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Real and uncensored. Hosts Paula Pant and J. Money dive into chasing the dream and creating financial independence. They rap about net worth, investing, real estate, killing debt, budgeting, business, entrepreneurship, saving money and how to be a hustler. Grab a beer, put your spreadsheets away, and get ready to retire early.


#47: How to Stop Being Your Own Worst Enemy, with Clark Howard  

Today's guest is New York Times bestseller, radio and television personality, Clark Howard.

While Clark is known as a personal finance expert, that title doesn't tell the whole story.

He started reading stock tables when he was in fifth grade.
He began investing in real estate at the age of 22.
He created his own travel agency business at the age of 25.
And he became financially independent and retired at age 31.

However, after four years of living on the beach, he was ready to get back to work. He wanted to help people take control of their money and, consequently, their lives.

Clark believes that money is the result of the discipline you bring into your life. Unfortunately, most people want to take the path of least resistance when it comes to achieving their goals. That's why so many people fail.

Clark says that the most common mistake he sees his listeners make is getting in their own way. People give up before they've started and play the victim.

That's not the path to success - financial or otherwise.

So, how can you stop standing in the way of your own success?

In this episode, we cover that, as well as:
    •    Clark's journey to financial independence
    •    Why he chose to pursue this audacious goal
    •    Why he felt ready to jump back into work after enjoying four years of retirement
    •    Why we behave the way we do when it comes to achieving goals
    •    What money means, and why it matters
    •    How to control your reaction to the inevitable setbacks we experience in life
    •    Why everyone must live beneath their means and spend less than they earn to achieve any financial goal
    •    What the future of money holds

There were so many takeaways in this episode, I couldn't list them all. Clark is brilliant and offers some amazing insights into the financial industry, as well as business lessons he's learned throughout his years of being an entrepreneur and managing teams.


Resources Mentioned:


#046: The Unbelievable Power of Building a Community - Live at FinCon  

This episode is a little unusual because I interviewed fellow podcast listeners live at FinCon (a conference for financial bloggers).

Why? To get to know you and understand you better.

I want to know what makes you tick, and where your interest in money comes from.

Ultimately, why you're here, listening to this podcast, when most people couldn't care less about these topics.

Why are you different?

To discover that answer, here are some of the questions I asked our panelists:

• Why did you decide to make learning about personal finance your hobby? Why do you spend hours reading blogs and listening to podcasts about money?
• What made you approach personal finance head-on, rather than burying your head in the sand, like most people do?
• Do people in your "regular" life know that you want to retire early and reach financial independence? Or do you avoid talking about this because people give you funny looks when you mention it?
• Have you all had the same experience that community - finding like-minded individuals - is important in this journey?

I hope you were able to learn and identify with your fellow listeners about why you manage your limited resources in such a conscientious way.

The chief takeaway I got from this episode was the importance of building a community, which is critical to maintaining motivation on the journey to reach financial independence.

Not only that, but you're the average of the five people you spend the most time with. Seek out a support system of people with similar values and goals to have your back when times get tough.
Resources Mentioned: 

• Nick: True Tightwad
• Melissa, "The Roamer": Traveling Wallet
• Emma: Emma Lincoln
• Gwen: Fiery Millennials
• The One Percent Challenge Facebook Group
• Everything I Know About Blogging, Condensed into One Post
• Financial Independence Subreddit
• Meetup.com

-- Paula

#45: Ask Paula - Should I Invest $5,500 in One Huge Chunk? - and More Investing Questions  

Podcast listener Eva is interested in opening a Vanguard account. She noticed that people need $50,000 to access their personal advisor services. It'll take her several years before she can access this. What should she do in the meantime? Amy, another podcast listener, wants to invest $5,500 into her Roth IRA in 2017.  Should she invest the full amount on January 1, or should she spread this throughout the year? Meanwhile, podcast listener Daniel asks: • Q1: I'd like to invest in real estate. Where and how should I look for homes, other than Zillow? • Q2: Why would an investor sell a cash-flowing, profitable investment property? Should I be suspicious about multiunit properties for sale? Eric, another podcast listener interested in real estate, asks: • Q1: What are the basic steps for forming an LLC, especially one with multiple partners who aren't equal investors? • Q2: How do you go about creating a joint bank account for the LLC? Is it even needed? Should the account be referenced in the LLC documentation? I answer all of these questions in this episode of Ask Paula. Resources Mentioned: • Mike Piper's Blog: Oblivious Investor
 • Michael Kitces' Blog: Kitces.com (Nerd's Eye View)
 • I Don't Know How to Start Investing, and I'm Afraid of Making Expensive Mistakes (Blog Post) • Why Dollar Cost Averaging Stinks (Blog Post) • The Simple Path to Wealth by Jim Collins • Mike Piper's Books on Investing
 • #24: Ask us Anything: Betterment, Wealthfront, Robo-Investing...What's the Deal? (Podcast) • #31: The Simple Path to Wealth, with Jim Collins (Podcast Interview) Enjoy!

