45 million downloads. One question: what does it actually take to build wealth?
Each week, Paula Pant brings in economists, investors, business leaders, authors, and researchers to dig into the five pillars of financial freedom — financial psychology, increasing income, investing, real estate, and entrepreneurship. Deep insights rooted in economics and behavioral finance. First-principles thinking. No surface-level tips.
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First Friday: Stocks Crashed. Jobs Boomed. Now What?
Épisode 765
vendredi 6 novembre 2026 • Durée 43:55
One major tech index lost $2.3 trillion in a single day on Thursday – the biggest one-day loss on record. The S&P 500 fell 4.4 percent, the Dow dropped more than 1,800 points and the Nasdaq slid into correction territory.
The selloff started with AI stocks after the midterm elections raised questions about data center construction.
This First Friday episode covers what happened, why it dragged down the whole market and what the latest economic numbers mean for your wallet.
We explain concentration risk and what it means for your index funds. We also talk about how long-term investors can think about short-term swings.
Next, the jobs report. The U.S. added 165,000 jobs in October, nearly three times what economists expected, and unemployment dipped to 4.1 percent. The government also revised August and September up by a combined 84,000 jobs.
We compare those numbers with private payroll data from ADP, which tells a very different story about one major sector. We also look at job openings, quits and a jump in the number of people stuck in part-time work.
The Fed held interest rates steady in October in a 10-2 vote, and both dissenters wanted a hike. We also revisit a 1986 vote that left Paul Volcker on the losing side.
Inflation keeps climbing. Consumer prices rose 3.7 percent over the past year, driven largely by gas. Wages grew 3.1 percent, so paychecks still trail prices. Social Security recipients get a 3.6 percent raise in January, though higher Medicare premiums will eat into it.
The economy grew at a 3.4 percent annual rate in the third quarter. We break down what drove that growth.
Finally, bonds. Long-term Treasury yields hit their highest level in more than two decades in early October, then fell. We explain a simple rule of thumb for where the 10-year Treasury tends to trade and what today’s rate says about investors’ inflation expectations. Mortgage rates have now dipped three weeks in a row.
Q&A: I’m at High Risk for Alzheimer’s. Is $2.5M Enough to Take Care of My Family?
Épisode 764
mardi 3 novembre 2026 • Durée 01:12:44
Most retirements in the U.S. aren’t voluntary. Layoffs, health problems or caring for a family member decide the date for most people, so real financial planning has very little to do with skipping lattes.
Paula and former financial planner Joe Saul-Sehy answer three listener questions. The first is from an Air Force major with $2.5 million saved whose parents both have early-onset Alzheimer’s. The second is from a 58-year-old early retiree deciding whether to rent or buy her next home. The third is from a couple weighing whether to pay down a 6% mortgage.
In this episode, we discuss:
Why to buy disability and long-term care insurance before you take a genetic test
How to plan for long-term care costs without draining the rest of your family
Which estate documents to sign now, and the trust step most people skip
Why the person raising your kids and the person managing their money shouldn’t be close friends
How to use the price-to-rent ratio to decide whether to rent or buy
Whether paying down a 6% mortgage really earns a guaranteed 6% return
Why extra mortgage payments won’t hurt you if you refinance later
If you’ve been treating personal finance as a budgeting exercise, this episode shows what planning ahead looks like. It also shows why planning makes you more flexible, not less.
⏱️ TIMESTAMPS
Note: Timestamps may vary slightly depending on dynamic ad placements.
(00:00) Why most retirements aren’t your choice
(06:57) What Charlie Munger regretted at 99
(15:35) $2.5M saved and a family history of Alzheimer’s
(17:11) Why to buy insurance before a genetic test
Acorns CEO: The Scariest Part of Investing Is the First Step, with Noah Kerner
Épisode 763
vendredi 30 octobre 2026 • Durée 56:22
Over half of young Americans avoid looking at their money to cope with stress, and the CEO of Acorns says he was one of them. In his twenties, even a guaranteed 2.5% return felt too scary to touch, and it cost him a decade of growth.
