#476: Mike Massimino stared in disbelief at his TV. The date was July 16, 1969, and he marveled as Neil Armstrong and Buzz Aldrin landed on the moon.
At that moment, he knew he wanted to become an astronaut. He was six years old.
But as Mike grew older, he developed more “realistic” dreams. After all, every kid wants to become an astronaut. The chances of making it are incredibly slim. He went to a local college, studied engineering, and took a job at IBM.
But he couldn’t shake the tiny voice...
#475: Born in 1924, Charlie Munger was raised during the Great Depression.
At the time of his death on Tuesday, his net worth was estimated at $2.6 billion.
But Munger’s greatest achievement wasn’t merely the scorecard of his net worth. His wit and wisdom, which Munger shared with the world through his book, Poor Charlie’s Almanack, which made him one of the most respected investors of the last century.
Munger is the man who taught Warren Buffet how to invest.
He’s lauded as the moral compass...
#474: When Tiffany Aliche was in her 20’s, she fell victim to a credit card scam.
A crafty swindler convinced her to take out a cash advance against her credit card for $35,000. He said that he’d invest the money and produce Bernie Madoff-style returns. She was an inexperienced investor. She believed him.
She never saw that money again.
Aliche worked at a preschool. She didn’t make much money to begin with. But matters worsened when the school shut down, and she lost her job. She fell behind...
#473: Sarah has cash to pay a $8,000 medical bill but she’s reluctant to drain her savings. Should she sign up for the hospital’s interest-free payment plan?
Jennie is an independent consultant but gets paid as a W-2 employee. Without access to a SEP IRA or a 401k plan, is there another option to save for retirement?
An anonymous caller is wondering how to run a cost-benefit analysis on pursuing a graduate degree.
Brian is getting inundated with spam calls as a real estate investor. Is there...
#472: Imagine this: You’re a teenage musical prodigy, a world-class classical French horn player. You drop out of college at age 19 and spend your twenties touring the globe as a musician (including, once, tripping and falling off the stage at Carnegie Hall).
At age 31, you retire from your musical career, get a Ph.D., and become a professor – first at Syracuse and then at Harvard, where you teach both at Harvard Business School and at the Harvard Kennedy School.
You publish 13 books and...
#471: Bob split a $350,000 windfall between savings and paying down his mortgage. But now he’s wondering if he made a good choice. Can Paula and Joe do the math to justify his gut-driven decisions?
Julia wants to tap the equity from a second home to buy a third home in Texarkana, Texas. Is this a good plan?
Joey Jr. wants to retire early, put two kids through college and buy a vacation home within the next five years. How can he afford to do it all?
An anonymous caller wonders if $1 million...
#470: The economy is booming. GDP grew 4.9 percent last quarter, the fastest rate of growth since 2021. Consumer spending jumped 4 percent. Unemployment is holding steady at 3.8 percent, historically low. The U.S. added net new jobs for the 34th consecutive month.
And yet – people are worried.
Online discussion around layoffs at its highest point since July 2020. High-profile headlines about major staffing cuts – most recently from Schwab, which is dismissing 2,000 employees – fuel these...
#469: Lindy feels like her $300,000 of accumulated equity could be put to better use. But she doesn’t want to buy more real estate right now. What’re her options?
Katie wants to become a landlord in her home state but she’s concerned about the effects of redlining. Should she look into Section 8?
Claudia lives in Germany and wants to buy an apartment in Manhattan. But she knows nothing about US real estate. Where does she start?
I tackle these questions in today’s episode.
P.S. Got a...
Money management is all about setting priorities.
Maybe you have the twin goals of sending your kids to college while also saving enough for retirement.
And maybe you’re struggling to figure out how to balance the two.
Today, Bryan Kuderna, a certified financial planner, shares a framework for helping us set priorities.
We talk about the importance of economic literacy, in addition to financial literacy. We discuss how retirement has changed throughout history. And we apply those broader...
#467: Should Knoxville use a higher-interest Home Equity Loan (HELOC) to pay off a lower-interest 401k loan?
Joelle’s tenant is interested in a rent-to-own agreement. Is this a good idea from a landlord’s perspective?
A recent wildfire shifted Sharon’s house into a flood zone. Should she sell before FEMA redraws the map and it becomes official?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
P.S. Got a question? Leave it here.
#466: The Consumer Financial Protection Bureau reported in 2022 that medical debt is the most common reason to get a debt collector call. A Census Bureau study in 2021 found nearly 1 in 5 households (19%) couldn’t pay for medical care when it was needed.
These statistics underscore the fact that the potential for unforeseen medical expenses to negatively impact our lives is ENORMOUS.
Dr. Virgie Bright Ellington, a medical billing expert and author of “What Your Doctor Wants You to Know to...
#465: The Fed is holding interest rates steady for now. The jobs report is better than expected. Stocks and bonds are both going down. What's going on right now in both the economy and in the markets and where should you put your money and your time and attention? That’s what we’re going to cover in this episode.
