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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

#565: When Codie Sanchez worked in finance, she wasn't planning to buy a laundromat. But facing 60-70 hour workweeks and realizing she didn't want her boss's job, she started looking for an exit strategy. Instead of buying a fancy car during her "midlife crisis," she purchased that first laundromat - a decision that would lead her to acquire multiple laundromats, car washes, and other local businesses.

Codie joins us to break down how regular people can buy and run profitable local businesses, even without previous ownership experience. These "Main Street" businesses - think laundromats, car washes, landscaping companies, and other local services - often generate steady cash flow without requiring complex technology or massive scale.

She shares eye-opening stats about business ownership in America: while 80 percent of Americans owned a business in the 1800s, today that number has dropped to just 6 percent. Meanwhile, private equity firms have increased their ownership of small businesses from 4 percent in 2000 to 20 percent by 2020.

But there's good news for aspiring business owners. Codie breaks down 21 different ways to finance a business acquisition, from seller financing to equipment loans. She explains that 60 percent of businesses sell with some form of seller financing, making ownership more accessible than many realize.

Want to avoid common pitfalls? Codie introduces her RICH framework:
- Research: Define what type of business fits your goals and skills
- Invest: Get skin in the game, but never risk bankruptcy
- Command: Use systems and metrics to avoid accidentally buying yourself a job
- Harness: Build toward bigger goals if desired

She emphasizes starting small — master one business before attempting to build an empire. A successful acquisition requires understanding the "roadmap to making money" - the 5-7 key steps that drive profit in any business.

The numbers tell an encouraging story: while 90 percent of startups fail within 10 years, small business acquisitions have a 75-95 percent success rate. Codie attributes this to buying proven business models rather than starting from scratch.

Perhaps most importantly, she challenges the notion that "boring" businesses can't generate serious wealth. From a roofing company founder becoming one of the world's wealthiest women to a garbage collection entrepreneur building a billion-dollar enterprise, Main Street businesses have created numerous millionaires and billionaires.

Want to learn more? Check out Main Street Millionaire.

For more information, visit the show notes at https://affordanything.com/episode565
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Codie Sanchez: From Wall Street to Washing Machines

#566: Jackie is sold on Paul Merriman’s “Four Funds” approach, but she’s overwhelmed by the logistics of diversifying her single fund portfolio.. What are the best practices to redistribute her investments, handle taxes, and manage rebalancing?

Heidi’s mother recently passed and she’s struggling to decide between distribution options, their tax implications, and investment options for the annuity she inherited. 

An anonymous caller and her husband want to buy a second home, pay for their children’s college, buy a car in cash, travel well, and save $3 to $4 million for retirement. How do they prioritize and manage their competing goals?

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

P.S. Got a question? Leave it at https://affordanything.com/voicemail
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Q&A: Breaking Up with Total Market Funds After 10 Years

#567: What happens when an astronaut goes blind during a spacewalk?

For Chris Hadfield, this wasn't a hypothetical scenario. While working outside the International Space Station, cleaning solution from his helmet visor spread into both eyes, leaving him completely blind in the vacuum of space.

His response? Stay calm and methodically evaluate options. He could call Houston. He could have a crew member rescue him. He could try to cry to flush out his eyes - though that's tricky in zero gravity.

This story opens our conversation with Polina Marinova Pompliano, former Fortune Magazine reporter and author of the new book "Hidden Genius."

Through her interviews with high-performers across fields — from astronauts to investors to extreme athletes — she uncovers patterns in how people handle uncertainty and build resilience.

Take trust, for example. Reid Hoffman's formula is simple: Trust = Consistency + Time.

It's not enough to show up sporadically when it's convenient. Trust builds through meeting deadlines, following through on commitments, and maintaining clear communication — even during challenges.

Reliable consistency compounds over time, much like interest in an investment account.

Or consider Charlie Munger's approach to beliefs. Rather than defending positions "to the death," he argues you should only claim to believe something if you can argue the opposition's viewpoint better than they can. This forces you to genuinely understand different perspectives rather than just reflexively disagreeing.

The conversation explores how people navigate major setbacks, from Conrad Anker surviving an avalanche that killed his climbing partners to Polina's own experience of quitting Fortune magazine right before COVID hit. A key theme emerges: resilience isn't about avoiding difficulty, but about training yourself to handle it through small daily practices.

