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63 minutes | Oct 11, 2021
Are We Heading for a Housing Crash in 2022?
Hey Podcast family! Enrollment for our flagship course, Your First Rental Property, is open from now until Thursday, Oct 14 at 11:59 p.m. Pacific! If you want a structured, step-by-step framework to guide you from “clueless novice” to “confident investor,” this course is for you. Your First Rental Property provides all the knowledge, structure, support, spreadsheets, checklists, red flag warnings, and other tools you need to make smarter investing decisions. Last chance! Enrollment closes on Thursday at 11:59 p.m. Pacific: See you in class! https://affordanything.com/enroll ——- The real estate market in 2021 has been bonkers. That’s the technical term. From 2012 to 2020, home prices nationwide rose at an annualized average of 5.8 percent per year. From April 2020 to April 2021, home prices climbed 17.2 percent. This sudden surge in prices has many homeowners and would-be investors fearful of a crash. The memories of the stark price run-up prior to The Great Recession are all too salient. What goes up must come down, right? Not exactly. In this episode, we walk through market fundamentals — discussing housing supply, lumber prices, and the distinction between cheap credit vs easy credit — to illustrate how today’s market is unlike anything we’ve ever seen. More importantly, we offer tips for everyone —.whether you’re a renter looking to get into your starter home, an empty-nester looking to downsize, an owner-occupant who wants to lock in your gains, or a curious aspiring investor who wonders if it’s too late. Enjoy! For more information, visit the show notes at https://affordanything.com/episode343
75 minutes | Oct 4, 2021
Ask Paula: How to Make Smarter Real Estate Decisions
Hey Podcast family!! Our flagship real estate investing course is re-open for enrollment ONLY from now until October 14!! If you want to stop thinking about maybe buying real estate someday but gee it’s so expensive now … and you want to *actually take action,* this course is for you. Find out more here. Remember: if you want to stop waiting for a market crash ... and instead develop the structure, systems and judgment to make smart investing choices, even in a hot market like 2021, this real estate investing course is for you. Deadline to enroll is October 14, 2021! Alright, now … onto the show! #342: Russell is a busy professional who’d like to invest passively in real estate. Is there data he can use to compare this approach to owning and managing their own properties? Laura wants to purchase her first investment property in Miami. Should she cash out some RSUs and stock from her company to use as a down payment? And what type of mortgage is she eligible for since she already owns a home? Jordan and his wife own three properties and are under contract on a new house since they have a new baby on the way. Should he sell any of his existing properties to be in a stronger cash position, thus mitigating the risk of future fluctuations in his income as a real estate broker? Or should he keep his rental properties since his goal is to reach financial independence through rental income? Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information, visit the show notes at https://affordanything.com/episode342
60 minutes | Oct 2, 2021
Courage and The Consequences of Inaction, with Ryan Holiday
Imagine a line. Cowardice exists at one extreme end of that line. Recklessness exists at the other extreme end. And in the balanced middle, you’ll find courage. Today’s conversation is about courage. We’re not talking about inspiring physical acts of bravery in this episode; rather, we’re discussing moral and social courage. The type of courage you need to make an investment. Buy a rental property. Invest in stocks. Start a business or side hustle. Retire early. Travel overseas. Have a difficult but diplomatic conversation. Express your feelings constructively rather than bottling them up inside. Raise an issue with immediacy rather than hesitation. Break bad news to someone. Ask for help. Launch an initiative. Try something new. We’re talking about the type of courage that’s required to become a better, bigger person in your work, your relationships, your life. We’re having this conversation with Ryan Holiday, the bestselling author of a series of books on Stoic philosophy. Enjoy. Resources Mentioned: Courage is Calling, by Ryan Holiday affordanything.com/realestate affordanything.com/viplist For more information, visit the show notes at https://affordanything.com/episode341
80 minutes | Sep 29, 2021
How to Make $1 Million in Business with No Employees, with Elaine Pofeldt
Imagine this: You start a side hustle. Maybe you sell planners or lead workouts in the park. You make a few thousand dollars during your first year. It’s fun beer money, but not enough to quit your day job. But you keep growing. You run this as a one-person operation, though you bring on freelancers or independent contractors. Your revenue grows into the five figures. Then six figures. After a few years, you’re running a one-person, million dollar company. This sounds like a pipe dream, right? But it’s the true story of Laszlo Nadler, who created a line of planners and calendars. It’s the true story of Stacy Berman, who started leading 5:30 AM fitness bootcamp classes in the park. And it’s the true story of hundreds of other solopreneurs interviewed by business journalist Elaine Pofeldt, who took a deep-dive look at the lives and businesses of entrepreneurs who run companies that gross more than $1 million, but have no employees. In today’s episode, we take an inside look at the secrets behind one-person, million-dollar businesses. If you’ve ever considered starting a side hustle or business of your own, don’t miss this. This episode originally aired in March 2019. For more information, visit the show notes at https://affordanything.com/episode340
80 minutes | Sep 24, 2021
How to Invest in Real Estate, Debt-Free, from Thousands of Miles Away, with Rich Carey
