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Afford Anything | Make Smart Money Choices

Ask Paula: How Do I Talk to Friends who Ridicule the Idea of FIRE?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 1 April 2019

⏱️ 80 minutes

🧾️ Download transcript

Summary

#185: Hello from Austin, Texas! I’m living in an Airbnb here for the next 5 weeks. Listen to the end of today’s episode to find out why … and discover how these next 5 weeks, for me, exemplify the “why” of financial independence. In the meantime, though, the show must go on! Here are the questions that we’re answering in today’s episode. An anonymous listener named Seeking FIRE wants to know how she can talk about financial independence with people who ridicule the topic. What do you say to those who laugh at the very idea? Russell owns a landscaping company and is also a part-time student. He’d like to earn more money on the side, but his schedule is overbooked. What can he do? Nick and his family are moving to the Washington D.C. area for approximately two to six years. They own two rental properties free-and-clear, and would like to buy a personal residence when they move. How should he save for the downpayment? Gerardo lives in Mexico and wants to retire on his investment portfolio, using the 4 percent withdrawal rule. How should he invest, given currency fluctuations and other international factors? Anonymous left her job and wants to know if she should roll over her 401k from her old employer. We tackle these five questions in today’s episode. We also answer a comment from a listener who says that individual stock-picking and active management doesn’t get the credit it deserves. For more information, visit the show notes at https://affordanything.com/episode185  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:10.9

Every decision that you make is a trade-off against something else and that doesn't just

0:13.8

apply to your money.

0:14.9

It applies to your time, your focus, your energy, your attention.

0:18.3

It applies to anything in your life that's a scarce or limited resource.

0:21.8

And so the questions are twofold.

0:23.6

Number one, what's most important to you?

0:25.5

And number two, how do you align your daily decisions in accordance?

0:29.6

Learning these two questions is a lifetime practice and this podcast is here to explore that.

0:34.1

My name's Paula Pat.

0:35.1

I'm the host of the Afford Anything Podcast.

0:37.3

And today, my buddy, former financial planner, Joe Salcihi, is with me on this show to answer

0:42.9

questions that come from you, the audience.

0:45.2

What's up, Joe?

0:46.2

It's that time.

0:47.2

I'm so happy to be back.

0:48.9

Thank you for having me.

0:49.9

We are answering some questions.

0:52.0

I love it.

0:53.0

And we got some good ones today too.

0:54.7

Yeah, excellent.

0:55.7

I mean, we don't always have good ones.

...

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