Despite a generation of no real wage growth, how could wages increase?Trishul examines why wages have stayed flat on a REAL inflation-adjusted basis over the last couple of generations. Globalization, tax law, and legislation favoring corporations have combined to increase wealth inequality and suppress wage growth. And Trishul sees no reason for it to change moving forward. Aaron argues that rewarding productivity and stability will be mutually beneficial to both employers and employees, rat...

Addressing criticisms of Kamala Harris's Unrealized Gain tax plan.The ultra-wealthy pay a lower tax rate than wage earners, meaning the US has a regressive tax system rather than the intended progressive tax system. Kamala Harris's tax plan would address wealth inequality by taxing unrealized gains. A Forbes article provides numerous critiques, and Trishul and Aaron try to address each point.Episode ReferencesForbes: Unrealized Gains Tax is "Capital Punishment"MMS #86: Tax RatesMMS #70: State...

Rent or buy? How much as a down payment?Most Americans have most of their net worth in their home equity. In this episode, Aaron and Trishul discuss the pros and cons of making a down payment and buying a home. Is it worth making a larger down payment to lower the monthly mortgage? Is it dependent on the growth assumptions of various asset classes or the behavior and discipline of individuals?Episode ReferencesMMS #31: Is Real Estate just a real pain? Or are the psychological benefits worth t...

How U.S. government incentives create rent-seeking.In economics, rent-seeking is extracting wealth without adding value. Trishul provides data and examples of how rent-seeking has made lives harder. Home prices, healthcare, and education have all increased more than incomes, and rent-seeking is partially to blame. They look at how the U.S. government has incentivized individuals at the expense of society as a whole.Episode ReferencesMMS #26. Practical advice on navigating a dysfunctional heal...

How snowboarding in Park City influenced the genesis of Graystone AdvisorIn this episode, Aaron shares his story of attending due diligence conferences to learn about non-traded REITs. While it was nice to be wined and dined, he started to see where the client's money went and how understanding fees is important. There will always be conflicts of interest, but if you are open and transparent about incentives, you can start down the path of trying to do better.Episode ReferencesNon-Traded REIT...

The red flags of TikTok financial videos.In this episode, Trishul and Aaron discuss the problem of trying to pare down financial advice to soundbites. TikTok financial videos can contain red flags ranging from likely inappropriate to downright wrong. Anytime we hear passive investing, real estate, crypto, or "Don't invest in your 401k", we immediately assume the video has some ulterior motive.Episode ReferencesMMS #3: Does money buy happiness?Trishul Patel - CRDInvesting Forever Advisory - CR...

Bring on 80% unemployment! In this episode, David Shapiro joins Trishul and Aaron to discuss AI and the Fourth Industrial Revolution. Where are we now with technology and society, and where are we going? What is the future of AI at the individual, corporate, and state levels? How does AI affect different jobs? How does AI interact with capitalism in America? If 80% of society is unemployed, how do individuals and society thrive? Episode References David Shapiro YouTube MMS #135. Aaron and...

If a Tesla robot can fold your laundry (and do all the other chores), how do you spend your time? What do you take pride in? In a world where robots handle our chores, what becomes of human time? How should we guide children into adulthood? Aaron and Trishul explore these questions, delving into Maslow's Hierarchy of Needs. They contrast the past, where activities fulfilled both basic and self-fulfillment needs, with a future where self-esteem must be cultivated separately from safety and...

Stuff is cheap. You should spend more on experiences. In this episode, Trishul and Aaron dive into the world of "stuff." They reflect on their spending patterns and attitudes towards material goods versus life-enriching experiences. As the affordability of items increases, they explore strategies to avoid overconsumption, considering not only the physical space it occupies but also its broader impact on life. They propose a thought-provoking idea: true wealth comes from desiring less than...

How do you navigate the emotional landscape of deciding whether to sell or hold stock when there's no pressing financial goal guiding your choice? In this episode, Aaron explores a unique situation: a client facing an IPO without needing to sell stock for their lifestyle. Trishul weighs in with the concept of 'homo economicus' and frameworks for handling concentrated stock positions. They delve into the emotional journey of such financial decisions. What's the impact of holding onto stock...

W-2 employees can still have an entrepreneurial mindset, right? In this episode, Trishul and Aaron examine mechanical differences between W-2 employees and self-employed individuals, including contractors. While W-2 employees get several benefit-related decisions made for them, they also have to take the employer's choices. A psychological growth mindset can help. Do you prefer "Entrepreneur's GET to figure everything out for themselves" or "Entrepreneurs HAVE to figure out everything for...

Education is designed to produce employees, not entrepreneurs. In this episode, Aaron and Trishul reflect on whether their advice applies to most people. Not everyone can structure their calendars like small business owners. For those who are hard-working and ambitious early in their careers, there are a few different ways to enact a mindset shift to allow them to pursue the freedoms they want in life. Trishul further argues that our current education system pushes students towards being a...