Former Navy SEAL David Goggins calls this "callusing the mind." By deliberately doing one uncomfortable thing each day - whether that's running in the rain or having a difficult conversation - you build your capacity to handle larger challenges. The goal isn't to become superhuman, but to expand your comfort zone step by step.

Other topics include:
- How immigrant experiences shape risk perception
- The shift from institutional to individual trust in media
- Reframing "failure" as redirection
- Building competence as an antidote to fear
- Finding signal in the noise of information overload

Enjoy the conversation!

For more information, visit the show notes at https://affordanything.com/episode567

Resources:

James Clear Episode 156: https://affordanything.com/156-how-to-build-incredible-habits-with-james-clear/

Annie Duke Episode 281: https://affordanything.com/281-the-art-of-decision-making-with-annie-duke/

Annie Duke Episode 424: https://affordanything.com/424-the-power-of-knowing-when-to-walk-away-with-annie-duke/

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Lessons from High-Stakes Decisions, with Polina Marinova Pompliano

#568: Jason is confused by the recent discussions about the efficient frontier and Paul Merriman’s four-sector strategy. It seems a lot like another form of stock-picking. What’s the difference?

Michelle straddles the Roth income threshold and is frustrated that she never knows if she’ll qualify for a Roth contribution until tax season. Is her current savings plan too complicated?

Evan has $100 to spend on personal finance books for his high school’s library. What books would Paula and Joe put on this limited shelf space?

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.

For more information, visit the show notes at https://affordanything.com/episode568
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Q&A: Why Smart Investors Are Questioning VTSAX and Chill

Ever made a flippant, seemingly minor decision that radically changed the course of your life?Morgan Housel has experienced this. At age 17, he made a quick decision that ended up saving his life. Sadly, two of his friends were less fortunate.
He shares that story in today’s podcast episode, and sheds light on the lessons he’s learned from it.
Housel says that his lifesaving choice — and many of our other important decisions — are snap verdicts, ones that we don’t spend much time thinking about.
If pivotal moments are decided in a flash, how do we navigate risk? How do we evaluate our options?
Housel says this comes understanding concepts that remain constant, consistent, and universal.
We need to accept that humans aren’t rational. We must appreciate the reasons why the best answer doesn’t always win. We ought to remember that we overlook many good things happening around us. These constants will most likely impact our futures.
Housel was named by MarketWatch as one of the 50 most influential people in the market. He is the New York Times bestselling author of The Psychology of Money. He joins us to discuss the ideas in his book, "Same As Ever".
We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now.
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Morgan Housel: How to Trend-Proof Your Portfolio and Think Beyond Fads [GREATEST HITS WEEK]

Great communication will get you a raise. It’ll get you promoted. You’ll land the corner office.
You’ll make friends and be the life of the party.
You’ll land business deals and form lucrative partnerships.
Supercommunication is a superpower.
But how do we build it?
Sometimes, you might walk away from a conversation with the joy of having made a cool new friend.
Or you snagged a critical piece of information that you realllllly needed. Or you successfully negotiated an extra $5,000 off your car.
On the flip side, sometimes you’ll walk away from a conversation, scratching your head and wondering … “What just happened?”
If either of these situations have happened to you, Charles Duhigg will help you understand WHY.
Duhigg is a Pultizer Prize winning reporter. He holds an undergrad degree from Yale and an MBA from Harvard. He wrote for the LA Times and New York Times, before landing at The New Yorker.
His first two books, The Power of Habit and Smarter, Faster, Better, have sold more than 5 million copies. Recently, he came out with a new book called Supercommunicators.
He chats with us today to discuss the power of communication.
Duhigg shares why communication is a critical component to happiness and success in every part of life. He discusses the different styles of conversations that people can have, which lead to either connection or disconnection. He also shares critical tips to help us all become supercommunicators and live richer lives.
Enjoy!

Resources Mentioned:
Supercommunicators: How to Unlock the Secret Language of Connection, by Charles Duhigg | Book
The Power of Habit, by Charles Duhigg | Book
Smarter Faster Better, by Charles Duhigg | Book

We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now.
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Charles Duhigg: How to Have Smarter Conversations [GREATEST HITS WEEK]

Do you ever wonder what happens behind closed doors on Wall Street? Vivian Tu, also known as Your Rich BFF, is here to spill the tea.
Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college.
While working on Wall Street, Vivian saw some weird things.
Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside.
Vivian realized that there’s a group of high-income and high-net-worth people who handle money in drastically different ways than she learned in her frugal upbringing.
She learned about investing, taxes, legal loopholes. She discovered new ways of thinking about money.
She shares these insights — gleaned from her Wall Street days — in today’s podcast episode.

