Afford Anything

#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 Outdated in today's algorithmic pricing world.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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#593: An anonymous caller is brooding over a mistake he made in 2023 when he decided to contribute to his Roth instead of a pre-tax account. How does he get over this? June is annoyed that she triggered short-term capital gains and wash sales when she sold assets in her taxable brokerage last year. How does she avoid these issues in the future? Zerai wants to add mid and small-cap exposure, but his 457 plan has a limited selection of mutual funds. What’s the proper way to select the best fund among the available options? Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! P.S. Got a question? Leave it https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/podcast/binge Learn more about your ad choices. Visit podcastchoices.com/adchoices

#592: Ever wonder what's happening in your brain right before you knock on your boss's door to ask for a raise? Dr. Joel Salinas, neurologist and brain health expert, joins us to explain the neurology of negotiation. When you avoid difficult conversations, your brain actually rewards you with a small dopamine hit. That temporary relief feels good, reinforcing the avoidance behavior. But Dr. Salinas explains this creates a problematic loop: the more you avoid conflict, the more uncomfortable it becomes when you face it. Breaking this cycle starts with a simple but powerful step: taking a breath. A long, slow exhale activates the more deliberative parts of your brain, helping you move beyond knee-jerk reactions. Dr. Salinas suggests focusing on what he calls the "Bigger Better Offer" — the meaningful reward that comes from pushing through discomfort. Thinking about what happens if you don't ask for that raise (struggling to pay bills, missing career advancement) can motivate you to overcome avoidance tendencies. Beyond workplace conflicts, we explore fascinating brain facts: Your brain constructs reality like "one great big hallucination" Neural pathways that fire together wire together Conflict isn't a sign of failure — it's actually necessary for authentic connection Want to boost your brain health? Dr. Salinas recommends regular exercise, brain-healthy foods like leafy greens and berries, quality sleep, supportive social connections, and challenging yourself with new skills. The conversation meanders through various aspects of brain function — from why humans are visual creatures to how trauma impacts neural pathways — all explained in accessible, engaging terms. Whether you're looking to have difficult conversations more effectively or simply curious about the remarkable three-pound organ controlling your reality, this episode offers practical insights into the science of your mind. 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 (3:00) What happens in your brain when asking for a raise (6:30) How negativity bias shapes interactions with authority figures (10:41) The "Bigger Better Offer" technique for breaking behavioral loops (19:22) Why avoiding conflict creates reward pathways in the brain (29:12) Training your brain to tolerate disagreement (34:52) How salience and valence affect what we perceive as conflict (40:42) The role of internal conflict in decision-making (55:08) Understanding the structure and functions of different brain regions (1:00:53) Why imagination of possibility matters for breaking rumination cycles (1:06:45) How challenging our brain creates new neural pathways (1:11:42) Five key behaviors that improve long-term brain health (1:17:03) Brain plasticity and how it changes throughout our lifetime (1:22:51) Resources for learning more about conflict resilience For more information, visit the show notes at https://affordanything.com/podcast/binge Learn more about your ad choices. Visit podcastchoices.com/adchoices

#591: Imagine you're about to ask your boss for a raise. Your stomach tightens. You've rehearsed what to say, but doubt creeps in. Should you be more assertive? More understanding of company constraints? Bob Bordone, who has taught negotiation for 25 years including 21 years at Harvard Law School, joins us to explain why you don't have to choose between empathy and assertiveness. In fact, combining them is key to successful negotiations. "It might feel like a tension, but it's not an actual one," Bordone explains. "I can fully appreciate what you're feeling without ever giving anything up in a negotiation." Bordone breaks down his three-part preparation framework: Mirror work: Identify the different sides of yourself in a negotiation — the empathic side that understands company constraints, the assertive side that knows you deserve recognition, and perhaps an anxious side worried about finances. Chair work: Give each side a voice through role-playing exercises, literally sitting in different chairs to embody each perspective. Table work: Bring these voices into the actual negotiation in an authentic way that doesn't make the other person feel attacked. He also introduces fascinating concepts like "conflict recognition" — how quickly we perceive something as a conflict — and "conflict holding" — our comfort with leaving conflicts unresolved. These differences often cause relationship problems