Afford Anything®

In light of recent federal mandates to return to the office, Pedro is having a hard time giving up on his fully remote lifestyle. Is there a creative solution to his dilemma?

An anonymous caller is excited to move abroad permanently. How should she structure her investments to support her international lifestyle while maintaining a home base in the US?

Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

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Pedro asks (at 01:55 minutes): How can I find a fully remote job as a computer programmer so I can return to a location-independent lifestyle with my family? I’m a federal employee and I’ve been called back to the office. But it feels like I’m losing something deeply important.

During the pandemic, my job went fully remote, and I spent a year traveling the country in an RV with my partner and two kids. We visited 35 national parks and it was the most meaningful experience of my life. That time reshaped how I view my priorities, family life, and future goals.

I homeschool my kids, and I want them to stay connected—to each other, to us, and to the world around them. We’re all on board with a nomadic lifestyle, and eventually, we’d love to travel overseas again.

The challenge is that I’m struggling to find a fully remote job. I’m a computer programmer with more than a decade of experience, so the work can be done remotely. I’ve been applying and submitting resumes, but beyond that, I’m not sure what to do.

I’ve read that while interest in remote work is high, many companies are reversing course and bringing people back to the office. So what’s the best strategy to break into a truly remote role right now? Do you have any advice, especially from your own freelancing and travel journey?

Anonymous asks (at 24:54 minutes):    What’s the best way to invest a $500,000 windfall if I’m planning to leave the U.S. and live abroad full-time?

I just sold my primary residence, which I owned outright, and I’ll be walking away with half a million dollars. I also have $50,000 in a taxable brokerage account, and I receive $1,400 a month in Social Security Disability Insurance (SSDI).

I can’t work due to an autoimmune disease that flares up unpredictably—but interestingly, when I’m outside the U.S., I seldom have flare-ups. My doctors think it might be environmental. So I’m leaning fully into this lifestyle change.

I’ve sold everything I own except for one small storage unit. I’ve lived all over—Europe, South America, Asia—and I speak four languages, so I’m very comfortable abroad. I live simply, well below my means, and I prioritize experiences and creativity over material things.

Eventually, I’d like to establish residency in another country. I know I’ll need to show proof of income for that, so I’m considering dividend-paying ETFs or stocks as a way to generate passive income. I also have a virtual U.S. address and plan to keep my citizenship.

So, with all that in mind: How should I invest this money to support a long-term, low-cost, international lifestyle? Are there any specific considerations I should be aware of—either because I’m on SSDI or because I’ll be managing my investments while living overseas?

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The biggest trade shake-up in 135 years is happening right now.

April brought tariff levels that economists say haven’t been seen since the 1890s, creating ripple effects throughout the economy.

We’re seeing a stark disconnect between official economic data and how people feel about their financial future.

While the economy added 177,000 jobs in April — beating forecasts — consumer confidence has plummeted to alarming levels.

Almost 70 percent of Americans now expect higher unemployment ahead, despite the strong job numbers.

The tariffs have triggered some unexpected behaviors. Companies rushed to import goods before prices increased, which ironically pushed the trade deficit to record levels.

Consumers went on buying sprees for cars, computers, and other expensive items, fearing they’d soon cost much more.

Meanwhile, inflation expectations have surged to their highest levels in decades.

What does this mean for investors? Bond markets reacted dramatically, with Treasury yields posting one of the sharpest spikes on record mid-April before settling back down.

The dollar weakened significantly, and economists have raised recession probability to 45 percent — up from 30 percent just last month.

Small businesses are feeling the uncertainty too.

After initial optimism about potential tax cuts and deregulation, their expectations have soured amid concerns about how tariffs might hurt smaller firms disproportionately.

Market volatility has hit retirement savers particularly hard. We take a call from a listener named Johanna who shared that she lost 30 percent of her portfolio due to recent tariff-related swings.

She’s wondering whether she’s still “Coast FIRE” — even when market shocks alter her retirement math.

Join us as we break down April’s economic data, explain what’s behind the market volatility, and discuss what these historic tariffs might mean for your money in the months ahead.

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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 there another approach?

Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

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Bethany asks (at 02:01 minutes):      I’m in my mid-thirties, calling from Australia, and my partner and I have been together for over five years with mostly combined finances. He’s originally from the U.S., and we’ve been discussing a more unified investment strategy.

Right now, we each have separate investments, but my partner is particularly interested in gold and silver. He’s not very confident in the stock market and prefers to allocate as much of his money as possible to precious metals.