Have you ever thought, “I’d like to invest in rental real estate but there are no cheap properties in my area!” “Homes in my city are too expensive. I’d have to invest out-of-state, but that sounds terrifying.” Or have you ever thought, “I’m curious about real estate but I’m not a fan of the idea of taking on all that debt.” Today’s interview is right up your alley. We talk to Rich Carey, who bought 20 single-family rental properties in Alabama, totally debt-free, while stationed in Germany and South Korea. He invested not just out-of-state, but entirely from outside the country. He bought his properties free-and-clear. And he did it on a military salary while raising two kids. This interview originally aired in June 2018. Enjoy! For more information, visit the show notes at https://affordanything.com/episode339
64 minutes | Sep 14, 2021
Why Investors Need a Latticework of Ideas, with Morgan Housel
Here are three lessons from this conversation with investment writer Morgan Housel: Lesson #1: Great investors need patience and humility. Lesson #2: Read broadly. Don’t just read books about finance and investing. Read from a broad multi-disciplinary array of subjects, so that you can form a latticework of ideas. Lesson #3: Play a strong defense. On the surface, it seems like playing defense is a conservative strategy. Emergency funds and a strong income-producing allocation, for example, both sound conservative. But in the long-term it could prove to be the opposite. Enjoy this interview, which originally aired in April 2018. For more information, visit the show notes at https://affordanything.com/episode338
61 minutes | Sep 8, 2021
Habits are Overrated, with Kristen Berman
Meet Kristen Berman, a top researcher in the field of behavioral economics. She’s the co-founder of Irrational Labs, which designs products that are evidence-based in the behavioral sciences. Her co-founder, Dan Ariely, is the James B. Duke Professor of psychology and behavioral economics at Duke University, and one of the most famous behavioral economists in the world. Here are some of the (counterintuitive!) ideas that Kristen shares: Habits are overrated. Automate instead Budgeting doesn’t change your spending behavior Commit in advance Forget about the outcome Focus on the process You need accountability Think about the Three B’s: behavior, barriers and benefits Tune into this episode to hear Kristen elaborate on these research-backed, evidence-based ideas about how to improve our spending, saving and investing habits. For more information, visit the show notes at https://affordanything.com/episode337 *Note: This interview originally aired in October 2019.
74 minutes | Sep 3, 2021
Ask Paula: Should We Sell a Condo if We’re Barely Breaking Even?
#336: Anonymous and his partner have a one-bedroom condo that they rent out in Pasadena, CA. The problem? They’re barely breaking even. Should they keep the condo, or sell it and make better use of the profits? Sam wants to know: how much of an emergency fund does a rental property need? Michael and his wife expect their taxable income to be less than $10,000 this year. Should Michael (age 56) take distributions from his 401k to minimize or eliminate their income tax burden? Shanon wants to switch to an ethical bank with values that align with hers. How can she create a framework for making decisions about financial institutions when authentic information is scarce? Sharon's husband purchased a property with a below-market loan in 2008. They now have an extra $4,000 per month, and Sharon wants to buy a property as a first-time buyer. They're torn between keeping the property or selling it. What should they do? Former financial planner Joe Saul-Sehy joins me to answer more of your questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information and resources, go to https://affordanything.com/episode336
67 minutes | Sep 1, 2021
What You Think You Want vs. What You Really Want, with Luke Burgis
Have you ever spent years studying the wrong major, climbing the ladder at the wrong company, chasing the wrong career? Have you spent years living in the wrong city? Wrong relationship? Wrong lifestyle? It’s hard to discern what *we think we want* from what we really want. Society teaches us what we’re “supposed” to want. And we follow along. The result is keeping up with the Joneses. It’s the hedonic treadmill. It’s lifestyle inflation. And it causes conflict, both within ourselves and with others. Today’s guest, Luke Burgis, discusses mimetic desire — how our “wants” are imitative — and how we can find our deeper truths. For more information, visit the show notes at https://affordanything.com/episode335
64 minutes | Aug 25, 2021
Ask Paula -- What Paintbrush Did Michelangelo Use? (said no one ever)
#334: In today’s episode, we answer three questions from a college senior named Rafael. He asks about productivity tools and tactics, student debt, Robinhood and market investing, and how to establish yourself as an expert in a given domain. We answer his questions by widening the lens. People often ask about productivity tools. “Do you use Asana or Trello?” But nobody asked Michelangelo what paintbrush he used to paint the Sistine Chapel. The discussion around tools misses the point, which is to master the craft. Sure, we answer his direct, overt questions. But we also dive deeper, refining these topics and exploring the questions *behind* his questions. This is an episode in which we peel layers off the onion. For more information, visit the show notes at https://affordanything.com/episode334
66 minutes | Aug 18, 2021
The End of Recessions?, with Ben Carlson
#333: In the 1890s and early 1900’s, we had recessions every two years. From 2009 to 2020, we enjoyed an 11-year bull run, the longest bull run in history. And when we finally had a recession, it lasted only two months. It was the shortest recession in U.S. history. The duration between recessions is growing longer (these days, we average 10 years between recessions, as opposed to two years at the turn of the previous century). And when recessions strike, we recover faster. The average length of recessions is growing shorter. What does this mean? If we project these trends into the future, are we bound for the end of recessions? That’s the question that kicks off this discussion with Ben Carlson, Director of Institutional Asset Management at Ritzhold Wealth Management and the host of the Animal Spirits podcast. For more information, visit the show notes at https://affordanything.com/episode333
61 minutes | Aug 12, 2021
Ask Paula: What’s the Point of Financial Independence if I’m Not Going to Retire?