when we're unaware of them. "My best friend and I might debate over Flaming Hot Cheetos for 25 minutes. For me, with high conflict recognition, it's completely fun. I go home and sleep like a baby," Bordone says. "For someone with low conflict recognition, they might think, 'That was horrible. Did I hurt the relationship?'" When someone tries to shut down your request with policy ("that's just how we do things here"), Bordone recommends what he calls the "Wizard of Oz tactic" — asking a few more questions rather than immediately accepting defeat. The skills you develop asking for a raise transfer to other challenging conversations — from family inheritance discussions to political disagreements with colleagues. Bordone emphasizes that conflict isn't something to avoid but rather a normal part of relationships. The question isn't whether we'll have conflict, but how we handle it when it inevitably arrives. Resources Mentioned Book: Conflict Resilience Web: BobBordone.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) Introduction to Bob Bordone (02:35) Contentious times vs 25 years ago (04:26) Negotiation vs facilitation vs conflict resolution (05:56) Key negotiator skills (08:35) Empathy meets assertiveness (11:22) Mirror work explained (15:58) Chair work technique (19:58) Table work strategies (24:10) Role-playing in preparation (31:44) Rights, power, interests framework (35:39) Conflict recognition vs conflict holding (42:22) Handling power imbalances (50:13) "Difficult people" reconsidered For more information, visit the show notes at https://affordanything.com/podcast/binge Learn more about your ad choices. Visit podcastchoices.com/adchoices

#590: In the left corner, we have Paul Merriman, the seasoned finance veteran weighing in at 183 pounds. In the right corner, Dr. Karsten Jeske, the scrappy newcomer at 208 pounds. The bell rings, and the small cap value debate begins. This episode features a financial boxing match between two investment heavyweights with dramatically different perspectives. Paul Merriman champions diversification through the efficient frontier, which means adding small cap value to your portfolio. Dr. Karsten Jeska has "thrown cold water" on this approach, favoring simpler strategies like "VTSAX and chill." The stakes are high — we're talking potentially millions of dollars in your retirement account over decades. Merriman argues that history shows clear evidence for small cap value's premium. From 2000 to 2009, small cap value outperformed the S&P 500 in all but one year, compounding at 10 percent while the S&P 500 returned negative 1 percent. He believes this pattern will continue, creating a powerful diversification effect when combined with broader market indexes. Jeska counters that small cap value's outperformance is mostly "front-loaded" in history, happening before anyone knew about it. Since 2006, small cap value has underperformed. He argues that once an advantage becomes widely known, it disappears in an efficient market. Adding small cap value might even be "di-worsification" — increasing complexity without improving returns. The debate expands beyond small cap value to touch on: Active vs. passive investing strategies Market timing vs. buy-and-hold approaches Simplicity vs. complexity in portfolio construction The role of faith vs. evidence in investment decisions While both experts disagree about small cap value's future, they agree on fundamentals: invest early, stay invested for the long term, and understand that no one can predict markets with certainty. What starts as a technical debate evolves into a philosophical discussion about evidence, probability, and the limits of our knowledge — all with millions of retirement dollars hanging in the balance. For more information, visit the show notes at https://affordanything.com/podcast/binge Learn more about your ad choices. Visit podcastchoices.com/adchoices

#589: Kimmy is worried that her mom’s retirement portfolio is invested too conservatively. Is she right to advise her to take on more risk? Peyton has heard the financial advice about staying away from Whole Life Insurance as an investment, but what about as a savings account for children? Is there good a use case for this? Jeff and his wife are in a great financial position, but they fear that their retirement savings are too heavily apportioned in traditional IRAs. Will they run into tax problems in the future? 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/podcast/binge Learn more about your ad choices. Visit podcastchoices.com/adchoices

