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Personal Finance Expert | Cumulus Podcast Network

Paula Pant

You can afford anything, but not everything. We make daily decisions about how to spend money, time, energy, focus and attention – and ultimately, our life.
How do we make smarter decisions? How do we think from first principles?
On the surface, Afford Anything seems like a podcast about money and investing.
But under the hood, this is a show about how to think critically, recognize our behavioral blind spots, and make smarter choices. We’re into the psychology of money, and we love metacognition: thinking about how to think.
In some episodes, we interview world-class experts: professors, researchers, scientists, authors. In other episodes, we answer your questions, talking through decision-making frameworks and mental models.
Want to learn more? Download our free book, Escape, at http://affordanything.com/escape. Hosted by Paula Pant.

Afford Anything

#701: Forget the idea that you need a magic number to retire. 

Jamie Hopkins is a certified financial planner, professor of taxation at the American College of Financial Services, director of the New York Life Center for Retirement Income, and Top 40 Under 40 financial services professionals from InvestmentNews. 

His take on retirement planning will make you rethink a few things.

We start with the "no magic number" concept. Hopkins explains that fixating on a savings target - whether it's $1 million or $10 million - misses the point. 

What matters is what income you can generate relative to the lifestyle you want. 

And that lifestyle shifts. Research shows retirees often spend more than 100 percent of their pre-retirement income in the first few years, then gradually spend less as they age.

From there, we get into sequence of returns risk, which Hopkins calls one of the biggest threats to any retirement plan. 

A market downturn in the first few years of retirement can be nearly impossible to recover from, since you're withdrawing money while your portfolio is declining. 

We also dig into the well-known "4 percent rule" - which Hopkins prefers to call a "4 percent finding" - and why it only holds up in certain historical contexts.

The conversation also covers the topics people tend to avoid. "Silver divorce" - the spike in divorces among people over 60 - is happening at higher rates than most people realize, and it can gut a retirement plan that was built around shared costs and two incomes. 

We also discuss elder abuse, which Hopkins says is mostly committed by family members or trusted advisors, not strangers - and how AI-generated voice cloning is making financial scams harder to detect.

Finally, we end on what Hopkins considers the most important, and most overlooked, element of a good retirement: community. 

He argues that retirement is actually an ideal time to intentionally rebuild your social circle, choose where you want to live, and figure out what you're retiring to - not just from.

Hopkins holds a JD, MBA, LLM, CFP, RICP, CLU, and ChFC.

Resources:

Jamie’s Book: Your Retirement Sketchbook: 125 Retirement Planning Lessons from Financial Experts

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What Retirement Planning Gets Wrong, with Jamie Hopkins

#700: Today we’re tackling three different financial questions from our listeners.

First, we’ll hear from Melanie, who is deciding whether to pursue a promotion that would increase her salary by $30,000 but may add more stress, even though she’s already close to financial independence.

Next, Ami wants to learn how options trading works and is wondering how to find legitimate training without falling into expensive or questionable courses.

And later in the episode, we’ll revisit Ben who called in six years ago asking how to grow from four rental units to twenty. Today he owns sixteen units and is deciding how to scale from here.

We’ll tackle all of that on today’s episode #700!!!

Resources:

Interview with Rose Han: affordanything.com/episode652

Jeanne_Retired on TikTok (shared by Joe): https://www.tiktok.com/@jeanne_retired/video/7615363778938408223 Ben's original question on Episode 243: affordanything.com/episode243

Share this episode with a friend, colleagues, and your bank teller: https://affordanything.com/episode700
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Q&A: A $30K Promotion Near FI, Learning Put Options, and Scaling a 16-Unit Portfolio

#699: You've probably heard that mindset matters. But what does that actually mean, and is there science behind it? 

Nir Eyal, author of Beyond Belief, joins us to break down the research.

Eyal, who writes about the intersection between psychology and technology and taught at Stanford Graduate School of Business, opens with a counterintuitive claim: 

Motivation has nothing to do with rewards, he says. 

All motivation, he argues, stems from the desire to escape discomfort. That means money management, time management, and weight management are all really just pain management.

That reframe sets up a bigger argument about beliefs. Our brains can't process the roughly 11 million bits of information hitting them every second, so instead of seeing reality, we predict it - based on whatever we already believe. That's why two people can face the same circumstances and have completely different outcomes.

