#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 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.

For more information, visit the show notes at https://affordanything.com/episode603

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#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 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:

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) "The Surprising Science of Six-Figure Thinking"

(1:16) What is personality - behaviors that help meet goals

(2:24) Personalities change over time

(3:34) Personality impacts success

(4:12) OCEAN - the Big Five traits explained

(5:48) Origins of personality research

(8:20) Changing personality intentionally

(9:52) Low vs high openness traits

(12:05) Increasing openness gradually

(15:36) Boosting conscientiousness strategies

(23:09) Time management techniques

(30:31) Extraversion benefits careers

(33:19) Introvert's guide to social skills

(37:25) Healthy boundaries, not people-pleasing

(46:06) Meaningful conversations build connections

(51:16) Reducing anxiety with mindfulness

(56:52) CEO traits - extroverted, disagreeable, emotionally stable

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#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 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 at https://affordanything.com/voicemail

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#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-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."

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

Enjoy!

P.S. Got a question? Leave it here (https://affordanything.com/voicemail)

For more information, visit the show notes at https://affordanything.com/episode599

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#598: 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) 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

For more information, visit the show notes at https://affordanything.com/episode598

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#597: 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

For more information, visit the show notes at https://affordanything.com/episode597

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#596: 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."

For more information, visit the show notes at https://affordanything.com/episode596

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#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 mortgage. Is this a good idea?

Former financial planner Joe Saul-Sehy and I tackle these 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/episode595

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#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 regular expenses that eat into your budget back home, like car payments, home insurance, and utility bills.

The key is to "travel like you live," as Nomadic Matt puts it. This means using public transportation instead of taxis, shopping at local markets, and seeking out free activities — just like you might do in your hometown.

It's not about staying at five-star resorts, but experiencing destinations authentically while keeping costs reasonable.

Nomadic Matt also breaks down several travel myths. The old advice about booking flights on Tuesdays? Outdated in today's algorithmic pricing world. Using incognito mode to get better flight prices? No evidence supports this idea.

He does confirm that booking round-trip flights often costs less than one-way tickets, even if you don't use the return portion.

For those interested in credit card points, Nomadic Matt recommends choosing cards based on your specific travel goals rather than chasing the most popular options. Consider which airlines you use most and what perks you'll actually take advantage of.

The pandemic has transformed travel in significant ways. While prices have increased and some budget travel services have disappeared, new opportunities have emerged — especially for remote workers who can now take advantage of digital nomad visas to live abroad while maintaining their income.

Whether you're planning a two-week vacation or dreaming of becoming location-independent, Nomadic Matt's practical advice shows how international travel is more accessible than you might have thought.

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) Intro to Nomadic Matt and $75/day budget

(1:00) Modern hostels aren't grungy anymore

(3:00) Origins of the $75/day travel budget

(5:00) "Travel like you live" approach saves money

(8:50) Mix accommodations based on trip needs

(9:40) Choose travel cards matching your specific goals

(16:40) Use points before devaluation happens

(20:00) Best booking times for flights

(37:00) Social media's impact on global travel

(42:00) Overcoming language barriers easily

(48:30) Post-COVID travel costs and changes

(56:20) Remote work visas for long-term travelers

(1:02:40) Why travel costs less than staying home

(1:05:50) How location independence evolved from unusual to mainstream

For more information, visit the show notes at https://affordanything.com/episode594

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