Personal Finance for Long-Term Investors - The Best Interest

Back with another AMA, Jesse tackles your questions on employee stock incentives, diversification, how taxes affect investments, and more! Our first question comes from Lynn, who asks about when to take Social Security, which opens up a broader discussion on optimal timing for retirement benefits. While she and her husband initially planned to wait until age 70 to maximize benefits, based on family longevity, Lynn's making some reconsiderations. Key considerations for anyone approaching Social Security include health, family history, need for benefits, ongoing work plans, spousal benefits, and how Social Security fits into their broader financial plan. Yogi is considering his company's Employee Stock Purchase Plan (ESPP), which offers a 5% discount but no look-back provision. While it may seem like "free money," he's concerned about missing other investment opportunities. Key factors include market risk, taxes, and the risk of holding too much company stock. Jacob and his wife, both 32, have diversified investments across various accounts, including sector-specific funds and broader options like S&P 500 and international funds. Jesse dives into ideas on how to diversify investments into a variety of asset classes, sectors, and geographies. Maple Leaf is turning 65 and plans to apply for Medicare, asking whether the income lookback period for IRMAA (Income-Related Monthly Adjustment Amount) is a one-time event or reviewed annually. The lookback period is annual, with a two-year delay, meaning income from two years prior determines the surcharge. Jimbo from Alabama asks whether the fiduciary standard is a sufficient filter when choosing financial advisors. While being a fiduciary is important, as it requires advisors to act in their clients' best interests, it's a "coarse filter," and clients should dig deeper by asking about advisors' payment structures, investment philosophies, and potential conflicts of interest. Our last question comes from Eric. Eric, 38, plans to retire at 55 while his wife intends to work until 65, raising the challenge of coordinating their financial and lifestyle transitions. Jesse emphasizes the importance of clear communication about how their daily routines and relationship dynamics might change as one partner retires while the other continues working If you'd like a question in a future AMA, send Jesse a message! Key Takeaways:• When you want to take out Social Security depends greatly on your health (current and anticipated), personal needs, work plans, spousal benefits, and more. • How do ESPPs work? And how can you make the most of these employee offers? • How to diversify your investments into a variety of asset classes, sectors, and geographies. • What is IRMAA? And how can you make the most of it? • Just like when you look for a doctor, a therapist, or any other professional help, you'll want to ask a series of questions to find out how they work and if it's a good fit. • How to balance your retirement plans with your spouse's. Key Timestamps:(00:00) - Introduction and Featured Review (01:47) - Family History and Social Security (12:54) - ESPPs and Taxes (21:21) - Investment Diversification (29:06) - IRMAA and Lookback Periods (37:41) - Questions to Ask Potential Advisors (45:57) - Lifestyle Transitions to Retirement Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, IRMAA, ESPP, Income-Related Monthly Adjustment Amount, Employee Stock Purchase Plan, ask me anything, early retirement, capital gains tax More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog When Should I Take Social Security?: https://bestinterest.blog/when-should-i-take-social-security/ Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse explores the intricacies of student loan forgiveness, highlighting the fallacy that loans can simply vanish without consequence. He argues that the financial burden ultimately falls on taxpayers and critiques the notion that the U.S. government can "magically" eliminate student debt. Jesse explains the Public Service Loan Forgiveness (PSLF) program and how student debt exacerbates mental health problems. He proposes a balanced approach of partial interest forgiveness to alleviate borrower burdens, shorten repayment periods, and benefit both individuals and the government, all while maintaining personal accountability. Today's guest, Katie Gatti Tassin, is the founder of Money with Katie, a platform she created in 2020, which was later acquired by Morning Brew. During the interview, Jesse and Katie discuss frustrations with the American healthcare system, underscoring how flawed incentives impede rational decision-making. Most of the conversation revolves around financial literacy and misconceptions among the FIRE community and broader society. As Jesse and Katie reach the end of the discussion, they share their thoughts on how social media and social isolation affect us financially and mentally. This is a wide-ranging conversation with a few insightful tangents. If you're looking for a personal, real, and thoughtful finance podcast, then this is the episode for you. Key Takeaways: • Loan forgiveness doesn't make the loan disappear… Someone is eating that cost. • Jesse explains how the Public Service Loan Forgiveness (PSLF) program works. • The broken incentives of the American healthcare industry discourages rational decisions. • How "tough love" online finance personalities like Dave Ramsey or Caleb Hammer work (or don't). • How our individualism and social media lead to social isolation and affect our mental health. • If you're listening to this podcast, you're probably more financially secure than you think. Key Timestamps: (01:38) Jesse's Monologue: Student Loan Forgiveness & Moral Hazards (20:37) A Proposed Solution to Student Loan Debt (27:06) Introducing Katie Gatti Tassin (28:46) The Healthcare Marketplace Dilemma (38:23) Hospital Fines and Perverse Incentives (40:13) Balancing Savings and Enjoying Life (47:42) Tough Love in Personal Finance (51:26) Building Community and Financial Implications (58:18) Social Media's Impact on Mental Health (01:11:01) Conclusion and Resources Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, Money with Katie, Morning Brew, Katie Gatti Tassin, American health care, student loan forgiveness, student debt, Public Service Loan Forgiveness, PSLF Mentions: Website: https://moneywithkatie.com/ LinkedIn: https://www.linkedin.com/in/katiegatti/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Referring back to his article, Fundamentals Of Retirement: Is the Summit "Good Enough?", Jesse uses an experience hiking in the Adirondack Mountains as a metaphor to explore retirement preparedness. He recounts how being poorly equipped for a challenging hike can mirror the pitfalls of entering retirement without thorough planning - you might reach the summit, but the journey and destination may not be as enjoyable. Sharing the example of a couple, John and Eva, who are on the brink of retirement with substantial assets and a solid financial plan, Jesse raises critical questions about their investment strategy, withdrawal plans, and tax considerations, suggesting that while they are well-positioned, their retirement journey could be smoother with additional preparation. For today's interview, Jesse is joined by Rob Berger. Rob is a contributing editor for Forbes Advisor, host of the Financial Freedom Show, and author of "Retire Before Mom and Dad: The Simple Numbers Behind A Lifetime of Financial Freedom". He founded Doughroller.net in 2007, a popular personal finance blog that attracted millions of visitors. With a background as a litigation attorney, Rob is now a prominent voice in retirement planning, providing valuable education through his YouTube channel and other platforms. If you're looking for quality retirement finance tips, no matter where you are on your journey, this is a great episode for you! Key Takeaways: • Preparing for retirement allows you to enjoy the journey and the destination (just like hiking!). • Learn about key aspects of retirement planning, such as investment strategy, withdrawal plans, and tax considerations, and the need for comprehensive preparation. • What is the "Retirement Income Death Spiral"? And how can we avoid it? • How does inflation and stock market conditions really affect your retirement savings? • How to take a conservative approach to Social Security and still have cautious optimism about the future. • Why you should not focus on individual stocks when planning for retirement! Key Timestamps: (02:10) Jesse's Monologue: Retirement Planning Fundamentals (05:47) John and Eva's Retirement Scenario (13:09) Interview with Rob Berger (14:00) Understanding the Retirement Income Death Spiral (15:55) Inflation and Retirement Planning (23:40) Social Security Concerns and Assumptions (25:48) The Future of Social Security and Political Solutions (27:24) The Importance of Diversified Income in Retirement (29:26) The Role of Cash and Bonds in Retirement Portfolios (34:21) The Emotional Side of Market Volatility (39:26) Common Financial Mistakes and How to Avoid Them Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, Rob Berger, Retire Before Mom and Dad, Social Security, retirement account mistakes Mentions: Website: https://robberger.com/ YouTube: https://www.youtube.com/@rob_berger LinkedIn: https://www.linkedin.com/in/bergerra/ Mentions: https://bestinterest.blog/reaching-the-summit-retirement/ Retire Before Mom and Dad: The Simple Numbers Behind A Lifetime of Financial Freedom How Much Cash Should You Hold In Retirement? Should Cash Replace Bonds in a Portfolio? How to Avoid the Retirement Income Death Spiral? More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