We dig into why visualization often backfires. Research by psychologist Gabrielle Oettingen found that people who pictured their ideal outcomes became less likely to do the work to achieve them. Athletes don't visualize trophies - they visualize obstacles. Eyal calls the productive version "mental contrasting": imagining what's in your way and planning how you'll handle it.

We also cover the difference between limiting beliefs and liberating ones, and walk through a four-question exercise called a "turnaround" - a technique from Byron Katie's inquiry-based stress reduction practice - that helps you examine a belief, test whether it's absolutely true, and consider alternative perspectives.

On the topic of quitting versus persisting, Eyal lays out three criteria: Did you hit your checkpoint? Are you still learning? Does persistence actually change anything? If all three answers are no, quitting makes sense.

We close on money prioritization. When the math can settle a financial question, run the numbers. When it can't, it becomes a values question - and Eyal defines values as "attributes of the person you want to become."

Resources:

Download the four question turnaround exercise developed by Byron Katie, for free, at https://affordanything.com/turnitaround

Book: Beyond Belief: The Science-Backed Way to Stop Limiting Yourself and Achieve Breakthrough Results, by Nir Eyal

Share this episode with a friend, colleagues, and your florist: https://affordanything.com/episode699
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Nir Eyal: The Four Questions That Can Change Any Belief

#698: We explore financial decision-making at different stages of life:

A high-earning federal couple debates whether to pause retirement contributions to accelerate a $200,000 down payment.A part-time healthcare provider seeks clarity on balancing a 401k and a traditional IRA.And a longtime listener asks a more personal question: Is there anything we’re still figuring out ourselves?

We examine strategy, trade-offs, tax efficiency, housing decisions, and the long-term thinking that shapes financial outcomes.

(01:36) Hannah and her husband are in their mid-30s with two young children, and are hoping to upgrade to a larger “forever home” in several years while keeping their current home as a rental. They’re deciding whether to temporarily reduce retirement contributions to speed up down payment savings and how a possible cross-country relocation might affect those plans.

(37:15) Amelia is a part-time healthcare provider in New York who earns hourly income and wants to contribute to both her employer’s 401(k) and a traditional IRA. She’s trying to determine how much to contribute to the 401(k) from each paycheck while still maxing out her traditional IRA—keeping the overall approach simple and tax-efficient.

(56:12) Lesley praises Paula and Joe’s thoughtful responses to callers and wonders whether they ever seek advice from their audience. After recently undergoing brain surgery that prompted deeper reflection, the listener asks if there is anything in Paula and Joe’s financial, personal, or professional lives where they would value collective wisdom from their community.

Share this episode with a friend, colleagues, and your mailman: https://affordanything.com/episode698
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Q&A: Should You Pause Retirement to Buy a Bigger Home?

#697: Most people regret the things they never tried.

Venture capitalist Bill Gurley says that pattern shows up again and again in research on end-of-life regrets — including regret about the careers people never pursued. 

In this episode, Gurley joins us to talk about how people actually discover work they enjoy - and why the cliché to “follow your passion” sends people in the wrong direction.

We start with a question many listeners wrestle with: what if you reach your forties or fifties and still do not know what you want to do? 

Gurley explains that career changes later in life remain possible. Financial flexibility helps. People who spend every dollar they earn limit their ability to shift paths. People who control their spending keep more options open.

Gurley argues that “passion” often appears only after someone spends time exploring a field. A better starting point involves fascination - the subjects that pull your attention when nobody assigns the work. 

Gurley suggests paying attention to what you study in your free time. If you find yourself reading about a topic instead of watching Netflix, that curiosity may signal a possible career direction.

We also discuss how most successful careers involve several stops along the way. 

Gurley studied hundreds of success stories and found that many people move through two or three roles before landing their long-term path. That pattern shows up across industries.

Gurley began as a computer engineer working at Compaq. Even though he enjoyed the work, his curiosity shifted toward investing and business. 

He eventually left engineering, went to business school and started knocking on doors in New York until he landed a job as a Wall Street analyst. That path later led him to Silicon Valley and a 25-year career in venture capital.