I rarely hear people talk about investing in gold and silver, so I’d love to get your take. What are the key considerations, potential red flags, or common pitfalls we should be aware of—aside from the obvious challenge of physically storing large amounts of gold and silver?

Diana asks (at 27:23 minutes):      How do I know when to pull the brakes on college savings? We have three children, ages 13, 11, and 7. We’ve contributed $600 per month per child – $1,800 in total – to their 529s since they were born.

We have $150,000 saved for our oldest son who we expect to start college in four to five years. Since we may be able to supplement the rest with cash, should I cut this back or stop altogether with the expectation that it’ll grow a bit more by the time he needs it?

Am I saving too much? What are the risks to consider?

Wendy asks (at 48:17 minutes):  How should asset allocation change when part of your retirement income is secured versus relying entirely on a nest egg? Do traditional drawdown strategies like the four percent rule still apply?

My husband and I plan to retire at 59 and a half with a conservatively invested fund to bridge us to 65. At that point, we’ll have $100,000 per year in non-cost-of-living adjusted pensions and another $70,000 from Social Security, fully covering our base expenses—including housing, healthcare, food, transportation, and minimal discretionary spending.

Beyond that, we have a flexible budget of $100,000 to $125,000 annually for extensive travel, gifting to our kids, and maintaining our current $300,000 standard of living. Since this portion of spending is discretionary, we can adjust it in down markets.

A common approach is holding 50 to 75 percent in equities like a low-cost index fund with the rest in safer assets like bonds or cash equivalents. But what if the lump sum isn’t needed to cover essential expenses and instead serves as a flexible source of discretionary spending?

Is there a better strategy for investing the discretionary pot for long-term growth without excessive risk? Should we incorporate bonds at all, or would a four-fund efficient frontier approach be more effective?

Additionally, we have $2 million in real estate equity that we’re not factoring into our retirement plan, but we could downsize if necessary. How should that influence our investment approach?

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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 Five” personality traits — Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism (OCEAN) — and how they impact financial success and career advancement.

If you work a regular 9-to-5, personality development can boost your career trajectory. Khazan highlights that conscientiousness — being organized, timely and detail-oriented — directly correlates with workplace success.

She suggests decluttering both your physical space and your commitments to increase productivity.

For introverts navigating office politics, she recommends “cosplaying as an extrovert” by signing up for regular group activities that are hard to back out of. Over time, social interactions become less draining, creating more opportunities for advancement.

And when engaging with colleagues, focus on asking meaningful questions about their experiences rather than collecting basic facts — this builds genuine connections that can lead to promotions and new opportunities.

If you’re intimidated by new financial ventures like entrepreneurship or real estate investing, Khazan suggests learning from others who’ve succeeded in similar situations. Research shows you’re more likely to implement strategies when you learn them from peers rather than experts.

When discussing successful entrepreneurs, Khazan reveals they typically share three key traits: high extraversion (energy for interacting with others), low agreeableness (ability to make tough decisions), and low neuroticism (emotional stability for risk-taking).

Think Steve Jobs — not always the nicest person, but his combination of vision, decisiveness and comfort with risk built one of the world’s most valuable companies.

The most important takeaway? Never tell yourself you can’t do something because “that’s just not who you are.” Instead, take small daily steps toward your goal, and you’ll gradually develop the personality traits needed for success.

Timestamps for Suni / Youtube ONLY (in blue) 

(0:00) Intro and definition of personality

(3:56) The Big Five personality traits – OCEAN (Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism)

(5:32) Origin of the Big Five – researchers distilled thousands of descriptive words

(8:04) How to intentionally change personality – follow through with specific actions

(9:36) Openness explained – embracing new experiences vs sticking to familiar

(11:49) Increasing openness – start with small steps in uncomfortable domains

(15:20) Strategies for boosting conscientiousness – visualization and decluttering

(22:53) The value of timing yourself – tracking duration helps with time management

(26:15) Extraversion and career success – growing networks creates opportunities

(29:03) How introverts can practice extraversion – commit to regular group activities

(33:09) Balancing agreeableness – setting boundaries while maintaining relationships

(36:50) Techniques for healthy agreeableness – asking meaningful questions about experiences

(42:00) Reducing neuroticism – meditation and mindfulness practices lower anxiety

(47:36) Personality traits of successful entrepreneurs – extroverted, low agreeableness, low neuroticism

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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 strategy will allow her to be work optional in 10 years?

Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

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Nick asks (at 01:31 minutes):  My wife and I are 36, both working full-time, with a combined income of $260,000. We want to invest half of our $200,000 emergency fund, but we worry about the current market volatility of equities. What other investment opportunities should we consider?

