Admittedly, we finance nerds tend to obsess a lot over topics that may or may not be super relevant to the general public. But what are some things that are overrated in personal finance? That’s what our panel dives into in this special roundtable discussion. Joining us we welcome back financial educator and author, Brian Feroldi. He joins Paula Pant, creator of Afford Anything, and our resident CFP®, OG.
On the second half of our discussion, sponsored by DepositAccounts.com, we debate more of what the most overrated concepts in personal finance are.
And finally, our year-long trivia contest continues as Neighbor Doug whips out some charity-related trivia.
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201
Enjoy!
Our Topic: A Few Word Description
The Most Overrated Things in Personal Finance (Of Dollars And Data)
During our conversation you’ll hear us mention:
- Is early retirement overrated?
- Can retiring early be dangerous to your financial well-being, because you rely on market returns?
- Sequence of returns risk.
- Retiring TO something rather than FROM something.
- Financial Samurai.
- The difference between true “retirement” and financial independence.
- The misunderstanding of FIRE (“financial independence” vs. “retire early”).
- Creating the right investment policy statement for your portfolio.
- The importance of finding balance between growing your portfolio and living your life today.
- Investment properties.
- Aligning investment vehicles with your personality.
- Importance of knowing thyself.
- How to align your investment choices with your risk profile.
- Rebalancing your portfolio.
- Aligning your investments with your goals.
- “Accumulation rebalance” while in your accumulation phase.
- The futility of trying to predict future events.
- The pros and cons of diversification.
- The often-overlooked importance of increasing your income.
- Increasing the gap between your income and expenses.
- Building smart money habits.
Our Contributors
A big thanks to our contributors! You can check out more links for our guests below.
Brian Feroldi
Another thanks to Brian Feroldi for joining our contributors this week! Learn more about how to become a better investor by visiting Brian’s website at Become a Better Investor In 3 Minutes Per Week | Long-Term Mindset.
Grab your copy of Brian’s hit book and support the show by using our Amazon affiliate link: Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren’t.
Paula Pant
Check Out Paula’s site and amazing podcast: AffordAnything.com
Follow Paula on Twitter: @AffordAnything
OG
For more on OG and his firm’s page, click here.
Doug’s Game Show Trivia
- How much money has Newman’s Own donated to charity?
DepositAccounts
Thanks to DepositAccounts.com for sponsoring Stacking Benjamins. DepositsAccounts.com is the #1 place to go when you’re looking to see if your rate is the BEST rate on savings, CDs, money markets, and even checking accounts! Check out ALL of the rates ranked from best to worst (and see the national averages) at DepositAccounts.com.
Mentioned in today’s show
- Check out Brian’s previous appearance on the show on April 4, 2022, by visiting The Basics: Buying Stocks (with Brian Feroldi) » The Stacking Benjamins Show.
Join Us on Monday!
Tune in on Monday when we’ll walk you through the financial basics with a woman who’s a huge spender but STILL managed to become a top speaker and money expert, Anne Lester.
Miss our last show? Check it out here: Stackers Gone Wild (Our Community Members Share Success Stories) SB1489.
Written by: Kevin Bailey
Episode transcript
So faced
with the question, where did they go next with this podcast? The guys were recently joined by legendary musical genius, Bruce Dickerson, who’s agreed to be the new producer of the Stack and Benjamin Show. They were all excited
to meet ’em.
Hey fellas. I’m Bruce Dickerson. Yes, the Bruce Dickerson.
You have a dynamite sound. Fantastic sound. I’ve only one suggestion.
More cowbell.
Live on YouTube. It’s the Stacking Benjamin Show.
I’m Joe’s, Bob’s neighbor, Duggan. Today you’ll learn what the most overrated things in personal finance are with an underrated member of our team, Paula Pant. Then a man who won’t let me rate him ’cause he doesn’t believe in negative numbers. It’s og. And finally, the guy who’s always trying to buy stocks that are underrated so that he can ride those babies to the top.
