A bond fund that lost 38% feels like proof you should have bought individual bonds instead. But individual bonds would have lost value too; you just wouldn’t get a statement telling you so.

Former financial planner Joe Saul-Sehy joins Paula to answer three listener calls. The first comes from an executor deciding whether to move his late father’s $500,000 brokerage account to cash during probate (the court process of settling an estate). The second is from an investor whose bond fund lost 38% in six years, and the third is from a 401(k) plan manager of 23 years who pushes back on Joe’s take on target-date funds.

In this episode, we discuss:

• How an executor can protect an estate’s value without market timing
• Why splitting the money 50/50 between stocks and cash can work, if every heir agrees
• Why individual bonds lose value when rates spike too, even when no statement shows it
• How a bond advertising 6% can still lose you money if you overpay for it
• When a bond fund makes more sense than individual bonds, and vice versa
• Why short-term bonds can drag down a long-term portfolio
• Whether target-date funds are a smart default or a first step to outgrow

If you’re settling a parent’s estate, second-guessing your bonds, or wondering whether your 401(k) default is good enough, this episode gives you a way to weigh the tradeoffs instead of reaching for a one-size-fits-all rule.

⏱️ TIMESTAMPS

Note: Timestamps may vary slightly depending on dynamic ad placements.

(00:00) Why disability insurance costs so much

(09:10) An executor’s $500K dilemma: stay invested or cash out?

(11:41) Why Joe would move the estate to cash

(15:13) The 50/50 split both hosts can live with

(24:56) Her bond fund lost 38%. Now what?

(27:33) Why individual bonds wouldn’t have dodged the loss

(32:48) How a “6%” bond can still lose money

(35:20) Why Paula bought her first bonds at 5.2%

(53:54) A 401(k) plan manager defends target-date funds

(1:05:40) Why so many people ignore their own money

🔗 RESOURCES MENTIONED

OUTGROWING YOUR TARGET-DATE FUND? HERE’S WHICH ACCOUNT EACH NEW FUND BELONGS IN 👉 https://affordanything.com/assetlocation

Free executor checklist from Stacking Benjamins 👉 https://stackingbenjamins.com/estate

Buy Treasury bonds directly from the government 👉 https://www.treasurydirect.gov

Share your worst investment mistake for a future episode 👉 https://affordanything.com/voicemail

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#761: Roughly 3 million Americans who own private businesses — car dealerships, beer distributors, dental practices — are collectively worth more than ten times the entire Forbes 400. Most of them didn't start rich, and you've probably never heard of a single one.

Economists Owen Zidar (Princeton) and Eric Zwick (University of Chicago Booth School of Business) spent more than a decade linking anonymized tax records to the people who own America's private businesses. They share what they found in their new book, The Everywhere Millionaire.

In this episode, we discuss:

• Why owning all of a small business can rival owning a sliver of a startup
• Which unglamorous industries quietly produce the most wealth
• How to decide whether to buy an existing business or start your own
• How retiring owners and seller financing (paying the owner back over time) open doors for buyers
• How to run cheap experiments so no single failure wipes you out
• When to double down on one business versus diversify
• What the data says about whether you need to be born rich

If you're weighing a steady paycheck against owning something yourself, this conversation shows who actually takes that path, what it demands, and how often it pays off.

⏱️ TIMESTAMPS

Note: Timestamps may vary slightly depending on dynamic ad placements.

(02:20) Why 3 million business owners outweigh the Forbes 400

(06:13) The overlooked businesses behind America's quiet fortunes

(11:22) Why retiring owners could be your buying opportunity

(17:31) Own all of something small, not 2% of a unicorn

(21:36) Buy a business or start one?

(29:24) How to fail small without getting wiped out

(34:35) What yacht and private jet data revealed

(44:20) Most successful founders didn't grow up rich

(01:06:31) Double down or diversify once it works?

(01:18:51) Should you leave a high-paying job for this?