#588: Jobs are growing, interest rates are holding, and your student loan options just hit pause. Welcome to this month's economic rollercoaster. The economy is sending mixed messages this month. We added 151,000 new jobs in February, slightly better than January's 143,000. But unemployment ticked up to 4.1 percent. Health care is booming (52,000 new jobs). Restaurants and bars? They're hurting (lost 27,500 jobs). Federal government shed 10,000 positions while state and local governments added 21,000. The Fed isn't making any sudden moves. They'll likely hold interest rates steady at 4.25 - 4.5 percent when they meet March 18-19. Fed Chair Powell made this clear: "We do not need to be in a hurry and are well-positioned to wait for greater clarity." Meanwhile, Treasury Secretary Scott Bessent is working a different angle. He's targeting 10-year Treasury yields instead of pressuring the Fed on short-term rates. His strategy? Use fiscal and regulatory reforms to convince markets that inflation will be controlled long-term. Energy costs are a key part of his plan. Bessent believes lowering gas and heating oil prices does double duty: saves consumers money and boosts economic confidence. This matters because consumer spending is 70 percent of our economy. Speaking of confidence – it's plummeting. February saw the largest monthly decline in consumer sentiment since August 2021. People across all age groups and income levels are increasingly pessimistic. They expect inflation to hit 6 percent in the coming year (significantly higher than current rates). Got federal student loans? Applications for income-driven repayment plans are temporarily on hold. This affects all plans, even the older ones not being challenged in court. The pause came after a federal appeals court expanded a suspension of the SAVE plan. About 8 million borrowers had enrolled in this program, with more than 400,000 having their debts erased. If you're working toward Public Service Loan Forgiveness, this is particularly important since income-driven plans are a key requirement. In crypto news, bipartisan legislation for stablecoins is moving forward. The Senate has the GENIUS Act while the House has the STABLE Act (yes, that spells "stable genius"). These bills would establish clear rules about who can create stablecoins and require them to be fully backed by high-quality assets like U.S. dollars or Treasury bills. They would also officially classify stablecoins as payment instruments rather than securities – a significant regulatory distinction. The housing market? It varies dramatically by location. In DC, some zip codes are seeing prices climb rapidly while others face steep declines. The lesson: real estate is hyper-local. Success comes from becoming an expert in just a couple of specific zip codes rather than trying to understand entire metropolitan markets. As Fed Chair Powell wisely put it, the key is "separating the signal from the noise as the outlook evolves." That's solid advice for navigating our current economic landscape. Episode Mentioned: Afford Anything Episode 564, The Real Story Behind Those Economic Tariffs https://affordanything.com/564-the-real-story-behind-these-new-tariffs/ For more information, such as the sources reported in this episode, visit the show notes at https://affordanything.com/episode588 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#587: Debi is stressed about saving a down payment to buy a house in her high-cost-of-living area. Should she cash out her brokerage account to speed up the process? Lucas and his wife are high earners, but they’re tired and ready for a change. What strategies can they use to maximize their investments and confidently step away from their jobs? Grant is thrown off by recent discussions about the efficient frontier. It sounds a lot like market timing to base an investment strategy on an arbitrary set of historical dates. What’s he missing? 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/episode587 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#586: If you are a complete beginner at finances, or if you know someone who is, this episode is for you. The biggest hurdle for beginners? Money seems complex and intimidating. But Scott Yamamura, author of Financial Epiphany, explains personal finance doesn't have to be complicated. He breaks compound interest into three easy-to-grasp frameworks: Money as a Multiplying Ability: Just like athletes have peak physical abilities in their 20s, your money has its greatest multiplying power when you're young. At age 22, every dollar invested can multiply 16 times by retirement (assuming a 40-year career and 7.2 percent returns). The Doubling Framework: Money can double approximately every 10 years with average market returns. This explains why a dollar invested at 22 becomes $2 by 32, $4 by 42, $8 by 52, and $16 by 62. The Halving Concept: With each decade that passes, your money's multiplying power gets cut in half. This is the inverse of the above idea. Scott shares how these simple frameworks helped him front-load his son's college savings. "We can stop now because it's going to double," he said. For beginners struggling with analysis paralysis, Scott offers a Rubik's Cube analogy: You don't need to understand all 43 quintillion possible combinations to solve it — you just need one simple method to get started. Similarly, you don't need to master every financial concept to begin investing. The most important step is just to get started. You can learn the complexities later, but starting early gives your money more time to grow. Scott also emphasizes finding your "why" — a purpose bigger than just accumulating wealth. He shares a moving story about a man named Ernie who funded his mission trip to Sierra Leone, showing how money can be used to make a profound difference in people's lives. 