#641: Cristina has a $1.2 million portfolio and hopes to make work optional within the next decade. Is she invested in the right way? Or should she change up her asset allocation?

Anonymous and her husband plan to retire in 5 years. They have 10 rental properties and a $2.75 million portfolio. They dream of slow travel, generosity, and family time. How should they structure their assets to support the lifestyle they want?

Paula (the caller) and her husband are planning for three kids, private school, and possibly college down the road.  Should they front-load a 529 plan with a large lump sum, or take a different approach?

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

Enjoy!

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

Resources mentioned in the show:

Interview with Frank Vasquez

Risk Parity Cheat Sheet

Caller Christina's original call on https://affordanything.com/episode463

Afford Anything Episode 618 https://affordanything.com/episode618

Risk Parity Portfolio Blueprint https://affordanything.com/riskparity

Joe's episode SB 1698 https://www.stackingbenjamins.com/create-your-retirement-spending-plan-1698/

Run The Line half marathon with Joe: https://runsignup.com/Race/TX/Texarkana/RuntheLineHalfMarathonTXAR

SavingForCollege.com

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The jobs report came out this morning and it was a painful one.

The US added only 22,000 new jobs in August, according to the latest BLS report.

And unemployment ticked up to 4.3%.

What does this mean?

Find out in today's First Friday episode!

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.

(01:48) ADP vs BLS Jobs Data

(04:33) Mortgage Rates & Their Impact on Homebuyers and Sellers

(11:30) Fed Chair Jerome Powell’s Remarks

(12:54) The Fed’s Dual Mandate Explained

(15:58) The Fed’s Changing Approach to Unemployment

(18:13) Implications: Rate Cuts on the Table

For more information, visit the show notes at https://affordanything.com/episode640

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#639: Aisha is excited to share how some life-changing advice has played out for her career. She wonders now: what limiting beliefs has Paula and Joe had to overcome in their businesses?

Lesley is attracted to community bonds as a way to build collective wealth for the underserved. But do the same risks exist as they do in the traditional bond market?

An anonymous caller is intrigued by the promise of Employee Stock Ownership Plans. Is this the answer to a smooth exit from her business that also leaves a legacy for her employees?

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

Enjoy!

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

Resources mentioned in the show:

Aisha's original call in Episode 473

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#638: Fifty dollars. That's how much this couple transferred to their "Trip to Europe" savings account each time they cooked dinner instead of going to a restaurant.

By year's end, they had funded their dream vacation — not through budgeting or willpower, but by hacking their habit loop.

This story illustrates how James Clear approaches habit change.

Clear joins us to explain the four-stage cycle that drives every behavior: cue, craving, response, and reward.

You see a restaurant (cue), predict it will be convenient and tasty (craving), eat out (response), and satisfy your hunger (reward).

Repeat this loop enough times and the behavior becomes automatic.

Clear translates these four stages into four laws for building good habits: make it obvious, make it attractive, make it easy, and make it satisfying.

Want to break a bad habit? Flip the script — make it invisible, unattractive, difficult, and unsatisfying.

We explore practical strategies like habit stacking, where you attach a new behavior to an existing routine.

Clear suggests saying "After I make my morning coffee, then I will review my budget for two minutes" rather than relying on motivation alone.

He explains temptation bundling — pairing something you need to do with something you want to do, like only listening to your favorite podcast while meal prepping.

The conversation covers why most people focus on outcomes when they should focus on identity. Instead of saying "I want to save 10,000 dollars," Clear suggests thinking "I want to become a saver" — then asking what actions a saver would take daily.

Clear addresses the challenge of delayed gratification with money habits. Saving feels unrewarding in the moment because the benefits come later.

He shares techniques for creating immediate satisfaction, like the couple's Europe fund or using habit tracking to mark small wins.

THIS EPISODE IS FROM OUR “GREATEST HITS” VAULT, AND ORIGINALLY AIRED IN 2018.