In today's opening monologue, Jesse explores the concept of Sequence of Returns Risk, a crucial and often misunderstood threat to retirees, by illustrating how poor returns early in a retirement can severely impact long-term stability. He emphasizes the importance of diversification. Jesse then introduces the idea of path dependence, drawing parallels to the life of author Philip K. Dick, whose posthumous fame underscores the significance of a journey's path, not just the journey's outcome. Jesse connects this to investing, explaining how the sequence of returns can greatly affect an investor's experience, despite the long-term average returns. Using "Sally the Investor" as an example, Jesse highlights the emotional and psychological challenges of navigating market volatility, reinforcing the need for resilience, understanding short-term unpredictability, and the benefits of diversification in long-term investing. Tyler, the creator of Portfolio Charts, joins Jesse for the second half of the show. His site is known for its innovative financial tools and insights. Tyler, a fellow engineer with a passion for finance, blends technical expertise with creativity to clarify complex investing concepts. In their discussion, Tyler and Jesse explore critical retirement topics, including the safe withdrawal rate and sequence of returns risk.. Tyler introduces the concept of engineering tolerances for managing financial variability and discusses strategies like variable withdrawal rates. He explains the "flowing nature of withdrawal rate math," illustrating how safe withdrawal rates change with longer retirement periods. If you're looking for some evidence based, long term thinking in your DIY financial life, then this is the episode for you! Key Takeaways: • How poor returns early on can negatively affect my retirement. • What is "sequence of returns risk"? And how can I create a financially resilient situation for myself? • Diversification into a variety of financial vehicles is key to the long term success of your portfolio. • Path dependence, illustrated by Philip K. Dick's posthumous fame, emphasizes that the sequence of returns can greatly affect investment outcomes. • What are "safe withdrawal rates"? And how can traditional average return calculations be misleading? Key Timestamps: (01:07) Jesse's Monologue: Understanding Sequence of Returns Risk (07:50) Mitigating Sequence of Returns Risk (08:35) Path Dependence: Lessons from Philip K. Dick (13:16) Sally's Ride: A Real Example of Path Dependence (22:57) Investment in Knowledge: Path Dependence (25:28) Understanding Safe Withdrawal Rates and Sequence of Returns Risk (35:05) The Importance of Consistent Portfolios (47:29) Tyler's Personal Finance Journey and Portfolio Charts (51:01) Conclusion and Listener Engagement Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, Tyler from Portfolio Charts, path dependence, sequence of returns risk, safe withdrawal rates Mentions: Website: https://portfoliocharts.com/ Mentions: https://portfoliocharts.com/charts/withdrawal-rates/#chart https://portfoliocharts.com/2016/12/09/perpetual-withdrawal-rates-are-the-runway-to-a-long-retirement/ https://portfoliocharts.com/charts/retirement-spending/ https://portfoliocharts.com/portfolios/permanent-portfolio/ https://bestinterest.blog/path-dependence/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

In today's AMA, Jesse delves into various financial dilemmas and strategies to maximize benefits and secure a stable retirement. The first question comes from Mindy, a 50-year-old widow, weighing the pros and cons of remarrying due to its potential impact on her survivor benefits. Jesse explains the complexities of Social Security spousal and survivor benefits, urging listeners to consult with a Certified Financial Planner to navigate the intricacies and optimize their benefits. Then, Bob seeks Jesse's advice on whether to use retirement savings to pay off a mortgage on a new home. With $1.2 million in retirement savings and plans to retire in five to ten years, Jesse takes into consideration some additional context to make some suggestions. Of course, any financial planner or advisor will answer unknown questions with "it depends" - we need to know all of someone's financial "puzzle pieces" before we can put that puzzle together. Jesse then addresses Tad's query on compound interest and its application to stocks, bonds, and stock funds, clarifying the concept of "compound growth" in investments and the benefits of reinvesting profits. Our penultimate question is from Dan, a retiree who shares his bond-avoidant investment strategy, relying on pensions and CDs for market downturns. Jesse discusses the potential risks if Dan passes away, affecting his wife's income, and suggests considering a small bond allocation. Last up is Amy's question about setting up an annuity from a 401k to create what some might call a "retirement paycheck", prompting Jesse to caution against high fees and sales tactics associated with annuities, recommending traditional investment portfolios for better returns, flexibility, and liquidity. If you'd like a question in a future AMA, send Jesse a message! Key Takeaways: • Consult a certified financial planner to navigate the complexities of Social Security spousal and survivor benefits, especially when considering remarriage. • The most common answer to finance questions is "It depends". It depends on your city, your state, different tax rates, your income, your relationship status, your goals. There is no one size fits all solution. • Understand that "compound growth" is a more accurate term than "compound interest" for investments like stocks and stock funds, with reinvested profits accelerating growth. • Bonds can be a useful asset in your investment strategy, but of course, it depends on your goals and life situation. It's important to consult with a CFP to get a more complete picture. • Be cautious about setting up an annuity from a 401k due to high fees and sales tactics; traditional investment portfolios often offer better returns, flexibility, and liquidity. Key Timestamps: (00:00) - Introduction (01:49) - Social Security and Survivor Benefits Explained (09:46) - Financial Planning for Retirement and Mortgages (19:34) - Understanding Compound Growth vs. Compound Interest (25:49) - Dan's Retirement Strategy (27:59) - Evaluating Risks in Retirement (32:51) - Amy's Annuity Question (36:29) - Comparing Life Insurance and Annuities (42:46) - Immediate Fixed Annuities (47:08) - Conclusion and Final Thoughts Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, annuities, compound interest, compound growth, death of a spouse, prenup, mortgages, ask me anything Mentions: https://bestinterest.blog/valuing-social-security-as-an-asset-in-your-retirement-plan/ https://bestinterest.blog/how-much-life-insurance-do-i-need/ https://open.spotify.com/episode/2NMGr6vYPT4KuCdu9txoce?si=41789317e9614367 More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse starts by sharing two of his blog posts in today's monologue. The first post, "The Answers are Here, But…", expands on William Gibson's quote, "The future is already here. It's just not evenly distributed, yet." Jesse draws a connection between Gibson's quote and the distribution of financial literacy, explaining that The Best Interest is part of the distribution effort. Of course, there are those who distribute bad, or even dangerous information, leading into the second half of the monologue, "How to Avoid Frauds and Ponzi Schemes". Jesse offers 3 ways we can avoid being taken for a ride. Today's guest, Rachael Camp, is a Certified Financial Planner (CFP) specializing in helping solo business owners, offering services with her own business, Camp Wealth, and educating people through YouTube, her blog, social media, and more. Their discussion centers around recognizing scams and debunking myths circulated on social media, calling out fearmongers, and offering helpful insight into the financial tools available to solopreneurs. Importantly, Rachael notes what an LLC is, why an entrepreneur may - or may not - want to register one, and who they should consult before making that decision. Key Takeaways: • How to find the answers you're looking for. • Keeping a lookout for scams - and finding people who'll help you watch! • Social media and the myths perpetuated thereon. • What is a stock option? • What is a solopreneur? And what financial tools are at their disposal? • Should you register as a corporation? What kind? Key Timestamps: (01:20) Jesse's Monologue: The Answers Are Out There (06:47) Avoiding Financial Frauds and Ponzi Schemes (21:41) Introducing Rachel Camp: Solopreneur Wealth Builder (23:11) Debunking Financial Myths with Rachel Camp (30:30) The Reality of Social Media Investment Strategies (31:17) Understanding Options: A Primer (33:52 Exploring Options Trading Strategies (36:54) Critiquing Robert Kiyosaki's Financial Advice (43:50) The Rise of Solopreneurs (46:31) Business Structures and Tax Considerations (51:04) Debunking Tax Hacks and Financial Myths (54:39) The Importance of Financial Literacy and Caution (1:00:41) Conclusion and Final Thoughts Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, solopreneurs, LLCs, business structures, incorporation, Robert Kiyosaki Mentions: Website: https://www.rachaelcampwealth.com/ LinkedIn: https://www.linkedin.com/in/camprachael/ Mentions: https://bestinterest.blog/the-answers-are-here-but/ https://awealthofcommonsense.com/2023/06/the-evolution-of-financial-advice/ https://bestinterest.blog/how-to-avoid-frauds-and-ponzi-schemes/ https://x.com/camp_wealth https://www.youtube.com/@CampWealth/videos More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse begins today's episode with two reflections. First, he talks about the rarity and preciousness of gathering all your loved ones in one place. While money is important, it is ultimately a means to gain the freedom to spend time with those you care about. In his second reflection, Jesse recounts the story of his parents' neighbors' house catching fire, highlighting the importance of risk management and preparedness, such as having smoke detectors and emergency plans. This underscores the idea of using money wisely to enhance life's quality and maximize meaningful experiences with loved ones. Today's guest, Andy Hill, is the founder of Marriage Kids and Money, an award-winning YouTube channel, blog, and podcast that offers actionable advice for family financial independence. As Jesse and his wife raise their first infant child, Andy provides invaluable insights on the importance of emergency funds, baby items, healthcare, life insurance, and more. He delves into the essentials of family financial planning, enabling us to enjoy more time with the people we care about most. If you're thinking about what matters most in life and how smart financial planning can help you get there, then this is the episode for you. Key Takeaways: • Money matters because of the freedom it allows. • How to prepare for crises. • The cost of childbirth, diapers, and a whole lot of other things. • How to deal with financial stress as a family. • Preparing your family financially for the worst. • Simple tips and tricks for new parents. Key Timestamps: (02:28) Jesse's Monologue: The Value of Time with Loved Ones (07:45) A Financial Cautionary Tale: House Fire (19:45) Introducing Andy Hill: Family Finance Expert (20:29) Preparing for the Costs of Childbirth (24:42) Real Estate Considerations for Growing Families (27:37) Emotional Impact of Financial Decisions (29:45) Navigating Parenthood, Career Choices, and Savings (38:59) Practical Tips for New Parents (44:25) Life Insurance and Estate Planning for New Parents (52:31) Conclusion and Resources Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York financial planning, financial stress, emotional attention, family financial advisor, family finances, marriage kids and money, Andy Hill, estate planning, the finances of children Mentions: Website: https://marriagekidsandmoney.com/ LinkedIn: https://www.linkedin.com/in/andyhillmkm/ Mentions: https://bestinterest.blog/you-just-go/ https://bestinterest.blog/house-fire/ https://bestinterest.blog/foxes/) https://open.spotify.com/episode/0JVTRYN8HBrgTI4EhVZglk?si=26185de5a5704a06 https://open.spotify.com/episode/1ox7hbv5uhG3bHsIzf2Cfk?si=8da95ab3e144443a https://waitbutwhy.com/2015/12/the-tail-end.html More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse starts this episode with a confession: money still stresses him out. The four ways that Jesse reduces this stress are remembering what's going right financially, prioritizing spending, working hard, and remembering that others have walked this path. Then, with another call back to his blog, Jesse invokes Marshall McLuhan's quote "the medium is the message" when sharing from his post, "The Friction is the Message". Today's guest is Carl Richards, the creator of the Behavior Gap, author of The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money, and host of Behavior Gap Radio. Not only has Carl been featured on Oprah.com and Forbes.com, he's the creator of the Sketch Guy column which ran weekly for a decade in The New York Times. In this episode, Carl gives us some great insight into how we can refocus ourselves and our finances on what really matters to us. If you're interested in not only financial planning, but time, energy, and attention planning, too, then this is the episode for you! Key Takeaways: • 4 ways Jesse reduces his financial stress. • Friction as a bad thing, and friction as a good thing. • Why you should invite imposter syndrome in. • What is the Behavior Gap? • How to choose your financial advisor. • How to manage your money, time, energy, and attention. Key Timestamps: (02:10) Jesse's Monologue: Money Still Stresses Me Out (07:24) Managing Financial Stress: Four Key Reminders (13:42) The Friction is the Message (22:14) Carl Richards Joins the Conversation (28:48) Why Carl Shares (30:41) Overcoming Fear, Anxiety, and Imposter Syndrome (39:02) The Behavior Gap in Investing (44:48) The Value of Real Financial Planning with a Real Advisor (52:28) Conclusion and Resources Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York financial planning, financial stress, human capital, personal energy, mental attention, financial advisor, imposter syndrome, financial anxiety, the Behavior Gap, the Friction is the Message Mentions: Website: https://behaviorgap.com/ LinkedIn: https://www.linkedin.com/in/thinkingcarl/ Mentions: https://bestinterest.blog/money-still-stresses-me-out/ https://bestinterest.blog/the-friction-is-the-message/ https://bestinterest.blog/selling-and-surviving/ https://behaviorgap.com/radio/ https://www.50fires.com/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse begins today's episode with a short monologue on the highs and lows of money. Can money buy happiness? Or are they uncorrelated? Either way, money can certainly buy flexibility and optionality. Jesse collects insights from Thom Yorke, Matthew Killingsworth, Danny Kahneman, and Angus Deaton. Today's guest is Jonathan Clements, the founder and editor of Humble Dollar, the author of My Money Journey and How to Think About Money. Clements spent nearly 20 years at the Wall Street Journal as their lead personal finance columnist. He shares why we need financial goals that fulfill us, why he plans to continue working, and how we can plan financially for retirement, but why that shouldn't be the end goal of our financial journey. If you're interested in long-term financial planning that will set yourself up for success, then this is the episode for you! Key Takeaways: • How to strike the balance between spending and saving. • Why you can never know what you'll really want in the future. • We need personal fulfillment goals, not just financial goals. • Jonathan's retirement plan is ICE over FIRE. • How to invest not only for retirement, but also for your heirs' inheritance. Key Timestamps: (01:54) Jesse's monologue: Can money buy happiness? (09:15) Introduction to Jonathan Clements (10:30) My Money Journey (12:40) Switching from saver to spender (15:50) We can't predict the future (21:43) 8 traits successful people have in common (24:25) ICE: I'll Continue Earning (28:46) Annuities and Social Security (36:29) Setting the next generation up for success (44:40) Close Key Topics Discussed: The Best Interest, Jesse Cramer, Rochester New York financial planning, immediate fixed annuities, lifetime income annuities, equity and indexed annuities, Roth IRA, Social Security, retirement wealth planning Mentions: Website: https://humbledollar.com/ Jesse's Radiohead article: https://humbledollar.com/2024/05/happy-conclusion/ LinkedIn: https://www.linkedin.com/in/jonathanclements/ How to Think About Money: https://amzn.to/3yHtlth My Money Journey: How 30 people found financial freedom - and you can too: https://amzn.to/3Kw91NO More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