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 (1:16) Scott discusses reframing compound interest as "money multiplying ability" (3:47) Money multiplying power works like athletic ability - strongest when young (7:02) Scott addresses challenges of saving when young and broke (10:29) Explanation of the Rule of 72 for doubling money (13:43) Every dollar invested at 22 multiplies 16x by retirement (17:08) What to do if you're starting late with retirement savings (20:44) Three core ideas of compound interest (23:19) Using the concept of "halving" to create urgency to invest (30:30) Finding your "why" to overcome financial temptations (33:07) Scott shares personal story about Sierra Leone mission trip (36:46) The joy of spontaneous giving as motivation for building wealth (40:53) Balancing retirement savings with paying off debt (43:38) Simplifying finance through the Rubik's Cube analogy (52:50) Paula's wrap-up with actionable investing advice for beginners For more information, visit the show notes at https://affordanything.com/episode586 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#585: Michael rebalances his portfolio every year. But he’s worried that triggering capital gains taxes on his brokerage account will cancel out the benefits of reallocation. Is there a better approach? Sam has an opportunity to switch jobs, but she’s confused about how an Employee Stock Ownership Plan stacks against her current employer’s 401(k). Is she getting a good offer? Carlos is excited about early retirement in Brazil, but he’s worried about the tax implications for his U.S.-based retirement accounts. How should he prepare for this move? Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! P.S. Got a question? Leave it https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode585 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#584: Think about how you spend an average day. Would the 10-year-old version of yourself be impressed? What about the 90-year-old version? These two powerful questions frame our conversation with Sahil Bloom, founder and managing partner of an early-stage venture fund with investments in over 60 startups and author of The Curiosity Chronicle, a newsletter that reaches more than a million readers worldwide. Sahil shares the story of his own wake-up call. While living in California and earning massive money as a venture inventor, he had a drink with an old friend who asked how often he saw his parents. When Sahil answered "about once a year," his friend asked how old they were. Learning they were in their mid-60s, his friend calculated: "So you're going to see your parents 15 more times before they die," assuming they'd live to about 80. That gut-punch realization led to massive change. Within 45 days, Sahil had left his job, sold his house, and moved across the country to be closer to family. This shift represents the core of Sahil's philosophy about the five types of wealth: 1. Time wealth: Control over your calendar and priorities 2. Social wealth: Deep, meaningful connections with others 3. Mental wealth: Curiosity, purpose, and personal growth 4. Physical wealth: Health and vitality 5. Financial wealth: Traditional money and assets Most of us focus exclusively on financial wealth because it's easily measurable. But Sahil argues that true wealth encompasses all five domains, and we should intentionally invest in each one. Sahil shares practical exercises for building each type of wealth: - For time wealth, create an "energy calendar" by tracking which activities energize versus drain you - For social wealth, map your relationships based on how healthy and frequent they are - For purpose, ask yourself what your world (family, community, etc.) needs from you - For physical wealth, focus on movement, nutrition, and recovery through simple practices - For financial wealth, clearly define what "enough" looks like for you These five domains aren't meant to be balanced perfectly every day. Instead, Sahil suggests thinking in seasons — some periods might emphasize financial growth while others prioritize family time. Sahil also discusses powerful concepts like goals versus anti-goals (what you're unwilling to sacrifice to reach your goals) and "Memento Mori" — the ancient Roman practice of remembering one's mortality to inspire present action. The conversation ends with a reminder that "your life has seasons" just like the weather — you don't expect to experience all four seasons in a single day, so don't expect perfect balance in every area of life simultaneously. For more from Sahil Bloom, find him on major social platforms or visit fivetypesofwealth.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. # Episode Timestamps (0:00) Would your 10-year-old self be impressed with your life? (1:46) Sahil's wake-up call: seeing parents only 15 more times before they die (4:19) The Tail End: visualizing how few books and moments remain in life (6:56) Small changes that dramatically increase time with loved ones (13:26) The tension between ambition and presence; why "later" becomes "never" (17:42) Why we measure financial wealth but not other forms of wealth (19:47) The five types of wealth: financial, time, social, mental, physical (30:09) Creating an "energy calendar" to track what energizes vs drains you (38:09) Relationship mapping: evaluating connections by health and frequency (42:33) Goals vs anti-goals: what you're unwilling to sacrifice for success (51:17) Why your purpose doesn't need to be your work (54:46) The 30-day health challenge: movement, nutrition, recovery (57:05) Vonnegut and Heller on having "enough" vs wanting more Learn more about your ad choices. Visit...