____


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) James explains four habit stages

(5:22) Cue and craving examples

(8:47) Four laws of behavior change

(11:05) Making habits obvious through environment design

(14:56) Habit stacking with existing routines

(16:12) Travel and changing contexts

(18:58) Temptation bundling strategies

(25:21) Motivation rituals and triggers

(29:52) First ad break ends

(33:11) Habits of avoidance challenges

(39:10) Social reinforcement and tribes

(41:09) Making habits easy through friction reduction

(44:03) Delayed gratification and immediate rewards

(54:16) Second ad break ends

(57:16) Making habits satisfying

(1:03:01) Commitment devices and accountability

(1:08:35) Identity-based versus outcome-based habits

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#637: Nick wants to set up an investment account for his nephew to contribute annually, creating a nest egg for college since the parents are already opening a 529. He's unsure whether a standard brokerage account, IRA or other options work best when you're not the parent.

Diana asks whether she needs TIPS in her portfolio to protect against inflation. Or can she just rely on other investments that outpace inflation?

She's also wondering about the tax implications of TIPS ETFs. This matters during her peak earning years.

Prethive asks whether he should switch from Roth to Traditional 401(k) contributions. When he retires, he wants to move to a tax-free state. Or maybe move abroad.

He wonders if moving to avoid state taxes in retirement would save more money long-term.

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

Enjoy!

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

For more information, visit the show notes at https://affordanything.com/episode637https://affordanything.com/episode637

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#636: Behavioral economist Etinosa Agbonlahor joins us to discuss "money scripts" — the unconscious beliefs we inherit or develop about finances. 

Agbonlahor, CEO of Decision Alpha and former Director of Behavioral Science Research at Fidelity Investments, is the author of "How to Talk to Your Parents About Money." 

She studied financial management at Cornell University and explains how these hidden biases create problems when we try to discuss finances with family members.

You might assume everyone thinks saving money makes sense, while your parents operate under completely different beliefs. These conflicting scripts can derail conversations before they start. 

Agbonlahor shares the story of a single mother who became so anxious about money after her divorce that she refused to buy her teenager expensive shoes. Years later, she realized she was trying to teach extreme frugality to protect her daughters from the financial insecurity she experienced.

The key to productive money conversations lies in three principles: care, curiosity and cooperation. You approach with empathy rather than judgment, ask open-ended questions to understand their situation, and work together toward solutions instead of trying to be the financial savior.

The conversation covers specific topics you should address with aging parents: debt, retirement planning, long-term care preferences, and estate planning. Agbonlahor emphasizes starting these discussions early, before a crisis hits. 

You want to understand their vision for retirement — whether they prioritize security, adventure or leaving a legacy — and then assess the gap between their goals and current reality.

When parents refuse to discuss finances, you might need to involve trusted friends, spiritual leaders or professional advisors who can have these conversations instead. 

Resources Mentioned:

Book: How to Talk to Your Parents About Money, by Etinosa Agbonlahor

The Humble Dollar Forum

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.

(00:00) Introduction to money scripts

(00:56) What behavioral economics studies

(03:03) Hidden money beliefs

(04:34) Money script examples

(06:16) Adult trauma responses

(09:32) Personality and money

(11:57) Trauma changes personality

(12:55) Protecting future habits

(15:17) Debt conversation approach

(22:03) When to start conversations

(27:53) Using "I" statements

(29:51) Sample conversation scripts

(33:36) Handling resistance

(43:35) Parents' money frameworks

(56:46) Long-term care planning

(58:02) Stepparent conversations

For more information, visit the show notes at https://affordanything.com/episode636

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#635: Arielle’s head is spinning from the seemingly contradictory advice she hears about the best investments to hedge against inflation and a possible recession. What’s she missing?

Dave is curious about private investments after listening to a recent First Friday episode. What are they, and should he consider them for his portfolio?

Abbey is stoked about the raise she negotiated for her first job out of school. But she’s worried about liability risk related to her new position. How does she protect herself? 

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

Enjoy!

P.S. Got a question? Leave it here

For more information, visit the show notes at https://affordanything.com/episode635

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#634: Picture this: you're 26 years old, fresh out of Wharton, and you decide to start a business with two friends. You spend years building a digital marketing firm that eventually works with Dollar Shave Club and Madison Reed. You bootstrap the entire thing without taking a dime of venture capital funding.

That's exactly what one Wharton graduate did — and his story represents the reality of entrepreneurship that most people never hear about.

Lori Rosenkopf, a management professor at Wharton Business School and head of Venture Labs, joins us to shatter the biggest myths about starting a business. The Mark Zuckerberg college dropout story? It's not just rare — it's misleading.