Ideal year and managing expectations. In this episode, Trishul and Aaron continue the exercise of "Ideal Day, Week, and Year." Aaron clarifies his thoughts regarding the differences between his ideal day and week. They discuss the relationship between discipline and freedom and how embracing both allows you to find a balance. They end up discussing how underpromising and overdelivering are more important than filling up your plate while acknowledging that this is easier said than done,...

Ideal day, week, and year...but really why life is so hard. In this episode, Aaron and Trishul begin an exercise to imagine their ideal day, week, and year. What does your perfect Monday look like? What might be too much for every day but sensible for once a week? They discuss the reasons why their model day feels so good. But then, they delve into competing societal pressures and soon uncover the challenges around putting an ideal day into action. Episode References MMS #15. George Kinder:...

Understanding mutual fund share classes helps transparency in financial services. In this episode, Trishul and Aaron discuss mutual fund shares classes and the evolution of mutual funds over the last forty years. They describe how stock brokers transitioned to financial advisors and how the Internet improved investor education. Consumer demand and aligned incentives fostered the rise of fee-only investment advisers more than regulatory requirements. ETFs are not necessarily better than...

Aaron and Trishul think it's okay not to save. WHAT?!?! In this episode, Aaron and Trishul discuss scenarios when it is okay not to save for the future. When is traditional financial planning too conservative? When taking a life planning approach, it's okay to prioritize well-being over prudent financial decisions. It may require future flexibility, but with good process and intention, you should feel like you are living the life you want rather than making a sacrifice. Episode...

When AI becomes more intelligent than humans, is humanity doomed? In this episode, Trishul prepares Aaron for when Artificial Intelligence becomes Artificial General Intelligence and the ensuing implications for humanity. He explains inner alignment and outer alignment problems and how capitalism and the prisoner's dilemma may mitigate AI creators from pursuing sufficient safety. When we start to consider scale and accessibility, it's possible that despite the best efforts of the vast...

How do you decide when to sell your NSOs? In this episode, Aaron uses the Netflix Employee Stock Option Plan to explain how to decide when to sell NSOs. Just because the stock price has appreciated doesn't mean you should cash out now. Options have both moneyness and time value. Aaron explains leverage to help understand when an option is sufficiently "in-the-money" and a Black-Scholes Calculator to quantify the Time Value. You can then apply an Insight Ratio to determine if you should cash...

What happens to Silicon Valley Bank customers and will this affect my cash? What does the failure of Silicon Valley Bank mean? On 3/15/23, Aaron and Trishul answer client questions regarding the news about SVB. They discuss FDIC insurance and how some risk-free instruments are safer than other risk-free instruments. They address how specific regulatory and economic factors affected SVB and how they may or may not apply to other banks and money markets. In the end, SVB may be suffering the...

What happens after AI replaces labor? In this episode, Trishul and Aaron imagine what happens when robots and AI put everyone out of a job. What careers could still exist? Does everyone get custom computer-generated content? If wealth inequality continues on an exponential path, what will the median household do? If the costs of everything in life are driven to a de minimis level, do most people even need jobs? If not, how do they spend their time? Episode References AI Copywriter Wealth...

Is AI going to replace Aaron and Trishul? In this episode, Aaron and Trishul discuss the implication of ChatGPT on their (and other) careers. It will likely replace the knowledge they have gained through the CFP program and can answer most client questions directly. Just like a student can outsource a test and a CPA can outsource data entry. The future value may not come from their knowledge but from the ability to help clients who don't know what they don't know. In asking better questions,...

Trishul and Aaron get philosophical as they consider artificial intelligence. In this episode, Aaron and Trishul planned on discussing ChatGPT. But when they go through the history of machine learning, Trishul wonders if a modern AI can pass the Turing Test, and they go down a rabbit hole of the difference between humans and machines. They ponder the question of whether a human's mind/soul has free will or whether the human brain is the result of biology and external inputs. Episode...

Creating a routine to fill the unstructured time off. In this episode, Trishul and Aaron discuss what they are going to do with their unstructured time off around the holidays. Aaron is particularly concerned with limiting screen time for his three kids. Trishul shares some of the activities he and his family did during his sabbatical and during Covid and how you can create a routine when you have time to do whatever you want. Episode References All Trails Thousand Trails Year-End Financial...

Safe withdrawal rates, fulfillment, and economic impact of an aging population. In this episode, Aaron and Trishul explore the question "What if we live forever?" They touch on the science of aging, the economic impact of an aging population, like Japan, and the ramifications on the workforce. While it may seem that supporting a long retirement may require a larger nest egg, it's possible the next generation chooses lifestyles and careers they can maintain much later in life. Episode...