#332: Ginger’s financial independence (FI) number is $2 million, but she doesn’t want to fully retire early. Once she hits ‘coast’ FI, she wants to 1) buy her time back with outsourcing, 2) take a mini-retirement, and 3) buy a vacation home. Does it make sense for her to divert retirement contributions to these goals, or should she aim to save $2M? Wilson plans to have a two percent withdrawal rate in retirement. Given this low rate, should he go all-in on stocks? Or should he split up his retirement funds and invest one half conservatively and the other half aggressively? Jennifer has a low-stress doggie-daycare, but she needs a bigger space to scale up. How the heck can she find a property to suit her needs in Austin, TX? My friend and former financial planner Joe Saul-Sehy joins me to answer another round of listener questions. (If you have questions on business, money, trade-offs, financial independence strategies, travel, or investing, leave them here and we’ll answer them in a future episode.) For more information, visit the show notes at https://affordanything.com/episode332
55 minutes | Aug 7, 2021
Four Thousand Weeks, with Oliver Burkeman
#331: Four thousand weeks. That’s how long we live if we’re lucky enough to celebrate our 80th birthday. We rarely think of our lifespan in terms of weeks. When we do, it seems painfully short. And that’s the point that Oliver Burkeman, author of Four Thousand Weeks, wants to drive home. Rather than fight a losing battle against time, Oliver recommends that we embrace our cosmic insignificance, redefine what a meaningful life looks like, choose what to fail at, burn bridges, and ruthlessly limit our works-in-progress. If the financial independence movement is a rebellion against trading the rest of our limited time for pay, Oliver’s unconventional view on time management is a rebellion against trading the rest of our limited time for an illusion of productivity. For more information, visit the show notes at https://affordanything.com/episode331
55 minutes | Aug 2, 2021
Ask Paula: How Do I Know If I’m Ready to Retire?
#330: Linda is 58 and wondering how to account for her Social Security benefits when thinking through the 25x expenditure equation. Her expected expenses are $100,000 - $150,000. How can she figure out if she’s ready to retire? Alise has dreamed of living abroad for long periods of time and wants to buy a property in Portugal before the minimum spend requirement increases. Should she go through with this, or is there another way to gain dual citizenship or travel abroad for long periods of time? An anonymous lawyer from Colorado has $250,000 in a SEP-IRA account that’s invested in mutual funds with fees ranging from 0.61 percent to 1.06 percent. Fees on these funds are projected at $200,000 over the next 20 years. Should he and can he transfer these funds to another SEP-IRA account? What are the consequences of doing that? Mr. Man is eligible to retire with a full pension, health benefits, and social security at age 48. He has 20 years to go. Should he include his pension and social security benefits in his financial independence plan, or think of them as extras? Former financial planner Joe Saul-Sehy joins me to answer more of your questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information, visit the show notes at https://affordanything.com/episode330
65 minutes | Jul 29, 2021
Challenging Your Confirmation Bias, with Economist Larry Kotlikoff
#329: Have you ever thought about how an economist views financial planning? Would you guess that it's vastly different from how some financial planners approach this work? Today's guest, Laurence Kotlikoff, is a Professor of Economics at Boston University. The Economist named him one of the world's 25 most influential economists in 2014. Professor Kotlikoff has written 19 books, and hundreds of professional articles and Op-Eds. He's here to explain why economists take a different view than financial planners on investing, retirement planning, and risk mitigation. For more information, visit the show notes at https://affordanything.com/episode329
61 minutes | Jul 21, 2021
Ask Paula: I’m on the Verge of Retirement and My Taxes are Rising … Help!