We’ve built up $550,000 in investments—mostly in our 401(k)s, along with Roth IRAs and brokerage accounts. Our monthly expenses are $7,000 and our only debt is our home, with a 3.5 percent mortgage and 22 years left.

We looked into real estate but feel it would require too much hands-on management alongside our jobs. An option we’re considering is private equity, such as EquityZen. But do we even have enough capital to make private equity a viable option?

What are the benefits, risks, and potential blind spots of this approach? And, are there other types of investments outside the stock market that we should look at?

Cindy asks (at 23:27 minutes):    My husband and I are in our mid-40s, debt-free, and have over $900,000 saved—90 percent of which is in retirement accounts. Our goal is to be work-optional in 10 years, so my focus now is building our taxable account.

I’ve seen differing opinions on whether it’s better to invest in growth assets now and convert to income-yielding assets later when we’re ready to retire, or if we should start with income-generating investments and reinvest the earnings.

I know there are tax implications with both approaches. What are your thoughts on the best strategy to take?

Josh asks (at 39:00 minutes):       Should I be concerned about the additional tax burdens of pulling from a Roth account versus a traditional 401(k) in retirement?

I know that 401(k) withdrawals are taxed, while Roth IRA withdrawals are not. But how does income from a Roth IRA affect tax brackets during retirement?

Resources Mentioned:

Finding Hope and Happiness in a Confusing World | Website

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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-retirement, she and her best friend piled into her green Honda Civic and drove from DC to Seattle, leaving her 13-year-old son Micah at home with her husband.

A couple years later, Jillian took Micah, then 15, to Glacier National Park in Montana for another mini-retirement. They saw mountain goats, kayaked together, and swam in ice-cold waters.

This trip created irreplaceable memories. Sadly, Micah died six years later.

His death changed how Jillian sees time. She now understands that meaningful moments don’t wait for perfect timing – they either happen now or vanish forever.

Waiting for “someday” might mean missing chances forever.

This drives her philosophy about mini retirements — life contains fleeting seasons that we either embrace now or miss entirely.

“To be able to share those memories with him there is priceless,” Jillian tells us.

This understanding shapes her approach with her other children too. From a 10-week road trip to 10 national parks in a pop-up camper to a recent six-month journey across the eastern United States with her five younger children (now ages 8-17), Jillian prioritizes experiences that fit each season of family life.

Planning your own mini retirement? Jillian recommends focusing on four key areas: managing your time (pick just 2-3 priorities), addressing career logistics (craft a compelling story for your employer), saving money (about 6.5 percent of your income for a month off every other year), and preparing for emotional revelations.

Jillian emphasizes the importance of separating your mini retirement fund from long-term retirement savings. This separate fund, which she calls the “in-between bucket,” allows you to spend freely on experiences now rather than postponing all enjoyment until traditional retirement age.

As Jillian puts it: “You can’t postpone every good thing in your life.”

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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 to mini-retirements

(0:59) Definition of mini-retirement: stepping away from work for 30+ days to focus on something meaningful

(3:03) Jillian shares her first mini-retirement story after experiencing personal loss

(8:28) Taking time off to enjoy important life moments before they pass

(12:12) Jillian’s trip to Glacier National Park with her son Micah before he passed away

(20:33) Four components of planning a mini-retirement: time, career, finances, unexpected challenges

(34:14) Time management: choosing 2-3 clear goals rather than trying to do everything

(42:39) Career strategies: how to present your mini-retirement to employers

(1:01:29) Financial planning: saving 6.5% of income for monthly breaks every other year

(1:14:34) Handling unexpected challenges that arise during your time off

(1:20:01) How mini-retirements reveal personal issues you’ve avoided through work

(1:33:32) Jillian’s recent family adventures with five children

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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 financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

_______

Becky asks (at 02:15 minutes):     How do you think about retirement and drawdown strategies when the standard four percent rule doesn’t quite fit?

My husband retired last year after 30 years in law enforcement, and we made a big move from the West Coast to southwest Florida for a fresh start. He’s 55, I’m 50, and we’re taking a sabbatical before deciding what kind of work we want to do next.

His pension, which includes survivorship benefits, covers 70 percent of our expenses, including a generous travel budget. I’ll receive a smaller pension in 2029, at which point our expenses will be fully covered.

When factoring in even a reduced Social Security, we may never need to touch our nest egg—but we have mixed feelings about that. We’d like to apply some principles from Die Broke, such as helping our 18-year-old son with a house when the time comes.