#583: Contrary to recent discussions, Jesse has concluded that a traditional IRA is the smarter way to go for most people once marginal tax rates are factored in. Is he missing something? An anonymous caller is four years away from early retirement but she’s unsure if her portfolio allocations are in the right place. How and when should she start converting equities to cash? Luz is confused about how to handle company stock options. Is there an ideal spread between the exercise price and the stock price? And, what should she do once the stocks are exercised? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode583 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#582: They had it all. Six thriving children. A 40-year marriage. A household income of $200,000. Then in her 60s, she discovered a shocking truth: he had gambled away their entire retirement savings in penny stocks. She had no access to their financial accounts during the marriage. After divorcing, she was left with nearly nothing. Today, she relies on her adult kids for support. Harvard-trained family law attorney Aaron Thomas joins us for a Valentine's Day discussion about prenuptial agreements — not just as divorce insurance, but as a framework for building stronger marriages. Thomas is a three-time winner of Atlanta's Best Divorce Attorney and a leading expert in family law. He’s the founder of prenups.com and authored The Prenup Prescription. Thomas explains that every married couple already has a prenup by default: their state's laws. In 41 states, judges have broad discretion in dividing assets "equitably" — which might mean a 70-30 split rather than 50-50. The remaining nine states are community property states, where assets are typically split equally. But even in community property states, determining what qualifies as joint property can spark fierce debate. For example: if you entered marriage with $100,000 in a 401(k) and continued contributing during the marriage, how much belongs to you vs. the marriage? What about a home you owned before marriage, but your spouse helped pay the mortgage? To prevent financial surprises, Thomas recommends couples hold "annual shareholder meetings" to review finances together. He suggests creating three buckets — yours, mine and ours — with clear agreements about spending. For example, his prenup requires both spouses to approve joint account purchases over $500. Beyond asset division, prenups can include requirements like marriage counseling before filing for divorce, or mediation if custody disputes arise. While prenups can't determine child custody or support payments, they can establish frameworks for working through conflict. The biggest benefit, Thomas argues, isn't protecting yourself in case of divorce — it's creating clarity and communication during marriage. By having difficult conversations upfront about money, expectations and conflict resolution, couples build stronger foundations for lasting partnerships. Listen to this episode to hear our full conversation about how prenups can strengthen marriages, prevent costly court battles, and help couples align on money management from day one. 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 hidden marriage contract (3:01) Legal definition of marriage and financial rights (12:42) Historical view: marriage as duty vs love (19:38) Prenups defined: financial rules for marriage (24:20) Annual money meetings between spouses (27:26) Why "everything is 50/50" is a myth (35:21) How separate property becomes marital property (39:26) Real examples: retirement accounts and homes (44:44) State prenup vs your own prenup (48:04) Using prenups for counseling and mediation (55:07) Pets in divorce: property not custody (57:30) Family loans and spending limits (1:01:57) Financial transparency prevents disasters (1:07:21) Community property vs equitable division (1:10:34) Why every couple needs money agreements (1:14:51) Postnups and no-nups explained Resources Mentioned: Home - Prenups | Website Prenups.com (@prenupguy) | Instagram Book Your 30-Minute Consultation Today - Afford Anything - Prenups | Website The Prenup Prescription | Book For more information, visit the show notes at https://affordanything.com/episode582 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Enrollment for Your First Rental Property is open! affordanything.com/enroll ____________________________ #581: Today's question is different. There's something special about it — and you'll understand why in a moment. An 84-year-old listener left us a voicemail about his struggle to break free from mortgage debt. He and his 83-year-old wife need to move from their two-story townhouse because they can’t climb the stairs any longer. They found a single-story ranch house that fits their needs perfectly — except for one detail: it carries a crushing $4,200 monthly mortgage payment. They do have one potential escape route from this