior research scientist at Yale University's Center for Emotional Intelligence, says absolutely. Pringle defines creativity as something that's both original and effective, whether you're solving an accounting problem or planning an unconventional retirement. We explore the gap between having ideas and actually implementing them. You have this brilliant vision for starting a business, changing careers, or retiring early, but somehow you never take the first step. Pringle calls this the implementation gap, and she explains why it happens. The conversation centers on a hypothetical couple: both 55 years old, one a programmer, the other in middle management. They want to retire at 57 and travel the world. Pringle uses this example to illustrate how creative problem-solving works in real life. She explains that creativity requires comfort with uncertainty. When you're doing som

#625: What do you do when you've reached financial independence? JL Collins says it depends entirely on your spending rate, not just your net worth. Collins joins us for part two of our conversation about what happens after you reach financial independence. He tackles the question of whether you should invest differently once you've "won the game." Someone with $5 million spending $100,000 per year sits in a completely different position than someone with the same amount spending $200,000 per year. The first person can afford to stay aggressive with stocks. The second person needs bonds to smooth the ride. Collins walks through his withdrawal strategy using his daughter as an example. She stepped away from corporate life in her early thirties and now follows an 80-20 stock/bond allocation. She pulls dividends from both funds into her checking account, covering about 2.5 percent of her target 4 percent withdrawal rate. Vanguard automatically sells shares to cover the remaining 1.5 percent. We cover Colli

#624: JL Collins, author of "The Simple Path to Wealth" — the guy synonymous with VTSAX and chill — joins us for Part 1 of a two-part series where we skip the basics and dive straight into the complex stuff. We ask him whether his simple approach actually beats more sophisticated strategies, and his answer might surprise you. He says that Paul Merriman's four-fund portfolio probably outperforms his one-fund approach mathematically. But Collins argues that execution trumps optimization every time. Most people can't stick with complex strategies for 20 years, he says, especially when those strategies require selling winners to buy losers – something that goes against human nature. Collins prioritizes what works in real life over what looks good on paper. He calls index funds "self-cleansing" because they automatically rotate out failing companies and sectors while rotating in the new winners. You don't need to predict which companies will dominate next – you'll own whatever rises to the top. The episode

#623: An anonymous caller feels trapped in a no-win situation with her financially reckless mother. She has the means to bail her out, but it doesn’t feel right. What should she do?  Shannon is excited about investing in several companies overseas. But she can only access them using American Depository Receipts. What are they, and how do they work?  Jennifer calls back with an update on putting a vacation on a credit card and playing the rewards game. 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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#622: #622: The headlines said America added 147,000 jobs in June. The reality? Private companies actually cut 33,000 positions. Grad students just lost access to unlimited borrowing. Parent PLUS loans now cap at $65,000. And tariffs are about to jump as high as 70 percent. Everything is changing at once — taxes, tariffs, student loans, and immigration policy. And data from the University of Michigan says that consumers feel more pessimistic than they did six months ago. Welcome to the 4th of July First Friday episode. On America's 249th birthday, we unpack these economic stories. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Introduction (1:19) Historical trivia about the Declaration of Independence (2:28) Three presidents died on July 4th — statistical improbability explained (4:24) Trump signs domestic policy bill ex

DOWNLOAD the FREE Cheat Sheet: ASSET LOCATION MADE SIMPLE at affordanything.com/assetlocation #621: Jared is attracted to the favorable terms of the annuity plan that his employer offers, but he’s hesitant to pay the opportunity cost of locking up his money now. What should he do? An anonymous caller is struggling to find the efficient frontier with only three funds to choose from in his Thrift Savings Plan. Is there any hope for him? Jack feels great about the funds in his portfolio, but he’s losing sleep over how to apportion them between his taxable, pre-tax and Roth accounts. What’s the best tax strategy for him? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#620: You probably think your value to your employer equals your paycheck. Katie Gatti Tassin has news for you — you're worth way more than that. The host of "Money with Katie" recently joined us to break down a framework that could change how you negotiate forever. Her formula is simple: Your worth equals your market rate plus what it costs to replace you, raised to the power of your unique skills. Most people focus only on market rate — what similar jobs pay in your area. You can find this through salary transparency laws, LinkedIn data, or job postings. But that's just the starting point. The real eye-opener? Replacement costs. When you leave, companies face recruiting fees, interview time, onboarding expenses, and lost productivity. For mid-level roles, recruiters charge 15 to 25 percent of your first-year salary. Senior positions cost even more — headhunters for executive roles charge 25 to 35 percent of total compensation. A company replacing an $80,000 employee might pay $20,000 just in recruiter f