#044: "Why I Quit My Dream Job" – with entrepreneur Leslie Samuel  

When Leslie Samuel immigrated to the U.S. at age 17, he hoped for the American Dream: an education, a secure job, and a traditional career path.

But during his college years, Leslie realized he had an entrepreneurial streak. He made a few attempts at working for himself.

He failed.

He lost money that he'd set aside for his wedding. He tried investing in the stock market. He lost more money, savings that he'd set aside to pay his tuition.

But he didn't quit.

Leslie graduated, married, and accepted a job as a high school science teacher.

He felt happy and secure. Yet his entrepreneurial itch persisted. He started building an online business in his spare time. 

Leslie began earning an extra $14,000 per year on the side, a nice supplement to his income. A few years later, Leslie landed his dream job as a university professor. He loved his work. He earned a solid income.

His wife gave birth to a healthy baby boy. Everything seemed perfect. But his entrepreneurial calling persisted.

Ultimately, Leslie made the difficult decision to quit his dream job in order to become a full-time online entrepreneur.

In this episode, he shares why he made this tough choice – and how he handled the fear and doubts that blocked the way.

#043: Jean Chatzky Shares Money Rules for Modern Life  

Today's guest is Jean Chatzky, financial editor for the TODAY Show, host of the HerMoney podcast and a frequent guest on TV shows like Oprah, Regis & Kelly, and The View.

She's the bestselling author of many books, including Money Rules, which we discuss in today's episode. Here are a few of the Money Rules we cover:

#1: The more time you spend looking, the less happy you’ll be with what you find. #2: Your retirement trumps their tuition.
#3: Losing money hurts more than it should.
#4: Big numbers make smart people do stupid things.
#5: Don’t lend money to friends & relatives, and don’t co-sign for loans.
#6: If its 50% off, it's still 50% on.


It’s not about having it all. It’s about having what you value most. How can you match your money with your values? Jean and I tackle this question in the second half of the podcast. This leads us into discussing tactics that can prevent wasteful spending, such as:

• The 10/10/10 Rule – How will you feel about this purchase in 10 minutes? 10 months? 10 years?
• The 24 Hour Rule – Delay the purchase by 24 hours. Do you still want it?
• Only Pay Full Price – Paradoxically, avoiding sales – and ONLY buying items at full price – might help you save more money in the long run.


Finally, we chat about how to balance financial priorities when you and your spouse want different things. What if you want to retire early, but your spouse doesn't? How do you handle this?

Jean shares her ideas on all these topics in today's episode.

#042: The Incredible Value of Deep Work, Instead of Distraction – with Cal Newport  

Your most valuable asset isn't your house, car or retirement portfolio. It's your attention. Most knowledge workers spend their day franticly hopping between meetings, emails, phone calls and social media. But that's not the best way to stand out in the modern economy. Emails are necessary, says author and professor Cal Newport. They'll keep you from getting fired. But they won't get you promoted. Instead, focus on deep work, Newport says. Dedicate your mental energy towards cognitively-demanding tasks that stretch the limits of your capabilities. Develop your skills as a writer, investor, programmer, mathematician, musician, artist, or whatever field you practice. You'll achieve bigger success from honing rare, valuable skills than you would from sending a few additional tweets or replying to emails at a faster pace, he says. You'll also enjoy more meaningful work. Deep work isn't something that you cram into the margins of your life. To the contrary, focusing on deep work allows you to boost your productivity at work and feel more fully present at home. Newport discusses the concept of Deep Work, and shares tips on how to apply this to our lives, in today's podcast.

#041: Ask Paula: Investing, Rebalancing and Renovating  

Mollie, a listener, is making smart money moves.

She's getting the maximum match on 403b contributions. She's saving for a downpayment on a home. Her husband opened a Roth IRA.

What's next?

After listening to the Jim Collins episode, Mollie wants to open a Vanguard account. How can she balance this with the rest of her saving and investing goals? Is she spreading herself too thin?

Meanwhile, podcast listener Elizabeth is trying a little-known tactic to rebalance her portfolio.

Traditional advice tells people to rebalance by selling their gains. But Elizabeth wants to let those gains ride. She'd prefer to rebalance by buying undervalued assets.

Are their hidden dangers to her strategy?

Finally, podcast listener Chris wants to remodel his basement. He's an aspiring Airbnb host who'd like to make extra cash by renting out part of his home. How much money should he spend on his basement remodel? Are there any good rules-of-thumb?

I tackle these three questions in today's Ask Paula episode.

