Live, from Joe's mom's half-finished basement....listen to a parade of financial headlines, personal finance experts, creatives, and people with stories that inspire us. Every Monday, Wednesday, and Friday, hosts Joe Saul-Sehy & OG meet at the card table and bring you guests, trivia, your letters about saving, investing, and risk management, and much more. Academy of Podcast winner for "best business podcast of the year," 2017 Plutus award winner for "best personal finance podcast," and Kiplinger magazine's only recommended personal finance podcast.
Wondering how the best and brightest leaders emerge in any organization? Whether you're running a business or just your household, we all need leadership skills, and today's guest focuses on those of the great leader, Walt Disney. We'll sit down with Pat Williams, motivational speaker, author, and co-founder of the NBA Orlando Magic franchise. Pat combines his decades of management experience with the leadership lessons from the visionary animator to provide you with relevant and practical lessons on how to lead in the modern workplace. Our talk with Pat begins at the 30:49 mark. Plus, during our headlines segment, we'll take a call from Leo Acheson, associate director of multi-asset and alternative strategies team at Morningstar, about the company's newest report on the state of health savings accounts. HSAs have changed a lot since we last spoke with Leo a year ago, and we'll ask him about improvements in the industry and which plans are the best accounts you should be watching out for. We'll begin our headlines segment at the 5:15 mark. Later we'll throw out the Haven Life Line to Julie, who's found herself with a few hundred dollars that she wasn't expecting. What's the best way Julie could invest this small, one-off windfall? Of course, we'll save some time for Doug's trivia. Thanks to Kabbage for supporting Stacking Benjamins. Get the money you need to run your small business. Go to Kabbage.com to get started. Credit lines subject to review and change. Individual requests for capital are separate installment loans issued by Celtic Bank, Member FDIC. Thanks to HoneyBook for supporting Stacking Benjamins. If you run your own business, you’re used to doing it all. But if you’re struggling to get through your to-do list, HoneyBook can help. Go to HoneyBook.com/SB for 50% off your first year.
What do you get when you place a bunch of seasoned workers in a room? You immediately start telling stories about the best career advice anyone has ever given you. Today we do just that, with the host of the Beyond The Dollar podcast: Sarah Li-Cain. We’ll work from a post detailing how a Netflix co-founder's father left him a handwritten list of 8 rules to success. What are those rules? Check out what Sarah, Len Penzo, and Paula Pant all have to say about them! Halfway through the show, we’ll take a break to talk about higher interest rates. Who’s working on that? Well, one company is, and today we’ll give you an introduction to Froogal, with CEO Kale Pasch. Plus, we'll answer a voicemail during our Magnify Money segment asking for resources on podcasts and blogs for families AND we'll have some fun with another of Doug's wild trivia questions.
Why are college costs increasing so fast? While there are lots of theories, only one researcher has reached out to many middle-class families to directly ask them how much money they've spent on college and to get the direct story. Today we talk to her. Caitlin Zaloom joins us on today's podcast to dig in to the problem with college funding. 529 plans? Saving directly with the state using pre-paid tuition? We'll tackle LOTS of scenarios and throw out some ways to solve the problem on today's show. In our headlines segment, we talk about borrowing money from your 401k plan. Even though you can borrow from it without penalty, just because you can, doesn't mean you should. We'll also dig into the chaos that's been created as some of the biggest brokerage firms in the country swipe fees all the way to ZERO. Is that a good thing? After a little dose of Doug's trivia, we'll wind up the show by throwing out the Haven Life Line to an anonymous caller who calls out Joe and OG....well, maybe not OG. More directly....just Joe.
What would you say to someone who said they could teach you to be rich? Would you have a hard time believing them? Today we'll sit down with the person who has already done just that for thousands of people across the country: New York Times best-selling author Ramit Sethi. In our headlines segment, what's the deal with gold? We'll take a look at one article from InvestmentNews that makes the case against gold. But, do we think it has a place in your portfolio? Is that money better deployed elsewhere? We'll give our nuggets of wisdom thoughts before moving into our second piece: 5 things plan sponsors are still getting wrong. You've ran into at least one of this issues (or know someone who has). We'll also throw out the Haven Life Line to Mandy, who wants some advice on what to do with her money in the market. Should she stay invested, or cash out and buy a house? Of course, we'll save some time to spend on Doug's surprisingly money-themed trivia.
Is it frustrated watching successful people work? They seem to do it so easily....and sometimes they even tell you that it IS easy. But is that the truth? What's really behind the success of many people who wisely handle money, or make better business decisions, or seem to juggle priorities easily? There IS a secret...and once you know it you think about the working world differently. Today our special guest Steven Donovan from EvenStevenMoney.com joins OG and Joe to tackle what's really behind success for the average person. Halfway through the show, our roundtable discussion will take a break for our Fintech segment. We'll talk to Erin Papworth from Nav.IT, an app and community helping people not only track their expenses and their goals, but helping to keep them accountable AND connecting them with a community of like-minded individuals. How does it work? We'll talk to Erin all about it! Plus, we'll answer a voicemail during our Magnify Money segment AND save time for Doug's amazing trivia. Thanks to Masterworks for sponsoring our show! Visit masterworks.io Select podcast, then enter Stacking Benjamins to skip the waitlist.
Ever wonder what it would be like to buy a van and hit the road? Van life is an exciting reality for many people you read about online...but would it be for you? Today we talk to Lisa and Harrison from the Mad Money Monster Podcast, who together decided to try it out. The results? Let's just say it may not have gone exactly the way many bloggers act like it will. In our headlines segment, we're all about cults! One recent financial piece compares Multi-Level Marketing companies (MLMs) to a cult, but are they really similar? We'll share a story from a former Mary Kay consultant who was tricked into an MLM even though she didn't have any money. Lots of promises, but no results. Is it the way things are for MLMs in general? We also prepare you for the next recession! After a little dose of Doug's trivia, we'll throw out the Haven Life Line to Janelle who is looking to switch jobs. Janelle opted out of receiving benefits from her employer and wants to know if she can use that to negotiate getting a higher salary?
Hoping to retire someday? What about retiring early? On today's show we'll sit down with Chris Mamula who retired at...wait for it....41, about how he did it. He's the co-author of the newly released book, Choose FI: Your Blueprint to Financial Independence, and also is an award-winning blogger at CanIRetireYet.com. He and his wife blazed their own trail toward freedom after meeting with advisors who didn't serve them and reading blogs that didn't speak to them. They might have also listened to a podcast or two that didn't meet with their expectations. Before all that, though, in our headlines segment, we'll cover one piece from Financial Planning about a Vanguard robo-advisor only recommending... (wait for it) ... Vanguard funds! Think something seems a little fishy with this? We'll throw our two cents into the ring, and still save plenty of time for our second piece from Forbes: women just aren't purchasing enough life insurance. This is SUPER disturbing, given how much women contribute to the average family. If they have a 50% contribution, why aren't they asking for more insurance? We'll share the ugly details. Plus, we'll still have time to throw out the Haven Life Line to Stevan, who thinks it's the right time to start a retirement account. Based on his current tax bracket and the research he's done, Stevan feels like he should choose a Roth IRA over a traditional to get started... is he missing anything? What would be the pros to choosing a traditional account? Of course, we'll always have time for Doug's trivia. Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/sb. Get the money you need to run your small business. Go to Kabbage.com to get started. Credit lines subject to review and change. Individual requests for capital are separate installment loans issued by Celtic Bank, Member FDIC.
Does it makes sense to hire a coach? Our roundtable discussion today is all around the pros and cons of finding a coach--why do you need one in the first place? How do you find a good one? How do you know it's a good fit? We'll cover all of these and more on today's show with two coaches and a guy who doesn't have one....Sharita Humphrey joins us from Family, Faith and Finance, along with Roger Whitney, the Retirement Answer Man, and Len Penzo from Len Penzo dot com. Halfway through the show, we'll celebrate national tourism day with Kat Kalashian from Live and Invest Overseas, who'll share her list of the top six countries around the world to target if you'd like to live a "work from anywhere" lifestyle. Plus, we'll answer a voicemail during our Magnify Money segment asking for resources on podcasts and blogs for families AND we'll have some fun with another of Doug's wild trivia questions.
Have you ever wondered if you're handling your money right? Sure you have. More important, have you ever worried that you aren't doing LIFE correctly? Our main guest has been there. She's the best-selling author of the philosophical guide to life in the age of overwhelm titled, Am I Doing This Right?, Colleen Bordeaux. Colleen will share her deeply personal search for more meaning in life and lessons she learned along that way. We'll talk about your personal philosophy, getting comfortable with who you are, figuring out your money from a deep level, and more. It's a wide-ranging interview that we're sure you're going to enjoy as much as we enjoyed talking to her. In our headlines segment, how much does it cost to be considered 'middle class' in a big city? It turns out that it might just cost a TON of money. How do you get ahead when everything is so expensive? We'll talk about many factors, include the fact that where you live can change everything about whether you're financially successful or not. In our second headline, do you prefer receiving money advice from a man or a woman? Well, according to the Wall Street Journal, in the past two years there has been a marked increase in requests from prospective clients who want to work with female financial advisers. We'll talk diversity in the financial services ranks on today's show! After a little dose of Doug's trivia, we'll also save time to throw out the Haven Life Line to Nick. Nick asks if there is a specific ratio of money in each account (Roth and pre-tax) that is recommended? How does your tax strategy look? We'll dive into that, and much more. Thanks to Clearbanc for supporting Stacking Benjamins. Are you doing over $10,000 a month in revenue? Find out how you can receive Clearbanc capital by getting your 20 minute term sheet at clearbanc.com/SB. Thanks also to HoneyBook for supporting Stacking Benjamins. If you run your own business, you’re used to doing it all. But if you’re struggling to get through your to-do list, HoneyBook can help. Go to HoneyBook.com/SB for 50% off your first year.
How does a guy with a great job at Facebook end up as a standup comedian? Today we talk to Paul Ollinger, host of the new Crazy Money podcast, about chasing your dream...in his case, the dream of becoming a comedian. It's a compelling conversation if you've ever hit the wall with your career, or you've ever made a spur-of-the-moment decision, or you realized that you needed to sharpen the saw to get where you wanted to go. There's something for everyone in today's interview. During our headlines segment, one recent piece takes to task the age-old idea of dollar-cost averaging. Should you do it? You'll be surprised with the results. Plus, do you think becoming a millionaire is out of your reach? I think you're going to love the great news we have for you. With some sound investment strategies and saving your cash, you could find yourself among that list too. On the Haven Life line call, we talk to Maddox, who's wondering what he should do better with his money. He's a college student (and actually turning a profit while in school!), and already has a firm base-level investment plan. Should he diversify more? We'll weigh in, and of course, we'll have time for Doug's trivia. Thanks to Clearbanc for supporting our show. Thanks to Clearbanc for supporting our show. Go to clearbanc.com/SB to sign up today to get $1,000 of additional capital if you are approved as a qualifying company. Thanks to HoneyBook for supporting Stacking Benjamins. Go to HoneyBook.com/sb for 50% off your first year.
We spend more and buy stuff to make us happy, but does it? Does more really equal better? On today's show we dive into a recent blog post from the Four Pillar Freedom blog to look at the nature of happiness. Money is always intertwined in our view of "happy," probably because advertisers love making us think that if we just buy one more thing we'll finally get that elusive joy that we've been craving. We'll talk about joy, addiction, happiness and more on today's podcast with a team including Beau Humphreys from The Personal Finance Show, CFP Katie Brewer from Your Richest Life planning, and our own OG. Halfway through the showwe have a special treat where we usually feature our Friday Fintech spotlight. Today instead we'll shine a light on mortgages, because with his recent move to Detroit, Joe just found out that industry insider Joel Gurman from Quicken Loans is his neighbor! Joe invites Joel down to the basement today and quizzes him about the state of mortgages, how interest rates really work, what other fees are involved with mortgages, and more. It's a wide-ranging, fun conversation about the biggest loan many of us will ever have. But that's not all. We'll help C on the Magnify Money call-in segment. C is wondering about retirement withdrawal software. He feels that savings-wise, he is on course, but he wants to make sure that he is withdrawing in the most tax-efficient way. Thanks to AcreTrader for supporting Stacking Benjamins. For more information on how to become a farmland investor through AcreTrader, visit acretrader.com/sb
At some point you feel fried. Been there? Today's guest, Nicole Lapin, has been there. She thought she could outrun her problems and find success...and today we'll hear how that worked out. Nicole is a New York Times best selling author of both Rich Bitch and her second title Boss Bitch. Today she's back with a new guide to help us figure life out. We'll talk about balance, acceptance, and not trying to outrun your problems on today's show. In our headlines segment, how's your will looking? The wills of a couple people in the news lately are UGLY. We'll focus on the wills of Jeffrey Epstein and Aretha Franklin today, and some huge questions that have come up because of weird circumstances in both (very different) cases. Then, we'll pivot to a chat about wine destinations (how fun is that???). Good news: one recent piece says you don't have to go to Venice or Napa, and to get a great vacation you might not even need a passport. There are low budget destinations for whatever fun you have planned in places you wouldn't believe. After a little dose of Doug's trivia, we'll throw out the Haven Life Line to Rina, a concerned mother who asks how she can set up a Roth IRA for her child.
Would you know what to do in the 24 hours after a car accident? What about that next 7 days? The days following an accident is a stressful time, but following the right steps can make a big difference. On today's show we'll talk to Elizabeth Calora, partner at PCVA Law, to talk about what you should do after you are involved in an accident. During our headlines segment, one retiree placed her life savings into an annuity without knowing the full consequences, (on the advice of a financial advisor). After an uphill battle, PNC bank has finally agreed to refund her money...but is that the full story? Of course it isn't. We'll share the not-so-obvious conclusion during our breakdown. PLUS, we bring you a slice of sunshine (because that's what we do best). It turns out that average 401k savings rates have hit record levels. That's neat...but as yours? Becky calls our Haven Life Line today. She's over 60 (we didn't ask....she told us!), and she shares that she's worred that she has close to ZERO cash in after-tax accounts. She has good news, though....she DOES have money in Roth accounts that have sat for over 5 years. So does she need an after-tax account? Is she missing anything? Of course, we'll always have time for Doug's trivia and bunches of fun. Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB. Get the money you need to run your small business. Go to Kabbage.com to get started. Credit lines subject to review and change. Individual requests for capital are separate installment loans issued by Celtic Bank, Member FDIC.