On today's episode, we bring you something a little different. Jesse's collected a series of questions from newsletter subscribers and will answer them in today's AMA (Ask Me Anything). Jesse answers into which accounts young people should be putting their money. Other questions answered are: Is getting to your "Coast FI" a good idea? How to balance which accounts you're putting money into and how your goals might change that. How can you financially prepare for parenthood? Why you should diversify your investments, even if your lack of diversification is working for you. What are "Roth Conversions"? And how can we make the most of tax diversification? If you're interested in hearing Jesse's answers to these questions, then this episode is for you. If you'd like a question in a future AMA, send Jesse a message! Key Takeaways: When should I put money into my Roth IRA vs. my Traditional 401k? We don't know the future. So, diversify. What Jesse's doing to prepare financially for parenthood. How clear goals can get you more specific guidance when financial planning. When and how you can do "Roth Conversions". More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse starts this episode discussing his "50/50 rule" of college savings. Jesse also talks about 529-to-Roth conversions (why they're overrated!), the FAFSA, and other financial tools at our disposal for college planning. Evan Giokas then joins the show to dive deeper into a college admissions conversation. Evan is the founder of The College Confidence Coach, which helps students through their higher educational journey. Evan covers what a "conative assessment" is, how to be cost-conscious when preparing for college, how to start college conversations with your child, and the importance of showing your values to college admissions staff.. If you're preparing a child for college, this is the episode for you! Key Takeaways: How to start the college conversation with your child What is the Conative Assessment? What is the college money pit trap? How to be cost-conscious in college planning How to optimize your FAFSA The "50/50 Rule" for college saving The pros and cons of 529–to-Roth conversions Mentions: 🌐 Website: https://www.thecccoach.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/evan-giokas-56443746/ 📚 The Important Details Behind 529-to-Roth Conversions: https://bestinterest.blog/the-important-details-behind-529-to-roth-conversions/ 📚 Follow the 50/50 Rule for College Saving: https://bestinterest.blog/the-50-50-rule-for-college-saving/ 📚 University of the People: https://www.uopeople.edu/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