#040: The Power of Habit Formation, with Gretchen Rubin  

Most of us want to develop better habits. We want to exercise more, eat healthier, get more sleep, watch TV less, pay off debt, or save money.

The problem?

We make excuses.

We tell ourselves we'll splurge "just this one time."

We convince ourselves that we're too busy to start a side business. We reward ourselves with a hall pass from our intended new habit.

Today's guest, Gretchen Rubin, talks about how we can create habits that stick. Gretchen Rubin is the New York Times bestselling author of The Happiness Project, which sold more than a million copies.

Her latest book, Better Than Before, explores how to create habits that lead to a healthier, happier, richer life.

AA039: The Seven Stages of Financial Independence, with Joshua Sheats  

It's tempting to think of "financial independence" as a finish line. You've either crossed the finish line, or you're still running the race. But financial independence is more nuanced, says today's guest, Joshua Sheats.

We experience seven stages of financial independence, Joshua says, and we should break down our Major Goal -- financial independence -- into a series of smaller steps.

Joshua, a financial planner and host of the hit podcast Radical Personal Finance, describes these seven stages in today's show, offering tips about how to reach each one.

Want a sneak peek at the seven stages? Check out http://podcast.affordanything.com

#038: Why You're Not As Busy As You Think, with Laura Vanderkam  

There are 168 hours in a week.   If you work 40 hours per week and sleep 8 hours per night, you’ve accounted for 96 hours. You have an additional 72 waking hours per week.   What are you doing with this time?   That’s the question today’s guest, Laura Vanderkam, tried to answer by analyzing more than 1,000 time logs kept by full-time professional workers. Our collective narrative says that Americans are overworked, sleep-deprived and don’t have enough time for family or personal lives. That’s our emotional truth. But statistics paint a different picture. When more than 1,000 professionals track their time in 15-minute increments over the course of a 168-hour week, the data doesn’t point to time deprivation.    In today’s episode, Laura describes this surprising fact: we have more time than we think.   She also shares tactics on how to reduce chores and errands, stay focused and productive at work, and recognize the difference between efficacy and diminishing returns.

#037: Chris Guillebeau -- How to Live a Remarkable Life in a Conventional World  

Chris writes about life, work and travel. He has visited every country in the world and written a number of New York Times best selling books.

He joins us to talk about challenging ourselves, experimentation,and deliberately changing our direction.


For more information, visit http://podcast.affordanything.com

#036: Ask Paula -- Should I Buy a Turnkey Rental Property? -- and More Real Estate Investing Question  

It's the first Monday of the month, and you know what that means ...

Time for another Ask Paula episode! On today's show, I answer a handful of phone calls from listeners who posed questions about real estate investing.

One caller from Atlanta said that he's thinking about buying a rental property from a turnkey investing company. (These are companies that buy, renovate and rent out properties, and then sell those properties to investors.) On the surface, this sounds appealing: all benefit and no work. But what are the drawbacks? Are those risks worth it? Should this listener buy a turnkey property? Or should he stay wary of red flags?

Another caller, who says he loves real estate investing, mentioned that he's curious about the lack of compound interest in the real estate game. If you're investing in an index fund, he noted, your dividends and gains are automatically reinvested. That's not the case with a rental property. Sure, you can reinvest the cash flow from that property into buying more properties (or buying other investments, like index funds), but that's not the same thing. So ... what does this mean? When you take compound interest into consideration, are rental properties still a good deal? Or are real estate investors missing out on this crucial wealth-building tool?

Another wanted to hear more details about a couple whom I mentioned in Episode 4, The Ultimate Beginner Guide to Real Estate Investing. This couple's strategy is to buy a home as a primary residence, live there for at least one year, move out, convert their former home into a rental property, and repeat. They've done this over and over, and now they're raking in the rental cash. The listener wanted more details about that strategy ... which I offered in droves. (And yes, I led myself into another little rant.)

Finally, one listener called to share his success story. In an earlier episode, he asked whether he should repay his credit card debt, or save for the downpayment on a house. I told him to pay off his credit cards ... and he's now DEBT-FREE!!!!!! He tells his success story on today's show.



#035: How to Start Freelancing on the Side, with Carrie Smith from Careful Cents  

Carrie Smith enjoyed her full-time accounting job, but she wanted to make extra money on the side. Who doesn't, right?

She landed a second job in a tax office, working 9-to-5 for one employer and 5-to-9 for the other.

She earned decent money, but her schedule had no flexibility ... and she felt unhappy. 

This needs to change, she realized. I need to make good money while also enjoying my lifestyle.

Even though she had zero experience as a writer, she wondered if she could leverage her skills as an accountant into a new, creative field. She volunteered to write one or two tax planning articles for a client, just to test the waters. She enjoyed the work. She wanted more. 

She started reaching out to websites and companies that might need tax-related article writing. She landed her first major client, Yahoo Finance. Then another. Then another. 