🔗 RESOURCES MENTIONED

👉 Buy a retiring owner's business or build your own? Find the ownership path that fits your money and risk: https://affordanything.com/fiire

👉 The Everywhere Millionaire (book): https://link.amazon/B04y1xfaU

👉 The Everywhere Millionaire on Substack: https://everywheremillionaire.substack.com

👉 The Millionaire Next Door, by Thomas J. Stanley and William D. Danko: https://link.amazon/B01HtGgHg

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#760: A couple in their late 30s and early 40s with $1 million invested may never need to save another dollar for retirement, because left alone, that money could grow to about $4 million. The harder question isn't the money. It's which of them keeps working to carry the family's health insurance.

Paula and Joe start with Beth, an accountant married to a burned-out tech worker, who wants to know whether they can cut back on work now. Then they tackle a retiree's Ivy League financial aid questions and a New Yorker asking whether renting forever is a financial death sentence.

In this episode, we discuss:

• How to tell if you've saved enough for retirement to stop contributing
• Why one spouse should stay employed to carry the family's health insurance
• Where to find part-time work in fields that rarely advertise it
• How to turn a high savings rate into more time with young kids now
• Why lowering your income may not unlock more Ivy League financial aid
• Why test prep may matter more than hiring an admissions counselor
• Why renting in an expensive city isn't throwing money away

If you've built a solid nest egg but feel stuck working five days a week, this episode shows how to check whether you can ease off now instead of waiting for full retirement.

⏱️ TIMESTAMPS

Note: Timestamps may vary slightly depending on dynamic ad placements.

(06:53) $1 million by 40 and burned out: can they downshift?

(10:18) Why one spouse should keep the health insurance

(11:41) Where to find part-time work that still pays well

(14:41) Why work-life balance comes in seasons, not days

(16:49) What it really means to stop saving for retirement

(18:10) How $1 million could grow to $4 million untouched

(20:47) Turn your savings gap into time with your kids

(27:40) Why a lower income may not unlock Ivy aid

(37:12) Why test prep beats an admissions counselor

(50:32) Is renting really throwing money away?

🔗 RESOURCES MENTIONED

👉 RETIREMENT ALREADY COVERED? MAP WHERE YOUR NEXT DOLLAR SHOULD GO — ON ONE FREE PAGE: https://affordanything.com/cornerstone

👉 Joe's conversation with Lynda Gratton on taking breaks and changing careers over a longer life (Stacking Benjamins SB1898): https://www.stackingbenjamins.com/rethinking-retirement-100-year-life-1898

👉 Read This Before Planning for College (Stacking Benjamins x The College Investor): https://www.stackingbenjamins.com/collegeguide

👉 The College Investor, Robert Farrington: https://thecollegeinvestor.com

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#759: At 19, Jaspreet Singh bought a rental for $8,000. What followed was a nightmare tenant, a lawsuit, and a later house stripped of its copper, and it taught him what the real estate books leave out.

Jaspreet is the founder of Minority Mindset, a personal finance YouTube channel with more than 2.5 million subscribers, and CEO of Briefs Finance. He’s also a licensed attorney who chose to build businesses instead of practicing law.

Avoid these 7 expensive rental property mistakes → https://affordanything.com/rent

In this episode, we discuss:

• How hiring the cheapest property manager can cost you the most
• Why skipping a $200 inspection led to his worst deal ever
• Why an employee who’s just coasting hurts a small team more than a weak one
• A simple two-list exercise that shows whether your hard work actually pays
• How the tax code rewards owners and investors over employees
• How a terrible market timer who never sold still turned $100,000 into more than $1 million
• Where AI’s ripple effects could create opportunities beyond the AI companies themselves

Whether you’re weighing a first rental, a business, or simply investing more consistently, this conversation shows what each path really costs and how to learn those lessons for less than Jaspreet paid.

🔗 RESOURCES MENTIONED

JASPREET LEARNED RENTALS, BUSINESS, AND INVESTING THE EXPENSIVE WAY. MAP YOUR OWN PATH FOR FREE 👉 https://affordanything.com/fiire

Minority Mindset on YouTube 👉 https://www.youtube.com/@MinorityMindset

Briefs Finance and the free Market Briefs newsletter 👉 https://www.briefs.co

Learn more about your ad choices. Visit podcastchoices.com/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#758: Joe says that if you tell an employer you’re not motivated by money, you’re unemployable. Paula says that’s exactly the person she wants to hire.