In episode 79 of The Best Interest Podcast, host Jesse Cramer discusses the intricate relationships between health, wealth, and time with guest Phil Pearlman. Jesse starts with his usual monologue, explaining and establishing that health, money, and time are all interchangeable resources that many people trade-off throughout their lives. Jesse and Phil then delve into how health decisions significantly impact financial standing and overall quality of life, emphasizing the importance of viewing health as an investment in one's future. Phil, transitioning from a finance profession to focusing on personal health, shares his insights on behavioral finance, the importance of making conscious decisions regarding health and finance, and the impact of societal trends on individual well-being. Additionally, Phil discusses his unique approach to personal health, advocating for self-experimentation and critical thinking in navigating health advice. The conversation also touches upon cultural aspects of addiction and the power of individual choice in improving one's health, wealth, and time. Finally, Phil shares information about his work at the Pearl Institute and his dedication to helping people make better health and life decisions. Key Takeaways: How physical health is a critical aspect of financial health. Health will allow you to enjoy your wealth. Phil's holistic approach to health and how it includes finances. Why you need to imagine yourself in the future. How to see your future self as a real person, and consider their needs. Why you should be a scientist and your most important subject! You don't have to be a statistic. Mentions: 🌐 Website: https://www.pearlinst.com/ 🌐 Prime Cuts Newsletter: https://primecuts.substack.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/philip-pearlman-1002183/ 📚 Rebels with a Cause by Phil Pearlman: https://primecuts.substack.com/p/rebels-with-a-cause 📚 Fahrenheit 451 by Ray Bradbury: https://amzn.to/3xHyaSF 📚 Brave New World by Aldous Huxley: https://amzn.to/3U7W55j 📚 1984 by George Orwell: https://amzn.to/3U5e2Bu 🎥 The film Fahrenheit 451, on Vimeo https://vimeo.com/433467090 More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse starts this episode with an engaging monologue: how exactly does The Best Interest generate revenue? Jesse answers this question and asks YOU for your help in ensuring The Best Interest continues as a terrific free financial resource. And then Justin Peters joins for the second half of the episode. Justin hosts The Struggle is Real, a podcast about adulting through your twenties. He's also a co-founder of SimplePod Studios, which produces The Best Interest Podcast. In this episode, Justin and Jesse discuss, compare, and contrast their top five "Golden Rules" of personal finance. If you're looking for an insightful, fun, and fast-paced conversation, this is the episode for you. Key Takeaways: How does The Best Interest make money? The intersection of Jesse's professional life and The Best Interest Why you need to track your money! How gift cards trick you into spending more. The best investment is in yourself. Simple is better than complex (almost always). Why and how you should prepare for risk. Why you MUST automate your finances, as much as possible. Think long term, but don't forget the present. Mentions: 🌐 Website: https://simplepodstudios.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/justinleepeters/ 🎙️ Podcast: https://www.tsirpodcast.com/ 🧠 The RRTTLLU Framework: https://bestinterest.blog/rrttllu/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Peter Lazaroff is the host of The Long Term Investor podcast and serves as the Chief Investment Officer at PlanCorp, a registered investment advisory in St. Louis. On today's show, Jesse and Peter talk about the cognitive challenge of investing at all-time highs. It's normal to feel like a crash might be coming; but it always feels that way, and you shouldn't be worried about it. If you're a long-term stock market investor and want to think a little more rationally or learn, this is the episode for you! Key Takeaways: Why you should expect corrections and bear markets,, but shouldn't worry about them. Why the stock market keeps going up, regardless of the political party in power. Should you continue investing when the market is at an all-time high? Why you shouldn't be worried about what's happening in the short run. How the evidence cuts both ways in investing, and how to simplify it. Why you should diversify into global stocks. How to prepare for a bear market. Mentions: 🌐 Website: https://peterlazaroff.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/peterlazaroff/ 🎙️ The Long Term Investor Podcast: https://peterlazaroff.com/podcast 📚 The Market Crash Is Coming! (…Eventually): https://bestinterest.blog/market-crash/ 📚 "Boring" Money Topics That I Find Fun: https://bestinterest.blog/boring-money-topics-that-i-find-fun/ 📚 Decades of Zero Return: https://bestinterest.blog/decades-of-zero-return/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jared Dillian is a former Wall Street trader at Lehman Brothers, an author of 4 books, and daily writer a newsletter for financial professionals called The Daily Dirtnap. He's sharp, witty, and brings great energy to today's conversation. In this episode of The Best Interest Podcast, we learn about "The Allegory of the Sandwich" and how you can pay for the small stuff by thinking carefully about the big stuff! If you're looking to hear unique takes on the FIRE movement and your daily latte, this is the episode for you! Key Takeaways: How taxes can actually be interesting! The power of waiting (for decades) The foundational importance of cash flow Preparing for life via insurance How being smart about the big decisions will help you not sweat the small stuff. Why Jared doesn't want to retire (ever). Why you shouldn't make your own pizza. The Allegory of the Sandwich. Why the goal should be happiness, not a number. When is it worth it to make more money? How financial stress doesn't necessarily depend on how much you make. Mentions: 🌐 Website: https://www.jareddillianmoney.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/jared-dillian-411aaa1b/ 🎙️ BE SMART Podcast: https://www.jareddillianmoney.com/podcasts 📚 No Worries: How to live a stress-free financial life by Jared Dillian: https://amzn.to/4atCxiz 📚 The FIRE Movement by Jared Dillian: https://wggtb.substack.com/p/the-fire-movement 📚 "Boring" Money Topics That I Find Fun by Jesse Cramer: https://bestinterest.blog/boring-money-topics-that-i-find-fun/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Paula Pant writes, podcasts, and speaks on financial independence, money management, and financial literacy. As the host of the Afford Anything Podcast, Paula has racked up more than 30 million downloads, ranking the show among the Top 50 Business Podcasts on Apple Podcasts. In this episode we learn how Paula realized she could travel the world on a limited income and eventually go on to financial independence through Afford Anything. If you're looking for some growth mindset inspiration that will help you broaden your perspective, this is the episode for you! Key Takeaways: - How to move on (and grow) after financial mistakes. - Why we need reminders and safety measures. - How to afford anything with the power of priorities. - How Paula traveled the world and never got a job again. - What cap rate you should be looking for in a rental property. - Why you should start 10X thinking, rather than penny pinching. Mentions: 🌐 Afford Anything: https://affordanything.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/paulapant/ 🎙️ Afford Anything Podcast: https://affordanything.com/podcast/ 📚 Are We In The Best Stock Market Period…Ever? https://bestinterest.blog/the-best-stock-market-period-ever/ 📚 Should You Keep Investing At All-Time Highs? https://bestinterest.blog/investing-at-all-time-highs/ 📚 The Incredible Power of 10X Thinking https://affordanything.com/any-benefit/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Brian Feroldi is a prolific creator in the financial education space, having written over 3000 articles for the Motley Fool, published a book, "Why Does The Stock Market Go Up?", and actively posting to his YouTube Channel. In this episode, Brian breaks down his checklist for what makes a company worth investing in and provides some insight into what we should do before we jump into investing. If you're interested in personal investing and some great guidelines to go along with it, this is the episode to listen to. Key Takeaways: What is the index fund bubble? And what are some prominent thoughts on it? Should you be worried about an index fund bubble? How to get a sense of a company worth investing in. What criteria Brian uses when deciding what to invest in? Why you should "never interrupt your compounding unnecessarily." Why you should take care of the boring before the exciting. Why you should keep your personal life and your investing life separate. Mentions: 🌐 Brian Feroldi: https://www.brianferoldi.com/ 🌐 Long Term Mindset: https://brianferoldi.substack.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/brianferoldi/ 📚 Checklist: https://brianferoldi.ck.page/checklist 📚 Why Does The Stock Market Go Up? By Brian Feroldi: https://amzn.to/3Ij1Yax 🌐 Raoul Pal: https://www.youtube.com/@RaoulPalTJM 🌐 Ben Felix: https://www.youtube.com/@BenFelixCSI 🎙️ Odd Lots: Why The Rise of Passive Investing Might Be Distorting The Market: https://omny.fm/shows/odd-lots/why-the-rise-of-passive-investing-might-be-distort 🎙️ Animal Spirits Podcast: https://awealthofcommonsense.com/podcast/ 📚 The Motley Fool: https://www.fool.ca/ 🌐 More on The Index Fund Bubble: https://bestinterest.blog/index-fund-bubble/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Joe Saul-Sehy is one of the hosts of Stacking Benjamins, which is one of the most listened-to podcasts in the personal finance space. In this episode, we discuss how to find a good financial advisor, how to chase time (not money), and even how to decide what your top priority is in life. If you're looking for an educational listen with plenty of laughs along the way, then this is the episode for you! Key Takeaways: What you need to ask any financial advisor you're considering working with. How Joe uses storytelling to make money make sense. Who you need to surround yourself with to find success. Before you ask what the cost is, ask what you're getting in return. Why you need to chase time, not money. How to put your goals in an MMA cage match to determine your priorities. Mentions: 🌐 Website: https://joesaulsehy.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/joe-saul-sehy-b3426b31/ 🎙️ Stacking Benjamins: https://www.stackingbenjamins.com/ 📚 Stacked: Your Super-Serious Guide to Modern Money Management by Joe Saul-Sehy and Emily Guy Birken https://www.amazon.ca/Stacked-Super-Serious-Guide-Modern-Management-ebook/dp/B092HGBFB5 📚 "I Wouldn't Know Where to Start" – 16 Questions to Ask A Financial Advisor by Jesse Cramer https://bestinterest.blog/financial-advisor-questions/ 📚 The 19 Questions to Ask Your Financial Adviser By Jason Zweig https://www.wsj.com/articles/the-19-questions-to-ask-your-financial-adviser-1503654013 More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today's show features Doug Cunnington, one of the hosts of the financial independence podcast Mile High FI. Doug highlights how he took conservative risks along the way to FI, and walks us through his career journey to financial independence. We discuss misconceptions about the FIRE movement, how to prepare for financial emergencies, and why it's never too late to start your own journey to financial goodness. This episode is a must listen! Key Takeaways: What is risk, really? And how can you live with it? How to estimate risk in investing, and in yourself. The difference between volatility and risk. Why you need to do "financial fire drills." How Doug set himself up for financial independence. What people get wrong about FI/RE. How to move on from a financial mess by looking forward. Stoicism and personal finance. Mentions: 🌐 Website: https://bestinterest.blog/ 👉🏼 LinkedIn: https://www.linkedin.com/in/doug-cunnington-pmp-a850435/ 🎙️ The Mile High FI Podcast: https://milehighfi.com/ 📚 Youtube Channel: https://www.youtube.com/@DougCunnington 📚 Career Change – Is It A Risk?: https://bestinterest.blog/career-change-risk/ 📚 Investing "Fire Drills": https://bestinterest.blog/foxes/ 📚 Mr. Money Mustache: https://www.mrmoneymustache.com/ 📚 Ryan Holiday: https://ryanholiday.net/ryan-holiday-books/ 📚 Smart Passive Income: https://www.smartpassiveincome.com/shows/spi/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Diania Merriam is the founder of the EconoMe Conference, an exclusive gathering for the FIRE community (financial independence, retire early). Inspired by FIRE, Diania hit an impressive 60% savings rate and retired at 33. Of course, in retirement, you've got to stay active; what's the point of financial freedom if you've got nothing to do? Diania joins Jesse today to discuss CoastFI, SlowFI, and the need to enjoy the journey. If you're saving for retirement, but aren't sure what to do with that retirement, this episode is for you! Key Takeaways: What inspired Diania to walk the Camino de Santiago. How to disconnect for your career with purpose. Why you need a vision for what your retirement will look like. Don't wait for financial independence to change your life. What are SlowFI and CoastFI? How to be an efficient saver, not a deprived saver. Why FI is better with friends. Mentions: 🌐 EconoMe Conference: https://economeconference.com/ 🎙️ Optimal Finance Daily: https://oldpodcast.com/optimal-finance-daily-podcast/ 🎙️ ChooseFI Podcast: https://www.choosefi.com/listen/choose-fi-podcast/ 📚 Robert Kiyosaki's Awful Takes: https://bestinterest.blog/wp-content/uploads/2021/09/Kiyosaki_2-scaled.jpeg 📚 The Fioneers: https://thefioneers.com/ 📚 Blowhards, Broken Clocks, and Confirmation Bias: https://bestinterest.blog/confirmation-bias/ 📚 Rich Wolf, Poor Sheep: https://bestinterest.blog/rich-wolf-poor-sheep/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jeremy is the voice behind Personal Finance Club, a community of champions of the individual investor dedicated to bringing accessible financial education to all. The Personal Finance Club believes financial education improves lives and it should be taught in school. You might have seen Jeremy and Personal Finance Club on Instagram where he posts eye catching financial graphics to almost 600, 000 followers. In this episode Jesse and Jeremy discuss the 7 Sins of Investing. These simple lessons will give you valuable insight into some habits to avoid, skills to develop, and knowledge to gain for your financial well-being. Key Takeaways: Your home is a lifestyle choice, but it's not an investment - more of a hard to upkeep asset. Why you should "rent your fun", treat money as a tool, and other useful ways to approach finances. How humans evolved to be impressionable and how this has been co-opted by consumerism. Live below your means, and invest early and often. Learn Jeremy's 7 Sins of Investing. Why you should just stand there and wait. Jeremy's Nectarine: Advice-Only Financial Advising. Mentions: 📚 7 Money Mistakes: https://bestinterest.blog/money-mistakes/ 📚 Why'd I Buy a Home With a 6.5% Mortgage?!: https://bestinterest.blog/buy-a-home-high-interest-mortgage/ 🌐 Personal Finance Club: https://www.personalfinanceclub.com/ 👉🏼 Instagram: https://www.instagram.com/personalfinanceclub/ 🌐 Nectarine: https://hellonectarine.com/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Sean Mullaney is the FI Tax Guy (FI = Financial Independence). He's a financial planner and the president of Mullaney Financial and Tax Incorporated which offers fiduciary, fee-only, and advice-only financial planning. In this episode, Jesse dives deep on capital gains taxes, while Sean and Jesse dissect the Roth vs. Traditional debate, the efficacy of 529 Plans, and how to think about changes to the tax code coming in 2026. Key Takeaways: What are capital gains? How to calculate capital gains, and the taxes on them. The NII tax explained. 10 ways to make the most of your capital gains. What is tax planning and how can you get started? How taking care of your financial future will also take care of your child's. Which accounts might be "shiny objects" and which ones will serve you well. What change is coming to the Internal Revenue Code in 2026, and how to prepare. Mentions: 🌐 Website: https://fitaxguy.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/seanwmullaney/ 🌐 YouTube: https://www.youtube.com/@SeanMullaneyVideos 🌐 Twitter: https://twitter.com/seanmoneyandtax 📚 Capital Gains Taxes 101: https://bestinterest.blog/capital-gains-taxes-101/ 📚 (Sean's) Traditional versus Roth: https://fitaxguy.com/traditional-versus-roth-2023/ 📚 (Jesse's) Traditional versus Roth: https://bestinterest.blog/roth-is-better-than-traditional/ 📚 Time to Stop 401(k) Contributions?: https://fitaxguy.com/time-to-stop-401k-contributions/ 📚 Traditional 401(k) are Fine for Most Americans (Really!): https://fitaxguy.com/traditional-401k-contributions-are-fine-for-most-americans-really/ 📚 Year End Tax Planning: https://fitaxguy.com/2023-year-end-tax-planning/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Jesse and The Best Interest Podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.