Throughout the conversation, we talk about continuous learning, side projects that expand career options and how curiosity often shapes a career more than long-term planning.

Resources Mentioned:

Runnin' Down a Dream by Bill Gurley - https://amzn.to/4loywlQ

The Power of Regret by Daniel Pink - https://amzn.to/4sNwZbQ

Designing Your Life by Dave Evans & Bill Burnett - https://amzn.to/47yfeov

One Up on Wall Street by Peter Lynch - https://amzn.to/4ruPsIX

Atomic Habits by James Clear - https://amzn.to/4bj3cjR

Interview with James Clear - Afford Anything Episode #638

Interview with David Epstein - Afford Anything Episode #206 

Share this episode with a friend, colleagues, and your postal person: https://affordanything.com/episode697
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Bill Gurley: The Biggest Career Regret Most People Have

#696: 

(01:50) Jeremy has been a careful budgeter for years, but a surprise car repair has him tapping his emergency fund. With rates falling, he’s wondering if cash is enough or if he should try bonds or a CD ladder to keep up with inflation.

(22:22) A listener in Canada has a DIY portfolio but is tempted by Dimensional Funds, which requires a pricey advisor. At the same time, she’s thinking about leaving work and returning to school, but also wants to keep financially supporting her parents.

(41:27) Anonymous is navigating the tricky waters of buying a new home while still living in their current one. He is considering a bridge loan to avoid a contingent offer, but he’s worried about the strict timeline and potential financial pitfalls. Is a bridge loan a smart move, or does the risk of being stuck outweigh the convenience?

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Q&A: Should Your Emergency Fund Be Invested?

#695: The U.S. lost 92,000 jobs in February, pushing unemployment to 4.4 percent.That result contradicts a different report released two days earlier showing 63,000 jobs added, leaving economists trying to square the circle. Many agree that we're in a "low hire, low fire" jobs environment.We walk through several major economic stories using a three-layer framework: the household economy, markets and policy, and long-term forces shaping the future.First, the household layer. Hiring has become uneven across sectors. Health care and education previously drove much of the job growth, but layoffs in those areas now appear in the data.Job openings have also fallen to 6.54 million, the lowest level since the pandemic began. Workers are switching jobs less often, and the pay bump for job-hopping has shrunk.Mortgage rates recently crossed 6 percent, influenced in part by rising Treasury yields and concerns about inflation. Gas prices climbed about 26 cents per gallon in a week, partly due to tensions affecting oil shipments through the Strait of Hormuz, which normally carries about one-fifth of global oil supply.The episode also looks at household finances. Six percent of workers in Vanguard plans took hardship withdrawals from their 401(k)s in 2025, up from five percent the year before. That increase suggests some households are leaning on retirement savings to manage financial stress.At the end of the episode, economist Dr. Ben Zweig, CEO of Revelio Labs, joins us to unpack the conflicting employment reports and explain why the labor market may look weaker than expected. He also discusses why health care hiring may be slowing and how economists interpret mixed signals across multiple labor data sources.

(0:00) February jobs shock(1:02) Three-layer economy framework(2:03) BLS job losses explained(3:12) ADP vs BLS data gap(4:30) Job openings decline(5:39) Layoffs and AI cuts(7:15) Mortgage rates near 6 percent(8:26) Gas price spike(10:02) Markets react to oil shock(16:00) Record 401k withdrawals(19:30) Asset owners vs nonowners gap(21:22) Supreme Court tariff ruling(23:31) AI costs collapse, usage surge(27:03) Fed reactions to jobs report(33:33) Economist Ben Zweig interview

Share this episode with a friend, colleagues, and your job recruiter: https://affordanything.com/episode695
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First Friday: Jobs Fell by 92,000. But the Economy Is Still Growing?

#694: There are about 90 million unique job titles in the U.S. labor market.

Ninety million.

If you are trying to negotiate a raise, switch companies or launch a side hustle, that number has consequences. 

If titles do not line up, you cannot easily compare pay, scope or seniority. You might be doing the same work as someone with a higher title and higher salary - and never see it.

That problem is the focus of Part 2 of our conversation with Dr. Ben Zweig.

Zweig is the CEO of Revelio Labs, a workforce data firm that analyzes millions of job postings and online profiles. He also teaches The Future of Work at NYU Stern School of Business and holds a PhD in economics from the CUNY Graduate Center. His work focuses on how jobs are structured and how they evolve.

