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Paula Pant | Cumulus Podcast Network

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

#646: Picture this: your 11-year-old son comes home from a friend's house and asks why you don't have a basketball court in your basement like his buddy's family. 

Instead of just saying "we can't afford it," you explain that having one would mean dad goes back to working 60-hour weeks and traveling constantly. 

Your son thinks for a moment and says, "No thanks, I'd rather spend time with you."

Andy Hill found himself having exactly this conversation with his son — and it perfectly captures the philosophy that led him and his wife to redesign their entire approach to work and family life.

By age 40, Andy and his wife Nicole had built a $500,000 investment portfolio and paid off their house completely. But instead of continuing the corporate grind toward traditional retirement, they made a radical choice: 

They both switched to part-time work, roughly 20 to 25 hours per week each.

Andy joins us to share a 10-step plan for anyone who wants to also switch to a model in which BOTH parents work part-time.

We discuss the concept of Coast FIRE – the point where you've invested enough that your money will grow to a comfortable retirement without any additional contributions. Think of it as eliminating your biggest monthly "bill" – retirement savings. 

Once Andy and his wife hit this milestone, they could afford to earn less and live more.

The conversation covers Andy's 10-step framework for achieving this lifestyle, from dreaming about what you actually want to eliminating debt to building what he calls "FU money" — the cash cushion that gives you confidence to make bold career moves.

Resources mentioned:

 Andy Hill's book on Amazon: Own Your Time

 Marriage, Kids, and Money Podcast

(4:01) Why the shift(5:35) What their life looks like now

(9:08) Why extremes didn’t work for Andy and Nicole

(14:45) Step 1 Dream and define your ideal life

(18:21) Step 2 Commit to living without high-interest debt

(20:38) Step 3 Protect your family (insurance, estate plan, emergency fund)

(27:04) Step 4 Invest to reach Coast FIRE

(30:29) Step 5 Pay off your home (or optimize if renting

(36:21) Step 6 Stockpile FU money

(47:53) Step 7 Design a three-day workweek

(57:02) Step 8 Plan your intentional four-day weekend

(1:02:39) Step 9 Simplify to avoid lifestyle creep

(1:08:56) Step 10 Teach your kids the path to time freedom

Share this episode with a friend, colleagues, or with your neighbor with the tricked-out basement : https://affordanything.com/episode646
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The Third Option Between Working and Retiring

#645: 

Mike (02:50): After 15 years of intentional living, Mike is 80 percent of the way to financial independence. Now he’s trying to help friends take control of their own financial future. But what happens when one spouse is eager to learn and invest, while the other isn’t interested?

Michael (27:07): For two years, Michael has tracked his net worth monthly. So far, growth has been driven almost entirely by how much he saved. But when will investment returns begin to take over and shift that steady line into an exponential curve?

Alvaro (34:00): After 15 years of investing in U.S. and European real estate, Alvaro has a big decision to make. Should he leverage a commercial loan to build an ADU for short-term rental income, or take on more personal debt to expand their family home?

Jonathan (58:50): After hearing Paula and Joe discuss the efficient frontier — and then listening to Big ERN, Paul Merriman, and JL Collins — Jonathan can’t help but wonder: has Joe’s perspective evolved? Is the simple path still enough, or is there merit in a more complex approach?

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

Enjoy!

P.S. Got a question? Leave it ⁠here⁠.

Resources Mentioned:

JL Collins Part 1 and Part 2

Karsten Jeske (Big Ern) Episode 643

Paul Merriman Episode 550

Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode645
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Q&A: My Friend Won’t Invest - How Can I Help?

#644: Why do we both crave money and resent it? Why do some people sabotage their financial futures in the name of short-term comfort? And why is your brain — not the stock market — the biggest threat to your wealth?

In this conversation, we explore the surprising ways that psychology and money intertwine. Our guest, Dr. Daniel Crosby, is a behavioral finance expert, psychologist, and bestselling author of The Soul of Wealth, The Behavioral Investor, and The Laws of Wealth. His research dives into how our emotions, childhood scripts, and personalities shape the financial decisions we make every day.

Dr. Crosby shares why investing is an act of optimism, why income matters more than coupon clipping, and how our spending reveals truths about who we really are — even when we don’t realize it..

Key Takeaways

 
Money is a mirror. The way you earn and spend reflects your real values, not just your stated ones. Tracking your money reveals gaps between who you say you are and how you actually live.

 
Income drives wealth. Frugality matters, but once the basics are handled, your long-term financial future is determined more by growing your income than by cutting costs.

 
Short-term comfort is costly. The biggest threat to your wealth isn’t the market — it’s the temptation to prioritize momentary relief (panic-selling, stress spending) over your long-term goals.