It’s special guest Brian Fer, but that’s not all. Halfway through the show, I’ll share my delicious trivia question. And now a guy who’d never stab anyone in the back, it’s Joe Sa
Sea Hot.
Was that foreshadowing here on the I of March? Was that foreshadowing Doug Sure was. You just ruined it. Hey everybody, welcome to the Stacky Benjamin Show, where I tend to ruin everything. I am Joe Salsey. Hi. And man, do we have a great crew with you here today live. Not only all those, you hang out with us live on YouTube land, but we’ve got the guy across the card table from me.
Mr. OG is here. How are you man? What’s
up? I am fantastico at two. Brute
at? At two. Raise your hand if you took Latin. I I took, I took Latin. Nope. There you go. No. There you go. Well, I, I took,
I can translate that, by the way.
That’s good. Brilliant. That’s everything he learned in Latin. Everything
I learned in four years of parochial Latin, that
there it is too brute and the woman who has nothing to do with parochial Latin, so I have no idea how to make that transition work.
Paula Panta is
here. Do you think that doctors refer to IVs as fours? But
maybe how confusing would that be if you were an ancient Roman person who came back? Like, why do they get these fours all over the place Exactly. In hospitals? Yes. Looks like a single thing. A and yes. Doug. Are you getting your material
from Len now Paula?
I know,
right? Someone, someone has to fill that role. Yeah,
that’s right. We should have said that. Live today. The part of Zo on today’s recording, what we play Yeah. Will be played by p pant lens understudy. And the gentleman who’s finally back, finally back on the show, Mr. Brian Aldis here. How are you man, Joe?
I’m doing
awesome. Yeah. After a two year hiatus, it is good to be invited back. So, I’m sorry, whatever I did to you last time, but I’m glad you got over it.
I, it was, it was so weird. I saw you at Fcon. I’m like, how come you haven’t been on the show? And you’re like, I don’t know. You tell me. I dunno. Yes. I got no idea.
So for the three people who don’t know. You don’t know all the amazing you work, you do teaching people about stocks. Uh, give us the skinny, what’s going on Brian?
Uh, sure. Financial educator. That’s what I call myself. I never know what to call myself. When people are like, what do you do? It’s kind of like I do some random stuff online sometimes related to money and, and investing.
But, uh, I wrote a book called, uh, why does the Stock Market go up? And I create content that teaches people about investing
in the stock market. There are few people more fun to follow on Twitter, you know, besides Paula. Mm-Hmm. Right, of course. Totally agree. And that’s, that’s because she quotes me, of course,
on her, on her Twitter.
Of course. I, well, I have quoted, you once
quoted, quoted me once Yes. Remembers what
it takes to
get invited back. Got it.
That is, that
is exactly it. By the way, you, you definitely wanna follow Brian because just your discussions you have are so well thought out and so amazing and, and it’s great stuff. If you’re on social media, stop poking your eye out, found all those other people and follow Brian.
We get a great show. Speaking of another author, a guy that had a book out about the same time you did, Brian, uh, Nick Majuli had a neat piece out just recently that we wanted to dig into. One of the most overrated. Things in personal finance. We’re gonna talk about that, but before we get to that, today’s discussion is brought to you by State Farm.
State Farm agents are small business owners too, so they know how to help you choose personalized policies that fit your needs like a good neighbor. State Farm is there. Talk to your local agent today. And, uh, Brian, do you have a State Farm agent? I live in
Rhode Island and I am not aware it, I don’t even think that State Farm operates in my state, so I’ve been seeing commercials for them for decades now, and I don’t think I even can become a customer.
It’s awful. You’re like, like, what about Jake?
Yes. What? Come on. I know all about Jake, but I cannot buy from Jake. It’s a travesty.
Brian, why don’t you rant a little bit about how upset you are that you can’t buy from Jake.
Sure. Let, let’s do it. Um, I think that insurance
laws, wow, Brian, you’re really going, man, you, you’re kind of upset about this.
I,
I got fired up about it. Yes. The fact that, uh, my insurance choices are, Joe, are you even listening to
what I’m saying? Oh, totally. No, we would never put an ad break over something
that I guarantee guarantee you that all of the State Farm agents in Rhode Island are listening and you’re about to get phone calls because you can absolutely get State Farm insurance in Rhode Island.