"Speed kills" is a popular phrase, but in business, you already hear that faster = better. But is it? If you make a mistake with your money, whether it's making it, spending, tracking or investing...how important is speed (or slowing down) in your decisionmaking? We'll take this philosophical discussion and dive in today with Amy Blacklock from Women Who Money, Len Penzo from LenPenzo.com, and our very own OG. It's a lively discussion that ping-pongs between deep philosophy to light tactics, and, of course, a little fun. Halfway through the show, our roundtable discussion will take a break for our Fintech segment. Aditi Shekar takes a trip down to the basement to re-introduce new listeners to Zeta! We've had quite a few people in our Stacking Benjamins Basement Facebook group ask about apps for couples, and Zeta is exactly that. Aditi will talk about what's changed with Zeta in the last couple years, beyond helping couples track their transactions and develop a budget for their money management. Plus, we'll answer a voicemail from D during our Magnify Money segment. D is wondering about the details of a taxable brokerage account. D and his wife save up for a goal, and when they reach that goal, they no longer want that item. D was curious if moving those savings to a brokerage account would be more financially lucrative. Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/sb
Have you ever thought about investing in the wide world of real estate but weren't sure whether it was for you? Today's guest, Michele Cagan, says that it probably IS for you...but maybe not in the way you'd traditionally think. Sure, you can go fix up and flip houses or become a landlord, but Michele shares LOTS of other ways to invest in real estate as well, and gives us five reasons why you should at least think about it. Whether you're a seasoned real estate investor or newbie, there's something for everyone today in Michele's visit to the basement! In our headlines segment: what's the WORST age to take social security? How does the system work in the first place? While it's complicated, we'll share the worst of the worst AND give you some basics on how to start thinking about YOUR payout. In our second headline, Charles Schwab is seeing HUGE returns from their new hybrid robo-meets-human advisor program. It seems these people chasing robos might just want some human advice...strange (smell the sarcasm in that sentence? We'll explain.) After a dose of Doug's amazing trivia, we'll throw out the Haven Life Line to a lucky caller, as usual. Just another fun day here in the basement... Thanks to Clearbanc for supporting Stacking Benjamins. Are you doing over $10,000 a month in revenue? Find out how you can receive Clearbanc capital by getting your 20 minute term sheet at clearbanc.com/SB.
Do you want better answers in your life? It may seem like a simple solution, but Andy Andrews, New York Times best-selling author, says you just need to be asking better questions. He'll share secrets from his new book, Bottom of the Pool, on today's show! In our headlines segment, we'll ring up Christine Benz on Joe's Dad's shortwave radio. She's the director of personal finance at Morningstar, and we'll ask her how some of our listeners who are new investors can get their retirement plans rolling. In true Andy Andrews spirit, she'll make sure you're not just asking questions about your retirement plans, but asking the right questions. Plus, in our second piece, one article says that millennials should be the new face of the retirement crisis. As two guys who are NOT millennials (but often act like millennials), Joe and OG share their thoughts. During our Have Life Line, we'll answer a voicemail from Bill, who has a life insurance policy with a cash value. Bill's thinking about stopping it and putting it into a long term care policy or something similar. Thoughts? Thanks to AcreTrader for supporting Stacking Benjamins. Learn more at AcreTrader.com/sb.
The Fintern is finishing out our rewind week with one of our old school roundtable favorites: we're talking about lies about retirement. You can read the original show notes below: On today's podcast we're talking about lying. A recent news piece reports that there are nine lies we're told about retirement planning. We'll break them down with Greg, Paula, and special guest Rich Jones from the hit podcast Paychecks and Balances. We won't stop there, thought. We'll also discuss a recent question to the Moneyologist at MarketWatch. If you had two kids and one was irresponsible, would you disown him? We ask our roundtable that very question and come up with some interesting estate planning themes you may want to address in your own planning. On the Freshbooks FinTech segment we talk to Michael Asare from Fee Belly. Ever feel like the fine print in a contract is completely against you? Fee Belly was designed to show you ALL of the fine print by highlighting it so you can easily see where contracts might not be in your favor. We'll ask him how it works on today's podcast.
Time for something a little different in the basement! While it's still "rewind week" here, instead of playing an old SB episode, we instead are serving up our little sister show, Money With Friends! This show appears six days a week wherever you listen to Stacking Benjamins. Money With Friends is news and commentary with diverse thought leaders. It's performed in front of a LIVE Facebook audience. This show originally appeared Monday on that channel. If you like it, head on over and listen to today's show as well! We'll have more SB on Friday, with another rewind treat from the FinTern (new shows back on Monday!).
Welcome to our Stacking Benjamins rewind week! Normally doing this week we would play you some of our favorite episodes from the past that you may have missed... but this week we're mixing things up. Monday and Friday will go as planned, but stay tuned on Wednesday for a special surprise. The Fintern is kicking off the week by queuing up our time with Shannyn Allen, who lost over $50,000 to a hacker. We won't spoil the interview in case you missed it the first time around, but this is one emotional, honest story that you definitely want to hear. You can read the original show notes below: What would happen if you lost more than $50,000 that was meant for your first home? Shannyn Allen lived that harrowing nightmare and she's going to share the story today. She unknowingly handed a hacker $50,000 , and will share the mistakes that were made around her situation, and will also let you know the steps YOU should take if you're even in a similar situation. It's a raw, horrifying story, and also one of the longest interviews we've done on Stacking Benjamins in a long, long time. In our headline segment we talk about Beyonce and Jay-Z. It appears they're spending money like they're....Beyonce and Jay-Z. What does that have to do with you? We'll share that on today's show. Also, Jamie Wise from the Buzz Indexes shares with us some welcome news about oil prices. Are we seeing the lows in oil? He'll share the wisdom of social media chatter on today's podcast. Of course, that's not all. Doug has yet another hare-brained scheme to become wealthy....but still has time to share some trivia. We'll also throw out the Haven Life Line to Nikki, who asks an existential question about money and goals, plus answer a letter from Jason about the Roth IRA. Special thanks to M1Finance for sponsoring our show! We couldn't do any of this without the support of these awesome companies.
What do YOU worry about when it comes to money? Is it the same thing others worry about? Today we head to sunny Orlando, the home of Podcast Movement (the nation's biggest podcasting conference), and catch up with some top financial podcasters at the FinCon booth in the expo hall (they were nice enough to set up a podcasting booth for shows to use!). Today we talk to Mindy Jensen from Bigger Pockets Money, Lacey Langford from the Military Money show, and all the way from Australia, the host of one of the biggest money shows in the land down under called My Millennial Money, Glen James. We'll take a break at the halfway point to finish off our Labor Day prep week. OG and Joe will share a cautionary tale about inviting your FIRE (financial independence/retire early) friends over for your Labor Day cookout. His event last year went really, really poorly. He'll explain.
Ever walk into a wine store and wonder what all the labels mean? Looking for a way to upgrade your Labor Day celebration without spending a ton of money? Today, wine expert Dave Falchek from the American Wine Society joins us to talk all things vino. How do you pick a wine? What are some clues that a wine is good for your party? What do those ratings mean in a wine shop? What wines go best with burgers and dogs? We'll answer all of those questions and more on today's show! In our headlines segment, we'll find out why a half a ton of weed was returned to the seller as it was going public. One new billion-dollar pot company is to blame, and the stock price isn't looking great. What does this mean for cannibis stocks in general? Of course, Joe and OG both have opinions. Also, a recent New York Times piece shares how the next recession might start. We'll walk through the possibilities and also maybe look into the crystal ball ourselves. After a little dose of Doug's trivia, we'll throw out the Haven Life Line to Peter, who wants to know if he made a mistake by taking his Roth IRA fund out to help pay for real estate. Thanks to Clearbanc for supporting Stacking Benjamins. Are you doing over $10,000 a month in revenue? Find out how you can receive Clearbanc capital by getting your 20 minute term sheet at clearbanc.com/SB.
We're celebrating Labor Day in style (and a week early) with Frankie Celenza, the chef at Struggle Meals on the Tastemade network. We'll talk not only how to make your holiday weekend grilling perfect, but also how to make smart and frugal food choices in the kitchen. Not only will he share tips on how to make your perfect burger, but also grocery ideas in general, how to make sauces, and the key to that recipe in front of you. Before our fantastic chat with Frankie, we'll discuss the retirement danger zone. Could the early years of retirement make or break your golden years? We'll cover what you SHOULD be worried about when it comes to retirement, plus we'll also give our two cents on one piece from InvestmentNews that shares five reasons why even the staunchest of Roth IRA lovers might want to think about leaving some of their portfolios in traditional IRAs. After we take a break for some Labor Day trivia from Doug, we'll round out the show by throwing out the Haven Life Line to Susan, who's mother needs $1800 a month for her assisted living facility. Her mother has a sizable nest egg split with some of the allocation going into a total stock index, and some going into a total bond index. Which of the funds should be in a Roth account. Does it really matter? Thanks to Clearbanc for supporting our show. If you’re doing over $10,000 a month in revenue, find out how you can receive Clearbanc capital by getting your 20-minute term sheet at clearbanc.com/SB. Thanks to AcreTrader for supporting Stacking Benjamins. Learn more at AcreTrader.com/sb.
We see people without children retiring early all the time. Is that because children are the speed bumps on the road to the financial heaven? We'll ask our panel for their thoughts, including a woman who has six kids and is chasing financial freedom, Wendy Mayes from the House of FI podcast. We'll discuss meal planning, where you live, your transportation costs, child expenses and more, on today's show. Halfway through the show, our roundtable discussion will take a break for our Fintech segment. School is back in session, which means it's time to buy school supplies. Brad Williams from Mercari joins Joe in the basement to introduce their app which helps users buy or sell gently used school supplies. Find out what Mercari is all about and what their company can do for you and your wallet. Plus, we'll answer a voicemail from J during our Magnify Money segment. J is getting married in a few months and wants to know how to effectively introduce money management to his future-spouse. J also wants to know the middle ground in putting a budget in place that the family agrees to. Thoughts? Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/sb
Len Penzo is the king of the sandwich study...and of independent thinking ABOUT sandwiches (and many, many other topics). On today's show we dive into the latest iteration of our favorite way of talking about inflation: comparing the rise and fall of prices among popular school lunch/work brown bag sandwiches. How much do different sandwiches cost? How much more do they cost than last year? What are the most inexpensive sandwiches? Which have changed in price the most? If you're looking for a deep dive into the world of sandwiches, today is the show for you. In our headlines segment, we will learn what the ten stocks millennials just cannot live without. What are they? How do they compare with the stocks you SHOULD own? We'll tackle both the top 10 list and attempt to answer that question. Plus, what is a small cap REIT and should you think about one in your portfolio? We'll talk about diversification during our second headline. After a little dose of Doug's sandwich-themed trivia, we'll throw out the Haven Life Line to a lucky caller. It's another fun show with lots of twists and turns...just another day in the basement.
Today we sit down with Rob Berger, host of the Dough Roller podcast and author of Retire Before Mom & Dad about the five lies we all are told about money. Because we fall into these traps, we're duped to live a life on the hamster wheel, working harder and harder, but getting nowhere. Today we'll talk about debt, investing, insurances, advisors and more, so that you can take charge of your finances. Plus, during our headlines segment, we'll cover one piece from Financial Planning about an ex-advisor who is off to prison for duping his clients with a Ponzi scheme. What did he do wrong? We'll share. We'll also jump into some big news from the IRS. One product's tax treatment with regard to advisor's fees is changing. That may change the way advisors...and YOU view that particular tool. And after we take some time for some of Doug's french fry themed trivia we'll take a voicemail from Jason during our Haven LifeLine. Jason wants to know our thoughts about funds and strategies that will deliver the highest risk-adjusted return. Should he be 100% equities with his money or something safer? Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/sb.
Today our roundtable discussion focuses on one set of homeowners who successfully sold their house, but realized that they could've saved $60,000 if they had instead rented and never purchased the home in the first place. Is buying a home a waste of money? Did the couple make some big mistakes that we can all avoid? Did they use professionals wisely or make some bad decisions? Discussing this headline with us are three veterans of the financial blogging and podcasting community: Tom Drake from MapleMoney.com, Paula Pant from Afford Anything, and Len Penzo from LenPenzo.com Halfway through the show, we'll take a break from our rent vs. homeownership discussion while Joe sits down with Jean Statler from the Alliance for Lifetime Income. The organization is working with MIT's AgeLab on an important issue: the risk that we might outlive our savings. Jean reviews the problems the public has had with annuities and dives into the discussion of what the industry is doing to clean up perceptions and simplify products. It's a very frank and enlightening conversation about an often maligned financial tool AND the issues surrounding living longer. During our Magnify Money segment, we'll take a call from Kurt, who has a question about his workplace tuition reimbursement. If Kurt doesn't stay with his employer for three years he owes back all of the cash his company gave him for school expenses. Right now he has the amount sitting in a savings account, what should he do with it? Should he invest it? Pay down debt? Leave it in savings? Our team bounces around several possibilities. Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/sb.
Who wouldn't want to be one of the Grateful Dead (love the play on the rock band name, don't you?)? Today we'll ask the question, "When's the last time you've thought about your estate plan... (if you've made one)?" Making a will or even a full trust may seem like a daunting task that's best done tomorrow, or the day after that, but we all know that it's an important piece of your financial life that shouldn't be overlooked. To help us understand the ins-and-outs of estate planning in the most fun way possible (and MAN is it fun...), we've invited down the woman who literally wrote the book on it: Carol Weisman, author of Becoming One of the Grateful Dead. In our headlines segment, we're getting a little political today with our first piece. With the election cycle revving up, some politicians have been talking about paying for different campaign promises by enacting a tax on some financial transactions. Is there cause to be worried about the bigger retirement picture if more taxes are thrown in the mix? After we've had our fill of politics, we'll stick around the stock market as we discuss our second piece: a robo-run ETF has been making a splash by beating the overall stock market. Later, we'll throw out the Haven Life Line to Ian, who has now realized the mutual fund he picked has higher fees than he would like. He's down 11% right now, but should he hold onto his fund knowing about the high fees? A big thanks to Student Loan Hero for supporting Stacking Benjamins. Find out how you can pay for college AND compare different interest rates before locking into a loan at StudentLoanHero.com
While we all love talking financial independence, side hustles, and paying off huge amounts of debt, another topic doesn't get enough attention, mostly because it's difficult. We don't pay nearly enough attention to the biggest threat facing any retirement: long-term care. What happens if you have a catastrophic illness and can't take care of yourself? Nursing homes are expensive, home care is expensive, and asking loved ones to take care of you can be horrible for their health and wellbeing also. Today we'll talk to Shawn Britt from Nationwide Insurance, who as a long time professional in this field, knows the statistics and the horror stories, but also the common sense approaches to many illness-related problems. We'll talk planning, the good/bad/and ugly of long term care policies, but mostly about maintaining flexibility and options as a result of making informed decisions before life makes those decisions for you. In our headlines segment, the Fed is unrolling a plan to create a faster money transfer system. We'll discuss what could be the end of the three day wait for money transfers between many institutions, and, of course, what that means to you. Plus, in our second piece, a Swedish online payments company has been valued at $5.5 billion - making it Europe's biggest FinTech start-up ever. Also? It's backed by Snoop Dogg! The firm, Klarna, purchases products from companies on behalf of the consumer and bills customers over time. Is this a dream come true or a recipe for disaster? We'll cover the implications, good and bad, during our headlines segment. We'll finish out the show by throwing out the Haven Life Line to Jason, who has a totally serious question about investing everything he has into a glide path. Currently Jason is 100% investing into the Vanguard total bond fund. Here's the issue: the expense ratio is 0.15%, while the Schwab total bond fund is .014%. It makes sense to move his money over, but that could cause him to incur a $32 tax hit. What's Jason to do in a dilemma like this? Don't worry, we'll give him some advice straight from the heart. Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/sb. Thanks to AcreTrader for supporting Stacking Benjamins. Learn more at AcreTrader.com/sb.
