Afford Anything | Get Smarter With Money

#758: Joe says that if you tell an employer you’re not motivated by money, you’re unemployable. Paula says that’s exactly the person she wants to hire. Former financial planner Joe Saul-Sehy joins Paula to answer a question from a 26-year-old whose net worth is already 10 times her annual spending. Then they take on two more: whether target date funds are worth it, and whether a dad of young kids should make a career change that cuts his income by 60%. In this episode, we discuss: Why not being motivated by money can make you a better hire The two traits Paula looks for when she hires How to tell whether a small business is a good place to work, and when it isn’t A quick test for whether you’d actually enjoy your coworkers When a target date fund makes sense, and when it holds you back How to decide whether to make a big career change now or wait Why your savings might be meant for exactly this kind of leap If you’ve saved enough that a paycheck no longer drives your choices, this episode will help you figure out what should. ⏱️ TIMESTAMPS Note: Timestamps may vary slightly depending on dynamic ad placements. (02:32) She’s 26 and no longer motivated by money (07:23) What Paula looks for instead of money motivation (12:54) The hidden risk of working at a tiny company (24:55) The 8-hour layover test for coworkers (33:05) Why Paula put her parents in target date funds (40:24) Joe’s 30-minute alternative to target date funds (51:33) Why your 401(k) target date fund may be junk (58:33) The case for target date funds as harm reduction (01:08:01) Should he take a 60% pay cut to switch careers? (01:13:37) Why waiting “one more year” rarely helps 🔗 RESOURCES MENTIONED 👉 Building your own mix instead of a target date fund? See which account each fund belongs in: https://affordanything.com/assetlocation 👉 Episode #709, planning for a child with special needs, with Keith Wargo: https://affordanything.com/709-the-financial-reality-of-developmental-disability-with-keith-wargo/ 👉 Stacking Benjamins, Joe’s podcast: https://www.stackingbenjamins.com/ 👉 Strategic Coach, the entrepreneur coaching program Joe recommends: https://www.strategiccoach.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

#757: Ron Johnson is the creator of the Apple Stores and former CEO of JCPenney. At age 24 Ron Johnson turned down a $120,000 Goldman Sachs offer to unload trucks for $40,000, and that detour led Steve Jobs to hire him to build the Apple Store. Years later, he took over JCPenney and watched it fail for a reason that had nothing to do with his vision. Ron Johnson created the Apple Store and worked directly for Steve Jobs for 12 years, after bringing designer products to Target. He later served as CEO of JCPenney and is the author of Shop Different. In this episode, we discuss: How to weigh a lower-paying job that teaches you more How to set goals big enough that people work harder How to persuade a team whose top priority is not getting fired How to change a strong-willed boss’s mind Why a bold plan fails without trust, and how to build trust first What a rush of early customers can hide about a new business How to get out of your head when you’re overthinking a decision Whether you’re weighing a career risk, building a business on nights and weekends, or trying to get people behind a bold idea, this conversation shows what it takes, and what it costs to skip a step. ⏱️ TIMESTAMPS Note: Timestamps may vary slightly depending on dynamic ad placements. (02:14) Why a few columns made Steve Jobs furious (08:44) How he talked Steve Jobs into shopping malls (15:33) Why he turned down $120K to unload trucks (22:10) Why big goals beat small improvements (29:24) How to sell a risky idea to cautious coworkers (37:02) The $30 tea kettle that caught Steve Jobs’ eye (46:02) Why a record-breaking opening day was misleading (56:26) How a hotel inspired the Genius Bar (1:14:40) Why JCPenney failed: trust, not vision (1:35:54) How to escape analysis paralysis 🔗 RESOURCES MENTIONED 👉 Would you turn down $120K for work you love? Find out what’s really driving your money choices: https://affordanything.com/fiire 👉 Ron’s Book, Shop Different: https://amzn.to/4yFA1SH  👉 Ron’s website: https://ronjohnsonshopsdifferent.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