Former financial planner Joe Saul-Sehy joins Paula to answer a question from a 26-year-old whose net worth is already 10 times her annual spending. Then they take on two more: whether target date funds are worth it, and whether a dad of young kids should make a career change that cuts his income by 60%.

In this episode, we discuss:

• Why not being motivated by money can make you a better hire
• The two traits Paula looks for when she hires
• How to tell whether a small business is a good place to work, and when it isn’t
• A quick test for whether you’d actually enjoy your coworkers
• When a target date fund makes sense, and when it holds you back
• How to decide whether to make a big career change now or wait
• Why your savings might be meant for exactly this kind of leap

If you’ve saved enough that a paycheck no longer drives your choices, this episode will help you figure out what should.

⏱️ TIMESTAMPS

Note: Timestamps may vary slightly depending on dynamic ad placements.

(02:32) She’s 26 and no longer motivated by money

(07:23) What Paula looks for instead of money motivation

(12:54) The hidden risk of working at a tiny company

(24:55) The 8-hour layover test for coworkers

(33:05) Why Paula put her parents in target date funds

(40:24) Joe’s 30-minute alternative to target date funds

(51:33) Why your 401(k) target date fund may be junk

(58:33) The case for target date funds as harm reduction

(01:08:01) Should he take a 60% pay cut to switch careers?

(01:13:37) Why waiting “one more year” rarely helps

🔗 RESOURCES MENTIONED

👉 Building your own mix instead of a target date fund? See which account each fund belongs in: https://affordanything.com/assetlocation

👉 Episode #709, planning for a child with special needs, with Keith Wargo: https://affordanything.com/709-the-financial-reality-of-developmental-disability-with-keith-wargo/

👉 Stacking Benjamins, Joe’s podcast: https://www.stackingbenjamins.com/

👉 Strategic Coach, the entrepreneur coaching program Joe recommends: https://www.strategiccoach.com/

Learn more about your ad choices. Visit podcastchoices.com/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#757: Ron Johnson is the creator of the Apple Stores and former CEO of JCPenney.

At age 24 Ron Johnson turned down a $120,000 Goldman Sachs offer to unload trucks for $40,000, and that detour led Steve Jobs to hire him to build the Apple Store. Years later, he took over JCPenney and watched it fail for a reason that had nothing to do with his vision.

Ron Johnson created the Apple Store and worked directly for Steve Jobs for 12 years, after bringing designer products to Target. He later served as CEO of JCPenney and is the author of Shop Different.

In this episode, we discuss:

• How to weigh a lower-paying job that teaches you more
• How to set goals big enough that people work harder
• How to persuade a team whose top priority is not getting fired
• How to change a strong-willed boss’s mind
• Why a bold plan fails without trust, and how to build trust first
• What a rush of early customers can hide about a new business
• How to get out of your head when you’re overthinking a decision

Whether you’re weighing a career risk, building a business on nights and weekends, or trying to get people behind a bold idea, this conversation shows what it takes, and what it costs to skip a step.

⏱️ TIMESTAMPS

Note: Timestamps may vary slightly depending on dynamic ad placements.

(02:14) Why a few columns made Steve Jobs furious

(08:44) How he talked Steve Jobs into shopping malls

(15:33) Why he turned down $120K to unload trucks

(22:10) Why big goals beat small improvements

(29:24) How to sell a risky idea to cautious coworkers

(37:02) The $30 tea kettle that caught Steve Jobs’ eye

(46:02) Why a record-breaking opening day was misleading

(56:26) How a hotel inspired the Genius Bar

(1:14:40) Why JCPenney failed: trust, not vision

(1:35:54) How to escape analysis paralysis

🔗 RESOURCES MENTIONED

• 👉 Would you turn down $120K for work you love? Find out what’s really driving your money choices: https://affordanything.com/fiire

• 👉 Ron’s Book, Shop Different: https://amzn.to/4yFA1SH

• 👉 Ron’s website: https://ronjohnsonshopsdifferent.com

Learn more about your ad choices. Visit podcastchoices.com/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#756: In September 2008, Jared Dillian watched about half a million dollars of Lehman Brothers stock go to zero in a single week. He wasn't allowed to sell any of it. What he built afterward is a portfolio designed so he never goes through that again.