So, dude, you brought this on yourself.
Is it available? Just
saying we got the Brian Feral here. Paula Pan here, OGs here. Doug and I are here. Let’s get started.
Well,
as I mentioned, our piece today comes to us from the blog of dollars and data.com. Nick Majuli is the host over there and wrote this piece, the most overrated things in personal finance man, what clickbait that is, and like a good clickbait reader. I went there and I found some very interesting stuff.
Let’s start with you, Paula. He goes after early retirement right away. Do you agree? Early retirement’s overrated.
You know, I agree that many people, especially if they are new to the world of financial independence, the fire movement, there are a lot of beginners who have not really thought through the concept of early retirement.
And so people might have this knee jerk reaction to thinking like, not working after 40. That sounds great. But I a thousand percent agree with what Nick wrote here, that there are drawbacks to retirement, particularly if you retire, if you define retirement as the cessation of income producing activity.
Well, one of those drawbacks that, that, that you talk about. Increased reliance on market returns. Mm-Hmm. Which makes me go to you, Brian. You’ve got an accumulator out there and you’re buying investments. It’s one thing. But man, when you got an income stream, that’s, is that how you lost your hair? Was thinking about how to create an income stream
out of your Exactly how it happened, I assume for you too
is right.
Totally, completely touché. A
hundred percent of men that are bald Yeah. Because of this problem. It’s, it’s pervasive in society
over worried. We worry too much. That’s right.
Yeah. Yeah. I, I totally agree with the point though. You do suddenly become completely dependent on financial assets and that can certainly stress you out to say nothing of.
If we think just back over the last 15 years, being early retired through 2008, 2009, or you being early retired at the start of covid, those would certainly give you heartburn if you didn’t have it.
And there’s another point, og, you know, that I know financial planners rally around all the time, which is a lot of these people are retiring from something not really to anything.
I think
it sounds really, really, really sexy when you’re working your first job or your first real job and you’re 27 and doing 80 hours a week at the. Investment banking firm or whatever thing you’re doing and, and you don’t have that freedom and, and all the fun stuff that went with being in college.
And you go, wait a second. I could, I could be done with this when I’m 38, or I could be done with this when I’m 42. That sounds great. But the reality is, is we all know who have gotten to that point or beyond. It’s like, then what? There has to be a big then what afterward. And, and, and you can see the transition that people have that do pull the ripcord early.
And I’m just, I’m thinking mainly about Financial Samurai, right? His was probably the most notable public I’m outta here. Right? And now he’s a couple years, I mean, not a couple years, but maybe 10 years into. His financial independence still financially independent and is like, this is awful. I need to go do something.
I’ve been sitting around for 10
years. Well, you know what’s wild about him bringing up, uh, financial Samurai News just a few weeks ago? He, and he said, and you never know, by the way, because he says a lot of stuff, right? He says, he says a lot and you’re always like, is this just uh, getting clicks or is this the real thing?
But he said, now he’s no longer financially independent. Well, he was, I mean, renting his primary residence, he decided to buy a nice house. And it got to the point that to afford that house, he needs to work
again. Yeah. Because he only has $4 million now instead of, you know, 5.2 or whatever, because he bought a house.
But the reality is, is that even that he didn’t retire Right. And I think that’s the thing that people miss is everybody who spends a lot of energy around financial independence and the fire movement. They’re not actually reti, they’re doing the thing they wanna do, which is also really cool. Like they’re not retired, you know?
And, and I think that’s the thing we have to just recognize is that there’s no rule around having to do sucky work until you’re 65. You can do what you like to do and do it till you’re 87. And that doesn’t mean that you’re working or your life is awful. Just no different than doing it the opposite way.
So I think we have to kinda get rid of that word retirement and say, and, and, and stop thinking about retirement as like, I’m sitting on the rocking chair sipping tea, watching the sun go across the sky. It’s, it’s much more around, can I get to a place where I can do what I want to do? And some of that’s managing income and expenses and investing and that sort of thing, but there’s plenty of opportunity in the things that you wanna do to produce income as well.