Noah Kerner is CEO and chairman of Acorns, the automated saving and investing app whose customers have invested more than $33 billion, often starting with spare change.
Why avoiding your money feels like relief, and what it quietly costs you
How to make saving so small you can't talk yourself out of it
Why so many people feel pessimistic about money despite a long bull market
How the app you use can change what you do when markets drop
Why the best investing strategy is usually the boring one
How to tell patience from prediction when betting looks like investing
How a founder copes when his body forces him to stop working
If you've been putting off looking at your accounts, or you're tempted by faster ways to grow your money, this conversation offers a calmer path forward.
⏱️ TIMESTAMPS
Note: Timestamps may vary slightly depending on dynamic ad placements.
(00:00) Over half of young people avoid their money
(03:07) Why we avoid money
(05:43) How families pass down fear
(07:54) Automate investing with spare change
(13:32) Why strong markets feel scary
(15:57) How apps shape money habits
Q&A: I’m the Executor of Dad’s $500K Portfolio. Should I Cash It Out?
Épisode 762
mardi 27 octobre 2026 • Durée 01:10:17
A bond fund that lost 38% feels like proof you should have bought individual bonds instead. But individual bonds would have lost value too; you just wouldn’t get a statement telling you so.
Former financial planner Joe Saul-Sehy joins Paula to answer three listener calls. The first comes from an executor deciding whether to move his late father’s $500,000 brokerage account to cash during probate (the court process of settling an estate). The second is from an investor whose bond fund lost 38% in six years, and the third is from a 401(k) plan manager of 23 years who pushes back on Joe’s take on target-date funds.
In this episode, we discuss:
How an executor can protect an estate’s value without market timing
Why splitting the money 50/50 between stocks and cash can work, if every heir agrees
Why individual bonds lose value when rates spike too, even when no statement shows it
How a bond advertising 6% can still lose you money if you overpay for it
When a bond fund makes more sense than individual bonds, and vice versa
Why short-term bonds can drag down a long-term portfolio
Whether target-date funds are a smart default or a first step to outgrow
If you’re settling a parent’s estate, second-guessing your bonds, or wondering whether your 401(k) default is good enough, this episode gives you a way to weigh the tradeoffs instead of reaching for a one-size-fits-all rule.
⏱️ TIMESTAMPS
Note: Timestamps may vary slightly depending on dynamic ad placements.
(00:00) Why disability insurance costs so much
(09:10) An executor’s $500K dilemma: stay invested or cash out?
(11:41) Why Joe would move the estate to cash
3 Million Americans Got Rich From Boring Businesses. Here's How, with Owen Zidar & Eric Zwick
Épisode 761
vendredi 23 octobre 2026 • Durée 01:33:35
#761: Roughly 3 million Americans who own private businesses — car dealerships, beer distributors, dental practices — are collectively worth more than ten times the entire Forbes 400. Most of them didn't start rich, and you've probably never heard of a single one.
Economists Owen Zidar (Princeton) and Eric Zwick (University of Chicago Booth School of Business) spent more than a decade linking anonymized tax records to the people who own America's private businesses. They share what they found in their new book, The Everywhere Millionaire.
In this episode, we discuss:
Why owning all of a small business can rival owning a sliver of a startup
Which unglamorous industries quietly produce the most wealth
How to decide whether to buy an existing business or start your own
How retiring owners and seller financing (paying the owner back over time) open doors for buyers
How to run cheap experiments so no single failure wipes you out
When to double down on one business versus diversify
What the data says about whether you need to be born rich
If you're weighing a steady paycheck against owning something yourself, this conversation shows who actually takes that path, what it demands, and how often it pays off.
⏱️ TIMESTAMPS
Note: Timestamps may vary slightly depending on dynamic ad placements.
(02:20) Why 3 million business owners outweigh the Forbes 400
(06:13) The overlooked businesses behind America's quiet fortunes
(11:22) Why retiring owners could be your buying opportunity
(17:31) Own all of something small, not 2% of a unicorn
Q&A: $1 Million Invested, $100K a Year to Live On. Do We Ever Need to Save Again?