Rose Lounsbury is a keynote speaker, an Amazon bestselling author, simplicity coach and the still-sane mom of triplets. She helps overwhelmed people create open spaces in their homes, their workspaces, and more importantly in their minds by letting go of the excess stuff that gets in the way. In today's episode, Rose teaches us why towels are a great place to start when we're looking to simplify our lives. What do we do about gifts? Hobbies? Or everything that occupies our space, energy, or time? These questions (and more) are answered in this conversation between Rose and Jesse. Key Takeaways: What is bimodal spending? And how can you apply it? Don't be afraid to spend on the things you really care about (and cut out what you don't). How to decide what's useful to you and what's beautiful. How to be a better gift giver and receiver. How to pay attention to mental patterns that may be cluttering our minds. Start with decluttering the physical space, and then carry on to the mental space. Mentions: 🌐 Website: https://roselounsbury.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/rose-lounsbury-43554a141/ 📚 How Many Towels Do You Need?: https://www.youtube.com/watch?v=VlA7qgySO0I Bimodal Spending: https://bestinterest.blog/bimodal-spending/ The McDonald's Test: https://bestinterest.blog/the-mcdonalds-test/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today, Jesse shares some financial lessons from humble beginnings. There's much to learn from his first entrepreneurial endeavor: a baseball concession stand. Then, Andrew Giancola joins the pod to share his "Hero's Journey," from a bottom point where he found himself unable to afford a fill-up of gasoline. Andrew has thoughts about peoples' biggest problem with money, about opportunity costs we all face, and whether you should rent or buy your next home. Thanks for joining us today on The Best Interest. Key Takeaways and Timestamps: (0:00:44) - Jesse shares a story from his early financial life about starting a concession stand business as a kid to earn money to buy a computer game. (0:09:31) - Jesse shares about his first job cleaning bathrooms and cabins at a state park for minimum wage. (0:13:30) - Brief ad break. (0:14:32) - Andrew Giancola, host of The Personal Finance Podcast, joins the show. (0:15:23) - Andrew shares his "Hero Story" of living paycheck to paycheck after college and having an "a-ha" moment when he couldn't afford to fill up his gas tank. (0:18:25) - Andrew reflects that changing his money mindset and psychology was the biggest factor in learning to manage his money properly. (0:19:45) - Andrew discusses working one-on-one with clients, focusing on identifying their biggest problems and goals around money. (0:21:40) - Andrew shares a story about starting a side business selling Christmas trees and learning entrepreneurial lessons from it. (0:23:20) - Trying new ventures, seeing what works, and not being afraid to abandon things that aren't working. (0:24:43) - The importance of evaluating opportunity costs in building wealth. (0:28:14) - Tactics for evaluating non-monetary opportunity costs like time with family. (0:28:50) - Brief ad break. (0:29:04) -The first $100k is the hardest to accumulate because it relies more on savings rate versus investment returns. Once you hit $100k, compound interest accelerates wealth building. (0:33:08) - The importance of calculating total cost of homeownership before deciding whether to buy or rent. (0:35:05) - While homeownership can make sense, a house shouldn't be viewed primarily as an investment. Mentions: The Millionaire Next Door: https://amzn.to/3FKFfme More of Andrew: 🌐 Website: https://mastermoney.co/ 🎙️ Podcast: https://mastermoney.co/podcast/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