You’re, you’re nodding
Paula. Yeah. You know, I think one of the worst thing that’s happened to fire as a concept is the conflation of FI with re right? The fi, the financial independence is simply the state at which you have sufficient assets. And if you think of the people who we regard as conventionally wealthy.
Taylor Swift, Justin Bieber, Elon Musk,
uh Right. She’s conventionally wealthy, I would argue. Yeah,
exactly. Exactly. They’re all financially independent, right? None of them are working because they need the money to put groceries in the fridge and keep the lights on and cover their car insurance that’s covered a thousand times over.
In fact, even if they were to spend lavishly for the rest of their lives, they have more money than they could ever reasonably spend. They have more money than they could ever unreasonably spend. We would never regard them as retired because they’re incredibly hard workers and they continue to be. And so I think that conflating fi with re, you know, the retiring early is one of many possible options.
Doubling down on work and going even bigger, going even harder in the primary work that you do. As Taylor Swift did, I. That’s another option. Switching to an alternate line of work, that’s another option. So why would of all of this menu of options that are available to us, why would we hone in on only one, then conflate that one with the precondition.
Nick in this piece talks about a statement that Jared, uh, Dilia makes in his recent post on the fire movement. Jared writes, retiring at 35 sounds interesting in principle, but in practice it’d be hell imagine being completely idle and having nothing to do except worry about your small pile of money turning to dust.
Which makes me think, Brian, you know, back when I was a financial planner, what I found was how little people celebrated creating a great investment policy statement or investing for the long term. How some of my clients were just neurotic all the time, like they were super worried all the time. I gotta imagine that this idea of retiring at 35, like what do you think is the problem with investors?
That we don’t celebrate the wins and we’re so neurotic about the, well, I think it’s all going to health tomorrow if I don’t keep clicking refresh on my TD Ameritrade account or my, you know, Schwab account now.
Well, I think if you’re the type of person that is naturally drawn to financial independence and retire early, I can speak for myself here.
I used to watch basically every single scent that I made and every single scent that I spent, and I tracked it all extremely diligently and I was tight with what we spent on going out to eat, and it annoyed my wife to no end. Early on, as I’ve had kids and kind of matured, I have personally let go of the purse strings, but that was difficult for me to do because I was so focused on growing this number in a database and I was letting that number at a database overtake my actual life, and I’ve had to train myself to basically let go of that.
So I think if you are naturally have the inclination to want to reach financial independence or want to create a huge safety net for yourself. By that personality, it is hard for you to want to celebrate the wins and, and do those things because you’re so focused on that single goal. How did
you train yourself?
Just turn it off for like longer periods of time.
Uh, slowly but surely, right? Indulging in small luxuries along the way and just, uh, once you, I mean, I don’t know about you when I had kids, my spending just has like exploded, uh, over the last couple of years, especially if they’ve gotten older and we pay for sports and vacations and now we’re a family of five.
So whenever we travel, we have a five x multiplier instead of a two x, uh, mul multiplier. So, you know, it’s just like, like anything you just slowly get used to spending more than you did previously.
The second piece he has, that’s overrated. So he says that early retirement’s overrated, number one. Number two, Paula Pan.
He’s firing darts right in your backyard. Mm-Hmm. Investment properties he said is overrated. Do you agree that the concept of buying investment properties is overrated?
Overrated is a strong word, but I would say that if the reason that you’re buying investment properties is yolo, if the reason that you’re doing it is because everybody else’s, and you feel peer pressure from the internet to not miss out fomo, I should say, not yolo.
If that’s your reason, then that is a terrible reason, right? You should never FOMO into rental properties or investment properties. Generally, it’s one thing if you are investing in it because you want to hold assets where you have some direct control over the outcome, right? Like when you’re buying a stock, when you buy a share of Coca-Cola, you have no personal direct control over the performance of Coca-Cola unless you are an a high ranking employee There.