#619: Dave is no longer happy with his financial advisor, but he’s nervous about switching over to self-management after being completely hands-off for so long. What should he do? An anonymous caller keeps hearing about the benefits of Cost Segregation for investment property. What is it? And should he apply this strategy to his recently acquired duplex? Another anonymous caller is eagerly anticipating a windfall from his employer’s upcoming IPO. How should he prepare for this, and what happens if it fails? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode619 Learn more about your ad choices. Visit podcastchoices.com/adchoices

DOWNLOAD the RISK PARITY PORTFOLIO CHEAT SHEET at affordanything.com/riskparity ______________ #618: Frank Vasquez watched his parents, ages 91 and 96, struggle financially in retirement. They were immigrants. His dad was a physician. They raised five kids. They retired in the early 1990’s. But by 2009, they ran out of money. When Frank was 45, in 2009, his parents would call asking for money to help make ends meet. This reality hit Frank hard and sparked a decade-long quest to crack the code on sustainable retirement withdrawals. At age 45, Frank set an ambitious goal: retire in his early 50’s while still supporting his parents financially. The problem? Most financial experts simply told people to spend less rather than optimize their portfolios for higher withdrawal rates. Frank wasn't satisfied with that answer. You'll hear how Frank discovered that many retirees leave money on the table by holding too much cash or following overly conservative allocation models. Through extensive research, he

#617: Austin and his wife are worried about moving to a single-income household while supporting two kids. Should they free up cash flow by paying off a car loan, or tighten up and stay the course? Paul has been retired for seven years, but still can’t shake his anxiety about not having enough. Is there a good way to know when he’s finally escaped the dreaded sequence of returns risk? Jonathan wants to build up his taxable brokerage account, but he’s having trouble letting go of the tax benefits of a Roth IRA. How does he get past his psychological hurdles? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

#616: Two school teachers in Ohio saved their entire lives for one dream — buying a farm.  When they inherited $1.3 million and found the perfect property for $1.2 million, everything seemed perfect.  Five days before closing, they received what looked like a legitimate email from their closing company with wire transfer instructions. They sent the money and showed up at closing, only to discover they'd been scammed.  The email was fake, sent by hackers who had infiltrated the closing company's servers for months, waiting for exactly this type of high-value cash deal. That story comes from cybersecurity expert Dr. Eric Cole, who joins us to explain why ordinary people have become prime targets for cybercriminals.  Cole, a former CIA hacker who served as cybersecurity commissioner under President Barack Obama and advises high-profile clients including Bill Gates' personal estate, has a message: if you think you're too small to be targeted, you're wrong. While billion-dollar companies deploy teams of 60 c

#615: Emily is nervous that buying their first home will derail her family’s journey to financial independence. What’s the smartest way to deploy their savings and stay on track? Based on cap rate calculations, Paul’s real estate investments have appreciated beyond their sensible holding point. Should he sell his assets, or is there more to consider here? Mike is recently retired while his wife still works. With a paid-off home and healthcare already taken care of, what are best practices for drawing down an investment portfolio?   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. For more information, visit the show notes at https://affordanything.com/episode615https://affordanything.com/episode615 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#614: The US just added 139,000 new jobs in May. That beat expectations. But the real story isn't in the job numbers — it’s in the bond market. Something unusual is happening in bonds. Treasury yields are spiking. The dollar is weakening. That combination almost never happens together. And it's signaling concerns about future inflation. Trade wars continue on. A federal court just struck down some tariffs. The administration will appeal. Meanwhile, the EU has until July 9 to cut a deal. If they don't, 50 percent tariffs kick in. As a result, many companies are playing defense instead of growing. The debt situation keeps getting worse. We owe $36.2 trillion. That's more than we owed at the end of World War II as a percentage of our economy. Moody's just downgraded our credit rating. We're not alone — Britain's bonds just hit their highest levels since 1998. The accredited investor rules could finally change. Right now you need an income of $200,000 ($300,000 as a couple) or $1 million in net worth to acce