debt: selling their Florida condo, a vacation retreat that they haven't visited in years due to mounting chronic health challenges. But Hurricanes Milton and Helene ravaged their building last year. The storms spared their unit but destroyed the lobby and submerged their car in floodwater. The devastation slashed $100,000 from their property's value overnight. Now they face an agonizing decision: Should they accept this massive loss and sell the condo to free themselves from debt? Or would selling now, after such a steep drop in value, mean locking in their losses? Joe and I have answered hundreds of questions from our listeners over the years. But this question is special. It comes from my Dad. __________________________ Here’s the transcript of my father’s full question: Hi Paula and Joe, My name is Prahlad. I am 84 years old, and my wife is 83. We live in a two-storied townhouse in Atlanta and also own a two-bedroom condo on the beach as a second home in Clearwater, Florida. Recently, we purchased a one-storied ranch home in Atlanta so that we don’t have to go up and down the staircase at this old age. Our condo in Clearwater is on the 9th floor of the 14 storied building. We love the condo with views of the Gulf of Mexico and the Bay. However, we have not been able to visit it for a long time due to our underlying health conditions. We purchased the condo for $400,000 in 2015 and it was estimated to have appreciated to $800,000 in 2022. Since then, the price was estimated to come down to $775,000 in the Spring 0f 2024. As you know, this area was hit by two major hurricanes Helene and Milton in September and October last year. The lobby of the building was flooded with extensive damage and it is still under construction. The parking area under the roof was also flooded and our car was totaled. Fortunately, our condo did not suffer any damage. There has not been any significant real estate buy and sell activities in this neighborhood since it was hit by the hurricanes last year. My real estate agent estimates that the current value of the condo is $700,000. This building has been preparing for a major renovation of the plaza deck for the past few years, and we or the future owner anticipate to be assessed a large amount – maybe $30,000 – for the renovation. We were hoping that we could sell the condo and pay off the mortgage for the ranch home we recently purchased in Atlanta, and be debt free. What do you think – should we sell it now or wait until some later time – maybe until next year? Your advice would be highly appreciated. Thank you both for what you do.  For more information, visit the show notes at https://affordanything.com/episode581 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#580: "If you want to understand what's happening in the economy, look at bonds," begins today's episode, where we explore how the bond market acts as a crystal ball for economic trends. The bond market has been sending some clear signals lately. Interest rates remain elevated, with 10-year Treasury yields about 1 percent higher than their September 2024 low. After a challenging 2024 where bond returns flattened to just 1.18 percent, both the U.S. and U.K. are seeing historically high yields. We break down what's driving these changes and explain key concepts like term premium — the extra return investors demand for holding longer-term bonds. The Federal Reserve's recent moves are shaping this landscape. After cutting rates by 1 percentage point between September and December 2024, Fed officials are now signaling a more cautious approach, wanting to see further inflation decline before considering additional cuts. Then we explore why President William McKinley is suddenly relevant again. McKinley, whose term began in 1897, was known for his imperialist expansion and love of tariffs. His presidency came towards the end of what historians call "the long 19th century" — a period from the French Revolution in 1789 to the start of World War I in 1914. This era was marked by massive social upheaval, major technological advancement, the First Industrial Revolution, and huge migration into cities. It also included the California and Klondike Gold Rushes. The episode then turns to what some are calling the "Cold Rush" — the race to claim influence in the rapidly changing Arctic. With ice melting four times faster than global averages and the potential for ice-free Arctic days by 2030, nations are competing for new shipping routes and access to resources. We examine three emerging paths: the Northern Sea Route along Russia's coast, the North-West Passage along North America, and the Transpolar Sea Route across the North Pole. Finally, we dive into an overlooked story: the global tax war. In 2021, 136 countries agreed to establish a 15 percent minimum corporate tax rate to prevent profit-shifting to tax havens. While the U.S. already exceeds this minimum with its 