Afford Anything - podcast cover

Afford Anything

Paula Pant | Cumulus Podcast Networkaffordanything.com
You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention – and ultimately, our life. How do we make smarter decisions? How do we think from first principles? On the surface, Afford Anything seems like a podcast about money and investing. But under the hood, this is a show about how to think critically, recognize our behavioral blind spots, and make smarter choices. We’re into the psychology of money, and we love metacognition: thinking about how to think. In some episodes, we interview world-class experts: professors, researchers, scientists, authors. In other episodes, we answer your questions, talking through decision-making frameworks and mental models. Want to learn more? Download our free book, Escape, at http://affordanything.com/escape. Hosted by Paula Pant.

Episodes

Your Goals Might Be Killing You (Literally), with Sebastien Page

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 happines...

May 23, 20251 hr 35 minEp. 610

Q&A: How Not To Screw Up Retirement Spending

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-inves...

May 20, 20251 hr 19 minEp. 609

The Stoic Path to Wealth, with Billionaire Investor and Philanthropist Robert Rosenkrantz

#608: At age seven, Robert Rosenkrantz made a decision that would shape his entire life: he would take full responsibility for his future.As a child, Rosenkrantz watched his parents struggle financially. His father was unemployed for two years, and his mother worked as a drugstore clerk.Their financial insecurity was painfully obvious to young Robert. He never knew if the electricity or telephone service would be shut off.But rather than seeing this as an obstacle, he saw it as a path to self-re...

May 16, 20251 hr 25 minEp. 608

Q&A: Remember When Money Advice Came From Just One Book at the Library?

Paula and Joe tackle questions about navigating financial media overload, the rent vs. buy decision, and strategies for market volatility. They emphasize the importance of critical thinking, foundational economic knowledge, and understanding personal risk tolerance. The episode also features listener updates and actionable tips for making informed financial decisions.

May 13, 20251 hr 25 minEp. 607

Can You Really Afford to Die? - with Hospice and Oncology Nurse Suzanne O’Brien

#606: Hospice nurse and end-of-life educator Suzanne O’Brien joins us to discuss the financial realities of dying in America — and they might surprise you. Remember Aretha Franklin? Her handwritten will was found in her couch cushions after she passed away. Despite her substantial wealth, this simple document was legally upheld. It's a powerful reminder that having any form of will is better than none at all. But there's more to worry about than just having a will or trust. The costs of aging an...

May 09, 20251 hr 18 minEp. 606

Q&A: My Boss Said Return to Office. So I’m Quitting.

Paula Pant and Joe Saul-Sehy answer questions about returning to the office and structuring finances for living abroad. Pedro seeks advice on finding remote work after being called back to the office, and Anonymous (dubbed Grace) explores how to manage her finances while moving overseas and potentially gaining residency. The episode covers strategies for job hunting, networking, investment considerations, and the importance of community involvement.

May 06, 202547 minEp. 605

First Friday: How April’s Tariffs Changed the Economy

This episode breaks down the economic impact of April's historic tariffs, the highest in over a century. It contrasts strong job data with plummeting consumer and small business confidence, analyzes volatile market reactions (bonds, stocks, dollar), discusses rising recession predictions, and explores why sentiment is so low. The episode also dives into a listener's question about staying Coast FIRE after a significant portfolio drop, offering insights on long-term planning, taking action, and focusing on controllable factors.

May 02, 20251 hr 1 minEp. 604

Q&A: Who Actually Makes Money From Gold and Silver These Days?

#603: Bethany’s partner wants to invest most of their money in gold and silver, but no one seems to talk about this kind of investing. Is this a red flag or a potential opportunity? Diana is worried she’s been saving too much for her kids’ college - hundreds of dollars a month since they were born. How does she know when to stop? Wendy’s pension and social security will cover all her basic expenses during retirement. Does the four percent rule still apply to her discretionary nest egg, or is the...

Apr 29, 20251 hr 5 minEp. 603

The Surprising Science of Six-Figure Thinking

#602: Ever looked back at an old Facebook post and cringed? According to Olga Khazan, staff writer at The Atlantic, that discomfort is evidence of something powerful: your personality has changed, even if you didn't notice it happening. In our latest episode, Khazan, who recently wrote a book on the science of personality change, breaks down how our personalities aren't fixed traits but flexible characteristics we can intentionally shift to achieve our goals. The conversation centers on the "Big...

Apr 25, 20251 hr 6 min

Q&A: The Stock Market Sucks. Is Private Equity Any Better?

#601: Nick and his wife have $100,000 to invest, but they’re worried about the volatility of the current stock market. Should they look into alternative investments such as private equity? Even though Roth IRAs come with tax-free withdrawals in retirement, Josh is worried about his tax bracket going up and neutralizing the benefits. Is he right to be concerned? The retirement portion of Cindy’s financial three-legged stool is set, and she’s now focused on her taxable brokerage. What investment s...