#613: Rachel Rodgers graduated from law school with $330,000 in student loans. Her starting salary? Just $41,000. Most people would have accepted this crushing debt-to-income ratio. They'd slowly chip away at payments for decades. Rodgers had a different plan. She deferred her loans and started her own virtual law practice in 2008 — during the recession, when jobs were scarce and most lawyers were struggling to find work.  Her mom thought she was crazy.  Her first year, she made around $65,000 in gross revenue with only $300 in overhead costs. By year two, she was earning $300,000. The key to her success wasn't cutting expenses or living on rice and beans. Rodgers focused entirely on earning more money.  We talk about the practical steps she took to scale her business.  She waited until hitting $250,000 in annual revenue before bringing on her first full-time employee — an administrative assistant who immediately paid for herself by responding to client inquiries faster than Rodgers could manage alone.

Grant Sabatier never worked in retail, never worked in a bookstore, and had no idea what he was doing when he opened Clintonville Books in Columbus, Ohio. But that's exactly the point. The experiment required 1,200 hours of solo work — measuring spaces, moving 40,000 books, and navigating city regulations. But it taught him something crucial: even experienced entrepreneurs face steep learning curves when they try something new. The serial entrepreneur and author of "Inner Entrepreneur" joins us to share his unconventional journey from online businesses to brick-and-mortar retail. He also explains why he believes everyone will become an entrepreneur within the next decade — whether they want to or not. We dive deep into Sabatier's framework for the four stages of entrepreneurship. The first stage is experimental — you're figuring out how entrepreneurship feels and testing ideas with minimal risk. Most people skip the crucial research phase and invest too much money too quickly. The second stage foc

#611: With the state of the world changing so rapidly, Lesley is struggling to accept that “this time isn’t different.” Does the past still reliably inform the present in the face of major decisions today? An anonymous caller and her husband want to achieve financial independence through real estate within 10 years. Is it better to pay off existing mortgages or prioritize buying more rentals? Melanie feels duped by the FICO credit scoring system. She’s doing all the right things, but her credit score is still moving in the wrong direction. What’s going on here? 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. For more information, visit the show notes at https://affordanything.com/episode611https://affordanything.com/episode611 Learn more about your ad choices. Visit podcastchoices.com/adchoices

In 2005, Sebastien Page nearly died from a mysterious bacterial infection that doctors couldn't diagnose for a week. A single observant physician noticed cuts on his toes from running in wet terrain and connected the dots. The experience forced Page to confront mortality — and completely changed how he thinks about goals. Page, the chief investment officer at T. Rowe Price and author of The Psychology of Leadership, joins us to share why traditional goal-setting might be sabotaging your happiness. He explains how 80 percent of millennials say they just want to get rich, and 50 percent want to become famous. But research from Harvard's 80-year longitudinal study reveals something surprising: people who climbed the social ladder weren't meaningfully happier than those who struggled financially. The real predictor of long-term happiness? The quality of your relationships with others. We explore the dark side of goals through a concept called "goal-induced blindness." Page uses Mount Ev

Eva is approaching financial independence, but she’s worried about messing up the transition. How does she set her portfolio up for success during the drawdown years of early retirement? Former financial planner Joe Saul-Sehy and I deep-dive into this question in today’s episode. Enjoy! P.S. Got a question? Leave it here. Episodes about the Efficient Frontier: https://affordanything.com/577-qa-the-efficient-frontier-was-perfect-until-hr-got-involved https://affordanything.com/357-practical-investing-and-the-efficient-frontier-with-joe-saul-sehy https://affordanything.com/380-ask-paula-how-to-optimize-your-investments-along-the-efficient-frontier-if-you-dare https://affordanything.com/episode597 https://affordanything.com/episode567 Learn more about your ad choices. Visit podcastchoices.com/adchoices