Eugene and his wife are retiring with a $10 million net worth and a guaranteed income that exceeds their annual budget. Do they still need things like life insurance and a financial advisor? An anonymous caller’s HOA costs have doubled since she bought her condo. She’s wondering if it’s still a good investment. Should she keep it or sell it? Nandini and her husband save tons every month toward no goal in particular. What should they do with all their extra cash? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. _______ Eugene asks: I’m 55, my wife is 56, and our two children are 20 and 17. We each make over $1 million a year as physicians. We have $1.14 million in a joint brokerage, $3.5 million in our 401k’s, and $1.1 million in our Roth IRAs for a total of $5.6 million in retirement funds. Our children’s education is fully funded with 529 plans. When my wife retires in four years, she’ll receive a $1 million payout from her employer. Our primary home has a $197,000 mortgage at a 2.55 percent interest that’ll be paid off in four years. Our three homes are worth a total of $2.53 million. At age 60, we’ll have a combined pension of $272,000 annually. At age 71, we expect to collect $96,000 a year from Social Security. We have free healthcare for life. Our total retirement expenses, including travel, will be $265,000 a year. What should we think about as we prepare for our retirement years? Should we pay for a financial planner that’ll cost $52,000 to $70,000 a year? What about our life insurance policies? We have four indexed universal life policies with a cash value of $873,477. We stopped paying the premium on our two children, but we’re still paying ours at $1,000 and $500 a month. My policy death benefit is $1.5 million and my wife’s policy is $750,000. We have separate term life insurance policies from our employers for $500,000 and $2 million respectively.

Financial literacy includes understanding NFT’s, DeFi, and cryptocurrency. But it’s hard to separate education from hype. Harvard Business School’s Scott Duke Kominers, a professor in Harvard’s Entrepreneurial Management Unit, and a Faculty Affiliate of the Harvard Department of Economics and the Harvard Center of Mathematical Sciences and Applications, joins us alongside Web3 expert Steve Kacizinsky to explain the financial, technological and social significance of NFT’s. NFT’s, or Non-Fungible Tokens, are a rapidly growing digital asset. Comprehensive financial literacy requires understanding NFT’s. While NFT’s are emerging opportunity for investment diversification, they are also highly speculative and volatile. NFT’s also represent how digital ownership is evolving, and have implications for the economic futures of a myriad of industries. These assets stand at the intersection of art, technology and commerce. This episode provides a deeper understanding of NFT’s, taught by a Harvard Business School professor and a Web3 expert. In this episode, we cover: What an NFT is, and how they differ from other blockchain technologies – 04:54 How you can add value to an NFT -17:03 How to build community and identity around an NFT – 19:39 What is the Linux era -28:15 Addressing the lack of security – 38:00 Predictions on what’s coming next – 56:37 And so much more! Resources mentioned: The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create | Book Thanks to our sponsors! Indeed If you’re looking for amazing talent to bolster your team, you need Indeed. Go to indeed.

Credit: Chris Guillebeau Princeton Professor Daniel Kahneman never took an economics class. But he won the 2002 Nobel Prize in economics, thanks to his advancements in understanding the psychology of money. In today’s episode, we pay homage to the late Dr. Kahneman, who passed away on March 27 at age 90. We also discuss the jobs report, inflation data, the booming stock market, the next Bitcoin halving, Capital One’s acquisition of Discover, and the National Association of Realtors settlement. Enjoy! Thanks to our sponsors! Indeed If you’re looking for amazing talent to bolster your team, you need Indeed. Go to indeed.com/paula for a $75 job credit to upgrade your listing and start hiring today. Policygenius Go to policygenius.com for free quotes and comparisons. With Policygenius, you can find life insurance policies that start at just $292 per year for $1 million of coverage. Monarch Money Monarch is the top-rated, all-in-one personal finance app. It gives you a comprehensive view of all your accounts, investments, transactions, cash flow, net worth, and more. Go to 