Apr 22, 202557 minEp. 601

Mini-Retirements Are the New Early Retirement – with Mom of Six, Jillian Johnsrud

#600: Jillian Johnsrud was falling apart. After suffering a miscarriage, she couldn't pull herself together to return to her job as a youth pastor in DC. She decided to take a month off. That unexpected break became Jillian's first "mini-retirement" — a deliberate step away from work for at least 30 days to focus on something meaningful. Today, Jillian is a mom of six who has taken more than a dozen mini-retirements with her kids, who currently range in age from 8 to 17. During her first mini-re...

Apr 18, 20251 hr 43 minEp. 600

Q&A: Retirement Math That Actually Works; Cashing In on the World Cup; and Why Your Parents' Housing Advice Is Wrong

#599: Becky and her husband are about to semi-retire. But the four percent retirement withdrawal rule doesn’t make sense for them. Are there other financial frameworks they should explore? Kris is excited about a potential boost in local real estate values when the World Cup comes to town. Will this have any significant impacts on his property? Peyton’s parents are pressuring her to buy a house, but she’s worried this will cripple her early retirement goals. Is she right to be concerned? Former ...

Apr 15, 20251 hr 18 minEp. 599

Tax Strategies You Might Be Missing, with Natalie Kolodij

Tax strategist Natalie Kolodij shares overlooked deductions, busts tax myths, and offers planning tips for W-2 employees, small business owners, and real estate investors. She covers sales tax deductions, medical expense strategies, charitable giving, and home sale exclusions, while emphasizing record-keeping and planning for tax code changes. The episode provides actionable advice to potentially save thousands on taxes.

Apr 11, 20251 hr 32 minEp. 598

Are We Heading for a Recession?, with Bob Elliott, former Head of Ray Dalio’s Investment Team at World's Largest Hedge Fund

Bob Elliott, former head of Ray Dalio's investment team, discusses the high probability of a recession due to growth-negative policies like tariffs and spending cuts, combined with persistent inflation. He advises individual investors to embrace simple strategies like dollar-cost averaging and diversification, emphasizing that consumer spending drives the US economy and is about to be squeezed. The episode also explores the importance of data-driven charitable giving through GiveWell.

Apr 08, 20251 hr 28 minEp. 597

First Friday: Tariffs Grab Headlines, But These Financial Changes Nobody Is Talking About Will Impact You Too

Paula Pant and Bob Elliot analyze the economic impact of new tariffs, changes to student loan forgiveness, mortgage market consolidation, and the government's strategic Bitcoin reserve. The conversation explores the potential for inflation and recession, along with the long-term implications for manufacturing and the job market. Bob Elliot provides a sobering assessment of short-term economic challenges, while remaining optimistic about the long term.

Apr 04, 202559 minEp. 596

Q&A: The Scary Shift from Saving to — Gulp! — Actually Spending Your Money

#595: Eva is finally closing in on her financial independence goals, but she’s grappling with how to make a smooth transition from accumulation to decumulation. What should she consider? John has noticed a game-changing omission from recent discussions about traditional versus Roth IRAs. Is this as big of a deal as he thinks it is? An anonymous caller is excited to convert his primary residence into a rental property. But he’ll only make a profit if he first sells some equities to pay down the m...

Apr 01, 20251 hr 5 minEp. 595

How to Travel on $75 Per Day, with Nomadic Matt Kepnes

#594: Ever wonder if you could afford to travel for months at a time? According to Nomadic Matt, who's visited more than 100 countries over the last 19 years, you can see the world on just $75 a day. That's about $27,375 per year, less than many people's current cost of living. Matt Kepnes, better known as Nomadic Matt, joins us to challenge common assumptions about travel costs. He explains that long-term travel can actually be cheaper than staying home. When you're traveling, you shed many reg...

Mar 28, 20251 hr 15 minEp. 594

Q&A: You Made a Money Mistake. Now What?

#593: An anonymous caller is brooding over a mistake he made in 2023 when he decided to contribute to his Roth instead of a pre-tax account. How does he get over this? June is annoyed that she triggered short-term capital gains and wash sales when she sold assets in her taxable brokerage last year. How does she avoid these issues in the future? Zerai wants to add mid and small-cap exposure, but his 457 plan has a limited selection of mutual funds. What’s the proper way to select the best fund am...

Mar 25, 20251 hr 1 minEp. 593

Why Your Brain Rewards You for Avoiding Your Boss, with Dr. Joel Salinas

#592: Ever wonder what's happening in your brain right before you knock on your boss's door to ask for a raise? Dr. Joel Salinas, neurologist and brain health expert, joins us to explain the neurology of negotiation. When you avoid difficult conversations, your brain actually rewards you with a small dopamine hit. That temporary relief feels good, reinforcing the avoidance behavior. But Dr. Salinas explains this creates a problematic loop: the more you avoid conflict, the more uncomfortable it b...

Mar 21, 20251 hr 29 minEp. 592

The Hidden Tax of Avoiding Tough Conversations, with Harvard Law Senior Fellow Bob Bordone

#591: Imagine you're about to ask your boss for a raise. Your stomach tightens. You've rehearsed what to say, but doubt creeps in. Should you be more assertive? More understanding of company constraints? Bob Bordone, who has taught negotiation for 25 years including 21 years at Harvard Law School, joins us to explain why you don't have to choose between empathy and assertiveness. In fact, combining them is key to successful negotiations. "It might feel like a tension, but it's not an actual one,...