In the day-to-day hustle of parenting, thinking long-term, especially regarding finances, is often challenging. With studies showing an estimated cost of over $300,000 to raise a child from birth to age 18 (excluding college expenses), addressing your monetary matters becomes utterly crucial before you embark on parenting. Today, Jesse sits down with Andy Hill to discuss combining finances with a spouse, preparing financially for a family, and setting your children up with the right money habits and mindset. Key Takeaways: The cost of raising a child - childcare, medical, baby supplies, and other miscellaneous expenses The importance of pre-baby financial planning Financial Preparation - building an emergency fund and suggestive steps like paying off debts, focusing on retirement, and the necessity of considering life and health insurance Tax Benefit - child tax credit, dependent care credit, and tax-advantaged college saving accounts Saving tips - buying secondhand baby items through Facebook Marketplace, consignment sales, etc Estate Planning - an estate plan after having kids and considering special needs planning if applicable Timestamps: (00:00:02) - Intro (00:00:49) - Review of the week (00:01:31) - 12 financial topics for new parents (00:01:54) - Children are expensive (00:03:56) - Life insurance matters (00:05:12) - Property and auto insurance (00:05:17) - Childcare costs (00:06:57) - Education costs (00:08:59) - Estate planning (00:10:49) - Children and taxes (00:12:52) - Topics that change with kids (00:13:48) - Budgeting (00:15:34) - Debt management (00:17:59) - Roth IRAs for kids (00:20:13) - Generational wealth (00:20:29) - Kids are expensive but worth it (00:21:18) - Andy Hill background (00:22:27) - Money languages (00:28:12) - When to combine finances (00:30:54) - Autonomy with money (00:32:21) - Preventing financial fights (00:37:18) - Tracking goals and expenses (00:39:20) - Focusing on the journey (00:42:33) - Planning for kid expenses (00:46:10) - Teaching money lessons (00:48:22) - Make My Kid a Millionaire course (00:50:29) - Where to find Andy (00:50:38) - Outro More of Andy: 🌐 Website: https://marriagekidsandmoney.com/ 🎙️ Podcast: https://marriagekidsandmoney.com/podcast-archive/ Mentions: Best Interest: New Parents: https://bestinterest.blog/12-financial-planning-topics-for-new-parents/ Best Interest: 529 Plans: https://bestinterest.blog/529-plans/ Make My Kid a Millionaire Course: https://makemykidamillionaire.com/sa/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Do you see yourself dying on top of a pile of gold like Scrooge McDuck? Today's guest, Chris Hutchins, shares his story of how he balances hacking his life: credit cards, chores, out of the box thinking, you name it, with keeping his end goals in mind. But, first, Jesse recounts his travels. He may have learned a lesson or two from the busy street traffic in Vietnam vs the quaint pubs of Ireland. Key Takeaways: Why creating success is more about buy-in than perfection Taking life a beat slower The difference between being cheap and out of the box hacking Hacking your biggest expenses like travel and a home purchase Finding the best credit card(s) for your needs A two credit card arrangement for the average 6-figure household Welcome bonuses vs credit card points The concept of dying with zero Time vs talent vs treasure Parenting hacks: childcare, toys, pre-school More of Chris: Meet Chris Hutchins, the award-winning host of the podcast All the Hacks, where he shares his expertise as an avid life hacker and financial optimizer. With a passion for upgrading life without breaking the bank, Chris has amassed millions of points and miles and gained recognition in a documentary on Financial Independence titled Playing with Fire. His journey has been featured in prestigious publications like the New York Times, Wall Street Journal, and CNBC. 🌐 Website: https://chrishutchins.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/chrishutchins?challengeId=AQGITSbSG-9jCgAAAYsC9WYBIIM7Yp2UVgDuZlnrKV265AhZIoBxWyQSb3CFc4xqMbwpAGNJZQZwjEjW5rLreCYgG9Jx-9qrFQ&submissionId=6a0b0de6-e465-8b17-8f81-8eb0290e6367&challengeSource=AgEpy0oVHNovsgAAAYsC9ZiZtJg5cClI6pARtvBLtpJOvnAgaTdyMNtIBJvwJj8&challegeType=AgG_xNwgUb1fTgAAAYsC9ZibhUXUuXxzGk27e3-yJo17WDGW9WBDXOs&memberId=AgG-EcKxDFXLuwAAAYsC9ZieJ9xuhZ2BizsgyDGbd8gl8Ck&recognizeDevice=AgEldEYiD2CLIgAAAYsC9ZigBUVo8Or7oL4B25pE8FUEhB4TcMjr 🎙️ Podcast: https://www.allthehacks.com/ Mentions: All the Hacks Episode 91: https://www.allthehacks.com/die-with-zero-bill-perkins/ Credit Card Spreadsheet: https://landing.allthehacks.com/products/card-optimization-spreadsheet More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Nonillion… That's a number so big, I hadn't heard it before recording this episode. Should you budget and track every single dollar you spend? Should you put 10 percent of your income into your 401k? These are just two of the typical questions I get asked when it comes to money management. In fact, when you think about the hundreds of decisions the average person is faced with in their financial journey, you end up with a nonillion different possible outcomes. This week I brought on Cody Garrett to make these decisions a little clearer. With dual degrees in music theory and contemporary piano performance, Cody shifted gears in 2018 to focus on his growing interest in finances. Having served as a music director for renowned Broadway shows to now, sharing actionable personal finance advice, Cody's journey is a testament to his drive and adaptability. Cody runs his firm that caters to DIY investors on the path of early retirement, and also educates over 1000 financial advisors, impacting the future of financial planning in a meaningful way. Just because you're a do-it-yourself investor doesn't mean you have to do it alone. -Cody Garrett Key Takeaways: Teaching is the best way to learn Understanding advice only financial planning The Transition Zone of financial planning: tax planning Traditional vs. Roth Contributions Marginal vs Effective Tax Rates The "Kiddie Tax" and 529 plans Mentions: https://bestinterest.blog/financial-advisor-questions/ More of Cody: 🌐 Website: https://measuretwicefinancial.com/ 👉🏼 LinkedIn: https://www.linkedin.com/in/codylgarrett/ 🎙️ Podcast: https://podcasts.apple.com/us/podcast/measure-twice-money/id1608034167 More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

How do you know when you are taking the right financial road? Should you prioritize saving money to be better off in the future? Or is it more beneficial to ensure you are using money as a resource for happiness in the present? Our guest today, Carl Jensen, has chosen the first option for the majority of his life, using money not as a resource for happiness, but one to defend against hardships. Recently, however, Carl has begun to take this road less traveled to optimize experiences while investing in his happiness. In this episode, we discuss how the household finances of our childhood can affect our spending habits as adults, and how to use exposure therapy to overcome the anxiety surrounding happiness based purchases. Key Takeaways: How the household finances of our childhood can affect our long term financial habits Overcoming financial trauma How to spread good financial habits to those close to us Why taking the road less traveled isn't always the better option How to use exposure therapy to start making purchases for happiness How to overcome anxiety around an experience-based purchase Stepping away from money-first thinking to focus on the experience Mentions: Bigger Pockets Money Podcast Episode with Jesse: https://www.biggerpockets.com/blog/money-335 I Will Teach You To Be Rich Podcast Episode with Carl and Mindy: https://www.iwillteachyoutoberich.com/108-mindy-carl/ 1500 Days Blog Post "Why Ramit?": https://www.1500days.com/why-ramit/ Die With Zero: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765 More of Carl: 🌐 Website: https://www.1500days.com 🎙️ Podcast: https://milehighfi.com More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today on the podcast, we have a fascinating guest. He's a gentleman by the name of Fritz Gilbert. He runs a blog called The Retirement Manifesto. As you might guess from the name of Fritz's blog, it's all about retirement. Now, yes, Fritz covers the nuts and bolts, the numbers of retirement, but we talk even more regarding the softer side of retirement, the things that retirees ought to be thinking about when it comes to just day-to-day life that they probably aren't thinking about. If you're younger like me, this might not quite apply to you yet, but I bet it applies to your parents, your aunts and uncles, and your older mentors at work. So, it's important we get people to think about these topics sooner. Enjoy! Mentions: Morningstar's The Long View Interview with Fritz: https://www.morningstar.com/podcasts/the-long-view/e8b3c47b-0e67-4c00-b146-8b1060a5d604 The Retirement Manifesto Blog: https://www.theretirementmanifesto.com/blog/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

What exactly does it mean to live a regret free life? Our guest today, Jordan Grumet aka Doc G, shares the observations he's made as a hospice doctor. We get into a discussion about how money is a mirage. Many people view it as this big important thing, but in reality it's just a construct. It helps us achieve other things, and it's those other things which are truly important, not the money itself. It can be easy to forget money is just one of many tools at your disposal in building a happy life. So, today we extrapolate what those tools might be, and how money fits in the middle of it all. Mentions: Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life: https://amzn.to/45e47Ol More of Jordan: Website: https://jordangrumet.com/ Podcast: https://open.spotify.com/show/2CdpAR3sgltBBhDcpWRq0g More of The Best Interest: The article I read from today: https://bestinterest.blog/where-life-happens/ Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today, I'm going to share the five false proxies leading people astray in their financial goals. In fact, what if I told you a recent study revealed your $1 million investment principal was more likely to quadruple than remain flat even after decades of enjoying a 4% withdrawal rate? Would you rethink your saving strategy? Would you consider passing along some of your inheritance sooner in life? With that said, how do we come close to dying with zero? Our guest today has plenty of thoughts on bolstering the longevity of our finances, and surprisingly, his number one tip has nothing to do with your money. We also discuss lump sum investments vs dollar cost averaging and if you should be worrying about pennies when you might be missing out on dollars. I hope you enjoy my conversation with the creator of Of Dollars and Data, Nick Maggiulli. Mentions: Just Keep Buying: Proven Ways to Save Money and Build Your Wealth: https://amzn.to/3DCXs43 Die With Zero: Getting All You Can from Your Money and Your Life: https://amzn.to/3DAXnhs Outlive: The Science and Art of Longevity: https://amzn.to/457Yh0D More of Nick: Blog: https://ofdollarsanddata.com/ LinkedIn: https://www.linkedin.com/in/nicholasmaggiulli More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