But if you buy a rental property, then you have personal direct influence over the performance of that rental property. At least to some extent. That’s a good reason to buy it. Also, the returns on a rental property tend to bias more towards the cap rate, meaning the dividend payment that it yields rather than the capital appreciation.
Generally speaking, especially if you buy in a very cashflow centric market like somewhere like Toledo, Ohio. That’s a good reason. Right. So there are good reasons to buy it, but there are also plenty of reasons, you know, if, if you’re just f mowing into it, then I agree. Just buy a REIT and be done with it.
If FOMO is your, your main motivation.
Yeah, but I think it goes further Apollo than fomo. I mean, since we started the Stacking deed show a year ago. Mm-Hmm. The number of, I’m gonna give them a name, the number of investment property bros out there talking about we can get rich way quicker by buying individual properties.
Like, just makes me wanna barf.
Well, I think what differentiates a bro from a male who is giving thoughtful, nuanced takes, one of the major differentiators is that that financial bro culture often minimizes the risks involved. And so it sets up a false promise that could only be achieved if everything goes exact precisely according to plan.
And it tends to not only underestimate the risks, but also underestimate the intelligence of the audience. Well,
we did a TikTok, uh, minute, just a few weeks ago on Stacking Benjamins about that Paula, somebody saying, Hey, the way to get rich quickly is to use other people’s money. So telling brand new investors on your first deal, like get into debt as much as you can.
And I’m like, but think about your first property. How many things you effed up? I, I just, I just think your average real estate investor is gonna, you know, learn a bunch, maybe 10th property, 15th property. That makes sense. But your first one.
Right. You know, and that’s true. Any skill, right? The first time that you ever drive a car, you’re gonna be a little awkward at it.
It’s gonna be a little clunky. The first time you ever pick up a tennis racket, you’re not gonna do it very well the first time you ever try to paint something or try to throw pottery or cook a particular new dish that you’ve never cooked before. Right? The first time is always the training wheels time, drink a six pack and drink.
The first time you try to drink a six pack,
I wasn’t very good at it.
And now you’re an expert.
Over time. Practice makes perfect with practice and diligence. Exactly. Able to hit that mark precisely. The one thing they put down here is the high ethnic points. Two here is, is the high entry cost. Brian, I’m wondering, you know, you’re known obviously for investing in equities, not into real estate.
I guess a different form of equity, but, but not real estate. Have you ever gone into real estate and high cost of entry? Maybe one of the reasons why you’ve stayed away from it.
So the first book on money and finance that I read was Rich Dad, poor Dad. And if you know anything about Robert Kiyosaki, he is Mr.
OPM and OPT, right? Borrow money, buy real estate leverage to the hills and rake in huge cash flow. That was the first I’d ever heard of really investing, and when I read that book, it was 2004, so that was like, not the peak, but pretty close to the peak of the real estate bubble in, in the two, in the two thousands.
But I was, I started out investing by analyzing properties and trying to find places around where I lived that the numbers worked. Thankfully the numbers didn’t work. Anywhere because prices were, were so crazy. But my first foray into investing was to try and get into real estate. Thankfully, that high, high entry cost just completely eliminated me altogether because I just, starting out, I did not have any capital to put into, to real estate to afford the down payment.
So that is one reason along with just my general personality, why I have not invested in in real estate like Paula has and I focused on equity. The whole self-managing thing is a big plus
in my point. Oh, you mean you don’t wanna be directly re where Paula said people love it when they can directly feel the pulse and they can affect the property like they, people like that.
You dislike that.
Yeah, real estate has a bunch of positives, uh, to it. And even if you invest in real estate the right way, it can be a fantastic asset class to go into. But for me, when I’m thinking about what asset class to put money in, a big thing for me is what matches my personality, right? What matches my, uh, natural personality and my investing personality?
And I’ve discovered about myself, real estate does not match my in investing
personality, but equity, I think it’s fabulous. The, you know, the piece of no thyself, right? No, you, it’s not the markets that are gonna blow up. It’s, you’re gonna blow up your plan. That’s, it’s gonna be the big problem, you know? Uh, Nicholas here, og high entry costs when it comes to real estate.
