Joe, have you ever changed your investment strategy based on the volatility of the market?

No, not while the market was in super choppy waters, but what I have done is realized early in my investing career.

The machine I built was not built as efficiently as I wanted it to be.

And so I tweaked the machine, meaning I rewrote my investment

policy statement. Ah, all right. Well, we're going to field a question from a caller who's worried about

how choppy the waters are and is wondering if this maybe demands an overhaul of their investor policy statement.

We're also going to talk to callers who have questions about growth assets versus income

producing assets. We've got a caller with a comment about the efficient frontier. We've got a

caller with a comment about following your passion. We got a lot of ground to cover today.

All right. Welcome to the Afford Anything podcast, the show that understands you can afford

anything, but not everything. Every choice carries a tradeoff. This show covers five pillars,

financial psychology, increasing your income, investing, real estate, and entrepreneurship.

It's double eye fire. I'm your host, Paula Pant. I trained in economic

reporting at Columbia and every other episode. I answer questions from you with my buddy,

the former financial planner. Joe Sal Cee-high. What's up, Joe?

Happy day, Paula. I got my coffee. We got questions. I have the amazing Paula Pant. What could

be better? Absolutely. It's a wonderful day. And we will jump right in with this first question from Nick.

Hi, Paula. My name is Nick, and I'm from Dallas, Texas. My wife and I are 36 years old, and we both have full-time jobs. We're currently making around $260,000 per year. Our monthly expenses are around $7,000 a month, and we have about $550,000 invested, primarily in our 401ks, but we both also have Roth IRAs and brokerage accounts.

We have around $200,000 in our emergency fund in our high-yield savings account, and our only debt is our house at a three and a half percent

mortgage with about 22 years left for payoff. So we have around $100,000 that we want to

invest out of our emergency fund. And with current market volatility, we're looking for other

investment options outside of equities. One idea we had was investing in the private equity market,

...