We have $1.3 million in retirement savings, split between a traditional 457 (which we can access anytime) and a Vanguard IRA. We don’t need to withdraw from this at all in 2024, thanks to cash savings covering our sabbatical.

From 2025-2029, we’d only need to withdraw 1-3 percent of our portfolio annually — likely less, since we’ll generate some income.

Our other big goals are:

Given our irregular drawdown needs, how should we approach larger one-time expenses like these? I hesitate to withdraw more than four percent in any given year, but that rule doesn’t seem like the right framework for us.

Should we take out lump sums when needed like buying a boat and paying off the house in 2029? How do we stress-test different scenarios? Or would you recommend taking a steady four percent annually and using the excess to pay down the mortgage?

We’d love some creative ideas to help us enjoy our money while keeping our financial future secure.

Kris asks (at 23:33 minutes):  I’d love to get your insight on how major sporting events impact commercial and residential real estate values. Here in Dallas, we have both the Soccer World Cup and the Olympics coming up.

Can we expect a significant boost in real estate values because of these events, or is the impact more temporary?

Peyton asks (at 43:23 minutes):    I’m listening to the March 4, 2025, episode where you discuss the calculus of buying versus renting a home, and I’d love to hear more about that framework.

I live in Salt Lake City, where renting is slightly more advantageous, and I’m planning to retire early. Because of that, I’m prioritizing tax-advantaged retirement savings and don’t want to divert funds for a down payment.

The one argument for buying that resonates with me is locking in my housing costs. I was spooked after the pandemic when my rent jumped 23 percent in two years. That kind of volatility makes it hard to budget for retirement if housing costs keep rising.

But I hesitate to pull $60,000 from my $140,000 net worth — most of which is in tax-advantaged accounts. Some funds are in a brokerage account, so it’s more accessible, but I still question whether it’s worth reallocating those funds.

I think this would make for a great discussion, whether for my situation or in general — the idea that renting isn’t necessarily “throwing money away.”

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Tax day is approaching, and if you’re like most people, you might be overlooking deductions that could save you money.

In our latest podcast episode, tax strategist Natalie Kolodij joins us to reveal common tax misconceptions and share strategies that could potentially lower your tax bill.

“The tax code is 70,000 pages,” Natalie explains. “There’s so much. So I really like to have people focus on a handful of things to be mindful of.”

For W-2 employees who often have fewer tax advantages, Natalie highlights several overlooked deductions. If you live in a state without income tax (like Florida or Washington), you can deduct sales tax instead — especially on major purchases. Don’t forget about personal property taxes on vehicles, boats or RVs either.

Medical expenses can be deductible, but only amounts exceeding 7.5 percent of your adjusted gross income. Natalie suggests consolidating elective procedures into a single tax year to maximize this benefit.

Charitable deductions offer surprising opportunities too. Miles driven while volunteering, expenses from fostering animals, and even home renovation materials donated to organizations like Habitat for Humanity can all qualify. Natalie also explains how “bunching” donations in alternate years can significantly increase tax savings compared to giving the same amount annually.

The interview tackles major misconceptions about selling your primary residence. While many believe living in a home for two years makes all gains tax-free, Natalie clarifies that any “non-qualified use” periods (like when it was a rental property) can still be taxable.

For small business owners and real estate investors, Natalie recommends tracking all business-related expenses — even seemingly minor ones like industry-related books or educational materials. She emphasizes the importance of proper record-keeping and having separate accounts for business expenses.

As we navigate tax law changes following the recent election, Natalie’s advice rings true: maintain flexibility in your tax planning and consider working with professionals who specialize in your specific situation.

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) Show introduction

(2:00) Intro to tax day discussion

(2:46) Common tax savings for W-2 employees

(4:12) Standard vs itemized deductions explained

(5:46) Often forgotten property tax deductions

(6:58) Sales tax deductions for no-income-tax states

(9:06) Medical expense deduction thresholds

(12:53) Charitable giving strategies and overlooked deductions

(17:51) Bunching donations in alternate years

(22:20) Home sale tax exclusion misconceptions

(30:44) Tax withholding changes and common mistakes

(44:35) Bonus payment tax myths debunked

(52:52) Finding the right tax professional

(1:02:02) Small business and real estate investor tips

(1:09:38) Best practices for tax record keeping

(1:15:14) Preparing for potential tax code changes

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A recession is coming, and it might be worse than most people expect. That’s the sobering assessment from Bob Elliott, former Head of Ray Dalio’s Investment Team at Bridgewater Associates, when he joins us on the podcast.