Sick of working for "the man"? Today we'll talk to a woman who's never held down a single full time job but who's created a career out of what most people call "side hustles." We'll explore pitfalls, opportunities, and more with Shanah Bell, author of The Art of Being a Pita, Paula Pant from Afford Anything, and from our very own podcast, OG. Halfway through the show we'll take a break from our side hustle conversation so Joe can sit down with Tony Aquilar, the founder of new student loans app Chipper. Worried about your student loans? Tony will share some helpful tips on how to pay down student loans quicker, AND will show off how his app will help you do just that. ...and after we take some time for Doug's trivia, our roundtable contributors will share some ideas to help caller TJ during our Magnify Money segment. TJ wants to know some fun and interesting ways to teach kids about money and saving for retirement. Thoughts?
Ever wonder how an insurance company would look at some of your favorite movie and television series characters? We might be nerds (who are we kidding...we're huge nerds), but that's exactly the question we wanted to ask Haven Life's Brittney Burgett, who gives us some really enlightening answers. Not only do we find out information about how insurance companies view cartels, money laundering, and 1950's office spaces (all funny and not shocking), we also talk frankly about contestable periods, health ratings, professional considerations, and more. If you've ever wondered how insurance companies think about you, this is a fun way to start. In our headline segment, it turns out that millennials are changing the world, and because of that, maybe your portfolio as well. We'll discuss one list from Kiplinger about 9 things millennials are changing (whether we like it or not). Here's one example: buying a starter home? That's not happening now like it has for past generations. Plus, during our second headline, one poll from the National Association of Plan Advisors suggests that target date fund recommendations are staying steady on the advisor side...but audiences are still often confused about the difference in how many funds operate. We'll cover why target date funds continue to be a staple for many advisors AND discuss the rippling effects of millennial choices in the market during today's headline segment. Then, after we take a break for Doug's combined movie and video game trivia, we'll throw out the Haven Life line to "Go Blue," who's wondering if he should move his account around to save on expense ratios. And during our letters segment we'll say hello to attorney Leslie Tayne. Leslie has some fantastic knowledge on student loans, and she'll be helping the basement answer two letters today about distrust with the income based repayment plan and student loan forgiveness plan.
PT Barnum was the king of over-the-top sales pitches...or was he? He certainly was the king of hustling to earn a living. If you're looking for a role model to help you work harder, sell better, or be more...entertaining, there are few people you should look to before the Greatest Showman himself. Today, biographer Robert Wilson joins us to dig into the early years of Barnum's life, from his time organizing lotteries and working on general stores to his first move to New York City. Barnum not only was a great pitchman, but he always wanted to back it up with shows that would make people tell their friends and come back. "There's a sucker born every minute" might not have been a slogan that Barnum lived by....we'll explain in the show. Plus, during our headlines segment, Joe will talk to Desiree Vargas Wrigley from Pearachute about just how much you're spending on family fun this summer. The amount is sadly a LOT higher than you may expect. We'll also cover one MarketWatch piece that is a good reminder for all of us: all that 401k and IRA money doesn't all belong to you. While the bottom line in your retirement account may look lofty, the tax bill could take a nice chunk of those savings away. We'll share why. After some P.T. Barnum inspired trivia from Doug, we'll throw out the Haven Life line to a caller who wants to know more about Token, the Fintech company we interviewed a few weeks ago. While Token provides security for the rest of your accounts, what happens if they're breached themselves? And in our letter's segment we'll tackle a question from Michael, who wants to sell some stock his godmother got for him while he was teenager and transfer the cash into a Roth IRA. What are the steps he needs to take to sell the stock? Does he need to hire a broker? Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker.
We're absolutely thrilled to bring you the best in 2019's personal finance indie podcasts, blogs, and video. Today we welcome Miranda Marquit from the Plutus Awards to walk through the 2019 Finalists for the Plutus Awards. The goal of these awards is to shine a light on a wider spectrum of names and brands so that we all have the ability to hear from a wide universe of points of view. Today we present that universe with our finalists picks in our 10th annual awards celebration. Good luck to all of the finalists! Thanks to MagnifyMoney.com for sponsoring Stacking Benjamins. MagnifyMoney.com saves users on average $450 when they compare, ditch, switch and save on credit cards, student loan refinancing, checking, savings and more. Check out MagnifyMoney.com for your savings.
The cast in the Broadway play "Rent" asks, "How do you measure the life of a man?" Today we ask that question as we speak with Nicholas Mann (a great musician in his own right) about his father, the founding member of the Julliard String Quartet (among many other accomplishments), Robert Mann. We'll be talking about Robert Mann's early years: growing up in Portland, getting started on the road to his dream, taking the plunge to move to New York City, his years at Julliard, his military service, and more. We'll talk about practice, mentors, money, teachers, lessons learned, and much more. In our headlines segment, are you the type of person to use the same password on every online account? First...stop that! There's plenty of easy-to-use software out there that will make multiple passwords a breeze. Second, you'll want to change your passwords on the double if you own a Robinhood account. We'll dive into the details during the show, but the company was storing their passwords in plain text, a HUGE internet security no-no. In our second headline, do you still have unpacked boxes from you last move? We'll look at an Inc. piece detailing how one NASA intern scored millions just by cleaning out an old box he'd carried around through the years. Maybe there's gold in that hoarding you've been doing. After a little dose of Doug's trivia, we'll throw out the Haven Life Line to Ryan, who's started his own business. Ryan is looking into opening a self directed IRA, but his friends have been pointing him towards a SEP 401k. What type of account should he choose? We'll end out the show with a letter from Leo, who wants to know how 529 plans affect FASFA eligibility. Wouldn't it be better to not invest in a 529 plan to make sure your kids get financial aid? Thanks to Clearbanc for supporting Stacking Benjamins. Are you doing over $10,000 a month in revenue? Find out how you can receive Clearbanc capital by getting your 20 minute term sheet at clearbanc.com/SB.
Bola Sokunbi tells us the amazing story growing up with a mother who was initially left out, like many women, of the family's financial decisions. Whether you're a man or woman, today you'll hear the reality of your financial life: you can't delegate it to other people. There's nobody better to tell this story, so we're super excited that today Bola, the mind behind Clever Girl Finance, joins us. In our headlines segment, we'll take a call from our long-time friend and Detroit Free Press reporter Susan Tompor. Susan has written a piece on a new money scam which involves receiving an email from your "boss" asking you to buy a few costly gift cards. This is definitely one to watch out for, and we'll find out all the details on the scam from Susan. And after we give Doug a chance to deliver some buffalo wing themed trivia, we'll throw out the Haven Life Line to a caller who's wondering what to do with her cash from a discontinued retirement plan. Brooke works for a small startup, and her employer recently discontinued a fee riddled 401k offering. Brooke had $2000 in her 401k, and wonders what should she do with the money now? We'll finish out the show with a letter from Brian, who wants to make sure his thinking on the pro-rata rule and backdoor Roth conversions is solid. Could he avoid the tax hit from a traditional-to-Roth conversion if he does it in in his wife's name? What's a backdoor Roth IRA? How does a pro-rata rule work and will it kill you? All good news: we'll explain the rules AND define all of these technical terms. Thanks to Clearbanc for supporting our show. If you’re doing over $10,000 a month in revenue, find out how you can receive Clearbanc capital by getting your 20 minute term sheet at clearbanc.com/SB.
Everyone has made mistakes during their life. Lord knows, we've made our share. While we thankfully forget about a lot of the smaller mistakes we make, the larger mistakes tend to stay with us as lessons we can use to help us in the future. Learning from your own mistakes is great, but being able to learn from another person's mistakes and saving yourself some heartache is even better. Today we're giving you a free "head directly to Go and collect $200" card by sharing with you some of the WORST investing decisions of all time, as shared by one publication. Halfway through the show, our roundtable discussion will take a break for our Fintech segment. With colleges opening up their doors for the fall semester soon, we'll focus on one company that's striving to improve student grades AND earn them some extra cash while doing it. Joe will sit down with Jerry Zheng from One Class, and get some detailed bullet points on just how the note-taking company works. Plus, we'll answer a voicemail from K during our Magnify Money segment. K wants to get into real estate and is looking for ways to save for a down payment. While lowering her contributions to her retirement accounts make the most sense to her the idea still makes her cringe. What if she never finds a buying opportunity and misses out on money she could have been earning? Thoughts? Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker.
Being a good communicator is a crucial skill we don't pay enough attention to. It's easy for us money nerds financially-minded individuals to learn the intricacies between different financial plans, study market fluctuations, and keep up-to-date on the best interest rates, but why is it so hard to focus on soft skills? Chief among them is communication. That being said, we're money nerds at the end of the day. That's why today we're sitting down with Jason Hanson, a man who's had to communicate professionally day-in and day-out as a former CIA officer. And in our headlines segment, is Wells Fargo catching the last few years of turmoil? We'll discuss the reasons behind why the number of financial advisors saying "sayonara" to bank is finally leveling out, and the lessons you can learn when it's time to leave your job behind. Plus, in our second headline, what's the big reason behind the record number of CFOs retiring from their companies? What are they seeing on the horizon that the rest of us aren't? Later, after we hand the mics over so Doug can dish our some of his trivia, we'll answer a voicemail from an anonymous caller who says he's "new" to money. He's 34, isn't in debt, and has $300,000 in the bank. What should he do with the money?
We have two exciting announcements that mom wanted us to share with you about today's show: One - We're answering your letters, including a BUNCH of them about the Roth IRA, named after a Congressman whose birthday happens to be this very date. In celebration, we're cracking open the mailbag with our friend Scott Rieckens from the Playing With Fire documentary. He stopped by the basement while here for a sold-out screening, and while he was here we put him to work because OG and Joe...well, you know. On the topic of letters...if you'd like to ask us a question, remember now to use the Haven Life line (StackingBenjamins.com/voicemail). We stopped accepting new letters months ago and we are just now seeing the light at the end of the tunnel on letters! Hurrah! Two - Mom wanted us to remind you to take off your shoes when you walk inside the house. She works hard to keep the rugs clean, and you'll just mess them up. That's all. Enjoy!
With debt piling up, savings gone, and your credit cards maxed out, how do you pull yourself out of the hole and get on the right financial path? The first step, of course, is to stop digging, which is what one Reddit user did after racking up over $16,000 in credit card debt. They also posted a list of things they did to make their debt go bye-bye and their Benjamins start to pile up. While it may not be quick or easy to get yourself back to being debt-free, there are definite steps you can take to get yourself into the world of financial freedom - and we'll walk through one piece which reported on the Reddit forum, adding in experts and other information. How much of it is helpful and what isn't? Depends on what section of the piece we're talking about. Today, helping us dig in today is a crack team of internet stars. First, making her return trip to the basement is Chelsea Brennan (Smart Money Mamas), second, we'll welcome Len Penzo (LenPenzo.com), and then we'll say hello to the guy from our own podcast, OG. How would you like to earn stock rewards from companies where you already shop? While you shouldn't shop more to get rich (that won't end pretty), it would be nice to get some extra stock just for buying pillowcases, right? We thought so too, and that's why halfway through the show we'll take a little break from our discussion while Joe rings up and chats with founder David Nelsen from Bumped. Plus, after we subject entertain our roundtable with a round of Doug's trivia we'll break out the Magnifying Glass and answer a listener voicemail from Tyler. His 401k plan is expensive. How does he control his costs of investing for retirement?
What if life weren't so complicated? What if you could stop worrying about lower expense ratios, cheaper insurances, bigger spreadsheets, or trying to perfectly plan out your retirement account so things are perfect decades down the road? On today's show, the guy who is better at taking financial decisions and distilling them to their essence joins us. Today we welcome New York Times columnist Carl Richards, an expert in distilling complicated issues into bite-sized pieces. Plus, in our headlines segment, we'll cover one piece about Suze Orman and her love of cannabis stocks and blockchain. Copying celebrity stock picks aren't always a good idea, and we'll discuss why. In our second headline, we'll turn our attention to one problem in the investing and savings world: women whose spouses are in control of the finances. A recent study shows that lots of women delegate investing to their spouse. We'll discuss why this might not be a good idea. Later on, after we take a break for some of Doug's trivia, we'll take a Haven Life Line from Tyson, whose current 401k with his employer has fees higher than he would like. What can he do to save on fees. And as we finish out letters bag, Leo writes in asking about 529 plans. With FAFSA including 529 plans in the financial eligibility of students, would it be a good idea to NOT contribute to the plan? Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB.
Clutter is everywhere. We buy more stuff to make us happy and all it does is makes us miserable and broke. How do we get out of the cycle? On today's show we'll talk to Tracy McCubbin, founder of cleaning and organizing company dClutterfly. On today's show we'll Declutter your stuff by getting behind the emotions of clutter and dispelling some long-held myths. Plus, during our headlines segment, we'll cover one shocking piece by InvestmentNews, claiming that retirees are going to miss out on $3.4 trillion by claiming their Social Security too early. Is this a case of needing more cash for basic living expenses, or just ill informed retirees cashing in a few years too early? In our second headline we'll erxamine one trend that's gaining a bit of traction: financial apps that charge users to save money. Is it worth paying money to save more? After a little dose of Doug's trivia, we'll turn our attention to the Haven Life Line. Mike calls in today asking about 529 plans. His parents want to contribute to Mike's son's 592 plan. Can Mike use the interest from the account to invest in another account he owns? And as we finish out our letters bag, we'll tear open some mail from Brian, who has some questions about Roth conversions and the pro-rata rule. Can Brian and his wife avoid the tax hit if the conversion is done in his wife's name? Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB.