Research shows that the most successful entrepreneurs, those in the top 0.1 percent of venture-backed firms, average late 30s to early 40s when they start their companies. Many continue launching businesses into their 50s and 60s. 

Your age and corporate experience isn't holding you back from entrepreneurship — it's actually giving you an advantage.

Rosenkopf breaks down seven different types of entrepreneurs, from disruptors who overturn entire industries to bootstrappers who build profitable businesses using their own resources. You'll hear about a founder who disrupted the hair color industry in her 50s with Madison Reed, and a banker who built an entire financial services division inside Square.

We cover the rise of direct-to-consumer brands in 2013, why 80 percent of entrepreneurs are bootstrappers, and how artificial intelligence is creating new opportunities for people to start businesses without massive upfront investments.

Rosenkopf explains her "six Rs" of entrepreneurial thinking: reason, recombination, relationships, resources, resilience, and results. She argues that most people already think entrepreneurially without realizing it — even parents who optimize their family routines are solving problems through innovation.

We explore the world of "intrapreneurs" — people who build new businesses within established companies — and discuss acquisition entrepreneurship, where people buy existing small businesses instead of starting from scratch.

Whether you want to start a side hustle, position yourself for a promotion, or eventually launch your own company, Rosenkopf's framework shows multiple paths to creating value through innovation.

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) Entrepreneurship myths

(1:28) Data on successful entrepreneur ages

(2:10) Seven entrepreneur archetypes 

(3:09) Defining entrepreneurship through value creation

(5:27) The disruptor model 

(8:13) Direct-to-consumer origins

(11:13) Bootstrapper 

(14:03) Transitioning from employee to bootstrapper

(18:38) AI's impact on entrepreneurship

(28:27) Social entrepreneur 

(35:31) Technology commercializer 

(39:45) The Funder 

(43:12) The Acquirer 

(58:06) Intrapreneurship 

(1:03:12) Finding your entrepreneurial calling

(1:14:40) Six Rs of entrepreneurial mindset

(1:19:50) More information

For more information, visit the show notes at https://affordanything.com/episode634

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#633: Paul is worried the private equity investment he’s about to make could be a scam. How can he do his due diligence and stay protected when there’s a shortage of reliable information?

Rob is questioning the purpose of a bond allocation in his eight-figure investment portfolio. Is he on to something, or is there a legitimate case to add them?

Dan can retire in a few years, but he’s itching to do it now. Would buying a business be the key to unlocking an earlier exit from his W2?

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

Enjoy!

Resources:

Interview with Dr. Eric Cole

Interview with Katie Gatti Tassin

P.S. Got a question? Leave it at https://affordanything.com/voicemail

For more information, visit the show notes at https://affordanything.com/episode633

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Your Next Raise is open for enrollment!

⁠https://affordanything.com/how-to-negotiate-your-next-raise

#632: There are 10 conversations that a person should have at work in order to do a better job, have better relationships at work, and make more money.

Melody Wilding, Professor of Human Behavior at Hunter College, joins us to talk about how you can get the most out of your boss.

Resources:

Managing Up by Melody Wilding: managingup.com

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.

(00:00) The 10 Conversations Framework

(02:37) Shifting Workplace Dynamics

(06:11) Key Conversations for Alignment

(10:02) Understanding Your Boss’s Priorities

(12:02) Mapping Stakeholder Influence

(15:28) Visibility and Proximity Bias

(20:31) Managing Shifting Priorities

(22:11) Understanding Boss Archetypes

(28:01) Navigating Personality Frameworks

(32:06) Articulating Your Communication Style

(35:03) Taking Ownership and Suggesting Ideas

(39:59) Building a Reputation Through Ownership

(45:03) Setting and Framing Boundaries

(56:01) The Ripple Effect of Unaddressed Issues

(59:00) Feedback Conversations

(01:03:02) Recapping the Framework Steps

(01:11:09) Building Your Story Bank

(01:18:01) Advancement and Compensation Conversations

(01:25:15) Framing Your Compensation Request

(01:29:00) Navigating Policy-Based Responses

(01:31:51) Creative Compensation Solutions

(01:34:29) Knowing When to Leave

(01:36:13) Assessing Future Opportunities

For more information, visit the show notes at https://affordanything.com/episode632

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