Let’s, let’s talk a little bit about this. It always blows me away that there’s 5 million people complaining about a half percent fee on a mutual fund. And those same people will pay the biggest fees on earth to buy real estate and not flinch. Like, why are we, why are we so not focused at all on fees when it comes to real estate transactions?
I think that this comes back to what Paula was talking about in terms of highlighting all of the good things and not really talking about all the nitty gritty components of it. We realized after, unlike Brian, after we were real estate investors, that we didn’t wanna be real estate investors. And it worked out in the long run.
’cause we were able to exit with a nice appreciation on the backend. But I also bought a house on July 31st, 2004. So if you’re looking for, because you’re saying about that was the, no, no, that was the peak. I can guarantee that. That was the, the peak I think was 2005. But right around there. No, no, no. It was July 31st, 2005.
I guarantee it.
10:34 AM
I have the documentation, sir. I watched what happened. It was a right there. You know, he
got the notice that said Aldi was looking.
Yeah, exactly. Zillow updated the next day and it’s like this house is worth 20% less. I’m like, wait, what the heck? But you know, so we got fortunate in the outcome.
But the long, the short of it was, was that it also wasn’t our personality. We tried the long, far away. You know, Paul was talking about, uh, Toledo and I was thinking about Tony Paco’s hot dogs, and I’m like, that’s a good enough reason to, to buy property in Toledo right there just to go get a hot dog. But we bought in the low cost area.
Paul is like, I have no idea what you’re talking about. Yeah,
I didn’t know, I didn’t know. Hot dogs were a feature of Toledo. Good market research. Paula.
It’s an important component of the culture of
Toledo. I assure you. It’s the whole economy. Oh, G likes practicing market research on the hot dogs in Toledo.
Yes. Every time he
goes through, well, uh, I’m here for him. Her, uh, business expense again, business meal, another business meal, another research trip to Toledo. So, like I said, we got lucky in that the cost of getting into it wasn’t obscene. But I think the reason, you know, the other, one of the other things that Nick talks about in there is the diversification issue.
When I look at real estate from a diversifier perspective, I’m concerned that people. Think, Hey, I’m diversified because I own a, a couple of single family rentals, or I own an apartment building that is not diversification, that is almost as concentrated of a risk as you can possibly be. Even if you had that 10 single family rentals spread across the United States.
I mean, it’s still one single solitary asset class and, and real estate belongs in your portfolio. And like both of ’em have already said, lots of people could be wildly successful with, with real estate. But you have to know what you’re getting into. What makes the math work really well is the leverage.
And if you compare apples to apples and just cash to cash, I think you’d find a lot of times that you can get the same thing with. Easier operation. That’s just my kind of personal perspective on it. And if you wanna be leveraged, you can lever your stock portfolio too.
Sure. But it is interesting that what, what I found when I was an advisor was that the thing that Paula alluded to earlier, that there are people that really wanna feel like they’ve got their hands on the lever.
Yeah. And this up and down of the markets every day drives them crazy. Where the hands-on nature of real estate drives them a lot
less crazy. Yeah. I’m getting my rent no matter what happens. And look, at the end of the day, you can be fabulously wealthy by owning rental properties. 1, 10, 20, a hundred of ’em, whatever your deal is.
Right. You can do it by owning single family residences, apartment buildings, commercial. All of those things are wildly successful. And I know lots of people that have done that, and I know lots of people that are successful buying stocks and lots of people that are successful business owners. There’s no right way.
I think honestly what Brian said earlier was the most important piece out of this is kind of know thyself. Like what gets you going and keeps you motivated. Because either way, doing one thing isn’t gonna make it. You have to do the same thing over and over and over again to be successful. And if you really like the real estate thing, then go
all in.
Paul and Nick’s got a couple of, uh, points down here, which I think knowing you a little bit that you might, uh, argue with a little bit, which is he says tenant issues can be a big problem, which is, I’ve gotta imagine Paula, that you found ways to mitigate
that. Well, yes. So there are a few things. One is that generally speaking, properties that have a higher likelihood of tenant issues, higher risk, and we’re speaking in the aggregate properties that have higher tenant risk and also higher turnover and higher vacancy also tend to have the highest potential returns.