Picture this: You and your friends are taking a road trip. You get off the highway and pull up to the third gas station of the day. You cut the ignition, take a look around the car and everyone avoids your gaze. You've paid for gas during the last two stops and no one is jumping up at the grand opportunity to fill the tank the third time around. What's your next move? Answering questions presented by one financial story which shines a light on situations like this and more today is our originals roundtable group: Paula Pant of Afford Anything, Len Penzo of LenPenzo.com, and OG from our very own Stacking Benjamins podcast. Halfway through the show, we'll take a break from our discussion on all things awkward while Joe sits down with Zohar Steinberg from Token. With privacy concerns and stolen credit card information constantly in the news, Zohar came up with a solution: unique credit card numbers for each transaction or service. Something goes wrong with one of your transactions or services? You'll have the peace of mind that the rest of your account is safe. Interested in knowing more? Joe will dive into the product with Zohar and learn all the ins-and-outs of Token. Plus, after we get through with Doug's trivia gameshow, we'll answer a voicemail from Lynn during our Magnify Money segment. Lynn will have about $5-7k left over after she pays off her travel expenses from long-term work trips. What should she do with the money? Should she focus on debt or investing? Our roundtable will give their 2 cents and provide Lynn some solid options on what to do with her money.
Worried about fighting with the people in your life about money? Here's the way to end it. Even if you're just struggling to talk to other people in your life about money...maybe it's not you. People don't talk in one financial language. According to Tarra Jackson, today's guest, there are actually FOUR different languages. We'll sit down with Tarra today to learn just what those four languages are, and how we can best communicate with people speaking in a different tongue. Worried about fighting with the people in your life about money? Here's the way to end it. In our headlines segment, we'll discuss weddings. Should we have a small wedding and invest the rest to ensure that we retire rich? Is it possible to do both (have a big wedding AND be rich)? We'll cover that plus another headline about employers seeking permission to send uncashed pension checks to the unclaimed proper funds. Should employers have fiduciary liability for former employees who refuse to cash their checks? Plus, after we take some time for Doug's trivia, we'll answer a question from Russell. Russell wants to know what's the point of being an accredited investor? Why should someone become an accredited investor? And as we finish up our letters segment, we're tearing open a letter from Jacob, who wants to move out of his parent's basement soon. Jacob and his girlfriend are currently living in the basement rent-free and are getting their finances ready to be on their own. Jacob sent in some info on their situation and want some input from fellow basement-dwellers. Are they going to be ready to move out?
Shaan Patel is one of the best examples you'll find of a person who started with some big disadvantages but who never made excuses about his situation. Growing up in a budget motel in Las Vegas, Shaan still found a way to ace the SAT, be valedictorian of his high school class, study medicine, start a company, and land a partnership with Mark Cuban. All of this before he was 30 years old. We can't wait for you to hear his story and use it to motivate yourself to get up, do more, and achieve your dreams. In our headlines segment, we're looking at one bill that will change the way your 401k works. Is it a positive or negative change to your retirement plan? We'll discuss ONE of the many aspects of the bill and come down...well, it depends on what you're looking for from your retirement law. Plus, in our second headline, we'll discuss one piece sent by a listener, which covers the story of one man who's being charged with multiple crimes regarding investing, securities, and exploitation of the elderly. The catch? He doesn't even have a license! After we take some time for Doug's trivia, we'll swing around to the Haven Life Line. Biff and his family don't have any debt, and the college costs for his kids are taken care of. At what point should they stop locking away cash in an IRA? We'll finish up with a letter from Matthew, who has some questions about a fund manager he heard about on the show. They're expenses are a bit higher than he's used to, but they've outperformed the market. Does a well managed fund justify the extra cost? Thanks to Away for supporting Stacking Benjamins. Go to awaytravel.com/sb20 and use the promo code sb20 to get $20 off a suitcase!
What are some of the biggest lies of retirement planning? Today we'll finish off our rewind week with one of our old school roundtable episodes. Back in 2017, we discussed 9 lies we're told about retirement planning. Going through the list with us was Paula Pant, former roundtable regular Greg Mcfarlane, and special guest Rich Jones from the Paychecks and Balances podcast. Plus, long time listeners may remember this old segment: we also had a rousing conversation about a Marketwatch Moneyologist piece. If you had two kids, and one was irresponsible with money, would you disown him? That question spurred some interesting estate planning chatter that may bring up points you may want to address in your own planning. Here is our original show description: On today's podcast we're talking about lying. A recent news piece reports that there are nine lies we're told about retirement planning. We'll break them down with Greg, Paula, and special guest Rich Jones from the hit podcast Paychecks and Balances. We won't stop there, thought. We'll also discuss a recent question to the Moneyologist at MarketWatch. If you had two kids and one was irresponsible, would you disown him? We ask our roundtable that very question and come up with some interesting estate planning themes you may want to address in your own planning. On the Freshbooks FinTech segment we talk to Michael Asare from Fee Belly. Ever feel like the fine print in a contract is completely against you? Fee Belly was designed to show you ALL of the fine print by highlighting it so you can easily see where contracts might not be in your favor. We'll ask him how it works on today's podcast. Thanks to SoFi and MagnifyMoney.com for sponsoring our show!
If anyone knows how to sell a house, it's Mindy Jensen. Not only is she a house flipper extraordinaire, but she also works at BiggerPockets, the home of one of the largest forums (if not the largest) for real estate investors. She knows LOTS of the best advice. We talked to her a year ago, and in the spirit of this home-buying season, we thought we should replay this episode because it was such great advice. Whether its your residence, a rental you've been meaning to get rid of, or you're dipping your feet into flipping homes, there are easy mistakes you can avoid to sell your home FAST and get the most out of a sell. Back in 2018 we talked to Mindy Jenson, a master house-flipper whose successfully sold house after house, and got some insider tips on tricks are coming out of the real estate market a winner. Here is our original show description: In a crowded market, having a leg up by avoiding some easy mistakes might be the difference between selling your home quickly, and for the top dollar price possible, or not selling at all. House-flipper Mindy Jensen has sold COUNTLESS houses, and today stops by the basement with her best tips to help you sell your own homes faster. Whether it's your primary residence, rental property or flip, she'll detail how to prioritize and budget for repairs or improvements, and how to find the right help to sell your home. In our headlines segment, freelance writer Hannah Rounds has published a piece on which tax software makes her "recommended" list and which she says to avoid. She comes down to the basement to discuss winners and losers. Also in headlines, what can we learn about finance from basketball player LeBron James? Apparently, quite a bit, according to one publication. We'll talk about key lessons from LeBron on today's show. We'll of course have more from the world of financial planning, throw out the Haven Life line to lucky listener Marie, who wonders about better diversification for her money. Is ONLY having an S&P 500 fund a good approach? Of course, we'll still score with some of Doug's delightful trivia, and more. Why compromise with investments when you can use an intuitive, easy-to-use, robust platform? M1Finance combines the power of automated investing platforms with the flexibility of do-it-yourself but more expensive brokers. ...and now, it's FREE! Be Invested. Check out M1Finance .
The rules of work have changed over the last several years. You need to stay up to date on what's relevant so you aren't left behind and miss the next career opportunity. We were surprise when we went back and listened to this episode from 2017, when Joe sat down with Kathryn Minshew & Alex Cavoulacos, founders of TheMuse.com, to review what were then the new rules of business. Clearly, many still don't understand these. We find that these rules are just as relevant today as they were a few years ago, so we decided it was time to roll this episode again. Here is our original show description: Struggling at work? We'll review some of the "new rules" of business with the founders of TheMuse.com, Kathryn Minshew and Alex Cavoulacos. We'll talk about new rules in networking, finding the career you love, and working more effectively at the job you love. In our headline segment, Brian Barnes, CEO of M1Finance drops by to talk about tax planning. We know tax day was yesterday but these tips will help you make tax-smart moves while investing for the future. We'll also talk about another company being sued by an employee for rotten 401k options. Target date funds are again in the middle of some more controversy. Gena calls the Haven Life line to ask about the American Opportunity Credit, we share good news about recent guest Adam Dell and the Clarity app, and answer a letter from Ben about emerging markets investing. Is active investing the best way to go in smaller, more volatile markets? Of course, Doug brings down the trivia, and much, much more.
Less stress, easy overhead, and being debt-free... those are three fantastic reasons to chase financial independence. For a growing number of investors the top reason to save and live frugally has become a chance at early retirement. But, what type of freedom does early retirement bring? Is the freedom gained from early retirement worth it? We'll ask our contributors their thoughts on early retirement, and explore the concept of not retiring FROM something, but TO something on today's show. Assisting us in today's discussion is Rocky Lalvani from the Richer Soul podcast, Len Penzo from LenPenzo.com, and OG, from our very own Stacking Benjamins podcast. Halfway through the show, we'll hit the pause button on our discussion while Joe talks to Kevin Kidd, Roush Fenway competition director. You might be thinking, "WAIT, that's not FinTech! what does that have to do with finances?" As it turns out, there are a few financial lessons to be had from a professional racing team. Plus, after we finish a few laps around the track, we'll answer a voicemail from Rosie during our Magnify Money segment. Rosie's parents are retired, and she's recently learned her parents have been charged some crazy fees from their financial advisor. She wants to move them over to some low-cost index funds, but doesn't want to lose all their money in the process. What should their asset allocation look like? Thanks to Experian for supporting Stacking Benjamins. Boost your FICO score instantly for free. Boost is only available at Experian.com/sb Thanks to MetPro for supporting Stacking Benjamins. Get a complimentary Metabolic Profiling assessment and a 30-minute consultation with a MetPro expert at metpro.co/sb.
We're barring the doors, closing the shades, and not answering any house calls because today we're answering YOUR letters. From paying down a mortgage principle or investing, to allocations, backdoor conversions, and even the best strategies on giving kids an allowance... this show has it all, thanks to YOU! Plus, in our headlines segment, what can we learn from the life of a day trader? Longtime listeners can probably imagine the whole team's collective groan when we first broached this topic, but the more we discussed this headline, the more we found LOTS of great ideas that everyday investors can use. We love some of the lessons we can distill when learning what separates a good day trader from a bad one. In our second headline, we'll wonder out loud where is the future of financial advice is headed. We'll look over one report from Hartford Funds on important financial considerations you need to keep in mind and give our two cents while we're at it. Later, after we take a break during Doug's trivia, we'll queue up a voicemail from Pete, who no longer works at a job with 401k access. What are his options for investing with tax benefits? Can he still max our his Roth IRA through a backdoor conversion?
How do avoid becoming a zombie? No, not the Walking Dead zombie, but the type who works their whole life, just pounding away, realizing too late that it was all for nothing? On today's episode, Deb Meyer helps the team talk about redefining retirement. What does it really mean? How do we ensure we're chasing the right dreams? We'll discuss some big, heady thoughts in today's main segment. Halfway through the show we'll take a break from our discussion to talk to the Evil HR Lady, Suzanne Lucas. Uber drivers have just been declared independent contractors, and not employees. What does that mean if you're working in the gig economy? What does that mean if you hire employees? We'll talk about all angles of this issue, and how it involves both side hustles and maybe also your primary job, on today's show. Of course, as always, we'll take a Magnify Money hotline call, test our knowledge with Doug's hotdog eating trivia, and more!
Cameron Huddleston joins us to tell the story of her aging mother, and the time she nearly missed the chance to have an incredibly important conversation: how her financial assets were managed and what arrangements she'd made for the future. She'll share that story and strategies on talking with parents about money (especially what NOT to say), on today's show. Plus, in our headlines segment, more retirement plan lawsuits hit the court system. The Supreme Court is looking at an interesting case, which largely revolves around when the participant was told about allegedly sub-par investment options in his employer plan. If you get a prospectus, does that mean you're on the hook from that day for everything that's inside? Dave and his wife are debt free, and their children's college and retirement accounts are fully funded. Dave calls the Haven Life Line because they've been thinking about opening a taxable brokerage account to have funds outside of their retirement. Are there any tax implications they should know about? Is there anything else they should be considering? Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post. Thanks to Experian for supporting Stacking Benjamins. Boost your FICO score instantly for free. Boost is only available at Experian.com/sb
You pay your bills on time. You're not in debt, and you have a great credit history. Yet, no matter what you do, you still find yourself stopping just below the mythical 800+ credit score threshold. What are you supposed to do? How do you push your credit score past the last hurdle? We'll discuss solutions for boosting a great credit score into a fantastic score, plus answer YOUR questions about credit card reward programs, where to keep your cash when you're waiting to buy a house, 401k questions and more on today's letter segment. And in our headlines segment, are you seeking out new financial knowledge on your own, or are you waiting for new information to find you instead? We'll talk with Emily Shallal, senior director of product innovation at Ally Bank, about Ally's recent study on financial literacy. Plus, in our second headline, brokers have until the end of June 2020 to implement new regulations. The new rules could put a bigger strain on smaller brokers, who lack the same amount of resources as larger companies. After some of Doug's musical trivia, we'll take a break from our letters to answer a Haven Life Line call from Gregg, who's opened a new brokerage account with Fidelity. The company has offered him a checking account., but when Greg initiatives an ACH on Day 1 it takes another 4 days before he gets access to the cash. How can they do this? Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post.
We LOVE talking about investing, savings, and of course, stacking Benjamins, but what about when you actually make it to retirement? Do you have a plan for your first day after your last day of work? How about that next month? That next year? We've mentioned it before: retirement isn't the destination, it's a journey, and a milestone on the bigger journey of life. Discussing the "Now, what?" of making it to retirement are our contributors, Derek Merkler from Parsonex Financial Services, Paula Pant from Afford Anything, and OG from our very own Stacking Benjamins. Halfway through the show we'll take a break from our discussion while Joe talks to Safwan Shah, CEO of PayActiv. Minimum wage employees are often hit the hardest with cashflow issues while they're between paychecks. Safwan and his company have set out to provide a solution: real time access to earned income. Safwan will share on just how PayActiv is accomplishing their goals during our Fintech segment. And during our Magnify Money call we'll answer a voicemail from Loretta. Loretta's parents are retired. They have a paid off house and a healthy amount of savings. However, her mom has gotten sick and money has become a bit tighter. Loretta has since realized that 90% of their stock is in one blue chip company. Her parents are hesitant to change. How can Loretta talk to her parents about their finances? Is She worried over nothing? Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker.
