By Paula Pant | Cumulus Podcast Network
The podcast currently has 610 episodes available.
#544: Remember that time you found a $20 bill in an old jacket pocket? The rush of excitement, followed by the quick mental math of what you could buy with it?
That's your money mindset at work.
In this episode, we dive deep into the psychology behind our financial decisions.
You'll hear about the three money mindsets: anxious, obsessed, and avoidant. Ever clutched onto every penny out of fear? That's the anxious mindset. Spent big to impress others? Money obsession. Ever thought "I'd rather be happy than rich" or felt uncomfortable talking about money? These could be signs of a money-avoidant mindset.
The episode shares a personal journey from being terrified of running out of money to developing a healthier relationship with finances. It's not just about saving or spending - it's about using money as a tool to express your values.
You'll learn why being "good with money" isn't as simple as “just don’t spend it!” Think about Ebenezer Scrooge - he had plenty of cash but lived like a pauper. Is that really good money management?
On the other end of the extreme, you have Montgomery Burns from The Simpsons as another example. He's loaded but obsessed with getting even richer, showing how the endless pursuit of wealth can leave you lonely and isolated.
The talk covers how your beliefs about money can become self-fulfilling prophecies. If you think you're bad with money, you might make poor financial decisions without realizing it.
You'll hear about the balance between time and money. Both are limited resources, and sometimes it's smart to spend money to buy back your time. After all, you can always make more money, but you can't make more time.
This episode tackles the myth that work is always a drag. It suggests finding work that gives you a sense of purpose can lead to both job satisfaction and financial success.
Investing comes up too. You'll learn why it's often simpler than the financial industry wants you to believe. Sometimes, doing less with your investments can lead to better results.
We wrap up by talking about imposter syndrome - that feeling that you don't deserve your financial success. If you've ever felt like a fraud because your bank account looks better than it used to, you're not alone.
Throughout the episode, you'll get insights into how your past experiences shape your current money habits. By the end, you'll have tools to start examining your own money mindset and working towards a healthier relationship with your finances.
For more information, visit the show notes at https://affordanything.com/episode544
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#543: Picture this: You're at a car dealership, trying to get the best price on your dream car. The salesperson hits you with a "take it or leave it" offer. Your palms are sweaty, your heart's racing. What do you do?
That's just one of the tricky situations we dive into in this episode. We're tackling seven types of hardball negotiation tactics that can trip you up in all sorts of situations - from asking for a raise to haggling at a flea market.
First up, we break down the "take it or leave it" tactic. We share a real-life story of Sarah, a software developer, facing this exact situation in a job interview. You'll hear how she turned it around and got what she wanted.
Next, we talk about psychological warfare. Sounds intense, right? It can be. We tell you about Emma, a graphic designer, who had to deal with a client trying to throw her off her game. You'll learn how she kept her cool and came out on top.
Ever heard of the "good cop, bad cop" routine? It's not just in movies. We share a story of how this played out in a business deal and give you tips on how to spot it and handle it like a pro.
Then there's the "snow job" - when someone dumps so much information on you that your head spins. We break down how to cut through the clutter and focus on what really matters.
We also cover what to do when someone's holding back important info, how to spot a fake-out (when someone pretends to care about one thing but really wants another), and the sneaky "nibbling" tactic where people ask for just one more small thing... and then another... and another.
For each tactic, we give you the lowdown on:
- What it looks like in action
- Why it works (yep, there's some psychology involved)
- How you can spot it
- What you can do to counter it
We wrap up with a handy checklist for each tactic. Think of it as your negotiation cheat sheet. By the end of the episode, you'll have a toolkit of strategies to help you navigate tough negotiations, whether you're buying a car, negotiating your salary, or just trying to decide where to go for dinner with your friends.
Remember, negotiation isn't about "winning" at all costs. It's about finding solutions that work for everyone. With the tips from this episode, you'll be better equipped to do just that, even when things get tricky.
For more information, visit the show notes at https://affordanything.com/episode543
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#542: Ever feel like you're never doing enough with your money, even when your finances look good on paper?
You're not alone.
Katie Gatti Tassin, host of the Money with Katie podcast, dives into a phenomenon called "money dysmorphia" in today’s interview.
She shares how she got flooded with responses when she asked her listeners about money dysmorphia. Folks with hefty savings and investments still worry they're not doing enough. It's like they're always waiting for the other shoe to drop.