How much of a pay cut would you take for a lighter workload? Paul, 35, is grappling with that question. Like many of us, Paul says he loves his job, but the hours are demanding. He would love to work less. But he didn’t think the opportunity would come so soon. You see, Paul is a dedicated saver. He’s spent years trying to build financial independence. He’s amassed a net worth of $910,000, with no debt. His ideal early retirement, which would be filled with travel and hobbies, requires more money. Besides, he enjoys his career. That’s why Paul thought he’d work full-time for several more years. He felt happy with that plan. But an interesting opportunity recently arose. Paul’s workplace has offered him the chance to drop his hours – and his salary – by 25 percent. He’d love to work less. But the salary cut is earlier than he’d planned. Should he take it? Today, we kick off the podcast episode with this question. After that, we turn our attention to an anonymous caller. She and her husband want to retire at 55. They also want a bigger home, a better car, and to start growing their family. Can they afford it all? Meanwhile, Tim spent his 20’s in medical school. He missed out on retirement savings during those years. He’s eager to catch up. What’s the shortest path to get there? Finally, Matthew and his family dream of leaving Florida for the Pacific Northwest. Will they regret selling everything to start over? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. _______ Paul asks (at 02:38 minutes): I’m 35, single, and don’t plan to have kids. Though I love my job, I aim to achieve financial independence and eventually work less. I’d planned to wait at least a few more years, but my company is preparing for staffing changes this year that would allow me to reduce my working hours to 75 percent full-time. Should I take this opportunity? I’d still be considered a full-time employee with benefits, bu

Marie Curie won the Nobel Prize in Physics in 1903 and the Nobel Prize in Chemistry in 1911. She’s famous for her work in radioactivity. Lin-Manual Miranda is a songwriter, producer and director who won the Pulitzer Prize in Drama in 2016, as well as several Tony awards. What do they have in common? They lived a century apart. They innovated in disparate fields. But they shared a similar productivity practice. Both achieved greatness by embracing the practice of slow productivity, says Georgetown computer science professor Cal Newport. Slow productivity is a three-part practice, Newport explains: (1) do fewer things; (2) work at a natural pace; (3) obsess over quality. We’re used to thinking of productivity as doing more in a short amount of time. This flips that idea on its head, focusing on doing less, but excelling. Slow productivity is the practice of doing fewer tasks better. In this episode, Newport explains how the practice of slow productivity diverges from the normal ways that people in modern society tend to work. Life can be stressful. Your to-do list might feel never-ending. This episode can help you focus on the few things that matter most. It can help you feel less stressed, less busy, and yet — paradoxically — more productive, at the same time. Enjoy! Discussion as of March 2024: 00:00: Introduction to Cal Newport 01:24: Marie Curie’s approach to progress 04:41: How to figure out what works when you’re producing results with your brain 06:41: The story behind Lin-Manual Miranda’s success 08:39: Discerning between slow productivity, procrastination and distraction 18:01: The importance of taste 20:24: How to refine your taste 29:42: How to apply slow productivity to your work environment 40:39: Tactical suggestions for staying on task 54:34: How to surface your workload Resources Mentioned: Slow Productivity: The Lost Art of Accomplishment Without Burnout Deep Work: Rules for Focused Success in a Distracted World | Book

Tatyana is about to pay off her house at age 39! What’s next? Her husband, who earns twice as much (and whom she met after she bought the home), has no savings. They want a boat. Should she focus there? Matthew recently ended a relationship that resulted in a real estate buyout with an 8.1 percent interest rate. With rates expected to decline, how long should he wait to refinance the loan? Rachel’s friends know her as the finance gal, but she’s stumped about closed-end funds. What should she know about these investments? Erin and Angelique call in with a loan strategy to tackle Steve’s double mortgage dilemma from Episode 478. 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. _______ Tatyana asks (at 03:15 minutes): My husband and I entered our marriage with mismatched financial situations. How do I balance personal goals with our financial goals as a couple? I purchased my house before meeting my husband. For 13 years I worked incredibly hard to pay off my mortgage. I’m now 60 days away from that goal, just a day shy of my 39th birthday. My small business pays me a salary of $50,000. I have no other debt. My husband makes $100,000 and pays home expenses such as utilities and groceries. He has no independent savings or assets other than a paid-off vehicle. He’s working towards a pension with 16 years to go and has an unmatched Roth retirement account. We won’t be having kids. But we have a goal to purchase a boat to get into the cruising lifestyle, which can be expensive. We’ve saved $40,000 in joint cash to start that dream. I’d also like to rebuild my cash savings and open up a retirement account, though I’m not sure what kind of account to use. How do I decide what to do with my extra income once the mortgage is paid off? Matthew asks (at 15:55 minutes): How do I determine the optimal timing to pull the trigger on a mortgage refinance? I recently got out of a long-term relationship and ha