You've always known it: most of what people tell you about great work is a lie. Ideas such as company culture, work-life balance, and other truisms are all challenged today by bestselling business thinker, researcher and author Ashley Goodall. Today he joins us to flesh out what we really should be focusing on at work and how, whatever your role, you personally can make your work and your company better. If you spend a ton of time at work, why wouldn't you want it to be something that not only pays the bills, but something that's also fulfilling? In our headlines segment, a new report from the Federal Reserve shows how Americans are faring with their retirement savings. Finances seem to be okay, but what's the deal behind our thoughts on retirement savings? We'll share details. Plus, in our second headline, one survey is reporting that 60 percent of Americans don't have a will. While most of us don't have celebrity sized estates (such as the one we discussed Monday in our discussion on Tom Petty's estate problems), not leaving a will behind could mean trouble for your family. After we take a short break for Doug's Superman-themed trivia, we'll tackle a question from Erik who's thinking about opening a SEP account. Can he keep investing into his Roth IRA and have something like a SEP? Are there better options Erik should be looking into? And in out letters segment, we'll open a letter from Sue, who wants our thoughts on having an index annuity with an annual reset. She already has a bit of savings and has a paid off home. Is it annuity a good idea? Thanks to Experian for supporting Stacking Benjamins. Boost your FICO score instantly for free. Boost is only available at Experian.com/sb. Thanks to Clear for supporting Stacking Benjamins. Get your first two months of Clear for free by going to clearme.com/sb2019 and using promo code sb2019.
Establishing your BEST financial habits means realizing that it isn't about being great today or tomorrow; it's about doing the right things over and over again for the long run. Today we talk to the creator of a documentary specifically about a long run. 3100, Run and Become is the story of an ultramarathon that covers (shocker) 3100 miles. Better yet? It's run around a single New York City block. Sanjay Rawal will take us through the event, his making of the film, and we'll talk about topics that have everything to do with finance. 1) Finding what you love; 2) Chasing a dream; 3) Knowing your weaknesses; 4) Finding your state of "Flow"; and more. The cool part for us? We get to talk finance in a way that you've probably never heard it talked about before. During our headlines segment, another deceased celebrity's estate is an arm wrestling match for the heirs. Sigh. We'll tell you who's fighting for the cash and discuss what YOU should do to foolproof your estate plan from your greedy family. Then, in our second headline, credit card reward programs are everywhere... but just like ice cream brands, they're not all created equal. We'll talk pros and cons of credit card rewards during our second piece. As if that's not enough, we keep bringing it! During our Haven Life Line segment, we'll answer a question from Jason. He's wants to retire in his 40s. If Jason rolls his Roth 401k into a Roth IRA, will he be able to withdraw the cash without the tax penalty? Does the 5 year conversion rule still apply? Then, in our letter segment David is just starting to pay attention to his financial situation. He wants to know what the advantage would be of using a financial advisor or buying funds that have high expense ratios over doing it himself. Couldn't he just do it on his own and save extra cash? We'll surprise Jason with an answer he doesn't expect, and hopefully surprise you, too. And don't you worry, we'll still have time for some of Doug's very special Benjamin Franklin themed trivia. Thanks to Clear for supporting Stacking Benjamins. Get your first two months of Clear for free by going to clearme.com/sb2019 and using promo code sb2019.
What are the absolutely worst wedding gifts you could give this wedding season? One recent article from Kiplinger had us nodding our heads, so Mom said we should challenge our Friday roundtable, including special guest Beau Henderson from the Retirement Resource podcast, to a special game show! While we'll have some fun with this topic, you'll take away some better ideas for wedding gifts, creating a little less waste and a ton less wasted money. Halfway through the show we'll take a break from our discussion on all things wedding related while Joe talks to Anthony Strike, founder of SteadiPay. Steadipay helps users pay off their credit cards in full so that they can use them like debit cards. How does it work? SteadiPay puts an equal amount of cash aside each time a credit card is used, and at the end of the month the app will automatically pay your balance with the amount. Interested in knowing more? We'll get the details from Anthony. And after we let Doug have a little fun with our Friday gameshow-inspired trivia, we'll field a voicemail from an anonymous caller during our Magnify Money call. Our caller tells us they're relatively new to money, and that they're 34 with $300k of savings built up. What's the best plan of action to get started in the world of finances? Thanks to Simple Contacts for supporting Stacking Benjamins. Save $20 on your first Simple Contacts order at http://www.simplecontacts.com/sb and use promo code: sb.
How do you make all of your financial transactions happy ones? How do you introduce the idea of abundance into your life? Ken Honda believes that while money can't make you happy, we DO attach lots of emotions to those bills in our wallet. Why shouldn't we actively manage our self talk around our money? That's the question Ken asks and answers on today's show. We'll talk about gratitude, sharing, making more money, changing your mindset, and creating more "Happy Money" in your life. Plus, in our headlines segment, stock market investors aren't the only one worried about fees...the Justice Department is currently taking a look into the world of real estate and hidden realtor commissions. So, what does that mean to you? We'll discuss how sneaky commissions impact the home buying process for both sellers and buyers. In our second headline, the IRS has announced a higher limit for HSA contributions in 2020. We'll have you covered with everything you need to know by the end of today's headlines segment. Then, after a little break for Doug's trivia, we'll answer Cal's voicemail call to the Haven Life Line. Cal's planing on semi-retiring soon. He thinks he'll use his 401k to subsidize his post 55 years. Is this a solid plan, or is there something he's missing? And during our letters segment we'll tear open some mail from Adrian, who write's in with a some questions about opening up a Roth IRA for kids. Is it true that minors can have an IRA once they earn income? Does that have to be through a W2, or does chore money work too? Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB.
Allison Schrager is an economist who's studied negotiation, diversification, and also, the topic we'll discuss in today's episode, risk. She'll explain risk using a lens that we haven't seen someone use before...the eyes and actions of legal sex workers. To illustrate how people think about risk, she visited brothels, horse breeders, and, among others, poker players. We'll discuss the many ways we miscalculate risk, how to make better decisions, and what happens when we evaluate the wrong types of risk. And in our headlines segment, we'll call up Madeline Hume from Morningstar. They've completed a report on the state of 529 college savings plans nationally, and Joe and Madeline will dive into the data. We'll talk ab out the latest innovations in plans, plus shine a spotlight on some of the best and worst states to invest your hard-earned college money. Plus, we'll look at one piece describing a shakeup in the online financial planning community that could spell trouble for industry leader Vanguard. In our Haven Life Line segment, we'll throw out the line to Jason, who has some questions for OG about risk parity. Would something like a a 50/50 split between stocks and long-term treasuries a good idea? What are the possible downsides? After we spend some time giving advice to Jason we'll tear open Chris's letter, who has some social security questions. Considering the investments and pensions Chris and his wife already have on the table, would it make more sense to defer taking social security? We'll give our thoughts, but if you're looking for a more in depth conversation about social security you can check our our previous interview with Philip Moeller and Paul Solman. Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB. Thanks to Simple Contacts for supporting Stacking Benjamins. Save $20 on your first Simple Contacts order at http://www.simplecontacts.com/sb and use promo code: sb.
Is there ever a right time to quit your job? At what point do you give up on the current job and take a pay cut to climb a better ladder? On today's show we'll talk career prospects, life planning, income, and more during our headline segment. Helping us out with today's roundtable are our contributors: Mary Wheeler from the Know Debt No Problem podcast, Paula Pant from the Afford Anything podcast, and OG from our very own Stacking Benjamins show. Halfway through the show we'll take a little break from our discussion on jobs (or lack thereof), while Joe talks to Simeon Hyman of ProShares about the market's new exchange traded fund... PAWZ. We've discussed plenty of financial and investment strategies on the show, but this may be the first time we'll discuss a pet care inspired ETF. After Joe wraps up his conversation with Simeon we'll pivot back towards our contributors for our Magnify Money call. JC calls in today with some excited news: he's getting married soon! With marriage on the way, JC also has retirement on his mind. He's 27, and is thinking about playing catch-up with his investments. Is he a little crazy to think about maxing out their accounts despite their income levels? Thanks to MetPro for supporting Stacking Benjamins. Get a complimentary Metabolic Profiling assessment and a 30-minute consultation with a MetPro expert at metpro.co/sb. Thanks to AcreTrader for supporting Stacking Benjamins. Learn more at AcreTrader.com/sb.
What's on your bucket list? Do you talk about your list or have you actually sat down and drawn one up. If not, why not? Today's guest, Karen Cordaway, discusses bucket lists in detail with us. Why you should have one, how to begin, what to avoid, and how to stick to your list are just a few of the topics we'll cover. Even if you're knee deep into building your list (or working through one), there's something for everyone today! And in our headlines segment... how prepared are you to tackle unexpected expenses? We'll cover a piece by the Motley Fool that describes one bill that would bankrupt most Americans, but don't worry, we'll also give some methods on getting ahead. In our second headlines, we'll give our two cents on 10 rules one publication says that you should follow for financial success. We'll throw out the Haven Life Line to Sanjay, who's thinking about putting all of his cash in a single index fund like the Vanguard Total Stock Market Index Fund. Long time listeners of the show probably know where this one is heading. And don't worry, we'll still have time for some of Doug's trivia.
On today's holiday episode we'll remember a great member of the investment community, T. Rowe Price. Cornelius Bond recently wrote a biography on the investing giant, and we'll dive in on the man, the investment philosophy, and how he built one of the country's biggest financial companies. First, in our headlines segment, do you know someone who's graduating this spring? You may want to share today's show with them, because we'll cover what many employers think is the most annoying characteristic of new hires. Think the trait has something to do with slacking off or staring at their phones all the time? The real answer might surprise you. Plus, in our second headline, Uber just completed one of the worst IPOs of the past 25 years. We'll cover the big lesson from that experience as well. Later on, after some Memorial Day travel trivia from Doug, we'll field a Haven Life Line question from Nick, who's now ineligible to contribute to his Roth IRA due to the amount of money he earns. He's starting to invest in his workplace 401k, but his employer doesn't match. Is there something better he should be doing? Also, with two young kids in the house Nick has to start thinking about college. He doesn't like the idea of putting college savings into a 529 plan, so what about an UGMA or UTMA account? Finally, in our letters segment, Jessica has sold some stock in her Fidelity account. Can she use those gains to fund her Roth IRA? Thanks to MetPro for supporting Stacking Benjamins. Get a complimentary Metabolic Profiling assessment and a 30-minute consultation with a MetPro expert at metpro.co/sb. Thanks to Experian for supporting Stacking Benjamins. Boost your FICO score instantly for free. Boost is only available at Experian.com/sb
What keeps you motivated when you don't feel like thinking about saving more, spending less, or investing better? Do you have words you live by to help guide you through life? On today's show we're calling our friends Brandon Opre from TrustTree Financial, Paula Pant from Afford Anything, and the Len Penzo from LenPenzo.com, to discuss financial quotes that'll keep you motivated. Take this (interesting) freebee from Charles A. Jaffee: "It's not your salary that makes you rich; it's your spending habits." Like that? We have many more in today's episode. Halfway through the show, we'll take a break from the discussion with our roundtable crew to finish our summer holiday travel coverage. To compliment our show from Wednesday with Theme Park Insider's Robert Niles, today Joe will talk with Bethany Bayless, co-host of the Money Millhouse podcast, about Disney tips and tricks she's so graciously decided to share with us. If you'll want to hear more of that conversation make sure to stick around for a few seconds after Doug closes out the show... you won't regret it if you have a trip planned to see a mouse in your future. After we close out of our Disney themed travel guide, we'll hand the mic over to Doug who has some holiday weekend-appropriate trivia. We'll ask our roundtable a very important question: how many billions of dollars did Americans spend on wine last year? Think you have the answer? Remember your answer and see if you could beat our guests on the show. We'll end today's roundtable with a call from Amy, who's going back to school to be a nurse practitioner. While her hospital is paying for some of her expenses and fees, Amy will still have to cough up about $15,000. Should she reduce her 403b contributions to the company match, or take out a loan and pay it back after she gets her degree? Thanks to Proper Cloth for supporting Stacking Benjamins. Get $20 off your first custom shirt at Propercloth.com/sb. Thanks to Ting for supporting Stacking Benjamins! Get $25 off your phone at sb.ting.com.
Each year here in the basement, it isn't officially summer until we present this episode, which is why we're so happy to bring you Robert Niles, Mr. Theme Park Insider. He's coming down for his annual trip to the basement to help you find your best summer theme park fun. From the best upcoming rides, to fan favorites, plus the best way to get a few discounts from your favorite parks...he's bringing all his tips and tricks to you on this episode. I know! We're fired up, too! And in our headlines segment, where's the best place to save for big purchases like a house or other short-term goals? We'll probably have a few answers that are not exactly what you're thinking. And in our second piece, randomly selected stocks beat out investment picks by fund managers. So... what does that mean for us? We'll cover monkeys, darts, and savings goals on today's headlines segment. Just another day... Next, during our Haven Life Line call, we'll answer a voicemail from Dan, who wants to know how best to allocate his family's investments. He's diversified, but does he really need mid-caps and a total stock market index fund? Plus, in our follow-up letters segment, Steve calls in says that he's invested in large, mid, and small cap... (plus international funds.) Steve doesn't have a problem with his allocation, but is it an issue that it's all through one brokerage firm? You'll get the best of both worlds during today's listener focused segments. And don't worry, we'll still have time for some theme parked... themed trivia. Thanks to Ting for supporting Stacking Benjamins! Get $25 off your phone at sb.ting.com. How about $50 off your first job post? Head to Linkedin.com/sb
Bigger Pockets' David Greene joins us to tackle a more efficient way to buy real estate, especially if you're interested in building a large portfolio of passive income-generating properties. It's called the BRRRR method, and we'll walk through each of those letters on today's show. specifically, we'll talk about how to buy, rehab, rent out, refinance, and repeat. Even if you don't plan on using BRRRR as your strategy, David will share lots of tips on putting your best real estate deals together, finding a great time to help you, and common problems with real estate investing and how to avoid them. And in our headlines segment, are you in a race to reach retirement? We'll discuss one MarketWatch piece that shares 5 hard-earned lessons from people who retired early. It turns out that early retirement (or any retirement at all, is more about psychology than you would think...but it's still about math. Later in the show we'll throw out the Haven Life line to Dave. His mother-in-law wants to invest in his children's college fund. What's the best way to go about that? A 529 plan? Something else? We'll all weigh in on a myriad of options. Then, in our letters segment, Aly's Capital One investment account has been sold to E-Trade. What are the alternatives that she should use? Of course, as always, we'll also make some room for some of Doug's fantastic pre-Memorial Day trivia. Thanks to Proper Cloth for supporting Stacking Benjamins. Get $20 off your first custom shirt at Propercloth.com/sb. How about $50 off your first job post? Head to Linkedin.com/sb Have you read this far? Write us this phrase: OG Stinks! to joe at stackingbenjamins.com to win a #Doug2020 tee-shirt. You can join the brigade of people for responsible leadership!