Resources & Links

 
Dr. Daniel Crosby on LinkedIn

 
Standard Deviations Podcast

 
Books by Dr. Crosby:

 
The Soul of Wealth

 
The Laws of Wealth

 
The Behavioral Investor

 
Personal Benchmark

Closing

This episode reminds us that building wealth isn’t just about math — it’s about mindset. The markets may fluctuate, but the greatest risks and rewards often lie within our own psychology.

If you enjoyed this conversation, share it with a friend, subscribe to our newsletter at affordanything.com/newsletter, and connect with our community at affordanything.com/community.

You can afford anything, but not everything. Choose wisely.

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(03:24) Does money really buy happiness? Rethinking the $75k income myth.

(08:48) Our conflicted relationship with money: Love, resentment, and the paradox of wealth.

(10:32) Childhood money scripts: How early beliefs still drive adult financial behavior.

(16:10) Personality traits & money outcomes: Why agreeableness and neuroticism matter.

(24:15) Investing as an act of optimism: Human progress, markets, and long-term growth.

(30:39) AI, work, and the future of wealth: Why EQ may outpace IQ in tomorrow’s economy.

(39:46) Habits vs. willpower: Why automation and environment beat discipline.

(44:28) Frictionless spending: How Apple Pay and subscriptions fuel overspending.

(47:32) Offense vs. defense in wealth: Why income matters more than extreme frugality.

(1:03:16) Chronic vs. episodic mistakes: Small leaks, lost compounding, and long-term damage.

(1:06:24) The pre-mortem exercise: A Stoic-inspired tool to prevent financial failure.

Share this episode with a friend, colleagues, your veterinarian: https://affordanything.com/episode644
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The Hidden Psychology Behind Every Financial Decision You Make with Dr. Daniel Crosby

#643: Picture this: you're at the Federal Reserve years ago. The chairman literally hangs up a conference call, waits 30 minutes, then calls back — suddenly everyone agrees on the rate decision. 

That's the kind of insider story Karsten Jeske (“Big ERN”) shares when he joins us to break down what's happening with the economy right now.

Karsten worked at the Federal Reserve Bank of Atlanta for eight years, then spent a decade on Wall Street at Bank of New York Mellon. 

Today he runs the popular Early Retirement Now website, where he applies his economist background to help people understand money and markets.

You'll hear Karsten explain why the Fed is about to start cutting interest rates. The futures markets are pricing in a 90 percent chance of a quarter-point cut, with more cuts likely through the end of the year. 

But why? After all, inflation just ticked up in the latest CPI report, yet the Fed is still planning to lower rates.

We dive into how this affects real people. If you're thinking about buying or selling a house, Karsten suggests acting sooner rather than later. 

He explains the "buy the rumor, sell the news" principle – the bond market may have already priced in the good news about rate cuts, so waiting might not help you.

The conversation covers some surprising economics too. Did you know that high interest rates can actually cause housing inflation? 

When mortgage rates are expensive, fewer people build new homes, which drives up prices. It's the opposite of what most people think happens.

Karsten walks through the recent jobs report revisions that caught everyone off guard. The government had to subtract nearly a million jobs from their previous estimates. He explains how this happens – it's not that officials are making up numbers, but tracking new businesses is genuinely hard to do in real time.

You'll also learn about two Fed tools most people haven't heard of: the dot plot and R-star. The dot plot shows where Fed officials think interest rates should go over time. R-star represents the theoretical perfect interest rate when the economy has no problems — currently around 3 percent.

The interview wraps up with Carsten's take on Fed culture. The consensus-building era under Greenspan is giving way to more dissenting votes, which actually makes the central bank more like it was decades ago under Paul Volcker.

Enjoy!

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.

(1:04) Carsten’s career path from Fed to Wall Street

(1:57) Current economic growth limbo state

(4:04) GDP formula and tariff impacts

(5:10) Trade efficiency and comparative advantage

(6:04) Supply chain threats from protectionism

(8:20) Fed meeting and rate cut expectations

(9:35) Market pricing in multiple rate cuts

(12:19) Real estate timing and mortgage rates

(13:55) How Fed rates affect treasury yields

(18:50) Buy the rumor, sell the news strategy

(22:13) Fed transparency and decision telegraphing

(25:56) Fed consensus culture versus dissent

(30:48) CPI data shows inflation ticking up

(34:32) Transitory versus persistent inflation confusion

(38:56) Fed behind the curve on rate cuts

(40:00) Major jobs report revisions explained

(44:24) Methodological issues with new business tracking

(46:00) Dot plot and R-star concepts explained

(52:29) Bond allocation strategies by age

(57:25) Current bond yields look attractive

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LIVESTREAM: A Former Fed Economist Reveals What's Really Happening, with Karsten Jeske (“Big ERN”)

EXCLUSIVE: Is your money safe in today’s economy? In this bonus interview, Paula Pant sits down with financial expert Rob Berger to unpack the latest on inflation, interest rates, market valuations, and the future of Social Security.