So if you think of, you know, in the world of equities investing. There are certain baskets of equities that have generally low risk, low reward, right? And then there are others that have generally higher risks, higher potential reward. The same is true when it comes to choosing what type of property you’re gonna buy, and so there are certain properties where you have a higher likelihood of tenant risk, high turnover, high vacancy, and those properties, if they perform well, also have potentially the highest rewards, but in the context of much higher risk as well.
By contrast, there are different properties that you can select that are in like what I call the Lululemon Panera bread areas. Oh boy. You know, the, the Paneras. And you generally tend to get a lot more stability. Like those are the places where tenants often will stay for 5, 6, 7, 8 years. There’s low turnover, there’s low vacancy properties.
There tend to be a bit newer in terms of their year of construction. So it really just depends on what risk profile you want. And I think one of the mistakes that people make when they’re going into real estate investing is that they don’t conceptualize the different levels of risk that properties have in the same way that they would.
Place that framework on stock selection. Is it Panera
they want though, or a good hotdog? Stan. Paula, like which
of the two? Come on Now. Tony’s is not a hotdog Stan.
He also talks about it’s hard to find a good property manager. Is that true?
That is true, yeah, that is very true. There’s that, uh, good, cheap, fast Pick two.
Yeah,
yeah, yeah. There are a couple more here that we’re going to get to after the break, but at the midway point of every Stacking Benjamin show, if you’re new here, we take a moment and we have a year long trivia competition between our three frequent contributors, Len Penso, who’s not here today. So Brian, you are Team Len Penso.
Congratulations, uh, team Paula Pant and the OG and, uh, Brian playing on Team Penso comes with good news and bad news. Would you like the good news or the bad news? Bad news first always. Well, the bad news is, is unfortunately we don’t like it when our guest has to do this. You’re gonna have to guess first because you are in first place and the person in first place guesses first.
So Team Len has three, and then Team OG has two. And Paula, somehow, it’s so funny, when Paula takes a couple weeks off, all of a sudden she pulls into a tie. I noticed there’s no correlation there, but, but Paula has to, and because OG finished last year ahead of Paula. Paula, you’ll get to guess last and OG will guess in the middle.
But we need a trivia question and it’s the odds of March, which means. We might have a trivia question on that topic.
I’ve got one for you, Joe. Hey there, stackers. I’m Joe’s mom’s neighbor, Doug. Happy Friday the 15th, and beware the odds of March. Begun as the day Julius Caesar was assassinated in ancient Rome.
March 15th has become known as a day to settle debts. I don’t know what’s worse, being ambush by dozens of your colleagues who stab you to death. They’re having to pay all your debts at once. Both sound slightly stressful. Slightly, yeah. Not only did Caesar change the course of Roman history in both life and death, he also invented a recipe for one of the most famous salad dressings in the world, which means much like me.
He’s known for having both influenced an entire generation and being a memorable chef. And yes, for all the doubters at Two Brew Tank, I also invented my own salad dressing. I made it for Joe’s mom once. Oh, no. And she didn’t believe it. She didn’t believe that, uh, it was an original recipe until I told her my secret ingredient, at which time she spit it out pretty quickly.
Probably because she felt bad. She’d scarfed down so much of it that that’s what I’m guessing. I can’t explain it. That’s probably why. Explain it. That’s probably why it’s weird that she started vomiting
though. Just weird. No correlation.
Yeah, she caught a flu bug or something. Another famous man who made salad dressing was Paul Newman.
Paul’s company, Newman’s own, donates 100% of their proceeds to a variety of charities. You probably all see where this is going. Brian’s way ahead of us. Today’s question is, how much money has Newman’s own donated to charity? I’ll be back right after I make sure no one around here is secretly plotting to kill me.