We all know that subscription costs add up: Amazon, Hulu, Netflix, maybe a lawn service or wine-of-the-month club. But how do you make the decisions which to keep and which to heave-ho? Today our roundtable team, including author Frankie Calkins (author of the new book The Money Resolution, 101 Ways to Save Money, Make Money, and Get Out of Debt in One Year), OG, and Paula Pant (host of the Afford Anything podcast). Whether you're in subscription hell or can't remember the last time you said yes to a subscription service, we'll chat our way casually through all the relevant stuff you need to think about. We heard from you when popular app Debitize went bye-bye, and halfway through the show we'll talk to Thomas Smyth, CEO and founder of cost cutting app Trim. The company recently purchased Debitize, and we'll ask Thomas to give us the skinny on what the future looks like? Why did they decide to buy Debitize, how are they integrating it, and what does the future look like for the new combined company. Of course, we'll then dive into Doug's ah-mayz-ing trivia, but then we'll field a voicemail from the Magnify Money Line from Trent. Trent's been given the opportunity to be a professional athlete. He's currently 23, and has been talking to financial advisors. Their advice is largely the same except in one area: whole life insurance. What's our take on the issue? Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker. Thanks to AcreTrader for supporting Stacking Benjamins. Learn more at AcreTrader.com/sb.
We can learn a ton from the wealthiest among us, and Veronica Dagher from the Wall Street Journal, and host of the Secrets of Wealthy Women podcast, has a front row seat with some of the smartest and wealthiest people in the country. She'll share with us lessons from three women that easily apply to both women and men. You're going to pick up some great career, money, and life advice on today's show! In our headlines segment we're discussing two different pieces by MarketWatch and Financial Planning. Is it true that the stock market can't be beat? One MarketWatch article claims that what you think you know probably isn't the right answer. And in our second piece, is there a good reason why so many financial advisors are jumping ship? We'll give our take on why advisors are so eager to switch firms. Then in our Haven Life Line segment, we'll field a voicemail from Matt, who's looking to diversify his portfolio. What's our take on pot stocks? We'll also answer a letter from Craig, who writes in about how he is finally debt free and has a paid off home. He's now getting into some pretty aggressive investing and wants some advice on different strategies he has in place. Of course, we'll also make some room for some of Doug's trivia.
Scott Rieckens felt something wasn't right in his life. While he lived in a beautiful corner of the world, and despite he and his wife having fantastic jobs, life just wasn't what he'd expected. So, he did something that few people do...he actually decided to change. The results? He's teamed with Emmy Award-winning director Travis Shakespeare and created a documentary called Playing With Fire, which not only chronicles he and his spouse Taylor's journey toward a better future, but it also explains the concepts behind a movement called FIRE (financial independence/retire early). We'll talk to the makers of the film about how they created the final product. We'll preview the concepts Scott and Travis explain in the movie, and finally, we'll share some details about how and when you may be able to see it yourself. And in our headlines segment Joe will talk to Meredith Ryan Reid about MetLife's new study showing that Gen Y women are behind other groups on both their finances and their confidence in the workplace. Meredith will give us some advice and strategies on what to do when you find yourself falling behind. Later in the show we'll throw out the Haven Lifeline to Katherine, who has some questions on calculating her net worth. Wouldn't paying off debt also lower the amount of cash available to you, in turn keeping your net worth the same? Then, in our letters segment, we'll field a question from Wendy about what she should be doing with her full service brokerage account. She's taken some time to learn about commissions and high annual fees. What's the best plan on moving everything over to a new, low fee account? Of course, we'll also make some room for some of Doug's leprechaun-themed trivia. Just how do leprechauns earn all that gold they hide away at the end of the rainbow? Thanks to AcreTrader for supporting Stacking Benjamins. Learn more at AcreTrader.com/sb. Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker.
Have you checked your credit lately? How does credit even work? Why do I have a low credit score? Today, Len Penzo, OG, and our special guest Gerri Detweiler tackle credit, credit cards, and hwo to best make your credit score your friend. Halfway through the show we'll take a break from our discussion while Joe talks to Carter Malloy from AcreTrader. When you think investments, does farmland come to mind? On today's fintech segment we'll talk to farmland a viable, attractive investment option. After Joe wraps things up with Carter, Doug will jump on the mic to deliver today's trivia question to our roundtable crew. Before the first transcontinental railroad was completed a coast to coast trip could easily cost $1000 or more. But how much did the trip cost after the railroad connected the two coastlines? Keep your answer in mind... but no cheating! Doug will give us the answer after the roundtable has a chance to get in their answers. After we declare a winner for our halftime gameshow, we'll answer a Magnify Money call from Andrew. Andrew and his family will be moving soon from their paid off condo into a townhome. Should the family use some of their emergency fund to pay down more cash on their townhome, or wait until their condo sells and use that money towards their new home? Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker.
Erin Lowry from Broke Millennial learned early on about investing. As someone who's VERY conservative and not excited about losses, she didn't want much to do with investing. But, she'll tell us the story today about how she got started and about how you can make it easy. We'll talk about the types of funds to simplify your investment choices, how to add money, and what to do if the market isn't your friend (things start to fall apart). Plus, in our headlines segment, one man who called the last two market downturns says there's another on the way. Should we be preparing for choppy waters? Later on, we'll throw out the Haven Life Line to Larry, whose emergency fund has been drained after a few back-to-back expenses. Should Larry get his emergency fund back to capacity over time, or look towards his Roth IRA contributions to speed up the process? And in our letters segment, Brian has took a side gig delivering food for Uber Eats. After talking to some of his fellow drivers Brain is suspicious that they're defrauding the IRS by not paying any taxes on their earnings. Should Brian steer clear of their advice, or is he just missing out on easy money? As always, we'll still save some time for Doug's trivia...which today is exceptionally epic. Thanks to Ting for supporting Stacking Benjamins! Get $25 off your phone at sb.ting.com.
On today's show, we'll sit down with David Bach, the nine-time bestselling author. What's keeping you from achieving your financial goals? Is it a latte a day? While it doesn't necessarily have to be a latte, our discussion with David will shed some light on the simple things in your life that could be holding you back from reaching your destination. And in our headlines segment, we'll be joined by Ashley Boucher of Sallie Mae. Sallie Mae has released their Majoring in Money 2019 report, and among some of the more surprising discoveries is that some students hold FIVE credit cards. We'll discuss more of the big takeaways from the report during our call with Ashley, along with covering an article from InvestmentNews about Schwab's new portfolio management tool. Later in the show, we'll throw out the Haven Lifeline to Thomas, whose son has gotten all of his college paid for this past year, (with money to spare!) Thomas' son wants to put the extra $3000 into a Roth IRA. Are they allowed to do this, or are there some restrictions that are in place? Then, in our letters segment, Dano has some questions about how he should allocate his retirement funds. With Dano paying a percentage of his money to a pension, wouldn't that be considered his "safe" investment? When Dano is putting money into his Thrift Savings Plan account, couldn't he put all of the cash into the more aggressive funds? Of course, we'll also make some room for Doug's trivia, so don't you worry.
To end our rewind week we present one of our favorite roundtable topics. How do you start saving, when you feel like you can't? I think most people are in this boat, based on statistics about how much money the average person squirrels away. So, here with good facts and humor, were Len Penzo, Hilary Hendershott, and Hannah Rounds. Plus, our friend Shannon McLay was just opening her wildly successful Financial Gym in New York (now she's expanding it all over the USA). We talk to her in this episode about her launch. Here are the show notes from the original episode: What was the best advice someone could have given you when you first started investing? If you're a new investor OR a seasoned pro, you're in luck because our roundtable team are all sharing their best tips today to help get the ball rolling. We're joined by two great guests today (along with the amazing Len Penzo)...host of Profit Boss Radio, CFP Hilary Hendershott AND one of our favorite writers, Hannah Rounds from Unplanned Finances. Not only will we talk about getting started early with your financial plan, but then we'll also tackle problems with brokers and sales incentives. How do you know you won't get burned? Finally, we'll answer a question originally asked of The Moneyologist at MarketWatch.com...what would you do if you found out your mother had taken out lots of credit using your name illegally? Would you turn her in? You'll be surprised by all of our answers. THEN in the FinTech segment, we're actually going to go anti-FinTech this week and talk to our friend Shannon McLay about her new concept coming to a city near you, the Financial Gym. What happens when you give your money a workout? How does it work? Maybe, even though we talk about great ways to use your phone for planning purposes, maybe face-to-face coaching has a place in your planning, too. Thanks to Magnify Money for sponsoring our podcast! Support the companies that support us and help yourself along the way.
I'm personally excited for you to hear this episode. When this first aired I personally was going through some really dark stuff...and as always happens, I found a book that spoke to me and helped me through it. I needed to change. I needed a wake up call. Maybe you do, too. I was lucky that I found Cortney's book and wondered, "Would she come on the show and talk about this?" I'm grateful that she did. Of course, the rest of the episode is a lot of fun, as always. - Joe. Our original show notes: Where do you start when planning your money? Cortney McDermott, the author of one of this year's hottest self-help and business books, joins us in the basement to talk about starting out. If you don't know what you want, how do you know where to go? Yet, most of us don't ask ourselves the right questions to even begin the journey. Plus, we'll also share headlines from the world of financial planning, throw out the Haven Life line to a lucky listener, score with some of Doug's delightful trivia, and more. Huge thanks to Roofstock (check them out for real estate) and MagnifyMoney.com (when you're comparing financial tools like credit cards and savings accounts) for helping us with today's show. They're awesome companies and if you're not using them, I'm not sure you know what you're missing!
The "system" isn't fair. Names from Ray Dalio to Bill Gates talk about income inequality. Poverty is often swept under the rug by people who want to easily dismiss it as "not pulling yourself up," yet most know it isn't that easy. One man who knows very well how difficult inequality can be is John Hope Bryant. He came down to the basement to talk about "getting the memo" in 2017, and we've been talking about it ever since. To kick off rewind week (if you're new to the show, we play favorites for a week after eight weeks of new podcasts), we're excited to re-share this episode. Enjoy!
Why aren't you rolling in the dough? Maybe it's because you aren't focusing on the right parts of your budget. Studies have consistently shown that ONE area of savings beats all others. What is it? Tori Dunlap from HerFirst100k joins Len Penzo and OG to talk about why you aren't saving more money. While you'll learn the top reason why you aren't saving more, you might also have fun doing it.... Halfway through the show we'll take a break from our discussion while Joe talks with Jarrod from the new Easy Profit game. If you've spent any amount of time listening to the show you know that we love the idea of the science of play. So when we heard about a new game that'll teach you how to understand financial statements we just had to talk to the guy behind it all. Then, when Joe's done talking to Jarrod, we'll take some time for Doug's trivia. After a little Disney inspired gameshow fun we'll answer a voicemail from Demetrious, who's been hard at work paying down his loans. While Demetrious wants to keep bringing an extra cash all the overtime at his manufacturing job has been wearing down on his body. Are there some side hustles that he could turn to? Thanks to MetPro for supporting Stacking Benjamins. Get a complimentary Metabolic Profiling assessment and a 30-minute consultation with a MetPro expert at metpro.co/sb. Thanks to Experian for supporting Stacking Benjamins. Boost your FICO score instantly for free. Boost is only available at Experian.com/sb.com.
Andrew Hawkins was an NFL football player with the Cincinnati Bengals and Cleveland Browns. He also won two Grey Cups in the Canadian Football League, worked in the Detroit Lions front office, starred in a reality television show with Michael Irvin, and starred on Sportscenter on Snapchat...what's he doing now? He's coming down to the basement to talk about how to transition. In his new podcast series, Branching Out (par of the Kneeding Dough series of podcasts if you're searching iTunes), Andrew interviews professional athletes about how they made the transition from pro sports and also what savvy money moves they've made along the way. We'll talk about changing jobs, starting out, building your team, believing in yourself when nobody else does, and more. It's an inspiring interview with Hawk. Plus, in our headlines segment, investors are flocking to buy ZOOM stock... but there's a problem. That's not the company they really want. They're really after ZM stock (from the popular video conferencing company Zoom). Due diligence anyone? And in our second headline, we'll cover one woman's emotional story about creating a "what-if" plan to prepare for the loss of a significant other. Later on, we'll throw out the Haven Life Line to Drew, who is on a student loan repayment plan. He'll qualify for student loan forgiveness in 20 years, but he doesn't want to put all his faith in his loans being forgiven. Should he forgo investing and instead plug away at his student loans? As always, we'll still save some time for Doug's trivia...which today is exceptionally epic. Thanks to Experian for supporting Stacking Benjamins. Boost your FICO score instantly for free. Boost is only available at Experian.com/sb.com. Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post.
Doug Lynam grew up in a wealthy family but rejected looking wealthy at an early age and began hanging out with counter-culture kids while trying hard to find himself. From that lifestyle to the Marines and finally to becoming a monk, we'll talk about Doug's quest to find himself and ultimately to come to grips with the role of money and what it meant for him (and also for many of us). We'll talk through stories about his quest, how he began helping his fellow monks with their money, and ultimately how he became a money manager. He'll also share strategies to help you begin building your financial knowledge, to start questioning your own view of money, and to ultimately become a better steward of money. It's a wide-ranging, fun discussion, and we hope you're able to join us for it! In our headlines we'll talk to Paul Yakoboski, Senior Economist at TIAA Institute, about the results of the company's 2019 Personal Finance Index. He'll share how education and juggling your financial life are closely related. We'll talk about trends with the P-Fin index, the roll of education in your game plan, and more. He'll discuss how to gain knowledge about money and how to become better handling financial concerns. Plus, another company is planning an iPO. No, not an IPO (initial public offering), but a more made-up term called an iPO. We'll explain today. Later in the show, we'll throw out the Haven Lifeline to Alan, who has an awesome question for us about pensions. He has two choices: one where he can take the full amount himself or another where he gives up $400 per month but his spouse is also covered for her life. Which does he take? Then, in our letters segment, Dillion writes in asking about the best way to transition into the field of personal finance. He's currently an accountant, but Dillion's realized his passion is in helping people learn about and gain control of their finances. What's the approach to moving into the personal finance field? Of course, we'll also make some room for Doug's trivia, so don't you worry.
What happens when a bride and her mom spend $70,000 on a wedding and everything goes wrong? Here's a bigger question: What happens when you spend more to get a bigger, better experience and it completely goes awry? Is it better to "super size" your spending to find more joy? We're all about the correlation between happiness and spending on today's episode. We're shaking things up with today's roundtable guest because joining us in today's discussion is Bobbi Rebell, host of the Financial Grownup podcast AND co-host of our very own Money in the Morning show. Plus, we'll call up Paula Pant of Afford Anything, and Len Penzo from LenPenzo.com. After a crazy Game of Thrones meets Len Penzo inspired trivia from Doug, we'll answer a voicemail during the Magnify Money call. Reed asks about an article he's read on retirement. According to the piece, there's a lot of "front-loaded" spending in retirement, which could drain cash savings a lot quicker than expected. We'll give our take on retirement, spending, and planning in our response to the piece. Thanks to Clear for supporting Stacking Benjamins. Get your first two months of Clear for free by going to clearme.com/sb2019 and using promo code sb2019.
Today we're all about your letters. We'll start with a question about moving funds around to avoid some taxes, jump into helping a 25-year-old decide whether to max out his retirement accounts, answer a question about robo advisors, and then launch into helping kids with money, how to save for a house, and more. In our headlines segment we'll talk to Joe Jiminez from The Alternate Life podcast. Maybe you've had the urge to quit your day job and go on a journey, but few of us have actually followed through. Joe Jiminez dumped the job and spent his summer walking the Continental Divide Trail. We might not be able to take the summer off ourselves, but we'll at least ask Joe what it's like. Then later on, we'll throw out the Haven Life Line to Reggie, who's heard on the show that OG isn't particularly fond of Betterment or Wealthfront. Reggie has a bulk of his money in Wealthfront and Betterment, so he's wondering...what's the issue? As always, we'll still save some time for Doug's trivia...which today is exceptionally epic. Thanks to Proper Cloth for supporting Stacking Benjamins. Get $20 off your first custom shirt at Propercloth.com/sb.
Connie Albers joins us today to talk about communication. Specifically, we'll talk about communicating with teenagers, but if you've ever struggled to communicate with anyone, Connie will share great tips on how to build bridges. We'll talk about how to ask the tough questions and have difficult conversations. We'll discuss ways to better understand what's going on in the other person's life. Most of all, we'll discuss ways to be a good leader for your children or for the people around you. If you're still struggling to finish your taxes, Katherine Pomerantz of The Bookkeeping Artist swoops in to save the day. Katherine will share some great tips for ways to possibly save some money on your taxes and also provide some guidance for people not prepared to finish today. How do you file an extension? What if you can't pay the tax due? And in our second headline, the amount of money Americans are paying on credit card interest is only going up this year... by A LOT. And later on in the show we'll throw out the Haven Life line to some new parents. Sebastian and his wife had their baby last year, and they're trying to secure his college future. They have a few different plans in mind, but would like some help on choosing the best one. Then, in our letters segment, Tom has recently started using savings apps. This all sounds well and good, but he also has $13,000 in debt. Should Tom forgo the savings until he has in debt under control?
Why is a couple making $500,000 a year feel like they're just getting by? Shouldn't they feel better off than most people? On today's roundtable we'll examine the budget of the couple who feel just "average" and discuss why lifestyle inflation can eat up more of our income than we expect. Joining us on today's show we welcome special guest Michael Anderson (from Maranantha.com), Paula Pant (from AffordAnything.com), and from our very own podcast, OG. Halfway through the show we'll take a break for our weekly Friday Fintech segment, this week featuring something really cool that can help your retirement plan. Joe sits down with Jason Parker from Sound Retirement Planning, who shares the work he's done to create a calculator that will more likely help you set up realistic scenarios that you can use for your planning. And during our Magnify Money Call, we'll answer a voicemail from Annie. Annie's on the track to be debt-free. She's already been investing into her retirement accounts, and she has a four month emergency fund saved up right now. Annie will complete her last goal after she pays off her car loan and ups her emergency fund to six months. What should be her next milestone? As always, of course, we'll still save some time for Doug's trivia.
How do you keep going when every day seems like a repeat of the last? What do you do to stay focused when either you're always asked to jump higher or may even just perform the same tasks again and again? Why do we turn every great hobby into a marketing opportunity and kill it by calling it a new a "side hustle" idea? What's the value of gifting something? What tools do you use to build your dreams? Our guest today, Austin Kleon, helps us address all of these fundamental questions and more. As a New York Times Bestselling author and creator, Kleon brings the creative mind of an artist to the pragmatic business world and shares some truths that can help all of us attain more of the life we're fighting for. Great news! There's some exciting new legislation working its way through Congress that could offer better retirement options in the future. As always, we've invited an expert to help us make sense of it all. Chris Spence is senior director of federal government relations for TIAA, and has a front row seat to all of the changes. He'll share highlights, concerns, and the big wins for many of us on today's show. Also during our headlines segment, we'll discuss one recent news article suggesting that those staying out of the equity rally are really starting to feel its effects. In fact, people staying on the sidelines in cash just might make this year's rally last longer. Later on, we'll throw out the Haven Life Line to Harvey. Harvey and his wife are closing on their dream home soon (congratulations!) and are wondering what they should do with their condo. They know they can more than cover its expenses if they rent it out, but selling the property will save them a ton of cash on their new loan, along with PMI payments. What should the couple do? Plus, when we get to our letters segment, we'll tear open some mail from Kevin, who's wondering if you can "exchange" ETFs like you can mutual funds. As always, we'll still save some time for Doug's trivia...which today is exceptionally epic. Compare checking, savings, credit cards, and loans before switching. Magnify Money makes it super easy to compare, switch and save.
Ever wonder about firing your advisor? One woman wrote to Joe about firing her advisor, and we realized that's a question that many people have. How does the process work? Do you tell them? How do you move your money somewhere else? In their haste to get rid of an advisor, some people make big mistakes that end up costing them lots of money. Today we're letting you be a fly on the wall. In place of our regularly featured interview, we'll let you listen in on the recorded conversation Joe had with an anonymous listener who's gotten fed up with her financial advisor. They'll discuss whether to sell assets, what records to keep, how to talk to the advisor, and what to look for in new/better help and brokerages. Plus, in our headlines segment (couldn't get rid of that, could we?), the nation's biggest bond investor has dismissed the possibility of a stock market downturn in the near future. BUT, many in the financial media think the signs all point to stock market doom and the downturn is at our doorstep. So, who should we believe? Should our financial plan change regardless of what happens? And later in the show, we'll throw out the Haven Life Line to Danielle. Her son, who has special needs, is getting his job. They are working toward him living independently and want to open an account for him at a brick-and-mortar bank where he'll have assistance if needed and easy access to his cash. Thoughts? Then, in our letters segment, we'll cover a (totally) hypothetical question from Matt. Would it make much sense to have his kid forgo the traditional college experience and instead put all the savings into an investment account? It's all about time in the market, right? Don't you worry, we'll cover it all and more (including Doug's trivia), on today's content-packed episode of Stacking Benjamins.
Do you think you could pass a quiz covering basic questions about retirement? While you MIGHT be confident that you know the basics, a recent TD Ameritrade survey suggests that most Americans would actually fail a simple retirement quiz. To help us make sense of whether the terms listed on this quiz are actually meaningful we're helped on Joe's Dad's shortwave by Paula Pant (Afford Anything), Andy Hill (Marriage Kids and Money), and special guest Daniel Angelone (Innovative Planning Partners.) Halfway through the show we'll take small break from the roundtable for our weekly Friday Fintech segment. Joe will talk to Brittany Joiner, creator of the social finance app, Penge. Different than many of our interviews, the Penge app isn't yet "a thing." How does a developer create the idea for a new app and bring it to life? Brittany is living that right now. We'll also tackle how she realized that being inclusive with your social circle about personal finance can change our attitudes towards money. We'll cover that and more during today's Fintech segment. And during our Magnify Money Call, we'll answer a voicemail from Calvin, who's still getting adjusted to the world of personal finance. From what he's learned so far ETFs and mutual funds are the best way to invest. Is there anything else he should be doing with his money to diversify? As always, of course, we'll still save some time for Doug's trivia. Thanks to Away for supporting Stacking Benjamins. Go to awaytravel.com/sb20 and use the promo code sb20 to get $20 off a suitcase!
Ever wonder what it'd be like to square off against the sharks? Tanya VanCourt from Goalsetter.co just did that and we'll share the exciting story from start to finish on today's show. Whether you're a fan of Shark Tank, Goalsetter, FinTech, or just entrepreneurship in general, you're going to love our blow-by-blow telling of Tanya's Shark Tank adventure. She shares LOTS of strategic lessons for anyone hoping to be a business owner, networker, or strategist. Plus, in our headlines segment, we'll talk to Peter Polson (CEO of Tiller) about Apple's new credit card offering, which was announced just last week. While it's been getting a lot of hype from the media, is the card worth it? We'll break down the features of the new card, perceived benefits from it, and how this offering stacks up against others. Also, we'll dive into one piece from Barrons that could throw a big wrench in a few retirement plans. Are you counting on your primary residence to finance your retirement? We'll discuss why that may not be the best strategy for your golden years. The Barron's piece calls it a trap, but do we agree? Later on, we'll throw out the Haven Life Line to Les, who owes extra tax this year due to his 1099 income. Les also receives a W2 from his employer. Could he request extra withholding from his employer to cover his self employment taxes? We'll round out the show with a letter from Nathan, who's hopping jobs. Both of his employers have a 457 plan, but his new job won't have a company match. What should he do with his 457? Roll it over? Leave it alone? Roll it to a different plan? As always, we'll still save some time for Doug's trivia...which today is exceptionally epic. Thanks to MetPro for supporting Stacking Benjamins! Get your complimentary Metabolic Profiling assessment and a 30-minute consultation with a MetPro expert at metpro.co/sb.
We aren't foolin' around on April Fools Day, because bestselling author, TED speaker, and top researcher of successful people Laura Vanderkam joins us. Laura and Joe tackle time management and priorities. When you have more tasks to do than time to do them in, how do you decide what to do first? What do you ignore? She'll share some simple to implement ideas that will help you conquer your inbox and more importantly, help you increase your attention to what matters. If you need more money, more time, or more life, this is the episode for you. In our headlines segment we'll also talk to Mike Foy from JD Power and Associates about their annual survey on full service advisory firms. This year it appears clients may be ready to ditch their advisor unless they're able to add to the bottom line (especially in a couple crucial areas). What is your advisor doing/not doing? We'll address that on today's show. Also in our headlines segment, Securities America has been hit by an $18 million lawsuit. With the company's now fired broker facing up to 25 years in prison after pleading guilty to running a Ponzi scheme, what lessons should we be taking from a family who's taken an $18 million hit loss since 2001? Of course, that's not all. We'll also throw out the Haven Life line to to Royale. With her financial plans on track and savings going well, is there anything Royale and her family are missing from their plan? Of course, we'll still take time to answer a listener letter. Today we'll field one from Michael, who wants to know if there's a good strategy for investments when the market starts to cool off. , and talk about a certain project Mom's Neighbor Doug may or may not be working on. All of that and more in another action-packed episode of the Stacking Benjamins Show! Thanks to Away for supporting Stacking Benjamins. Go to awaytravel.com/sb20 and use the promo code sb20 to get $20 off a suitcase! Thanks to MetPro for supporting Stacking Benjamins. Get a complimentary Metabolic Profiling assessment and a 30-minute consultation with a MetPro expert at metpro.co/sb.
On today's show, we'll cover all the (once) great financial strategies that have floated around the financial community. What outdated rules-of-thumb are you holding? We'll talk about which financial rules you should probably chuck out the window, and which ones still hold some water in today's world. Joining us on today's roundtable is Sophia Bera (Gen Y Planning), Paula Pant (Afford Anything), and from our very own podcast, OG. Halfway through the show we'll take small break for our Friday Fintech segment, which today we're renaming "Friday HealthTech." Joe and OG sit down with Angelo Poli, the founder of personal lifestyle and weight loss company, MetPro. How do you get yourself in shape? Buy health and sell bad habits. And during our Magnify Money Call, our contributors will take a walk down memory lane to answer Rob's question. Rob's a high school teacher with the opportunity to pass on good financial knowledge to his senior class. He'd like some advice on what knowledge we would've wanted before we started our life journey. As always, of course, we'll still save some time for Doug's trivia. Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB.
Tony Bradshaw believes that we all can become millionaires. Growing up in a low income household, Tony learned the hard way how difficult it was to make and keep a dollar. But, using some of the strategies he talks about on today's show, he set a goal, made a plan, and then worked his plan to become a millionaire before he was forty years old. We'll talk about how you can make similar choices on today's podcast. Plus, in our headlines segment, we're NOT talking about Millennials, but instead, the newest study focused on... Gen Z. If we had to put a label or two on this generation's approach to the workplace it would read something like this: fast promotions and BIG raises. We'll dig behind the numbers and find some takeaways that are more than meets the eye, with the CEO of the company that studied the commission, Bill Bennett, from Inside Out Development. Later on we'll throw out the Haven Life Line to David, who has some "big" investor questions. What's the deal with being an accredited investor? The group has to be pulling in a nice income every year, or has a big net worth already behind them. Is there really a higher class of investor who have better investing options than everyone else? After we spend some time sorting out the answer for David we'll field a letter from Kyle, who wants needs some guidance on what to do with a bonus from work. Should Kyle lump sump into his 401k (which will max out his contributions for the year), or dollar cost average the cash into his account? As always, we'll still save some time for Doug's trivia. Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post. Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB.
What's your money story? What the heck IS a money story? Jean Chatzky from Her Money (and the Today Show money editor) joins us to talk about her money story, why it's important, and how to use it to avoid making mistakes in the future and capitalize on your strengths. We'll also talk about maximizing social security, why many women don't consider themselves to be "investors," and judgement-free financial discussions. Plus, in our headlines segment, we'll cover one new story that suggests there's a "alphabeticity bias" in 401k investing. What is alphabeticity bias? We'll not only define it, but probably make you groan when you hear how it's hurting people's performance in their retirement plans. Later on we'll field some of your questions. First we'll throw out the Haven Life Line to Tim, who has a pension fund at work and an estimated monthly benefit. How does he calculate his net worth statement. Next, we'll open up a letter from Tyler, who has recently read that he shouldn't own small cap funds in a taxable brokerage account because of capital gains. Does he have a right to be concerned? As always, we'll still save some time for Doug's (completely epic) trivia. Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post.
In true Stacking Benjamins fashion today we're all about the Tooth Fairy. A new Delta Dental study shows that the Tooth Fairy is leaving less money for children's teeth. Does this mean the economy is weakening? Does it mean that the value of teeth are lower? Helping us out today we welcome special guest Susan Beacham from MoneySavvy.com. Also on today's motley crew, is Paula Pant from AffordAnything.com, and rounding out our gang is Len Penzo from the LenPenzo.com blog. Halfway through the show, we'll take a break from our discussion with Susan and the rest of the gang to cover a long running IRA problem. Have you been looking for a place to make investing in alternative investments easier inside of your IRA? During our Fintech segment Joe will talk to Eric Satz, CEO of IRA company Alto, about what his company is doing to help streamline the process. Then we'll answer a Magnify Money call for help from Lauren, who wants to save money for her kid's college fund, but is weary about the restrictions that come with using a traditional 529 plan. What other college savings vehicles are available for her? As always, of course, we'll still save some time for Doug's trivia. Thanks to Airbnb for supporting Stacking Benjamins. Go to Airbnb.com/SB to start hosting. You’ll receive a $100 Amazon Gift Card if you generate $500 in booking value by May 30. Terms and conditions apply.