We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now.
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Your Rich BFF, Vivian Tu: Wall Street's Dirty Little Secrets [GREATEST HITS WEEK]

Marie Curie won the Nobel Prize in Physics in 1903 and the Nobel Prize in Chemistry in 1911. She’s famous for her work in radioactivity. Lin-Manual Miranda is a songwriter, producer and director who won the Pulitzer Prize in Drama in 2016, as well as several Tony awards.
What do they have in common?
They lived a century apart. They innovated in disparate fields. But they shared a similar productivity practice.
Both achieved greatness by embracing the practice of slow productivity, says Georgetown computer science professor Cal Newport.
Slow productivity is a three-part practice, Newport explains: (1) do fewer things; (2) work at a natural pace; (3) obsess over quality.
We’re used to thinking of productivity as doing more in a short amount of time. This flips that idea on its head, focusing on doing less, but excelling.
Slow productivity is the practice of doing fewer tasks better.
In this episode, Newport explains how the practice of slow productivity diverges from the normal ways that people in modern society tend to work.
Life can be stressful. Your to-do list might feel never-ending. This episode can help you focus on the few things that matter most.
It can help you feel less stressed, less busy, and yet — paradoxically — more productive, at the same time.

We're sharing this as part of GREATEST HITS WEEK, a 5-day series in which we're sharing 5 episodes, across 5 days, that originally aired at the start of 2024 (January through March). You may have missed it then; enjoy it now.
Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dr. Cal Newport: A No-Pressure Plan for Next Year's Resolutions [GREATEST HITS WEEK]

#569: Let’s take a look back on the biggest financial and economic stories of 2024 - and a look ahead to 2025!

The Fed

GDP

The Bull Market

The Deficit

Inflation

Bitcoin

Basel III Endgame

and Scientific Breakthroughs

References and Resources:

Michael Kitces interview https://AffordAnything.com/episode525

One Tweak a Week: https://AffordAnything.com/financialgoals

For more information, visit the show notes at https://affordanything.com/episode569
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Financial Lessons We Learned - and What’s Ahead for 2025

Grab your free copy of the 52-week guide to micro-improvements at https://affordanything.com/financialgoals

_______

In 2012, the British cycling team pulled off what seemed impossible. After 76 years of losses, they won the Tour de France, took second place, and grabbed 8 Olympic gold medals. Their secret? Tiny improvements that added up to massive change.

That's the philosophy behind "One Tweak a Week," a year-long financial roadmap broken into 52 small, manageable steps. Each tweak takes less than an hour — many just minutes — but compound into significant financial progress over time.

The plan breaks down into four quarters. Quarter 1 lays the groundwork with foundational habits like writing a financial motivation statement, calculating net worth, and choosing key metrics to track. It's about getting clear on where you stand and where you're headed.

Quarter 2 shifts focus to optimizing your money. You'll track prices, adjust thermostat settings to cut energy costs, create a "fun fund" for guilt-free spending, and develop strategies for charitable giving. This quarter also tackles professional development and emergency medical expense planning.

In Quarter 3, the focus turns to systematic improvements — maintaining proper tire pressure to save on fuel, capturing work-from-home savings, planning for seasonal expenses, and building a buffer for unexpected price increases.

Quarter 4 wraps up with fine-tuning your system. You'll evaluate housing options, manage variable food costs, set micro-saving challenges, and create strategies for handling market uncertainty.

The approach mirrors what British cycling performance director Dave Brailsford calls "the 1 percent margin for improvement." He transformed the team by focusing on tiny details — everything from athlete hand-washing techniques to bringing specific mattresses to hotels for better sleep. Even painting the maintenance floor white to better spot problematic dust on bike gears.

Like Brailsford's approach, these financial tweaks might seem small on their own. But together, they create a comprehensive system for building lasting wealth. 

The guide is available at affordanything.com/financialgoals.
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The Compound Effect of 52 Tiny Financial Changes

#28: 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).
 For more information, visit the show notes at https://affordanything.com/episode-28-debt-is-normal-myth-evelyn-connors/
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How I Woke Up, Removed the Blindfold, and Noticed My Money for the First Time -- with Evelyn Connors

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