21 percent domestic rate, implementation faces challenges due to different methodologies for calculating tax bases and recent political developments that could affect its future. Resources mentioned: https://www.federalreserve.gov/econres/notes/feds-notes/the-treasury-tantrum-of-2023-20240903.html https://www.pimco.com/us/en/insights/will-the-true-treasury-term-premium-please-stand-up https://www.bls.gov/news.release/pdf/empsit.pdf https://youtu.be/gQqcKepuQdA?feature=shared https://www.morningstar.com/bonds/how-largest-bond-funds-did-2024 https://www.npr.org/2025/02/05/1229167003/mckinley-trump-tin-tariffs https://www.economist.com/finance-and-economics/2025/01/23/the-arctic-climate-changes-great-economic-opportunity https://www.clingendael.org/pub/2020/presence-before-power/4-greenland-what-is-china-doing-there-and-why/ https://www.clingendael.org/pub/2020/presence-before-power/ For more information, visit the show notes at https://affordanything.com/episode580 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#579: Todd is in a real estate bind. He found out six days before closing on a new home that it wasn’t legally sellable. And renters are moving into his current home in two weeks. What should he do? Anonymous is excited about expanding her real estate portfolio. Should she sell her $2.5 million rental property in the Bay Area to do this, or can she keep it and leverage the equity instead? Former financial planner Joe Saul-Sehy and I tackle these two 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/episode579 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#578: When Dr. Margie Warrell's 13-year-old daughter landed a role in an Australian TV show, she dreamed of becoming an actress. She flew to Los Angeles for acting classes, where she met aspiring performers who shared a sobering insight: to succeed in Hollywood, you need to be willing to wait tables for 20 years. Her daughter's response? "You know what, Mum? I've realized I don't want it enough." This story illustrates what Dr. Warrell — a Fortune 500 leadership advisor whose expertise has been sought by organizations like NASA, Morgan Stanley, and Google — calls the "courage gap." The courage gap is that space between the life we're living and the life we could create through consistent brave action. For investors and entrepreneurs, this gap often shows up as the distance between dreaming about financial independence and taking concrete steps to achieve it. Drawing on her doctoral research in human development and decades of global consulting experience, Dr. Warrell joins us to discuss her framework for bridging this gap. Here are the five steps she outlines: 1. Focus on what you want, not what you fear. Our brains have a negativity bias — we're twice as sensitive to potential losses as potential gains. In investing terms, this explains why market downturns feel more intense than upswings. Combat this by deliberately focusing on long-term wealth building rather than short-term market volatility. 2. Rewrite your story. The narratives we tell ourselves shape our actions. Perhaps you see yourself as "too risk-averse" to start a business or "not smart enough" to understand investing. By reframing these stories, you can find the courage to take calculated financial risks. 3. Embody courage physically. Fear lives in our bodies — whether it's anxiety about making your first investment or launching a side business. Simple practices like deep breathing can help reset your nervous system when facing big financial decisions. 4. Step into discomfort. Growth and comfort can't coexist. Every successful investor and entrepreneur started as a beginner, feeling uncertain and uncomfortable. Like learning any new skill, financial literacy and business acumen develop through consistent practice. 5. Find the treasure when you trip. Market corrections, failed business ventures, and investment mistakes aren't personal failures — they're learning opportunities. Drawing on her interviews with leaders like Richard Branson, Dr. Warrell shares how even major setbacks can yield valuable insights when approached with the right mindset. As a Harvard Business Review Advisory Council member and Forbes columnist, Dr. Warrell emphasizes that courage isn't about waiting until you feel confident — it's about acting despite your fears. This applies whether you're making your first stock purchase, buying your first rental property, or quitting your job to start a business. The takeaway: While you can't control market conditions or business outcomes, you can control your response to financial fears. By following these five steps, you can build the courage needed to close the gap between dreaming about financial independence and actively pursuing it. Want to learn more? Find Dr. Warrell on social media @margiewarrell or visit margiewarrell.com, where you can access resources including workbooks and assessment tools. Her