Where does this come from? Katie points to a few culprits. Social media is an obvious scapegoat. But traditional media plays a role too. Think about all those TV shows where "normal" families live in massive houses and drive fancy cars. It skews our perception of what's average.
Location matters too. Katie talks about how moving from Dallas to Fort Collins changed her spending habits. Different cities have different vibes and social norms around money.
The conversation takes an interesting turn when Katie shares her own experience buying a Porsche. She felt conflicted, worried her FIRE (Financial Independence, Retire Early) community would judge her. It highlights how even personal finance experts grapple with these issues.
They also touch on how the pandemic shook up financial priorities. When faced with uncertainty, some people realized saving for a far-off future might not be the only goal worth pursuing.
Katie and Paula discuss the importance of balance. It's good to save, but not at the expense of living your life now. They suggest seeking out voices in the personal finance world to get a more rounded perspective.
Travel comes up as a way to gain financial perspective. Seeing how people live in other parts of the world can make you appreciate what you have or show you where your own country could improve.
Katie and Paula offer food for thought on how to navigate our complex relationship with money. It's a conversation that might make you think differently about your own financial mindset.
Timestamps
Note: Timestamps will vary on individual listening devices based on dynamic advertising run times.
01:13 - Define money dysmorphia concept
02:22 - Social media's influence on financial perceptions
03:57 - Traditional media's impact on financial normalcy
06:03 - Wealth displays in TV and movies
09:52 - Regional cultures affect spending habits
11:35 - Social engineering in consumer culture
14:36 - TV shows shape perceptions of normal lifestyles
17:19 - Lower-income portrayal in media
20:22 - Social circles influence financial habits
23:35 - Importance of balance in financial perspectives
26:34 - Travel's role in gaining financial perspective
29:12 - Key takeaways about money dysmorphia
31:30 - Media's influence on financial normalcy perception
33:46 - Balancing future planning with present enjoyment
For more information, visit the show notes at https://affordanything.com/episode542
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#541: Ever wondered if you're making the right choice between a Traditional and Roth 401(k)? You're not alone.
In this episode, Katie Gatti Tassin, host of MorningBrew’s Money with Katie podcast, joins us to tackle this common retirement savings dilemma.
We deep-dive into the debate between using Traditional vs. Roth 401(k) accounts for retirement savings, in the context of:
Katie explains her strategy for maximizing retirement savings while minimizing taxes. She suggests that for some people in higher tax brackets, maxing out a traditional 401(k) and then investing the tax savings elsewhere might be the way to go.
But as we dig deeper, it becomes clear that there's no one-size-fits-all answer.
We explore the Traditional vs Roth question, discussing how your current income and expected retirement spending can affect your choices.
It's not just about the math, though. The unpredictability of future tax rates and policies adds another layer of complexity to the decision.
Social Security plays a major role, as well. We discuss its current funding situation and the challenges it might face in the future.
This leads to a fascinating discussion about how AI might impact future costs and lifestyles. Could things actually get cheaper in the future?
Taxes for high earners and small business owners is another focus. We break down some misconceptions about who falls into high tax brackets. It's not always as simple as it seems.
Stock-based compensation is another hot topic. We discuss how it affects corporate decision-making and the wider economy. This leads to an interesting comparison of the incentives for business owners versus employees.
Throughout the episode, we keep coming back to one key point: no matter which type of account you choose, the most important thing is to contribute as much as you can.
Your contribution amount has a bigger impact on your retirement savings than the type of account you use.
By the end of this interview, you'll have a better understanding of the factors that go into choosing between a Traditional and Roth 401(k). More importantly, you'll see how this decision fits into the bigger picture of retirement planning and overall financial health.
Timestamps:
Note: Timestamps will vary on individual listening devices based on dynamic advertising run times.
Here are the condensed timestamps and descriptions:
0:00 Introduction
1:46 Katie explains strategy for maximizing retirement savings
3:19 Discuss assumptions behind traditional vs Roth 401(k) decisions
5:54 Compare scenarios of traditional and Roth contributions
8:54 Explore how income affects retirement account choice
13:51 Talk about media's impact on financial perceptions
15:20 Discuss unpredictability of future tax policies
18:03 Explain current state of Social Security funding
21:05 Explore AI's potential impact on future costs
24:41 Discuss how location influences spending habits
28:16 Examine tax implications for high earners
31:12 Talk about effects of stock-based compensation
33:55 Compare incentives for business owners vs employees
36:06 Emphasize importance of contribution amounts
For more information, visit the show notes at https://affordanything.com/episode541
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Originally aired August 2023: Stanford psychology professor Jamil Zaki shares his research and findings around the science of empathy – and how we can apply this to improving our relationships with colleagues, clients, customers, co-founders, and business and investing cohorts.
