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You can afford anything, but not everything. What matters most? 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. Every decision is a trade-off against another choice. But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life? Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life. Want to learn more? Download our free book, Escape, at http://affordanything.com/escape

You can afford anything, but not everything. What matters most? 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. Every decision is a trade-off against another choice. But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life? Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life. Want to learn more? Download our free book, Escape, at http://affordanything.com/escape
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United States

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You can afford anything, but not everything. What matters most? 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. Every decision is a trade-off against another choice. But how deeply do we contemplate these choices? Are we settling for the default mode? Or are we ruthlessly optimizing around a deliberate life? Host Paula Pant interviews a diverse array of entrepreneurs, early retirees, millionaires, investors, artists, adventurers, scientists, psychologists, productivity experts, world travelers and regular people, exploring the tough work of living a truly excellent life. Want to learn more? Download our free book, Escape, at http://affordanything.com/escape

Language:

English

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707-728-5202


Episodes

Upgrade Your Thinking, with Super Thinking authors Gabriel Weinberg and Lauren McCann

7/15/2019
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You make decisions on a daily basis about your career, family, friendships, health and investments; these choices shape your life. But how much have you thought about how to think? There are common threads and collective wisdom across disciplines. These common threads create mental models, which are frameworks for understanding the world. Mental models allow us to apply insights from a variety of unrelated fields, using reasoning by analogy to make better choices about our lives. For...

Duration:01:06:40

Ask Paula: Early Retirement and The Four Percent Rule

7/8/2019
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#203: Many people in their 50’s or 60’s warn us about catastrophic or ‘black swan’ events. But what’s the likelihood that this will actually happen? How can you use the 4 percent withdrawal rule for early retirement planning, given that your portfolio will be split among accounts with different tax treatments? How do you adjust your retirement plan for future taxes? Should a couple in their 30’s switch from term life to whole life insurance? Should a couple in their 50’s with adult...

Duration:01:11:57

Slow Travel is Cheap Travel - with Nomadic Matt

7/5/2019
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#202: In 2006, Matt Kepnes worked at a hospital in Boston, and he felt miserable. He dreaded fighting traffic, spending his days under his offices’ fluorescent lighting, drinking stale coffee. He decided to take one year off -- a “gap year” -- thinking that after his sabbatical, he’d resume another 40 years of punching the clock. He worked 60-hour weeks in order to save money for his sabbatical year. He saved $30,000, then handed his boss a resignation letter. Matt traveled for 18 months,...

Duration:01:03:35

Ask Paula: Which House Should I Pay Off First?

7/1/2019
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#201: Ross and his wife are both in the Navy. They bought a home while they were stationed in Hawaii. Then the Navy sent them to Virginia, where they currently live; they’ve purchased a home there, too. They kept the Hawaii home as a rental property, and they’d like to move back into it when they retire. Which home should they repay first? Mike is 33, debt-free except for his mortgage, and earns more than $200,000 per year. He saves half of his income. What should he do with his savings?...

Duration:01:09:33

What I’ve Learned from Interviewing 500 Millionaires -- with Jaime Masters of Eventual Millionaire

6/24/2019
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#200: Nine years ago, I had no idea that personal finance blogs existed. Then, as I was flipping through an issue of Kiplinger magazine, I came across an article about a woman who paid off $70,000 in debt in 16 months. Her name was Jaime, she lived in Maine, and she earned 3x her husband’s income. He made $30,000 per year; she made $100,000. They wanted to have a baby, and she wanted to stay at home for the first year, but their debt load made this impossible. She aggressively went into...

Duration:01:02:41

Ask Paula: The Three-Year Reunion with J. Money

6/17/2019
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#199: Ashley is paying affordable rent for a home she enjoys, but she feels certain that the real estate market in her local market will stay strong. She’s thinking about buying a home with 3 to 5 percent down, but she doesn’t have much in savings. Should she wait for a year to save more? Or should she take advantage of a rising market and relatively low interest rates? Ian and his girlfriend live together in Washington D.C. and have a combined 40 percent savings rate. He’d like to buy a...

Duration:01:13:21

The Japanese Art of Being a Zen Millionaire, with Ken Honda

6/10/2019
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#198: Money flows. When you receive money, you’re in the path of this flow. Money flows from someone else to you, and eventually, it’ll flow from you to someone else, either in the form of a purchase or an investment. A healthy relationship with money is to feel gratitude when money flows towards you, and to release your money without attachment or resentment when it flows away from you. Today's guest, Ken Honda, is known as the “Zen Millionaire” of Japan. He’s sold more than seven...

Duration:00:59:31

Ask Paula: Traditional IRA vs. Roth IRA -- What Should I Choose?

6/7/2019
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#197: Should Bret invest in a Traditional IRA or a Roth IRA? If Amanda gets married, how will her child support be affected? What about her student loan forgiveness? Joe is investing in bonds, which average a rate of return that’s equal to the interest rate on his mortgage. Should he switch to all-equities and redirect his bond investments into mortgage payoff, instead? Taunia has a car loan, a 401k loan, a home improvement loan, a primary mortgage, and a second mortgage. She also has an...

Duration:01:05:52

Starting Over at 40 with Six Kids, with Wendy Mays

6/3/2019
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#196: When Wendy Mays was in her early 20’s, she earned $12 an hour working as the office manager of a pest control company. She wanted higher income, so she enrolled in college at age 22. By the time she finished her undergraduate degree, she was 26, married, with a child. Her husband worked low-paying jobs to make ends meet. They struggled to pay the bills. Wendy decided to enroll in law school, so that she could bring in more money. She graduated around age 30, and became the primary...

Duration:01:06:13

Ask Paula: I Make $168,000 Per Year and Spend $5,000 Per Year. What’s Next?

5/27/2019
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#195: Alex makes $168,000 per year, combined between her full-time job and her side hustle. Her company pays for breakfast, lunch and dinner during the work week, plus a cell phone subsidy, health, dental and vision insurance, a gym membership, and commuting costs. She also househacks, so her living expenses are only $400 per month. What should she do with her ample savings? Christine is 38 and earns $70,000 per year running her own business. She holds $70,000 in investment accounts, has...

Duration:01:20:05

The 7 Faces of Fear -- with Ruth Soukup

5/20/2019
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#194: Fear shows up in our lives in countless ways. Sometimes, fear takes the form of procrastination. We're afraid of botching something, or we don't like the feeling of anxiety that a project gives us, so we avoid it, dodge it, and indefinitely put it off. Other times, fear takes the form of perfectionism through endless iterating and tweaking. We want to keep tinkering with a project, to get it "just right." We applaud ourselves for our attention to detail. Fear takes the form of...

Duration:01:18:59

Ask Paula: I Spent Ten Years in School, and Now I’m Behind on Retirement Savings

5/13/2019
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#193: Lori is behind on retirement savings, as a result of being a full-time student for more than a decade. She makes good money and lives frugally, but she’s aware that she’s behind for her age. What should she do? Sierra wonders whether she should apply her savings towards paying off her mortgage or building investments. Jenessa plans to retire at age 35, and she’s wondering if the 4 percent withdrawal rule applies for such a long time horizon. Her friend swears that it’s designed to...

Duration:01:05:54

The Latte Factor, with author David Bach

5/6/2019
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#192: “Don’t buy lattes.” This classic snippet of personal finance advice isn’t specifically anti-Starbucks. “Lattes” are a metaphor for the tiny expenses that leak money from our pockets, often without us realizing how much we’re spending. Your “latte” could be a pile of subscriptions: HBONow, YouTube Red, Spotify Premium, Netflix, Hulu Plus, the CostCo membership that you haven’t used in two years, and -- for that matter -- the gym membership that you also haven’t used in two years....

Duration:01:19:59

Ask Paula — Would You Live in an RV to Save Money?

5/3/2019
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#191: Should Russell rent a cheap apartment, or should he take out a loan for an RV in order to save money on rent? Carl is working two jobs that each pay $12 per hour. He has $5,000 in student loans. What can he do to improve his situation? Caroline is about to finish paying off her student loans, and in the next few years she wants to buy a home. Where should she park her savings in the meantime? Philip is saving for financial independence, but he’s not sure what to do with his time...

Duration:01:05:21

The Next Millionaire Next Door, with Dr. Sarah Stanley Fallaw

4/29/2019
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#190: More than 20 years ago, affluence researchers Dr. Thomas Stanley and Dr. William Danko surveyed a vast number of millionaire households in the United States. What they discovered was groundbreaking at the time. The average U.S. millionaire, they found, lives a frugal lifestyle. They are disproportionately clustered in modest, middle-class neighborhoods. They drive used cars. They don’t spend money on jewelry, watches, boats or other high-ticket items. They’re self-made, meaning they...

Duration:01:10:24

Ask Paula: How Does My Net Worth Compare to Others My Age?

4/22/2019
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#189: Julie, age 27, calculated her expected net worth based on the formula taught in the classic personal finance book The Millionaire Next Door. She’s concerned. Her current net worth is significantly lower than the number that the formula revealed. Is she on-track? Anonymous wants to save for a downpayment on a home. Should she reduce her 401k contributions in order to amass these savings? Should she store some of that money in a Roth IRA? Samantha is more than halfway finished with...

Duration:01:14:44

The Scientific Secrets of Perfect Timing, with Daniel Pink

4/15/2019
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#188: In May 1915, a renowned 58-year-old sea captain, Captain William Thomas Turner, made a series of questionable decisions. He was the captain of the Lusitania, a ship with 1,959 passengers, sailing from Manhattan to London. The first World War was taking place around them, and Captain Turner knew he needed to move swiftly to evade German submarines. His ship approached England; land was in sight. They had almost made it. Yet for reasons that will always remain a mystery, around 1 pm on...

Duration:01:22:10

Ask Paula - The Real Estate Episode

4/8/2019
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#187: Sarah needs $36,000 per year in rental income to reach FIRE (Financial Independence, Retire Early). She owns several rentals. When can she comfortably consider herself FIRE? AyV wants to rent out his primary residence. Should he renovate? Anonymous lives in a high-cost-of-living city, but she found a small city nearby with Class B and C+ multifamily properties. These properties need a little work. How can she estimate repair costs? Carly bought a property that underperformed the one...

Duration:01:14:47

How Mike and Lauren Retired at 30 with an Average Income of $56,000 / Year

4/5/2019
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#186: Mike and Lauren have run a cleaning company, started and sold a biodiesel company, repaired and resold motorcycles, opened a coffeeshop, owned a DVD rental box, sold e-cigarettes, bought a storage warehouse, launched a YouTube channel with nearly 150,000 subscribers, moved to Manhattan, moved back to Florida, backpacked across Europe and gave birth to two children in Costa Rica. Whew. I’m exhausted by just writing their list of entrepreneurial experiments. Their willingness to take...

Duration:01:11:24

Ask Paula: How Do I Talk to Friends who Ridicule the Idea of FIRE?

4/1/2019
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#185: Hello from Austin, Texas! I’m living in an Airbnb here for the next 5 weeks. Listen to the end of today’s episode to find out why … and discover how these next 5 weeks, for me, exemplify the “why” of financial independence. In the meantime, though, the show must go on! Here are the questions that we’re answering in today’s episode. An anonymous listener named Seeking FIRE wants to know how she can talk about financial independence with people who ridicule the topic. What do you say...

Duration:01:19:18