sixth book, "The Courage Gap," came out in January 2025. Resources Mentioned in the Episode: Website: Dr. Margie Warren Book: The Courage Gap Connect with Dr. Warrell on LinkedIn: Dr. Margie Warrell Follow Dr. Warrell on Instagram: Dr. Margie Warrell Interview with David Novak: Episode 534 For more information, visit the show notes at https://affordanything.com/episode578 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#577: Kelsey is excited about investing along the efficient frontier, but it feels impossible with the lack of fund options in her employer-sponsored 401k. What’s the best way to deal with this problem? Molly discovered that her rollover from a 401k to a traditional IRA hadn’t been invested in mutual funds and was still in a money market fund. Manually calculating her net worth helped her identify this oversight, and she shares her experience with us. Former financial planner Joe Saul-Sehy and I tackle this 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/episode577 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#576: The world's greatest investors have a secret: they're weird. When one young fund manager met Bill Miller for the first time, he refused to shake hands. Instead, he locked eyes and declared: "I'm going to beat you, man." William Green joins us to share what he's learned from decades of conversations with investing legends — from the hyper-competitive to the deeply philosophical. These conversations reveal that success isn't just about strategy; it's about understanding yourself and playing to your strengths. The best investors are mavericks who think differently. They're willing to look strange, be lonely, and diverge from the crowd. Templeton demonstrated this during WWII. When Germany invaded France and markets crashed, he bought 104 stocks trading under $1 — including 37 bankrupt companies. His contrarian bet paid off 5x when markets recovered. But Green emphasizes this isn't just about getting rich. His decades of interviews reveal deeper wisdom about building a good life: Great investors focus on what they can control. They can't predict markets, but they can manage their behavior and emotions. They embrace simplicity. Jack Bogle advocated owning low-cost index funds rather than chasing complex strategies. They understand odds and risk. Howard Marks asks "What's the consequence if I'm wrong?" before making decisions. They play to their strengths. Charlie Munger says if you're 5'3", don't try to be a pro basketball player. They live below their means. As investor Tom Gaynor notes, "If you're living within your means, you're already rich." Green shares a practical framework called HALT PS — don't make important decisions when Hungry, Angry, Lonely, Tired, in Pain, or Stressed. This applies beyond investing to daily life. The conversation explores how to build resilience before market crashes through healthy habits, self-awareness, and preparation. Green notes that many successful investors practice meditation and read widely across disciplines. Even legends make mistakes. Bill Miller saw his assets drop from $77 billion to $800 million during the 2008 crisis. But he rebounded by staying true to his principles and learning from failure. Green's key message? Focus less on getting rich and more on building an "anti-fragile" life aligned with your values and strengths. The best investors aren't just good at making money — they're skilled at creating lives of meaning and purpose. Find more from William Green at williamgreenwrites.com or on his podcast Richer, Wiser, Happier, featured on the We Study Billionaires feed. 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. (01:00) Meeting Sir John Templeton in the Bahamas (04:02) Templeton's WWII stock strategy during market crash (12:00) Wisdom vs survivorship bias in investing stories (14:55) Why great investors recommend index funds (23:34) Prioritizing freedom over wealth maximization (39:27) Bogle's client-first philosophy (51:32) Living below means for market volatility (01:01:37) HALT PS conditions leading to poor choices (01:06:45) Using data for better decision making (01:11:13) Bogle's emphasis on simple investing (01:14:30) Danoff's "stocks follow earnings" strategy For more information, visit the show notes at https://affordanything.com/episode576 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#575: Krish is fascinated by cryptocurrency and its impact on global investing. What opportunities should he capitalize on, and how? Apar’s income has more than doubled after he started his own business. His advisor recommends Roth contributions but he’s skeptical due to his high income. Who’s right? Keith is frustrated by the conflicting advice he’s heard about Roth conversions. Is it better to do it while he’s young and earning a lower income, or should he wait until closer to retirement? 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices