Let’s take a look back on the biggest financial and economic stories of 2024 – and a look ahead to 2025!
The Fed
GDP
The Bull Market
The Deficit
Inflation
Bitcoin
Basel III Endgame
and Scientific Breakthroughs
Category: Personal Finance 101
#566: Q&A: Breaking Up with Total Market Funds After 10 Years
Jackie is sold on Paul Merriman’s “Four Funds” approach, but she’s overwhelmed by the logistics of diversifying her single fund portfolio.. What are the best practices to redistribute her investments, handle taxes, and manage rebalancing?
Heidi’s mother recently passed and she’s struggling to decide between distribution options, their tax implications, and investment options for the […]
#562: The Secret Psychology of Successful Negotiators, with Matt Schultz
More than 90 percent of people who ask to get their credit card annual fee reduced are successful. Yet most people never ask.
Why? They assume the answer will be no.
Matt Schultz, the author of “Ask Questions, Save Money, Make More,” joins us to explain the psychology and tactics behind successful negotiation.
The key insight: companies want to keep your business. Banks, employers, and service providers invest in long-term relationships because it’s more profitable than constantly finding new customers.
This gives you more leverage than you might think.
For credit cards, Schultz points out that calling the retention department directly (rather than general customer service) often leads to better results. He shares his own experience of getting his $600 annual fee cut in half just by making a yearly call.
With mortgage negotiations, Schultz suggests getting quotes from 3-5 lenders on the same day, since rates change frequently. A quarter-point rate reduction on a $360,000 mortgage saves $20,000 over the life of the loan. The fees themselves can differ by $5,000 between lenders.
When it comes to workplace negotiations, Schultz recommends keeping a weekly log of your accomplishments. Note both your regular duties and times you went above and beyond. This creates a strong foundation for salary discussions.
The most effective negotiations frame requests as win-win scenarios. Instead of just asking for tuition reimbursement, explain how additional education will help you contribute more to the company. Rather than demanding a lower rent, offer to sign a longer lease that reduces the landlord’s vacancy risk.
Schultz emphasizes building relationships during negotiations. The person at the call center has likely dealt with angry customers all day. Being pleasant and making a human connection can lead to better outcomes.
The interview also covers negotiating with family members about money, choosing when to negotiate versus pay full price (like at charity shops or with small businesses), and how to time requests effectively.
The common thread: success comes from understanding the other party’s interests and finding ways to align them with your own.
This episode will show you how to save hundreds — or thousands — in your regular spending, simply by asking.
#561: Q&A: Why Your Retirement Math Isn’t Adding Up
Joanne is confident that her short and long-term financial plans are set, but she’s not certain about the medium-term. What’s the proper way to allocate money for different time horizons?
Jessie is intrigued by Paul Merriman’s simple portfolio recommendations but wonders about his lean away from growth stocks. Are value funds generally better for everyday investors?
Nancy is worried she’ll miscalculate her financial independence number because her net worth includes pre and post-tax money, plus liquid and illiquid investments. What’s the right approach?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
#557: Help! The Money is Good … But My Dream Life is Different
Imagine saving nearly your entire paycheck while your rental properties cover your bills. That’s exactly where real estate investor Andrew finds himself — and yet he’s at a crossroads.
At FinCon, a personal finance conference, former financial advisor Joe Saul-Sehy and I sit down with Andrew and another attendee who bring their money dilemmas live on stage.
Andrew’s question seems simple at first: should he sell his index funds to pay off his rental mortgages? But the real story runs deeper.
He feels called to entrepreneurship and wants to quit his corporate job to pursue it full-time. He could achieve minimal financial independence (lean-FIRE) if he pays off the properties, but that might limit his options.
Next, Chris, a Gen X dad, opens up about his Gen Z kids’ gloomy money outlook. His 22 and 24-year-old children, especially his daughter, believe their generation “will never retire.” They see high inflation, expensive housing, and low wages as insurmountable obstacles.
This sparks a deeper conversation about generational perspectives. We note that similar fears existed 15 years ago when millennials entered the workforce during the Great Recession. Joe shares how he helped his own kids develop healthier money mindsets by introducing them to financial voices they could relate to, like Broke Millennial author Erin Lowry.
The discussion evolves into how today’s young people actually have more opportunities than previous generations — they can work remotely, start online businesses with minimal capital, and create multiple income streams through platforms that didn’t exist before. Chris’s daughter, for instance, sometimes makes $35/hour driving for DoorDash during peak times.
We wrap up by talking about the importance of focusing on what you can control and finding purpose beyond just retirement planning. As Andrew points out, it might be worse to spend the best years of your life doing work you don’t care about than to face uncertainty in retirement. The key is taking action on the things within your control while building toward long-term security.
Throughout the conversation, both guests share personal stories that illuminate their situations – from Andrew’s experience at an oil refinery that pushed him toward entrepreneurship to Chris’s daughter storing cash for taxes from her DoorDash earnings, showing she’s more financially aware than she might think.
#556: Q&A: When a Million Dollars Feels Like a Burden
An anonymous caller was raised to work hard, live below his means, and save. He feels undeserving of his recent $1,000,000 inheritance and struggles to spend it. What should he do?
Jack bought a house with a seven-year adjustable-rate mortgage. He’s confused about when and how he should refinance out of it. What should he do?
Jack is also wondering how to do the breakeven calculation between contributing to a Traditional IRA with upfront income tax savings versus a Roth IRA with deferred savings on investment gains.
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
#553: The Brutal Money Truth No One Wants to Hear, with Dr. Brad Klontz and Adrian Brambila
This is the third and final episode in a three-part series. Dr. Brad Klontz and Adrian Brambila join us to share 21 harsh truths about building wealth.
This episode focuses on the final 11 harsh truths, following up on their previous conversations about the first 10 harsh truths.
The conversation begins with a key distinction: poor people buy stuff, while rich people buy time. They explain how wealthy people focus on building passive income streams rather than trading hours for objects. Brambila shares how he learned this lesson personally, discussing his pickleball court purchase through investment income rather than active work hours.
The duo challenges common assumptions about luxury brands, arguing that people who constantly show off designer items are usually compensating for insecurity. Klontz shares his own experience of buying an expensive watch early in his career to prove his success.
They examine whether college, marriage, and homeownership are necessary for wealth building. While data shows these traditional paths often lead to higher net worth, they acknowledge these aren’t the only routes to financial success.
On the topic of retirement, both guests argue that completely stopping work can be psychologically harmful, sharing examples of successful people who stayed active well into their later years.
They break down specific money-saving strategies like getting roommates, using public transportation, and cutting your own hair. Brambila demonstrates how women can cut their own hair during the interview.
The discussion covers specific side hustle opportunities, with detailed explanation of how to make money doing Amazon product reviews. Brambila shares how his videos have generated significant income, including $2,000 in a single day during Black Friday.
They address money myths about credit cards, particularly the misconception about carrying balances to improve credit scores.
Real examples and personal stories illustrate their points. Klontz shares how his 11-year-old son is making $5,000 monthly doing Amazon reviews, while Brambila discusses living in a van while earning six figures to demonstrate that wealth isn’t about outward appearances.
The episode concludes by connecting financial security to Maslow’s hierarchy of needs, explaining how building wealth enables higher-level personal growth and positive impact
#552: The Harsh Truth About Getting Wealthy
Dr. Brad Klontz and Adrian Brambila join us for part two of their three-part series on “harsh truths” about building wealth.
The first truth sets the tone: being poor sucks. But they quickly distinguish between being “broke” (having no money, which can be temporary) and having a “poor mindset” (which keeps people stuck).
Even high-income earners can have a poor mindset, they explain, sharing examples of pro athletes and celebrities who earned millions but lost it all.
The discussion moves to whether the financial system is “rigged.” While acknowledging real systemic challenges, they argue that viewing it as a rigged system leads to powerlessness. Instead, they suggest viewing wealth-building as a game with specific rules to learn and master.
Several guests share candid stories about their own financial journeys. Brambila describes living in a van while earning seven figures, challenging assumptions about what wealth looks like.
Klontz reveals how he lost money day trading during the tech bubble, using that experience to warn against get-rich-quick schemes.
The conversation tackles touchy subjects like distancing yourself from friends with poor money mindsets. Klontz shares how he had to end a friendship with his best man when their different approaches to business created tension. They emphasize this isn’t about income levels – it’s about mindset and habits.
Through personal examples, they explore why people often undervalue their work. Brambila describes initially pricing his online courses too low due to imposter syndrome. They discuss how both employees and entrepreneurs need to understand their true market value.
The duo challenges common beliefs about jobs, arguing that “only liars love their jobs” since most people would change how they work if they had financial freedom. They use the example of petting puppies – even a dream job becomes less appealing when you lose control over your time.
On lottery tickets, they expand beyond just criticizing gambling to examine how get-rich-quick mindsets distract from real wealth-building strategies. Klontz shares research showing 97% of day traders lose money, using this to illustrate why seemingly easy paths to wealth usually fail.
Throughout the episode, the guests weave together psychology, practical advice, and frank discussion of uncomfortable truths about money. While some of their statements spark controversy, they back up their positions with research and real-world examples from their own lives and their work with clients.
#549: Am I Wrong to Worry About Retirement, with $2 Million Saved?
Steven is stuck on the question of financial stability. How do you know if you have it? Is there an objective answer based on net worth? Or is it a calculation relative to your income and age?
Jack isn’t sure how to factor his house into his net worth. It’s an asset, but he has a mortgage against it, and there are transaction costs associated with selling it. How should he frame it?
Patricia and her husband are debt-free with a $2.2 million net worth, but she’s constantly stressed about their finances. Are her concerns valid? Or is she a financial hypochondriac?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
#547: Ask Paula: “We Have $2 Million at 40 – Now What?”
An anonymous caller and her husband have a $2 million net worth at 40, but they’re worried that the one-fund portfolio that got them there isn’t good enough anymore. Are they right?
Jared feels frustrated that so much personal finance media is centered around tech and freelance workers. Does Paula and Joe have negotiation advice for someone in the union?
Sam owns two overseas properties in a country that’s experienced runaway inflation for the past decade. He’s worried he’ll lose $500,000 worth of assets. How does he control the bleeding?
Steve is calling back with an exciting update on his house-swapping journey from Episode 487.
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