#756: In September 2008, Jared Dillian watched about half a million dollars of Lehman Brothers stock go to zero in a single week. He wasn't allowed to sell any of it. What he built afterward is a portfolio designed so he never goes through that again. Jared Dillian was a trader at Lehman Brothers from 2001 until its collapse, and ran its exchange-traded fund desk. He's the author of The Awesome Portfolio and taught finance at the university level for 13 years. In this episode, we discuss: Why to sell your company stock as soon as you're allowed to How living below your means gave him the freedom to start a business when Lehman fell How to gauge your real risk tolerance with a simple Las Vegas test How a portfolio split five ways (stocks, bonds, cash, gold, real estate) held up in 2008 Why a 20% cash cushion can be an advantage instead of a drag What long-term bond yields reveal about the economy that stocks don't What it would actually take to close the Social Security funding gap If most of your money sits in an index fund or your employer's stock, this conversation will help you figure out how big a drop you could actually stomach before the next real bear market tests you. ⏱️ TIMESTAMPS Note: Timestamps may vary slightly depending on dynamic ad placements. (02:29) Walking into Lehman Brothers the day it collapsed (04:38) The $500,000 in company stock that went to zero (06:57) How cheap living let him start a business instead (19:54) Why buy-and-hold hasn't faced a real crash since 2008 (22:52) The Las Vegas test for your risk tolerance (27:07) A five-way portfolio that fell just 9.8% in 2008 (28:46) The one scenario where this portfolio struggles (29:33) Is 20% cash too much with inflation? (44:45) Why bond yields are the economy's warning light (51:25) Why half of retirees claim Social Security at 62 🔗 RESOURCES MENTIONED BEFORE YOU ADD BONDS OR REAL ESTATE FUNDS, KNOW WHICH ACCOUNT THEY BELONG IN 👉 https://affordanything.com/assetlocation Jared Dillian's website 👉 https://www.jareddillianmoney.com The Awesome Portfolio by Jared Dillian 👉 https://amzn.to/4ART5i4 Jared Dillian on X 👉 https://x.com/dailydirtnap Learn more about your ad choices. Visit podcastchoices.com/adchoices

#755: Many retirees fear running out of money more than they fear dying. AI is reshaping the economy, the U.S. now spends over $1 trillion on interest, and Social Security faces a shortfall. Rob Berger says if you're worried about all that, it's a sign you're thinking clearly. Rob Berger is a former securities lawyer, founder of the personal finance site Dough Roller, and host of a nearly 300,000-subscriber YouTube channel on investing and retirement planning. He started writing about money in 2007, just months before the Great Recession. In this episode, we discuss: How to tell whether today's high stock prices should change your plan When to trim a stock that's grown too big, and when to let it ride Why a booming economy can still leave so many people feeling squeezed What a looming Social Security shortfall could mean for your retirement How to cover your basic bills with guaranteed income, whatever markets do How to ease into retirement instead of going from 40 hours to zero Why daily spending habits matter more than investing knowledge Whether you're five years from retirement or five years into your career, this episode will help you separate what's truly changing from what never does. 🔗 RESOURCES MENTIONED RETIREMENT WORRIES FEEL OVERWHELMING? SEE YOUR WHOLE FINANCIAL PICTURE ON ONE PAGE 👉 http://affordanything.com/cornerstone Rob Berger on YouTube 👉 https://www.youtube.com/channel/UC9C17-OMxa-7oRSaCtztObw Rob's free weekly retirement newsletter 👉 https://robberger.com/newsletter Learn more about your ad choices. Visit podcastchoices.com/adchoices

#754: Four months of savings in the bank, a goal of eight, and a career break she's excited to fund. Does everything else really have to wait? Paula and Joe's answer: don't turn your emergency fund into an emergency. A 42-year-old UK listener asks how to split money between an emergency fund, a career break, and retirement. Then we map out a 30-something couple's sabbatical and ask whether you can objectively grade a politician on the economy. In this episode, we discuss: How to tell a true emergency from an expense you know is coming How to rank competing savings goals when you can't fund them all How to protect retirement without putting your life on hold How to cover a sabbatical when your cash runs short Why low-income years are a prime window for Roth conversions How to test whether you can stomach an all-stock portfolio How to judge a politician's economic record without the spin If you're juggling short-term plans and long-term goals and feel pulled in every direction, this episode will help you decide what gets funded first, and what can wait. ⏱️ TIMESTAMPS Note: Timestamps may vary slightly depending on dynamic ad placements. (05:30) The real difference between emergencies and expenses (07:28) Why a former planner never said "emergency fund" (13:13) The monthly math that breaks most wish lists (18:36) One question that reveals what you really want (26:37) Why four months of savings is enough for now (33:48) Fund the sabbatical before earmarking a down payment (37:00) Why a career break is prime time for Roth conversions (43:24) How to test if you can handle a 22% drop (1:01:53) Judge politicians on policies, not short-term results (1:09:42) Why focusing on what you control grows your influence 🔗 RESOURCES MENTIONED 👉 Emergency fund, sabbatical, retirement? See which box each dollar belongs in with this free one-page worksheet: https://affordanything.com/cornerstone 👉 Paul Merriman's free model portfolios and investing courses: https://paulmerriman.com 👉 Adventure Capitalist by Jim Rogers: https://amzn.to/4xOaEg3 Learn more about your ad choices. Visit podcastchoices.com/adchoices