Jared Dillian was a trader at Lehman Brothers from 2001 until its collapse, and ran its exchange-traded fund desk. He's the author of The Awesome Portfolio and taught finance at the university level for 13 years.

In this episode, we discuss:

• Why to sell your company stock as soon as you're allowed to
• How living below your means gave him the freedom to start a business when Lehman fell
• How to gauge your real risk tolerance with a simple Las Vegas test
• How a portfolio split five ways (stocks, bonds, cash, gold, real estate) held up in 2008
• Why a 20% cash cushion can be an advantage instead of a drag
• What long-term bond yields reveal about the economy that stocks don't
• What it would actually take to close the Social Security funding gap

If most of your money sits in an index fund or your employer's stock, this conversation will help you figure out how big a drop you could actually stomach before the next real bear market tests you.

⏱️ TIMESTAMPS

Note: Timestamps may vary slightly depending on dynamic ad placements.

(02:29) Walking into Lehman Brothers the day it collapsed

(04:38) The $500,000 in company stock that went to zero

(06:57) How cheap living let him start a business instead

(19:54) Why buy-and-hold hasn't faced a real crash since 2008

(22:52) The Las Vegas test for your risk tolerance

(27:07) A five-way portfolio that fell just 9.8% in 2008

(28:46) The one scenario where this portfolio struggles

(29:33) Is 20% cash too much with inflation?

(44:45) Why bond yields are the economy's warning light

(51:25) Why half of retirees claim Social Security at 62

🔗 RESOURCES MENTIONED

• BEFORE YOU ADD BONDS OR REAL ESTATE FUNDS, KNOW WHICH ACCOUNT THEY BELONG IN 👉 https://affordanything.com/assetlocation

• Jared Dillian's website 👉 https://www.jareddillianmoney.com

• The Awesome Portfolio by Jared Dillian 👉 https://amzn.to/4ART5i4

• Jared Dillian on X 👉 https://x.com/dailydirtnap

Learn more about your ad choices. Visit podcastchoices.com/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

#755: Many retirees fear running out of money more than they fear dying. AI is reshaping the economy, the U.S. now spends over $1 trillion on interest, and Social Security faces a shortfall. Rob Berger says if you're worried about all that, it's a sign you're thinking clearly.

Rob Berger is a former securities lawyer, founder of the personal finance site Dough Roller, and host of a nearly 300,000-subscriber YouTube channel on investing and retirement planning. He started writing about money in 2007, just months before the Great Recession.

In this episode, we discuss:

• How to tell whether today's high stock prices should change your plan

• When to trim a stock that's grown too big, and when to let it ride

• Why a booming economy can still leave so many people feeling squeezed

• What a looming Social Security shortfall could mean for your retirement

• How to cover your basic bills with guaranteed income, whatever markets do

• How to ease into retirement instead of going from 40 hours to zero

• Why daily spending habits matter more than investing knowledge

Whether you're five years from retirement or five years into your career, this episode will help you separate what's truly changing from what never does.

🔗 RESOURCES MENTIONED

• RETIREMENT WORRIES FEEL OVERWHELMING? SEE YOUR WHOLE FINANCIAL PICTURE ON ONE PAGE 👉 http://affordanything.com/cornerstone

• Rob Berger on YouTube 👉 https://www.youtube.com/channel/UC9C17-OMxa-7oRSaCtztObw

• Rob's free weekly retirement newsletter 👉 https://robberger.com/newsletter

Learn more about your ad choices. Visit podcastchoices.com/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.