After a few years, her freelance business grew large enough that she quit her comfortable accounting job. She's her own boss now. 

In this episode, Carrie tells her story and offers advice for anyone who wants to earn extra money as a freelancer -- whether its a side hustle or a path towards quitting your 9-to-5 day job.


For more, visit http://podcast.affordanything.com

#034: How I Built a Six-Figure Online Store -- with Steve Chou from My Wife Quit Her Job  

Steve Chou's wife used to work grueling hours at a job she dreaded and despised. When she became pregnant with their first child, she decided to quit. 

The problem? She earned six figures, and their family needed that income. 

She opened an online store, buying handkerchiefs wholesale from China and retailing these online at a significant markup. She and Steve worked together to build a retail website and find customers. They bought Google Ads; they wrote blog posts; they created seller accounts on various shopping portals.  

They earned more than $100,000 in their first year of business.

In this episode, Steve explains how he and his wife earn six figures as online retailers while enjoying a much more relaxed, liberated lifestyle.

He offers pointers for anyone who's interested in making money selling goods online -- either as a side business or as a method for quitting your day job.


For more, visit http://podcast.affordanything.com

#033: How I Became a Millionaire on a Military Salary - with Doug Nordman  

After serving in the Navy for 20 years, Doug Nordman, then-age 41, retired from his military career. Most of his peers started second careers in the civilian world.    But Doug didn't. He had an ace up his sleeve: he had spent his military career saving 40 percent of his income. By the time he turned 41, he held an investment portfolio worth $1 million. Those investments, coupled with a Naval pension for $30,000 per year, propelled him into financial independence.   He's remained retired since leaving the Navy. He's now 55. He surfs three times a week. He travels to Europe on a whim. His retirement portfolio survived two recessions and is now worth $1.7 million.     In this interview, Doug shares the story of how he became a millionaire on a military salary. He also talks about the fulfillment he's found through financial independence.   Enjoy!

#032: Ask Paula: The Market Might Drop. Should I Sell?  

Should you sell your stocks, given that we might be heading for a possible downturn? Also, what are the downsides of index funds? Should you invest in out-of-state rental properties, and if so, how can you figure out where to look? These are just a few of the many questions Paula answers in this week's Q&A episode. Enjoy.

For more information, visit http://podcast.affordanything.com

#031: The Simple Path to Wealth, with Jim Collins  

Jim Collins, also known as popular blogger JLCollins, has been financially independent since 1989. He achieved this in the simplest way possible: he saved half of his income and invested in index funds.

Jim says the simplest possible approach is the best, if your goal is to build financial freedom. "The great irony of investing is the simpler of an approach you use, the more powerful of results you get."

In this episode, he shares his ultra-simple approach to investing. He says that when you prioritize simplicity, above all else, you can ignore your investments and move on with your life:

"Most people don't want to think about this stuff all the time. Most people want to get on with curing diseases and building bridges and writing peace treaties. But the smart ones know they have to have some kind of handle on their money."

Check out Jim's ultra-simple path to wealth in this week's episode.


#030: Okay, I’m Financially Independent. Now What? -- with Jim Wang  

When Jim Wang was 29-and-a-half, life changed forever.

Jim started an online company (a blog) in his mid-20's.

His website grew to several hundred thousand readers and started earning five-figure monthly sums.

It sounds too good to be true. I know. But it's Jim's life.

He experienced the heady, surreal boom; that crazy era when a business grows beyond wildest expectation. He experienced the fear and worry that the good days might not last. And he experienced the reality of trading his website for a life-changing seven-figure sum.

And then what?

What happens when you're 29-and-a-half, and you suddenly discover that you're financially independent? What's next?

Where do you go from there? What becomes important? And what lessons, what universal truths, can this reveal about our own lives?

What can we learn from the aftermath of financial independence -- regardless of our current bank balance?

Jim and I have a frank, forthright and insightful conversation on today's show. It's a long episode, but a good one.

To receive updates via email or more information about the show, visit http://TheMoneyShow.co

029. Ask Paula: Pay Debt vs Buy a Home? Invest in Index Funds vs Creative Alternative?  

Call in your questions to the Money Show Hotline http://themoneyshow.co/voicemail

Paula answers questions you sent in about multi-level marketing, paying off credit card debt vs buying a house, and socially responsible investing.

You can find other Ask Us Anything episodes at http://themoneyshow.co/tag/ask-us-anything

028. How I Woke Up, Removed the Blindfold, and Noticed My Money for the First Time -- with Evelyn Connors  

Most people only pay attention if there's a problem - that includes money.

Guest, Evelyn Connors gets honest and raw about her previous understanding of how money works and her uber-excitement of taking control of her FI (financial independence).

Share this with your friends: http://TheMoneyShow.co/evface

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