We talk about taxonomy - the systems used to categorize work. A title acts as shorthand for a bundle of tasks. Trouble starts when the shorthand breaks down. Two people with the same title may do very different work. Two people with different titles may perform nearly identical tasks.

Zweig explains how large language models can group job descriptions based on actual responsibilities rather than labels. That approach could make it easier for workers to search accurately and for companies to organize teams.

The conversation shifts to management. He argues that managers spend much of their time reconfiguring roles as business needs change. Technology accelerates that reconfiguration rather than replaces it.

We close with stories about bank tellers and typists. Their titles remained familiar. Their tasks transformed over time.

Resource:

⁠Job Architecture: Building a Language for Workforce Intelligence⁠ by Ben Zweig

Share this episode with a friend, colleagues, and your bank teller: https://affordanything.com/episode694
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Job Titles Don’t Mean What They Used To (And That Affects Your Pay) — with Dr. Ben Zweig (Part 2 of 2)

#693: AI learns your job in weeks … and you start wondering if you still have one.

That question shapes our conversation with Dr. Ben Zweig, CEO of Revelio Labs, a workforce data company that uses AI to build large employment databases and study labor market shifts. He also teaches a class on The Future of Work at NYU Stern School of Business. He holds a PhD in economics from CUNY Graduate Center. 

Dr. Zweig starts with the legend of John Henry, the steel driver who raced a steam drill and lost his life trying to prove that a human could still beat a machine. The story mirrors the Luddites, who smashed looms when automation threatened their work. 

The fear of technology replacing workers is a theme throughout history. It keeps repeating. And yet, this time it feels different. 

You hear how today’s panic fits into a longer pattern. Sixty percent of current jobs did not exist a century ago. 

Even jobs that kept the same name changed completely. Dr. Zweig describes his father tabulating punch cards as a statistician, while he now builds neural networks. Same field. Different tasks.

We break down what a job actually means. A job is a bundle of tasks. You execute tasks, but you also orchestrate them – deciding order, workflow and coordination. AI tends to automate the most granular tasks first. Broader, abstract orchestration proves harder to replace. 

Dr. Zweig argues that “augmentation” often just means partial automation that frees you to focus on what remains.

The discussion turns to empathy-driven roles, such as rabbis, psychologists, and teachers. Dr. Zweig cites traits such as empathy, presence, opinion, creativity and hope as distinctly human. He notes AI still struggles with memory and long-term relational trust.

You also hear what this means if you are early in your career. Hiring has slowed. Entry-level roles appear more exposed to automation. Dr. Zweig says younger workers often lack orchestration experience and face a risk-averse market. 

He says that to be competitive in today’s job market, you should take ownership of complex projects from start to finish. Show people – through networking and demonstrated work – that you can manage more than just tasks .

Resource:

Job Architecture: Building a Language for Workforce Intelligence by Ben Zweig

For more information, visit the full show notes at https://affordanything.com/episode693
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AI, Layoffs, and the Future of Your Career — with Dr. Ben Zweig (Part 1 of 2)

#692: Anonymous (02:01) is excited about early retirement and family time but worried about his brother-in-law, who just returned from a vacation in Mexico with a bold plan: sell everything, move there, and buy an Airbnb to live in one unit and rent out the others. He wants to support him without watching him get in over his head. How can he navigate this tricky mix of family loyalty and financial risk?

Maryanne (33:41) is retired and living on Social Security. Her IRA has doubled in value in the past year and a half, leaving her unsure whether to sell and live off interest or reinvest in ETFs. How do you manage sudden growth in retirement savings responsibly without taking unnecessary risks?

Brandon (48:18) has rolled over two old 401(k)s into IRAs but just learned that 401(k)s are generally better protected from lawsuits than IRAs. Now he’s hesitant to roll over his latest 401(k) from his recent job. Is it ever worth keeping a 401(k) separate, or should all retirement accounts eventually be consolidated?

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Share this episode with a friend, colleagues, your Ron Weasley: https://affordanything.com/episode692
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Q&A: A $30K Promotion Near FI, Learning Put Options, and Scaling a 16-Unit Portfolio

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