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#464: More than ever, most people's lives are packed to the brim with activity. We are trying to fit in demanding jobs and families, commuting and a neverending list of chores. Social lives often suffer.
It’s no wonder that in 2021, 12% of U.S. adults said they did not have any close friends, up from 3% in 1990.
This has enormous consequences on our health, productivity, and our ability to grow our net worth, make money, and enjoy life.
Dr. Mariso Franco, a renowned psychologist and best...
#463: Mary is struggling to compare two job offers: one from a large corporation and another from a tiny business. How should she decide?
An anonymous caller wants to buy a different home, and convert his current home into a rental. How should he finance this move?
Christina recently slayed her debt and put herself on track for financial success. But now she’s bored. How can auto-investing be more exciting?
Speaking of debt, Christina shares a creative HACK to SAVE $60,000 in student loan...
#462: As a society, we’re fascinated by stories of the rich. We hear news, see social media posts, and read books about how others become wealthy, how to maintain that status, and what their lifestyles look like.
But what if the media we’re consuming is misleading us?
Dr. Seth Stephens-Davidowitz’s research shows that the stories about the rich that dominate the popular press are misleading.
Stephens-Davidowitz holds a PhD in economics from Harvard University. He’s a data scientist and a New...
#461: A special LIVE recording in front of an audience at Podcast Movement, an industry conference in Denver.
Former financial planner Joe Saul-Sehy and I tackle two questions in today’s episode. Our first question comes from a soon-to-be-single-mother on the precipice of divorce. How should she navigate this financially?
Our second question comes from the spouse of a Purple Heart veteran of the war in Afghanistan. She and her husband would like to take a one-year sabbatical from work when...
#460: Mental toughness is the bedrock of starting a business, growing a multimillion-dollar portfolio, investing in real estate, crushing your debt, retiring early.
Today’s guest, Dr. Nate Zinsser, mentors elite athletes, soldiers and executives in confidence and mental toughness. He is the sports psychology mentor for two-time Superbowl MVP Eli Manning and the Director of the Performance Psychology Program at the U.S. Military Academy at West Point.
He’s mentored the NHL’s Philadelphia...
#459: Andrey is a savvy 10-year-old wondering what’s the best way to save up for his first car.
Ingrid wants to know if her parents’ preference for Retiring on Dividends is a better approach compared to the 4 Percent Rule.
Erica’s part-time work schedule will place her in an unusually low tax bracket this year. Should she take this rare chance to execute a Roth conversion? Or is it better to prioritize debt payoff?
Chloe is worried about the end of student loan forbearance. Should she pull...
#458: Today we chat with Scott Trench, the CEO and President of BiggerPockets, a real estate investing education company with more than 2 million members.
He joins us to share cutting-edge insights on today’s real estate market. We discuss economic trends, demographic shifts, and talk about how interest rates impact home buyers.
Whether you're a potential homebuyer, an investor, or simply curious about the housing market, this conversation will shield light on what’s REALLY happening in...
#457: Angie sold all the stocks in her retirement account last year. And now the market’s climbing. What should she do with her $500,000 cash position?
Christina will be graduating with six figures of student debt. Should she refinance out of a federally protected loan to lower her interest rate?
An anonymous caller wonders how Paula and Joe handled their primary residences when they moved out of state.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s...
#456: Stanford psychology professor Jamil Zaki shares his research and findings around the science of empathy – and how we can apply this to improving our relationships with colleagues, clients, customers, co-founders, and business and investing cohorts.
Zaki is the director of the Stanford Social Neuroscience Lab, and the author of “The War For Kindness.”
We'll break down the science. We talk about why empathy matters in business, investments, and in career growth, and we’ll discuss its...
#455: Yvette recently retired with the goal of reaching a $10,000 monthly income from her real estate investments. Should she put her money toward debt payoff or portfolio expansion?
Carly wants to buy a second home and convert her current home to a rental. What are the pros and cons of tapping into existing equity versus saving cash for a down payment?
An anonymous caller plans to move back to her touristy hometown in six to seven years. Is it smart to buy something now and take advantage of...
#454: Amy says she hit “rock bottom” with her finances. She says she struggled to ask for help before her situation became an emergency. How can others ask for help sooner?
Rebecca is a mother of four, which means she’s juggling four distinct college timelines and 529 plans. How does she make a withdrawal plan when there are so many unknowns?
Anne Marie switched jobs. What should she do with her old retirement accounts?
And Dylan wonders if the IRS Rule of 55 applies to Roth 401k...
Today I chat with Simone Stolzoff, a consultant for organizations ranging from Google to the Surgeon General’s Office, and the author of "The Good Enough Job." He’s a graduate of Stanford and U. Penn.
Simone has spent a lot of time thinking about the role of work in our lives, and he's got some really interesting ideas about how we can see work as just one part of a happy and fulfilling life.
We'll be talking about what happens when work becomes more than just a job, how to challenge the idea...