Together, Paula and Rob dive into the tough questions:

 Is the American Dream dead for Gen Z?

 Will there be another market crash?

 How should you invest when stocks feel overpriced?

 Can you still retire comfortably if Social Security gets cut?

Rob also shares his insights on asset allocation, diversification, and long-term investing strategies — advice that matters whether you’re in your 20s saving for a first home or in your 60s planning for retirement.

Don’t miss this conversation between Paula Pant and Rob Berger — a deep dive into money, markets, and the decisions that shape your financial future.

Timestamps:

(04:19) CPI Numbers, Mortgage Rates, and Market Outlook 

(05:05) Inflation, Jobs & the Fed’s Dilemma 

(05:46) Stagflation Concerns 

(06:38) Interest Rate Predictions 

(07:29) Stock Market Valuations & The Magnificent Seven 

(09:46) Diversification & Index Fund Concerns 

(10:53) Rules of Thumb for Asset Allocation 

(12:07) Bonds: TIPS vs. Nominal Treasuries 

(13:04) The Future of Social Security 

(14:41) Retirement Planning for Ages 55–60 

(16:59) Should You Invest More Aggressively Near Retirement? 

(18:52) Gen Z, Millennials & the American Dream 

(21:08) Action Plan for a 25-Year-Old Buyer 

(22:45) Predictions for 2026 (and Why Predictions Fail) 

(25:12) Closing Thoughts & Where to Find Rob Berger

Resources mentioned:

The Rob Berger Show on YouTube

Free Asset Location Cheat-Sheet

For more information, visit the show notes at https://affordanything.com/robbergerhttps://affordanything.com/robberger
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BONUS: Stagflation, Stocks & Social Security - What’s Next for Your Money? with Rob Berger

#642: Curious about how individual stock picking could sharpen your investing skills—even if you’re an avid index fund investor? 

Paula sits down with David Gardner, co-founder of The Motley Fool and author of Rule Breaker Investing, to delve into the world of contrarian stock strategies and the mindset behind picking standout companies.

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) Sports team investing analogy

(4:20) Individual stocks vs index funds

(7:12) Values-based investing approach

(13:16) Starbucks pick criteria

(13:28) Six rule breaker traits

(20:41) Why overvalued works

(26:44) Market timing philosophy

(32:20) Traditional metrics miss key factors

(39:18) When to sell stocks

(45:26) Winners vs losers math

(48:32) Portfolio allocation rules

(55:10) Sleep number concept

(1:00:00) Adding to winners strategy

(1:05:16) Evaluating unfamiliar companies

(1:09:15) Dot-com bubble lessons

(1:16:24) AI investing parallels

(1:20:18) Sports betting critique

Resource:

David Gardner's book: Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth

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The Case for Investing in Individual Stocks, with Co-Founder of the Motley Fool, David Gardner

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

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

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

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

Enjoy!

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

Resources mentioned in the show:

Interview with Frank Vasquez

Risk Parity Cheat Sheet

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

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

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

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

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

SavingForCollege.com

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.

(01:42) Christina

(16:42) Anonymous

(33:40) Paula the Caller
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Q&A: ChatGPT Built Her $1.2M Portfolio … But Should You Trust It?

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

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

And unemployment ticked up to 4.3%.

What does this mean?

Find out in today's First Friday episode!

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(01:48) ADP vs BLS Jobs Data

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

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

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

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

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

For more information, visit the show notes at https://affordanything.com/episode640 
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First Friday: Jerome Powell's Remarks at Jackson Hole

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

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

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

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

Enjoy!

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

Resources mentioned in the show:

Aisha's original call in Episode 473
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Q&A: How to Invest in Your Community (by Finding the Third Option)

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

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

This story illustrates how James Clear approaches habit change. 

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

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

Repeat this loop enough times and the behavior becomes automatic.

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

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

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

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

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

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

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

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

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

____

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(0:00) James explains four habit stages

(5:22) Cue and craving examples

(8:47) Four laws of behavior change

(11:05) Making habits obvious through environment design

(14:56) Habit stacking with existing routines

(16:12) Travel and changing contexts

(18:58) Temptation bundling strategies

(25:21) Motivation rituals and triggers

(29:52) First ad break ends

(33:11) Habits of avoidance challenges

(39:10) Social reinforcement and tribes

(41:09) Making habits easy through friction reduction

(44:03) Delayed gratification and immediate rewards

(54:16) Second ad break ends

(57:16) Making habits satisfying

(1:03:01) Commitment devices and accountability

(1:08:35) Identity-based versus outcome-based habits
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Q&A: ChatGPT Built Her $1.2M Portfolio … But Should You Trust It?

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