#328: Sarah O Sahara’s parents sold their rentals and business of 24 years. They’d like to create a trust for their grandkids with boundaries in place to avoid entitlement. How should they structure this trust? Anonymous in Canada has a fully paid off condo that she wants to turn into a rental once her new townhome is ready. Should she mortgage against the condo to reduce the mortgage on her townhome? Are there any tax benefits to having a mortgage on a rental? Luis’s wife wants to start moonlighting in her field. Can she open and contribute to a Solo 401k even though she has a TSP account with her 9-to-5 employer? Russell and his partner want to emigrate to Canada in the near future. Should they move their investments into Canadian funds? Renee and her husband are in their 60s, and most of their retirement funds are in pre-tax accounts. They have federal tax credits they’d like to use to move these funds into taxable accounts. Is this a sound strategy? My friend and former financial planner Joe Saul-Sehy joins me once again to answer your questions. Enjoy! (Have an investing, entrepreneurship, lifestyle, or decision-making question you’d like us to answer? Submit it here!)
63 minutes | Jul 14, 2021
Decoding Greatness, with Ron Friedman, Ph.D
#327: The stories of success that highlight talent and hard work don’t tell a complete picture. The best artists, athletes, and entrepreneurs don’t always have innate talent. Not all of them have put in 10,000 hours of practice. What sets them apart is their framework for learning. Award-winning social psychologist Dr. Ron Friedman discusses his new book, Decoding Greatness, which answers the question, “why are some people so good at what they do, and what can we learn from this?” You’ll learn how to harness the power of reverse engineering, create a collection of masterworks from the best in your industry, and why practicing in three dimensions improves performance. If you have a specific skill set you want to develop or improve, tune in for Dr. Friedman’s framework for developing greatness. For more information, visit the show notes at https://affordanything.com/episode327
65 minutes | Jul 7, 2021
Ask Paula: The Dangers of Frugality
#326: Anonymous is struggling with being too frugal, possibly to the detriment of her health. I mentioned in a previous episode that I struggled with frugality for a long time. She wants to know: in what ways was frugality a hindrance or an asset, and how did I get myself out of such a frugal mindset? John and his wife aren’t sure how much they should contribute to their daughter’s Ohio 529 plan. They want her to graduate from undergrad debt-free, but they imagine she’ll get help from scholarships and that she’ll work as a teenager. How much is enough? Rafael just got a job as a 1099 sales associate and is wondering how the heck to calculate what he’ll owe in taxes. Rafael has a second question: he opened an account at Vanguard in December 2020 and noticed that he could still contribute to that account for the first few months of 2021. Which year should he have focused on contributing to? Elizabeth has two rental properties: one that’s paid off and profitable, the other which shows a loss. If she put her profitable rental into an LLC, could she still combine the rent from both properties? My friend and former financial planner Joe Saul-Sehy joins me to answer another round of questions. By the way, if you have questions on business, money, trade-offs, financial independence strategies, travel, or investing, be sure to leave them here and we’ll answer them in a future episode.
56 minutes | Jul 2, 2021
Bitcoin for Beginners
#325: Okay, so everyone and their dog is talking about Bitcoin — but what exactly is it? And what’s Ethereum? If you’re feeling lost in the topic and confused by the jargon, start with this episode in which we cover the basics about blockchain technology and cryptocurrency. For more information, visit the show notes at https://affordanything.com/episode325
74 minutes | Jun 28, 2021
Ask Paula: I Make $50,000; How Can I Buy a House?
#324: Rob and his fiancé are grappling with what to do about her $400,000 of federal student loan debt. Should they pay it off immediately, or bank on a 20-year dismissal? “Nurse Dreaming of FI” isn’t sure what her family’s next financial move should be. She’s torn between investing extra money into index funds, or using it to buy a fix-and-flip. Her goal is to make work optional. Which path will lead her there? Daniel recently discovered the financial independence retire early (FIRE) movement and got a job earning $50,000 per year. He wants to househack a duplex to get closer to FIRE, but how the heck can he find anything in this seller’s market? Anonymous and her husband have 457s with the City of Chicago. However, they found out that Illinois has a horrible credit rating. How can they - and should they - protect their funds? How much should they rely on their pensions? Nick is curious: how have my views on wholesalers changed over the years, and why? My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions today. For more information, visit the show notes at https://affordanything.com/episode324
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