Épisode 760
mardi 20 octobre 2026 • Durée 57:40
#760: A couple in their late 30s and early 40s with $1 million invested may never need to save another dollar for retirement, because left alone, that money could grow to about $4 million. The harder question isn't the money. It's which of them keeps working to carry the family's health insurance.
Paula and Joe start with Beth, an accountant married to a burned-out tech worker, who wants to know whether they can cut back on work now. Then they tackle a retiree's Ivy League financial aid questions and a New Yorker asking whether renting forever is a financial death sentence.
In this episode, we discuss:
How to tell if you've saved enough for retirement to stop contributing
Why one spouse should stay employed to carry the family's health insurance
Where to find part-time work in fields that rarely advertise it
How to turn a high savings rate into more time with young kids now
Why lowering your income may not unlock more Ivy League financial aid
Why test prep may matter more than hiring an admissions counselor
Why renting in an expensive city isn't throwing money away
If you've built a solid nest egg but feel stuck working five days a week, this episode shows how to check whether you can ease off now instead of waiting for full retirement.
⏱️ TIMESTAMPS
Note: Timestamps may vary slightly depending on dynamic ad placements.
(06:53) $1 million by 40 and burned out: can they downshift?
(10:18) Why one spouse should keep the health insurance
(11:41) Where to find part-time work that still pays well
(14:41) Why work-life balance comes in seasons, not days
(16:49) What it really means to stop saving for retirement
My Bank Account Hit Zero ... Then I Got Rich -- with Jaspreet Singh of Minority Mindset
Épisode 759
vendredi 16 octobre 2026 • Durée 01:39:41
#759: At 19, Jaspreet Singh bought a rental for $8,000. What followed was a nightmare tenant, a lawsuit, and a later house stripped of its copper, and it taught him what the real estate books leave out.
Jaspreet is the founder of Minority Mindset, a personal finance YouTube channel with more than 2.5 million subscribers, and CEO of Briefs Finance. He’s also a licensed attorney who chose to build businesses instead of practicing law.
How hiring the cheapest property manager can cost you the most
Why skipping a $200 inspection led to his worst deal ever
Why an employee who’s just coasting hurts a small team more than a weak one
A simple two-list exercise that shows whether your hard work actually pays
How the tax code rewards owners and investors over employees
How a terrible market timer who never sold still turned $100,000 into more than $1 million
Where AI’s ripple effects could create opportunities beyond the AI companies themselves
Whether you’re weighing a first rental, a business, or simply investing more consistently, this conversation shows what each path really costs and how to learn those lessons for less than Jaspreet paid.
🔗 RESOURCES MENTIONED
JASPREET LEARNED RENTALS, BUSINESS, AND INVESTING THE EXPENSIVE WAY. MAP YOUR OWN PATH FOR FREE 👉 https://affordanything.com/fiire
Minority Mindset on YouTube 👉
Q&A: "I’m 26 and No Longer Motivated by Money. Am I Unemployable?”
Épisode 758
mardi 13 octobre 2026 • Durée 01:10:42
#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
Steve Jobs Hated the Name “Genius Bar.” How He Came Around, with Ron Johnson
Épisode 757
vendredi 9 octobre 2026 • Durée 01:45:20
#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
How Losing $500K in ‘08 Led One Trader to a Different Kind of Portfolio, with Jared Dillian
Épisode 756
mardi 6 octobre 2026 • Durée 50:19
#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
(29:46) How to handle the sticker shock of long-term care
(32:21) Estate paperwork to sign before you need it
(38:53) Why your kids’ guardian and money manager shouldn’t be friends
(54:56) The one ratio that tells you to rent or buy
(1:07:39) Is a 6% mortgage a guaranteed 6% return?
(1:14:03) 15 families could pay off their mortgage. None did.
🔗 RESOURCES MENTIONED
IS YOUR FAMILY COVERED IF YOU CAN’T WORK? MAP YOUR INSURANCE, SAVINGS AND RETIREMENT ON ONE FREE PAGE AND FIND THE GAPS 👉 http://affordanything.com/cornerstone
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