Zaki is the director of the Stanford Social Neuroscience Lab, and the author of “The War For Kindness.”
We'll break down the science. We talk about why empathy matters in business, investments, and in career growth, and we’ll discuss its digital age dynamics. How does AI impact the way in which we relate to others?
If you want to learn the science of emotional intelligence, and how to apply this to your career and business interactions, you’ll learn a lot from today’s episode.
Enjoy!
The original show notes can be found at https://affordanything.com/episode456
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What can M&Ms, McDonalds, Harry Potter, Aquafina, Taylor Swift, Jeopardy, and Bed Bath & Beyond teach us about landing a dream job or securing a promotion?
Plenty.
Imagine you're at a job interview.
You've rehearsed your answers, polished your resume, and you're feeling confident.
But what if the key to landing that job isn't just about your skills and experience? What if it's about how you make people feel?
How you make people feel is your brand, Zane says.
That's what Leslie Zane, a Harvard Business School alum and prominent branding expert, talks about in this interview.
She says that whether you're trying to get a new job, a promotion, or more customers for your small business, it all comes down to how you build your personal brand.
Zane breaks it down into three main ideas: be salient, be relevant, and be distinctive.
Being salient means making sure people remember you. It's not just about doing your job well, but about connecting with people all over your company.
Zane gives an example of a dental hygienist who calls patients after their appointments to check on them and offer advice. This extra touch helps the hygienist stick in people's minds.
Being relevant is about focusing on the good stuff. Zane says if you make a mistake at work, don't dwell on it. Instead, do more good things to push out the bad memory.
She talks about how McDonald's dealt with rumors about "pink slime" in their food. Instead of denying it over and over, they started showing how they make their food with fresh ingredients. This helped people forget about the pink slime and think about good things instead.
Being distinctive means standing out, but in a way that still feels familiar.
Zane tells a story about the game show Jeopardy. When the longtime host Alex Trebek died, the producers tried inviting different celebrities to host the show. But viewers didn't like it. The ratings only rose when they chose Ken Jennings, a former champion contestant, as the new host. He was familiar enough that viewers felt comfortable with him.
Zane also talks about how these ideas can help small businesses. She says it's important to reach out to new customers, not just focus on the ones you already have.
She suggests finding ways to connect your business to things that people already enjoy.
If you run an accounting firm in Kansas City, for example, you might talk about local sports teams or famous barbecue to help people feel a connection to your business.
Throughout the interview, Zane emphasizes that building a strong personal brand isn't about bragging or being fake. It's about creating genuine connections with people and consistently showing your best qualities. You’re creating buzz about yourself. The more positive connections you make, the stronger your brand becomes.
Zane's advice goes against some common ideas about marketing and self-promotion. She says you don't need to stick to just one thing or only target a specific group of people.
Instead, she encourages reaching out to as many people as possible and finding ways to connect your skills or business to things they already care about.
Timestamps
Note: Timestamps will vary on individual listening devices based on dynamic ad lengths
0:00 - Importance of becoming a personal brand for career growth
6:04 - Tapping into the instinctive mind
8:54 - How brands grow in people's minds
13:40 - Situational salience using M&M's example
18:40 - Why Harry Potter is a salient brand
24:23 - Three key elements of building a personal brand
29:20 - McDonald's addressing negative brand associations
35:40 - Be distinctive, not unique
41:00 - Jeopardy! host change and brand continuity
46:56 - Creating buzz about yourself at work
52:40 - Why core customers can be a business trap
57:20 - Handling negative feedback or associations
1:02:40 - Tips for standing out in job interviews
For more information, visit the show notes at https://affordanything.com/episode540
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#539: An anonymous caller feels trapped. She owes $100,000 in back taxes on earnings she had to give up as a result of a lawsuit with her former business partner. What should she do?
Saul and his wife want to retire in Mexico but they don’t want to give up the ability to continue investing in US stocks. Can they buy a primary residence that doubles as a short-term rental?