What kind of mood would you find yourself in if a tree fell onto your house? Would it ruin your day? Our guests might have something to say about that… Joining me today are two of the most outrageously optimistic, enthusiastic experts in personal finance, Joel O'Leary and Joel Laarsgard. I'll often have clients come in and say, "Jesse, we really want to approach things conservatively. I mean after all, you've seen the news, right? We know we're heading into a recession." And on one hand, of course, we want to be paying attention to the economy, but what do the short term fluctuations in the news cycle really mean to us over the span of 30 years? We shouldn't let a negative bias harm our long-term financial health. Today we discuss if there's truly a force behind the power of positivity and what it could mean in your financial situation. After all, one of Joel's favorite quotes is "invest like an optimist and save like a pessimist." So, join me in this lighthearted conversation as we break it all down. More of Joel Laarsgard: https://5amjoel.com/ More of Joel O'Leary: https://www.howtomoney.com/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today's episode starts in Minnesota, during an experiment where young men were intentionally starved. They knew starvation would affect their body, but were shocked by how it affected their brains. We then travel to Johnsonburg, a small town in Pennsylvania, where an unexpected event involving deer and a newly constructed bridge made headlines. Did you know that mammal brains, including ours, share a common trait? It's called the amygdala, a remarkable part of our brain responsible for our fight or flight response. Just like the deer that instinctively jumped off the highway bypass, we too have an impulse that urges us to take drastic action when faced with fear. In the context of investing, this impulse often leads us to panic sell our portfolios during market downturns. But is this fear-driven response always rational, or is it short-sighted? Fear, after all, is a survival mechanism designed to prompt us into action that alleviates the feeling of fear. However, when it comes to our investments, is it more crucial to survive negative outcomes than to chase maximum returns during favorable times? Today, Jesse explains the psychology of investing including the answer to a popular question, should you have bonds in your investment portfolio? Only when the tide goes down do we discover who's been swimming naked. Don't let fear dictate your financial future, and instead learn why the true cost of investing is all psychological. Mentions: Malcolm Gladwell's podcast episode: https://www.pushkin.fm/podcasts/revisionist-history/the-department-of-physiological-hygiene More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

You might've seen it on the nightly news or read it in the morning paper, but things got a little tense on Capitol Hill leading into Memorial Day weekend. Today we're going to talk about the debt ceiling crisis that almost happened in the US. Luckily, politicians figured it out, or at least kicked the can down the road. So, what does that mean for your finances? Well, hopefully nothing. But what about a couple looming questions like: What are the underlying factors that contribute to the need for the government to raise the debt ceiling repeatedly? Can the Treasury continue to take on debt? Does the recurring debt impact the long-term credibility of the government's financial decisions? How does the uncertainty surrounding the debt ceiling affect financial markets, investor confidence, and economic growth both domestically and globally? Jesse's here to break down what is another confusing topic sure to affect investors of all kinds, the national debt ceiling. More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Investing can be stressful. We worry when our accounts are going down and grow overconfident when our accounts are going up. So how do we find a good baseline? Surprisingly, one of the answers has to do with chess and a Chinese emperor. Sit back and let Jesse improve your investing mindset as he explains 7 intriguing stories and facts about how the stock market works. Mentions: *Actual Stock Market Returns* Will Change Your Investing Perspective…: https://bestinterest.blog/actual-stock-market-returns/ Aswath Damodaran: A Valuation Expert's Take on Inflation, Stock Buybacks, ESG, and More: https://podcasts.apple.com/in/podcast/aswath-damodaran-a-valuation-experts-take-on/id1462214964?i=1000613283867 More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Time is coming for us all, and according to one survey, 73% of adult children haven't had detailed conversations with their parents about their parents' finances. In fact, many of them don't know how to even start the discussion. Today, on The Best Interest Podcast, Jesse explains a few ways to bring up this conversation, gather information, and details which topics you should discuss not just with your parents, but family at large. Communication is a huge part of personal finance and all relationships, and the mixture of finance and family is a place where communication is paramount. Jesse also reflects on the five regrets we commonly have at the end of life, and how David Foster Wallace thinks we should approach living a meaningful life. Mentions: GOBankingRates Survey: https://www.gobankingrates.com/saving-money/family/americans-discuss-finances-aging-parents-survey/ Bronnie's List: https://bestinterest.blog/the-top-5-regrets-of-the-dying/ This is Water: https://www.youtube.com/watch?v=DCbGM4mqEVw More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today, we explore the concept of FIRE, a community of individuals dedicated to the principles of achieving financial independence and early retirement. Jesse plays devil's advocate against FIRE, dives into the nuance of the 4% rule (a widely misunderstood concept in the FIRE community), and demonstrates how to shape financial independence to work for your personal goals. Then, Brad Barrett, the host of the popular personal finance podcast Choose FI, joins Jesse to cover the objective numbers when it comes to achieving financial independence before traditional retirement and why pursuing financial independence may be worthwhile even if you don't reach full FIRE. Mentions: Wade Pfau's Updated Trinity Study: https://www.forbes.com/sites/wadepfau/2018/01/16/the-trinity-study-and-portfolio-success-rates-updated-to-2018/?sh=18e5e1946860 The Origin of the 4% Rule: https://www.fa-mag.com/news/choosing-the-highest--safe--withdrawal-rate-at-retirement-57731.html Mr Money Mustache's Shockingly Simple Math: https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ Die with Zero: https://amzn.to/3LTxmh5 FIRE Starter: A Brief Intro to Personal Finance's Hot New Acronym: https://bestinterest.blog/fire-starter-a-brief-intro-to-personal-finances-hot-new-acronym/ You're Probably Using the 4% Rule All Wrong: https://bestinterest.blog/the-4-percent-rule/ How to Retire Decades Early: https://bestinterest.blog/how-to-retire-decades-early/ Choose FI Podcast: https://www.choosefi.com/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Three things are certain in life: death, taxes, and a couple weekly articles from The Best Interest. Today we explore the intersection of two of the most important components of personal finances, taxes and investing and why you might save thousands of dollars off your tax bill. Jesse tackles the topic of taxes from a few different angles: the most common mistakes in understanding taxes including tax brackets, how they work and why accepting a raise can't decrease your take home pay, the RRTTLLU framework of assessing investments and taxes, the "real returns" of different tax-advantaged accounts, and a deep-dive lesson in capital gains taxes. Mentions: Capital Gains Taxes 101: https://bestinterest.blog/capital-gains-taxes-101/ Roth is Better Than Traditional: https://bestinterest.blog/roth-is-better-than-traditional/ How Do Taxes Affect Stock Return?: https://bestinterest.blog/how-do-taxes-affect-stock-returns/ RRTTLLU: https://bestinterest.blog/rrttllu/ 15 Minutes Saving $120,000: https://bestinterest.blog/15-minutes-of-math/ How Do Tax Brackets Work?: https://bestinterest.blog/how-tax-brackets-work/ Reddit Investing Question: https://docs.google.com/spreadsheets/d/1-9EB24Y-ow0yutfVoWICM4We9p4m9b7C4JRoqKI9G_c/edit#gid=0 More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Uncle Jim is certain Tesla stock is about to go up. He's been right before. I mean he's also been wrong, but only when something unpredictable happened. So, should we trust Uncle Jim knows what he's talking about? Well, I'm confident the average "Uncle Jim" is way too overconfident. Larry Swedroe says the biggest risk to most investors is staring them in the mirror, and I'd have to agree. So, how does this overconfidence manifest itself in investors, and where does it come from? Sit back as I explore the concept of self-attribution bias and how to find yourself in the Goldilocks zone of confidence where it's not too warm, but not too cold. Mentions: A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing: https://amzn.to/3GsT6OH "Men's Honest Overconfidence May Lead to Male Domination in the C–Suite": https://www8.gsb.columbia.edu/newsroom/newsn/1879/mens-honest-overconfidence-may-lead-to-male-domination-in-the-csuite "Overconfidence – Investors' Worst Enemy" by Larry Swedroe: https://www.evidenceinvestor.com/overconfidence-investors-worst-enemy/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Why is personal finance so complicated? Even worse, the Internet is full of personal finance "experts" providing short-sighted, error-prone, and outright bad financial advice. Sure, we all need the basic advice - investing 101, budgeting, how to avoid financial frauds. But then there's the more complicated stuff… What happened at Silicon Valley Bank in March 2023? Why did bonds - a supposedly safe investment - suffer losses in 2022? How did the Great Financial Crisis happen - and could it happen again?! We all want to understand significant financial events but don't want to constantly read and watch a stream of negative news that stresses us out. Real topics with real implications, deserving a simple, straight forward explanation. We don't have time to be Warren Buffett or get Economics PhDs. We shouldn't have to! But we need to be aware of what's going on. This stuff affects our lives. That's where The Best Interest Podcast come in, hosted by me, Jesse Cramer. I take the important news, break it down in simple terms, and reinforce the important personal finance advice that these events should teach us. I use everyday experiences to make personal finance accessible for the average investor. Extensive research and simple narrative makes finance both informative and enjoyable. By day, I work for a fiduciary wealth management firm in Rochester, NY, helping clients 1-on-1 create their long-term financial plans and investment portfolios. By night, I runs The Best Interest - nominated in 2022 for "Personal Finance Blog of the Year." The Best Interest simplifies personal finance and investing to make your life easier, smarter…and a little richer, too. Come invest in knowledge with The Best Interest.