Mar 18, 20251 hr 49 minEp. 591

Small Cap Showdown! Paul Merriman vs. Dr. Karsten Jeske Battle … with Millions Hanging in the Balance

#590: In the left corner, we have Paul Merriman, the seasoned finance veteran weighing in at 183 pounds. In the right corner, Dr. Karsten Jeske, the scrappy newcomer at 208 pounds. The bell rings, and the small cap value debate begins. This episode features a financial boxing match between two investment heavyweights with dramatically different perspectives. Paul Merriman champions diversification through the efficient frontier, which means adding small cap value to your portfolio. Dr. Karsten J...

Mar 14, 20251 hr 56 minEp. 590

Q&A: How Much Risk Should My Mom Take in Retirement?

#589: Kimmy is worried that her mom’s retirement portfolio is invested too conservatively. Is she right to advise her to take on more risk? Peyton has heard the financial advice about staying away from Whole Life Insurance as an investment, but what about as a savings account for children? Is there good a use case for this? Jeff and his wife are in a great financial position, but they fear that their retirement savings are too heavily apportioned in traditional IRAs. Will they run into tax probl...

Mar 11, 202556 minEp. 589

First Friday: The Economic Maze We're Navigating Together

Paula Pant analyzes the latest economic data, including job growth, inflation fears, and consumer sentiment. The episode covers the Fed's likely decision to hold interest rates steady, Treasury's focus on long-term inflation, and the impact of consumer pessimism on spending. It also delves into AI competition, crypto regulation, housing market trends, and student loan developments, providing a comprehensive economic update.

Mar 07, 202536 minEp. 588

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

#587: 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...

Mar 04, 20251 hr 7 minEp. 587

Money Doubles Every 10 Years (and Most People Never Notice!), with Scott Yamamura

#586: If you are a complete beginner at finances, or if you know someone who is, this episode is for you. The biggest hurdle for beginners? Money seems complex and intimidating. But Scott Yamamura, author of Financial Epiphany, explains personal finance doesn't have to be complicated. He breaks compound interest into three easy-to-grasp frameworks: Money as a Multiplying Ability: Just like athletes have peak physical abilities in their 20s, your money has its greatest multiplying power when you'...

Feb 28, 20251 hr 16 minEp. 586

Q&A: The Hidden Tax Drain in Your Investment Strategy

#585: Michael rebalances his portfolio every year. But he’s worried that triggering capital gains taxes on his brokerage account will cancel out the benefits of reallocation. Is there a better approach? Sam has an opportunity to switch jobs, but she’s confused about how an Employee Stock Ownership Plan stacks against her current employer’s 401(k). Is she getting a good offer? Carlos is excited about early retirement in Brazil, but he’s worried about the tax implications for his U.S.-based retire...

Feb 25, 202556 minEp. 585

Sahil Bloom: Which of the Five Wealth Types Are You Neglecting?

#584: Think about how you spend an average day. Would the 10-year-old version of yourself be impressed? What about the 90-year-old version? These two powerful questions frame our conversation with Sahil Bloom, founder and managing partner of an early-stage venture fund with investments in over 60 startups and author of The Curiosity Chronicle, a newsletter that reaches more than a million readers worldwide. Sahil shares the story of his own wake-up call. While living in California and earning ma...

Feb 21, 20251 hr 23 minEp. 584

Q&A: Everyone Is Arguing About Roth IRAs And We Have Thoughts

#583: Contrary to recent discussions, Jesse has concluded that a traditional IRA is the smarter way to go for most people once marginal tax rates are factored in. Is he missing something? An anonymous caller is four years away from early retirement but she’s unsure if her portfolio allocations are in the right place. How and when should she start converting equities to cash? Luz is confused about how to handle company stock options. Is there an ideal spread between the exercise price and the sto...

Feb 18, 20251 hr 8 minEp. 583

The Marriage Contract You Never Saw (But Can't Escape), with Harvard Law Alum Aaron Thomas

#582: They had it all. Six thriving children. A 40-year marriage. A household income of $200,000. Then in her 60s, she discovered a shocking truth: he had gambled away their entire retirement savings in penny stocks. She had no access to their financial accounts during the marriage. After divorcing, she was left with nearly nothing. Today, she relies on her adult kids for support. Harvard-trained family law attorney Aaron Thomas joins us for a Valentine's Day discussion about prenuptial agreemen...

Feb 14, 20251 hr 34 minEp. 582

When Disaster Hits Home – Literally

#581: Today's question is different. There's something special about it — and you'll understand why in a moment. An 84-year-old listener left us a voicemail about his struggle to break free from mortgage debt. He and his 83-year-old wife need to move from their two-story townhouse because they can’t climb the stairs any longer. They found a single-story ranch house that fits their needs perfectly — except for one detail: it carries a crushing $4,200 monthly mortgage payment. They do have one pot...

Feb 11, 202558 minEp. 581
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