Bob explains that several economic factors are converging to create challenging conditions. The combination of current trade policies, persistent inflation issues, and a Federal Reserve that’s constrained in its response is creating significant economic headwinds.

Tariffs play a central role in this economic outlook. While their inflationary impact remains debatable, their growth-negative effects are more certain. When imported goods become more expensive, consumers have less money to spend on other things. This reduces demand across the entire economy.

Manufacturing and reshoring aren’t simple solutions either. Bob points out that building new factories takes about five years, with payback periods stretching 30 years. This timeline explains why CEOs hesitate to make such investments, especially in an environment where policies change unpredictably.

This uncertainty has driven CEO confidence to its lowest levels since the 2008 financial crisis, further complicating economic prospects.

For individual investors, Bob offers surprisingly straightforward advice. Despite his sophisticated background managing billions, he follows a simple personal investment strategy: dollar-cost averaging and diversification. He even limits himself to reviewing his investments just once annually — typically the Wednesday before Thanksgiving.

This disciplined approach prevents overtrading and removes emotion from investment decisions — principles that apply whether you’re investing regular income or handling a windfall.

Throughout our conversation, Bob emphasizes that the US economy fundamentally runs on consumer spending. When policies redirect money from discretionary spending toward necessities, the effects ripple throughout the entire system.

Want to hear more of Bob’s insights on recession probability, investment strategy, and economic policy? Listen to the full episode now.

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) Introducing Bob Elliott, former head of Ray Dalio’s investment team at Bridgewater

(2:56) Bob discusses high probability of recession due to growth-negative policies

(7:00) Tariffs likely growth negative in short-term despite long-term manufacturing goals

(14:20) Transition from global supply chains to parallel and redundant manufacturing systems

(19:50) Four economic levers: tariffs, tax policy, monetary policy, and government spending

(26:15) Stock market reacts to short-term expectations despite positive long-term outlook

(34:15) Bond markets performing well as growth slows; potential recession duration of 1-1.5 years

(45:40) Long-term productivity growth creates wealth despite short-term volatility

(53:15) Dollar-cost averaging and diversification recommended for individual investors

(59:15) Bob discusses founding GiveWell to identify highest-impact charitable giving

(1:11:10) Bob explains Unlimited Funds, making hedge fund strategies accessible to everyday investors

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Yesterday, the White House rolled out the biggest tariffs in a century, sending markets into their worst decline since the pandemic. While headlines focus on supply chains and inflation, there are important economic stories you’re not hearing about.

During the first half of this month’s First Friday episode, we dig into what nobody’s talking about. And in the second half, we grapple with the headlines.

Student loan rules just changed again. The government added new limits to Public Service Loan Forgiveness. Right now, 9.2 million people — one in five borrowers — can’t keep up with payments. Many folks don’t even know payments started again after that four-and-a-half-year break.

S&P just dropped a new report that backs what smart money already knows: index funds crush actively managed funds 90 percent of the time. Even with all those tech stocks dominating the market, you still come out ahead with simple indexing.

You know who’s gobbling up the mortgage market? Rocket Companies. They just bought both Redfin and Mr. Cooper. They’ll handle one of every six mortgages in America. They’ve positioned themselves at every step of the homebuying journey — from when you search for homes on Redfin to financing and monthly payments for the next 30 years.

The White House just made a surprising move with Bitcoin. They’re setting up a Strategic Bitcoin Reserve to hold coins long-term. They’re also creating a separate stockpile for crypto they seize in legal cases. Pretty clear signal that Bitcoin stands apart from other cryptocurrencies.

In the second half, we dive into those significant new tariffs making headlines.

The S&P 500 dropped 4.8 percent on Thursday — we haven’t seen a drop like that since the pandemic. The new rules put at least a 10 percent tariff on everything coming into the country. Then come the “reciprocal” rates: 20 percent for European goods, 27 percent for items from India, and a combined 65 percent for Chinese imports.

We bring in Bob Elliott to make sense of this situation. His credentials are impressive — he spent 13 years at Bridgewater Associates (the world’s largest hedge fund), served as head of Ray Dalio’s investment team, and graduated magna cum laude from Harvard.

During the 2008 crisis, he directly advised the Treasury, Federal Reserve, and White House.

Bob offers a reality check about bringing back manufacturing jobs: you can’t build factories overnight. These investments take years, and companies hesitate to make 30-year commitments when policies change every few months.

Bob breaks down four economic forces all hitting at once: tariffs jacking up prices, government cutting spending, tax policies on hold, and the Fed moving like molasses. Put them together? Yikes. He doesn’t sugarcoat it — the short-term outlook looks “pretty negative.”

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