We're answering your letters today, but first, we'll tackle a headline about the case against rolling over your 401(k) plan to an IRA. Most of us have heard why you should roll it over. Let's now hear the flip side. With points such as the lack of a stable value fund, the fact that many IRA advisors are just salespeople, and 401(k) plans in general beat IRA performance, the author makes many points which, on the surface, sound like an open-and-shut case. But is that really ALL of the argument? We'll discuss it today! Plus, also in our headlines segment, one special interest group who loves fiduciary rules is arguing against one state that's trying to put them into place. Do they have a good argument? What does that mean for advisors helping you with your planning in general? We'll also tackle that big topic. But then, we'll spend most of the show on your letters, which today include a TON of Roth IRA questions, among others. How should you set up your Roth? What about the 5 year rule? How should you invest your money inside of your Roth? We'll answer those, plus throw out the Haven Life Line, fire up Doug's trivia question, and more. Today's episode is a great way to celebrate the first day of spring! Thanks to the Murder Book Podcast for supporting StackingBenjamins. Check out Michael Connelly's new Murder Book podcast wherever you get your podcasts, or at MurderBookPodcast.com.
Finding the right person to help you make your best financial moves is a giant exercise in trust. How do you know an advisor is perfect for you? On that note, how do you know the advisor is right for anyone? What questions can you ask to avoid the wrong relationship? There are a thousand questions you could ask... but the bottom line is this: How do you hire the right person to help you manage your financial decisions? Coming onto the show today is the man with many answers, the author of How to Find the Perfect Advisor, Nicholas Stuller. By the end of the conversation, you'll know what you should watch out for and have the confidence to make the right decision when it comes to hiring a great advisor. Plus, in our headlines segment, we'll take a look at marijuana stocks. These types of stocks continue to see a huge inflow of cash, but could investing in a marijuana stock create some big unintended consequences? We'll cover one piece that details the repercussions you could face by throwing even a few dollars of fun money into the wrong investment. Later on we'll throw out the Haven Life Line to JB, who's looking for the pros and cons of choosing one method of retirement investing over another. What should investors be looking at when deciding on how to invest their retirement funds? We'll also answer a letter from Mark, who's looking for advice on if he should convert his traditional IRA to a Roth IRA. As always, we'll still save some time for Doug's (completely epic) trivia. Thanks to Airbnb for supporting Stacking Benjamins. Go to Airbnb.com/SB and start hosting. You’ll receive a $100 Amazon Gift Card if you generate $500 in booking value by May 30. Terms and conditions apply.
What do rich people do with all their Benjamins? Yachts? Helicopters? Trips to the Alps? Helping us through one MarketWatch piece that seems to have the answer to our burning questions about wealth, is the founder of Reisup, Tara Falcone. Plus, we welcome Len Penzo from LenPenzo.com and OG from our very own SB podcast. Halfway through the show, we'll take a break from our discussion to talk about the future of FinTech. On our special Friday segment to talk about where your next savings opportunity might come from, we welcoming the co-founder of start-up incubator Financial Ventures Studio, Ryan Falvey. Then we'll throw out the Haven Life Line to Tim, who has a question about where he and his wife should sock away their retirement funds. Right now most of their money is in traditional accounts, but would it make more sense to have it a Roth account instead? As always, of course, we'll still save some time for Doug's (completely epic) trivia. Thanks to Grammarly for supporting Stacking Benjamins. Get 20% off a Grammarly premium account, go to Grammarly.com/SB. Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB.
Does it feel like it'll be an eternity until you've finally finished off your student loans? Maybe you're one of the nearly two-thirds of Americans who wonder how they'll ever pay off their loans. Student loans can be a burden for years after you've walked across the stage for a diploma, and it's one expense no one would miss from their monthly budget. And while money and enough time will eventually take care of your student loans, we expect you don't want to wait to be anchored down for a good portion of your working life. So to help you pay down your loans more quickly, today, we welcome special guest David Carlson. David has been in the all-too-known position of having to pay down lots of student loan debt... but he figured out a solution to pay it off. Now he's teaching his process to us. Plus, in our headlines segment, one FinTech company that you've probably heard of is rolling out fee-free exchange-traded funds. Surely it's time to jump ship and invest in them, right? In our second piece, we're looking at one MarketWatch publication about how a manager earns his profits: from other investors' mistakes. Later on we'll throw out the Haven Life Line to Matt, who is relocating from Texas to Louisiana. Texas does not have a tax on income, while Louisiana does. Can Matt hold off on his retirement contributions so that he can reduce his earned income in Louisiana? And in our letter's segment, Duncan wants to know if he should take out a small loan to max out his Roth IRA for the year. He's only 30, so he has plenty of time left to minimize risk. As always, we'll still save some time for Doug's (completely epic) trivia. Thanks to Molekule for supporting Stacking Benjamins. Get $75 off your first order at Molekule.com with our promo code: SB. Thanks to Skillshare for supporting Stacking Benjamins. For 2 months of Skillshare FREE, visiting Skillshare.com/SB.
Are you aggressively striving for your financial goals? Putting in the time to make your dreams come true? Are you sure you're NOT going to let anything stand in your way when it comes to securing a nice retirement and a fantastic nest egg? Here's a question: when are you working TOO hard toward your goal? How do you know when you've gotten TOO caught up in the rat race? On today's show, we sit with entrepreneur David Hauser, who's built and sold two successful businesses, but who also has been overworked, unhappy, and unhealthy. Early on, David was used to a 100+ hour week, a lifestyle of unhealthy eating, and not a lot of physical activity. After a 10 year journey of self improvement, David has found a work-life balance that not only satisfies his financial needs but his personal ones as well. As you'll hear in the interview, being all about the Benjamins doesn't necessarily mean you need to sacrifice the other important parts of your life. Plus, in our headlines segment, how much do you spend on subscriptions? Today Joe talks to Andy Kerns from Digital Third Coast. Partnering with Waterstone to conduct the study, Andy's team looked into the relationship that America has with subscription services. Is it destroying your bottom line? We'll also dive into a piece on how the new crop of financial planners are trained... should more financial firms be looking at a residency program? Later on we'll throw out the Haven Life Line to Roxanna, who's only partially vested in a 401k at her old workplace. Could she have problems getting her cash down the road? On the letter's side of things, Tearar wants to get some ETFs in her workplace's SIMPLE IRA, but is getting pushback. What's the deal? As always, we'll still save some time for Doug's (completely epic) trivia. Thanks to Molekule for supporting Stacking Benjamins. Get $75 off your first order at Molekule.com with our promo code: SB. Thanks to Grammarly for supporting Stacking Benjamins. For 20% off a Grammarly premium account, go to Grammarly.com/sb.
401k? Roth? Dollar cost averaging? Market timing? Target-date funds? Choosing to take responsibility for your financial well-being is often a difficult choice, and it's not made any easier by the long list of jargon that comes attached to being money savvy. That's why on today's show we're breaking down all the words and definitions that'll have you scratching your head as you try to get your budget and retirement plan on the right track. Joining our awesome panel of contributors today (alongside our very own OG, and Paula Pant from Afford Anything) is Nate Abercrombie, from the Investing with the Buyside podcast. Halfway through the show, we'll take a small break from our discussion for our Friday Fintech segment. On today's segment, Joe sits down for a call with Parker Graham from the Destiny App. Do you want to pay off your debt faster (of course you do!), but also get the small wins from the debt snowball method? We'll explore how the Destiny App is setting out to give you the best of both worlds on today's Fintech. Plus, we'll throw out the Haven Life Line to Kristen. Kristen and her husband are high-income earners but are putting two kids through college. They're also carrying a mortgage and a car loan... with no retirement savings. Where should Kristen and her spouse put their focus as they realign their priorities? As always, we'll still save some time for Doug's (completely epic) trivia. Go to Airbnb.com/SB and start hosting. You’ll receive a $100 Amazon Gift Card if you generate $500 in booking value by May 30. Terms and conditions apply. Thanks to the Murder Book Podcast for Supporting Stacking Benjamins. Go to MurderBookPodcast.com to listen in.
Should you take on debt to buy real estate? Does the stock market really return as much as we're told it after a life of saving and investing? And on the topic of stocks... how should a portfolio be split up between small, large and foreign stocks? That's just a sneak peak of the broad range of question and answers we're discussing on today's jam-packed letters episode. During our headlines segment, OG is sharing his thoughts on Warren Buffett's Berkshire Hathaway letter to investors. Plus, we're calling 1(800)Accountant CEO Mike Savage. What's the deal with this year's tax refunds... or lack thereof? After some unusually fantastic trivia by Doug, we'll throw out the Haven Life Line to Luke, who is getting his master's degree this fall. With his tuition covered, plus a stipend of $1400 a month, should he try to max out his Roth IRA before school starts, or should he save the amount of $6000? As always, we'll still save some time for Doug's (completely epic) trivia. Thanks to the Murder Book Podcast for supporting StackingBenjamins. Check out Michael Connelly's new Murder Book podcast wherever you get your podcasts, or at MurderBookPodcast.com. Go to Airbnb.com/sb and start hosting you’ll receive a $100 Amazon Gift Card if you generate $500 in booking value by May 30. Terms and conditions apply.
Whether you've never purchased a home before or just don't know much about the process, we've got a treat for you today. We're going to dive into everything mortgages 101 today, like PMI, the negotiability of fees, and the lie that everyone quoting rates is telling (those rates "might not be what you think they'd be.") On today's show we welcome the guy who's teaching us everything millennials need to know about mortgages, Jeff VanNote. During our headlines segment, we'll start with one piece detailing how Americans would spend a life-changing sum of money. Do you know how you would spend yours? In our second headline, we talk to head of retirement research from Carson Wealth, professor Jamie Hopkins. Could you be on the hook for your parents' long term care? Plus, in a special third headline, one Florida man received a $980,000 tax refund. Before you start asking how you can cash in as he did, you'll want to find out the rest of that story. Later on, we'll field a Haven Life Line call from Michael, who has $5,000 in savings. He's put in about $500 into Acorns so far to start investing, but should he be doing more? And in our letter segment, Allen tells us how he's been socking away $100 per month since his daughter has been born. She's going off to college in a couple of years, and Allen wants to keep socking away $100 for her in a Roth IRA once she graduates. Where's the best place to start the account? As always, we'll still save some time for Doug's (completely epic) trivia. Thanks to MagnifyMoney.com for sponsoring Stacking Benjamins. MagnifyMoney.com saves users on average $450 when they compare, ditch, switch and save on credit cards, student loan refinancing, checking, savings and more. Check out MagnifyMoney.com for your savings. Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post.
What should be the number one priority on your retirement planning list? That answer is going to be different for everyone, and on this roundtable episode our contributors gave their take on one list's "most' urgent items. You can find the original show notes from 2016 below: What are the most important moves to make in retirement? Harlan Landes (Adulting.tv, Plutus Foundation) joins Paula (AffordAnything) and Len (LenPenzodotcom) to tackle a recent Wisebread piece that claims to give us the MOST urgent items on your retirement planning list. Does our panel agree? You'll find out on today's show. Also, we mull over real estate home improvements (where do you get the most bang for your hard-earned dollar?) AND dream about what we'd do if we could get unlimited points/miles. Heck, even ChiChi's gets a mention on today's show. You know it's going to be a wild one when we're talking ChiChi's. In our FinTech segment we talk to Jamie Wise from Buzz Indexes(BUZ) about their index and ETF. Hedge fund managers have been following the wisdom of social media crowds...now Jamie and his firm are bringing the same technology to the average investor. Thanks to MagnifyMoneyand SoFi for sponsoring our podcast!
When's the last time you gave you financial life a good inspection? It's been a bit since we talked about having a good look at our financial processes and routines, so the Fintern decided to spin up Joe's interview with Today Show Money Editor Jean Chatzky. Back in 2017 Joe talked to Jean about why people should get a financial "check up." We still think that's a great idea in 2019. Here are the original show notes from 2017: If anyone knows the heartbeat of personal finance, it's Today Show Money Editor Jean Chatzky. On today's podcast, Jean joins us in the basement to talk about your financial engine. How well is it running? She's teamed up with Dr. Michael Roizen to talk about how to age-proof your life. We'll have LOTS of tips and resources today. In our headline segment, we talk annuities. Our arch-enemy Meg forwarded us a nefarious piece about annuities that clearly displays what some annuity salespeople are thinking--they just want your cash. Plus, we throw out the Haven Life line and also save time for Doug's trivia. Special thanks to SoFi and Magnify Money for sponsoring our show! We couldn't do any of this without the support of these awesome companies.
We haven't talked about market timing at all on the show lately, so the Fintern thought it was about time to reach back in the archives and find an old episode on the topic. This eshow is from a Wednesday back before we changed our format. OG sounds like he's in a tin can, to a degree, but if you can get through that, the show itself is a really great collection of letters from you. Here's the original show notes from 2015: Today the star of the show is YOU! You ask us about market timing, diversification and risk…and we deliver the goods. Plus PK is back in the basement to argue with Joe about emergency funds. When is it the right time to save into your emergency fund? Is it best to save BEFORE you pay down debt or AFTER? PK says AFTER and Joe says BEFORE….you’ll hear the epic debate on today’s show! As if that weren’t enough, today’s headline is about China’s recent move to regulate their stock market volatility. Is that good or bad for investors? We also review the film Focus with Will Smith and Margo Robbie.
It's easy to find financial advice on the internet. But finding GOOD financial advice? You'll find that's a bit more difficult. With so many money "gurus" pushing their sage wisdom, how do you sort through all the noise and find the truth? We'll discuss where the "truth" lies today, with some help from our contributors: Chelsea Brannon from Smart Money Mamas, Len Penzo from LenPenzo.com, and OG from this podcast. Today we're tackling money, (bad) advice, and lies! Halfway through the show we'll take a break to talk to Eric Redline, creator of kid-focused money management app, NuMoola. Next we'll answer a Magnify Money call from Scott, who wants to buy a home sooner rather than later. The catch? He doesn't have 20% to put down as a downpayment. Should he charge forward anyway? And don't you worry, we'll save some time for Doug's trivia. Thanks to Grammarly for supporting Stacking Benjamins. For 20% off a Grammarly premium account, go to Grammarly.com/sb. Thanks Audible! Get Power Moves by Adam Grant for free when you sign up for a free Audible trial at Audible.com/sbpower or text sbpower to 500 500.