Do you ever wonder what happens behind closed doors on Wall Street? Vivian Tu, also known as Your Rich BFF, is here to spill the tea. Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college. While working on Wall Street, Vivian saw some weird things. Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside. Vivian realized that there’s a group of high-income and high-net-worth people who handle money in drastically different ways than she learned in her frugal upbringing. She learned about investing, taxes, legal loopholes. She discovered new ways of thinking about money. She shares these insights — gleaned from her Wall Street days — in today’s podcast episode. Discussion Timing as of March 2024: 01:10: Introduction to Your Rich BFF 08:38: The power of mentorship 11:16: Moving away from scrimping and savings 15:03: When it’s ok to break the rules 16:03: When it’s ok to NOT do as your told – and what to do instead 17:10: Habits that we can learn from the rich 22:30: Money and the abundance mindset 25:32: The best skills to have in the workplace 32:02: Rules around sides hustles 40:00: Debt is not a four letter word’ 51:37: How to calculate the value of a purchase Resources mentioned: Rich AF: The Winning Money Mindset The Will Change Your Life | Book Thanks to our sponsors! Indeed If you’re looking for amazing talent to bolster your team, you need Indeed. Go to indeed.com/paula for a $75 job credit to upgrade your listing and start hiring today.

Christine’s business is struggling. She needs more income. If she adds a full-time remote job to her plate, how will her retirement and finances change? Rob enjoyed a banner year in 2023. He made over $1 million. But the sting of income tax has him making moves that violate his investment strategy. Is his tax tail wagging the dog? Gena is excited to make the most of business deductions. Can she contribute 100 percent of her wages to a 401k and have the company match that? Christina is tired of living like a pauper in the name of student loan repayment. Is Public Service Loan Forgiveness the answer? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. _______ Christine asks (at 02:11 minutes): I run my own business, but I’ve had a downturn in clients recently. My friend suggested I get a full-time remote gig while still running my business. I have plenty of extra time each week and I think I could do both. This leads me to questions about funding my retirement accounts: Would I be eligible to max out my Solo 401k if I’m contributing to another employer-sponsored retirement program? What would the tax implications be? Would I be able to contribute to my Roth IRA if my overall Modified Adjusted Gross Income (MAGI) is too high? Would this trigger a backdoor Roth scenario? I started investing late at age 38 with a $70,000 portfolio. Today I’m 43 and I’ve grown my portfolio to $285,000. After I fund my accounts with $46,000 at the end of the year, my portfolio will be worth $335,000. How should I think through this decision beyond an income perspective? Rob asks (at 12:28 minutes):  2023 was a record year for me. My income was substantially more than $900,000 and my passive income from real estate investments was more than $250,000. I have a net worth of over $10 million, c

Welcome, Emma Chamberlain’s fans!! Thanks for joining the Afford Anything community. You can find out how to escape the 9-to-5 grind at affordanything.com/escape Once a month, on the First Friday of the month, we explore the hot economic and money stories that are dominating the headlines. These days, Bitcoin is back in the news. As of Friday morning, March 1st, its price ranged around $62,000, which is pretty darn close to its previous all-time high of $68,700. But why? Crypto was hot in 2020, but it faded from memory in recent years. What’s behind the comeback? And what does that tell us about how investments become fads? Find out in today’s First Friday bonus episode. Bonus listening: https://affordanything.com/325-bitcoin-for-beginners/ for a deep dive into understanding how Bitcoin works. Thanks to our sponsors! Indeed If you’re looking for amazing talent to bolster your team, you need Indeed. Go to indeed.com/paula for a $75 job credit to upgrade your listing and start hiring today. Shopify Diversify your business by selling physical and digital products through Shopify’s all-in-one platform. Go to