Nina and her partner are eager to start a $500,000 renovation on their home but they’re still three years away from saving enough. How can they bridge the gap without risking too much?
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/episode539
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#538: The latest jobs report just dropped, and it's a game-changer. Job creation numbers are lower than expected, at 142,000 new jobs in August. This comes on the heels of the biggest downward revision in job numbers since 2009.
We're diving deep into what this means for the Federal Reserve's long-anticipated first rate cut. Are we looking at a modest quarter-point cut in interest rates, or a more substantial half-point drop?
The Fed's decision could mean the difference between that dream house being within reach or slipping away. We'll break down the latest data and translate what it means for you.
In our second segment, we're celebrating Warren Buffett's 94th birthday by exploring how he continues to lead Berkshire Hathaway with razor-sharp acumen — and what this teaches us about aging.
Finally, we'll turn our attention to Selena Gomez, who just became a billionaire. Around 81% of her wealth comes from her makeup line; only 3% of her net worth comes from acting and singing. Her story highlights the power of entrepreneurship in building massive wealth.
Join us for a blend of timely economic analysis and inspiring success stories.
For more information, visit the show notes at https://affordanything.com/episode538
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#537: Frequent contributor Joe Saul-Sehy shares an emotional, personal story of getting into a soul-crushing level of debt in his 20s and early 30s.
He owed so much in back taxes to the IRS that he didn’t file a tax return for three years.
He ran out of gas and was stranded on the side of the highway, with 85 cents remaining in his bank account.
By the time he pulled himself out of debt, his twin son and daughter were seven years old.
Learn the gripping, gut-wrenching story of Joe’s past money mistakes in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode537
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#536:
NYU Psychology Professor Dr. Tessa West has spent nearly two decades studying relationships, including those in the workplace. She talks about her research on why people feel disconnected from their jobs and what to do about it.
Dr. West breaks down five main ways people might feel unhappy at work:
1. Crisis of identity: This is when you've poured a lot into your career, but you're starting to question if it's really who you are anymore.
2. Drifting apart: This happens when your job changes, not you. Maybe your company's gone through some big shifts, or your day-to-day tasks are different now. Or maybe your industry has totally changed.
3. Stretched too thin: We've all been there - too much to do and not enough time.
4. Runner up: Always close to that promotion or raise, but never quite getting there.
5. Underappreciated star: You're doing great work, but no one seems to notice.
Dr. West digs into each of these, explaining what they look like and why they happen. She talks about how work relationships are a lot like romantic relationships — just as you might feel disconnected from a partner, you can feel the same way about your job.
She describes a matrix that shows how satisfied you are with your job versus how much you identify with it.
She also gets practical stuff, describing how to manage distractions at work and be more productive. There's a neat concept called "working spheres" that might help you organize your tasks better.
If you're thinking about leaving your job, Dr. West suggests doing some self-reflection and networking to learn about other industries or companies. She warns that there's often a lot of "hidden" stuff about jobs that you won't find in the job description, so it's essential to dig deeper.
At the end, she talks about how to figure out if a new job will actually be better. Her main tip? Ask tough questions in interviews. Don't be afraid to dig into the not-so-great parts of the job or company.
Dr. West doesn't sugarcoat the tough parts of work life, but she offers practical advice for dealing with them. Whether you're happy in your job or thinking about a change, you'll find something useful here.
Timestamps
Note: Timestamps will vary slightly on individual listening devices based on dynamic ad lengths.
1:09 - Dr. Tessa West. Psychology professor. Workplace relationships.
3:10 - Five major ways people feel disconnected from work.
4:55 - Work relationships mirroring other relationship types.
9:04 - "Crisis of identity" at work.
13:40 - Matrix: job satisfaction vs. identity centrality.
18:20 - "Drifting apart" from your career.
21:40 - Common changes causing career drift.
25:55 - "Stretched too thin" at work.
29:35 - Managing external work disruptions.
31:40 - "Working spheres" for better productivity.
37:37 - "Runner up" at work.
40:29 - Common reasons for not getting promoted.
47:51 - "Underappreciated star" at work.
51:18 - Next steps if unhappy at work.
55:56 - Determining if a new job will be better.
For more information, go to https://affordanything.com/episode536
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The podcast currently has 610 episodes available.