If a guy from Facebook messages you about whole life insurance more than your mom texts you, it's time to be suspicious. He may have more interest in your wallet than your well-being. But not all insurance is bad. Insurance is meant to protect wealth, not create it, and anyone who's crashed their car or broken their clavicle knows this to be true. So, what insurance is right for you? Jesse breaks down the types of personal insurance that can help protect your assets, your health and your loved ones. Oh, and he also throws shade at that guy from Facebook trying to sell you on whole life insurance. Spoiler alert: more often than not, whole life insurance isn't optimal for you. But Jesse's no expert on insurance, so he brings in Broc Buckles, owner of BC Brokerage, a fee-only insurance brokerage focused on making insurance simple. Broc walks us through what kind of insurance a 25-45 year old might benefit from, what insurance is overkill, and the difference between whole life vs term life insurance. Follow Brock: Website: https://www.bc-brokerage.com/ Email: [email protected] More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Bank runs, collapses, and bailouts. Anyone else getting GFC PTSD? The Silicon Valley Bank collapse is the largest bank collapse since the 2008 Great Financial Crisis,, and the second largest U.S. bank collapse ever. So, why did it happen? Will this spark a larger contagion throughout the banking sector and the U.S. economy, and should everyday savers be concerned? Jesse breaks down the larger infrastructure of the banking industry, what specific mechanics led to the failure of Silicon Valley Bank, and what might come of it in the near future. Mentions: Blog: https://bestinterest.blog/silicon-valley-bank-101/ It's a Wonderful Life Bank Run: https://www.youtube.com/watch?v=iPkJH6BT7dM&t=5s Why Warren Buffett Said No to Lehman and AIG in 2008 WSJ: https://www.youtube.com/watch?v=1QeUcfqkUzc More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

So what did Warren Buffett mean by silver tongued demagogues and slaying dragons? Jesse sits down with Rob Bradley, a fellow Berkshire Hathaway shareholder and CFP in Rochester, NY, to discuss the wealth of knowledge behind Berkshire Hathaway's latest annual letter to shareholders. Buffett is widely regarded as one of the greatest investors of all time and his investing style has been studied and emulated by many investors over the years. Rob breaks down how Berkshire Hathaway has outperformed the S&P, invested in Apple as an indispensable consumer product, and poised itself to take advantage of domestic businesses based on their intrinsic value. Quotes: "Charlie and I are not stock pickers. We are business pickers." "When you are told that all repurchases are harmful to shareholders or to the country or particularly beneficial to CEOs. You are listening to either an economic illiterate or a silver tongued demagogue, characters that are not mutually exclusive." "Successful investing takes time, discipline and patience. No matter how great the effort, some things just take time. You can't produce a baby in 1 month by getting 9 women pregnant." "Bitcoin was probably rat poison squared." "Interest rates are to financial instruments as gravity is to matter." Mentions: Becky Quick, of CNBC will review questions that shareholders have submitted by e-mail and select those she believes will have the widest interest. Questions can be submitted to Becky at [email protected]. Berkshire Hathaway Annual Letter: https://www.berkshirehathaway.com/letters/2022ltr.pdf More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Truth be told, personal finance is simple. There's only a small number of foundational rules and a sprinkle of middle school math involved. But our natural human short-comings make personal finance difficult to enact. So, how can we overcome the biases and behaviors that prevent us from successfully achieving our financial goals? Jesse simplifies personal finance into three basic rules: spend less than you earn, save or invest the difference, and create safety nets. It's great to have a foundation, however, we all know the devil's in the details, so Jesse shares analogies regarding The Leaning Tower of Pisa, a former NFL player who grew up in poverty, and Warren Buffet to illustrate the nuance of his three rules. Mentions: "The Easiest Money That Investors Ignore" https://bestinterest.blog/easiest-money-investors-ignore/ "Isn't Personal Finance Pretty Simple?!" https://bestinterest.blog/simple/ "The Golden Rule of Personal Finance" https://bestinterest.blog/golden-rule/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

While the idea of living in a meritocracy is desirable, as it rewards those who do better, is it prevalent in today's society? With 25% of American households making less than $30,000 a year, do billionaires really offer 200,000 times the merit than them? At what age do we start to blame the poor kid, a victim of bad luck his entire life, for his poor circumstances? Is anyone really self-made? Or does everything unfold by mere chance? I invite Sam Dogen, The Financial Samurai, to discuss the role merit plays in the real world and how you can position yourself to achieve success. Mentions: Jeff Bezos and the Meritocracy Kings: https://bestinterest.blog/meritocracy/ Learn About The Financial Samurai: https://www.financialsamurai.com/about/ How to Survive the War on Merit: https://www.financialsamurai.com/how-to-survive-the-war-on-merit/ Buy This, Not That on Amazon: https://amzn.to/3Wz1G3L More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

2022 was a unique year for investors. Let's compare last year's bond and stock performances with historical trends to paint a bigger picture. Looking ahead to 2023 and beyond, there are reasons to be optimistic. Next, underneath all the snow, there's a cold lesson that came from the unexpected events of the Buffalo blizzard. Hear Jesse's firsthand account and the important lesson learned. And finally, Jesse shares 9 scientific tips to help you achieve your New Year's Resolutions, especially financial resolutions. Mentions: https://bestinterest.blog/2022-is-a-uniquely-bad-investing-year/ https://bestinterest.blog/making-2022-feel-much-better/ https://bestinterest.blog/9-scientific-facts-to-improve-your-finances/ https://fs.blog/everything-you-need-to-know-about-habits-the-science-of-habit-formation-and-change/ https://www.youtube.com/watch?v=Wcs2PFz5q6g&feature=emb_title https://bestinterest.blog/buffalo-blizzard/ https://www.youtube.com/watch?v=ghYUuzhxDfs&feature=emb_title More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Big thanks to Justin Peters, from The Struggle is Real podcast, for allowing me to share this episode. A few months ago, Justin and I sat down to discuss helping young adults with their personal finances. We had a great conversation, which I want to share with you in its entirety! If you're curious to learn more, check out Justin's Show Notes below: If you're paying attention to your portfolio right now, you know the stock market has been on a nosedive, and if you're anything like me, this market drop has you feeling discouraged. I continue doing all the right things. I maxed out my IRA, I'm dollar cost averaging through my 401K, and even investing my net earnings in my brokerage account. All of this yet I'm still seeing my net worth go backwards. I'm beginning to question if investing my money is still the right thing to do. Well luckily my friend Jesse Cramer is here to talk me off the ledge. It could be investing for your future or changing your career path to align with your passion. Jesse reminded me that the right choice doesn't always create short-term success but over the long-run, it will. Aside from being my personal therapist, Jesse has had a ton of success in creating his personal finance blog, The Best Interest. His writing has also been featured in CNBC, MSN, the Motley Fool, Yahoo Finance, and more. Jesse started The Best Interest blog in 2018 when he was working as an engineer but over the last year, realizing how much passion he had for personal finance, he made a career pivot and now works for a wealth management firm. If you are considering changing careers to align more with your passion, this will be a great episode to listen to. Jesse shares his thought process behind his decision even though it meant taking a pay cut (for now). We get into a lot of money conversation as well including the financial order of operations, investing in the market vs investing in yourself, and a useful thought process called the success to stress ratio. From my "lost and confused" to my senior investors, this episode has something for everyone. Key Takeaways: - How Jesse went from being lost with finances to a personal finance blogger - Why Jesse took a pay cut to switch careers - Why making the right choice now will lead to success in the long-run even if in the short-term it doesn't pay off - Using the financial order of operation to get started investing - Should I invest or pay off debt first? What about investing in a business? - How to get started budgeting - Success to stress ratio - What Dave Ramsey got right about credit cards (absolute rules) - Merging money with your significant other Mentions: Joel O'Leary on TSIR (Apple Podcasts or Spotify) Darren Chait on TSIR (Apple Podcasts or Spotify) More of Justin & The Struggle is Real: Show Notes: https://justinpeters.co/thestruggleisreal/ Instagram: https://www.instagram.com/justinleepeters/ More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

FTX has been dominating the news. But what's a simple explanation of what happened? Jesse explains the sudden rise and fall of the FTX and its founder, Sam Bankman-Fried. Jesse shares a tough honeymoon delay as a reminder: it's important to build in margin for unexpected events, because some things are out of our control. Social media is addictive by design. It wastes time, manipulates peoples' views, emotions, and behavior. And that's why quitting social media is in Jesse's best interest. Mentions: 6 Investing Lessons from Our Honeymoon's Terrible Start Why I'm Quitting Social Media More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at [email protected] The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

On this episode of the podcast, we discuss the hidden dangers of "analysis paralysis" in personal finance. And we discuss the "omission vs. commission" problem in investing. Does "doing nothing" absolve you of financial responsibility?

On this episode, we talk about rogue waves, rogue markets, and paying off debt. We also answer 4 cool listener questions, covering: - credit cards - how to invest $100K - if current economic conditions are affecting my investing thoughts - and my first foray into investing