Oh gee,
that would never happen. Kill him with kindness. We obviously had to round because this is a moving number, but we have the latest published number is what we’re going with. So how much money is Newman’s own donated charity? Uh, Brian, you get the first, uh, very educated, I’m sure. Guess. You, I’m sure good friends with the Newman family.
Very close. We talk all the time. Spend a lot of time. I’m, I’m sure they read your stuff on X. Yes, we, we are very close, as I said, of course, that’s probably how the foundation invests their money. Course they follow me, I follow them. It works out very well. That’s
great. Uh, so I’m assuming this is cumulative since the company was started.
How much has gone to, to charity? Yes. Well, I see Newman’s own in my own grocery store, and I’ve seen it when I’ve been on trips to other grocery stores. So I assume that they are nationwide. So it’s a pretty big brand. Just
in Rhode Island, actually. Just
in Rhode Island as all the great brands start, I’m gonna say $550 million,
$550 million, og.
What do you think of that?
I have absolutely no idea whatsoever. And you said they
don’t, that’s different from last week, in which way?
Last week. I, I think everyone would know that I let Paula win last week, but that’s okay. That’s okay. I, I let it happen. You weren’t here, Paula, but we let Dana take it for you.
I was a scholar and a gentleman I might add. Yes.
I gotta
listen to that one. Yeah. Dana came through after OG went. Which one would you like?
I asked her what she would prefer ’cause Len was getting. Screwed regardless. That’s what we decided. Mm. And so I asked her if she, which, which side of that she was truly in
Stacky, Benjamins fashion.
That was the I to March episode. Because, ’cause
you, whatever it was, he picked like 3000 1100 and we, and it was like, or 3,102. And it was like 3,103. 3,101 mark. They took the numbers on both sides. Wow. Right. To lent. Wow. Yeah, it was the double
middle thing. Let’s just casually walking down the steps and, uh, Brutus, uh, comes across with his brute cronies.
Yes. Settle down. Wasn’t it the guy from Popeye? Oh, different guy. But anyway, what, what do you think it is,
Oog? So, hold on a second. So just for clarification purposes, this is pro, you say proceeds, I think you don’t mean No. Like revenue. You mean profit. We, how much did they donate?
We never said proceeds.
How much money has he donated? Yeah, I mean, have they donated? Period.
All right. Uh uh, the only number that popped in my head was 228 million. So that’s what I’m, that’s the final answer. 220 million.
Well, you got a wide field goal there, Paula.
Yeah, exactly. So do I take the middle or do I take the under or the over Man.
Did we establish how long ago the company was
created? We did not. Hmm. We did discuss every item in their product line on every grocery store. Sell. You might have fallen asleep for that part, but uh, it was all in there.
I’m going to take the under, so I’m gonna say 227 million comma 9 9 9 9 9 9 9 9 9.
However many nine. Uncool,
uncool, uncool.
uncool $227,999,999 and 99 cents
uncool, Paula. And that’s the way we play it. And we also know that, um, that Paula going last and having the ability to pick it, you know, it’s probably the opposite. Paula.
Yeah, I know. Probably
- We will, we will see in just a moment.
Who’s right? We’ll be right back. Brian, you kicked it off with a number that I think w what was his number again? Doug 515 trillion 5 5 0 5
5 0 5 5 1 5. Which one did you say, Brian?
Five. Well, now that I, now, can I change it now that, uh, I know what the range is? No, I, I said 5 5 0.
Yep. Everybody thought you were apparently way up there.
Brian, are you feeling confident?
Yeah, I could see them doing $40 million a year to charity over the period of 20 something years. Yeah,
sure. OG Paula kind of capped your knee caps here on the odds of March. Well,
you know, such as the day, I guess as it was.
And I like Paula, how it was just after OG got done regaling you with how much he helped you win last time that you decided to take away half his answer.
Well,
we know that, uh, guessing last, I’m gonna be capping one of them, some of them in some fashion or another, so it was just, do I take the over or the under? And
Brian’s the guest, so, Mm-Hmm.
No, this is a
lend thing, but I’m in first place as we’ve
already established. Exactly. But we need an answer. But before that, I, man, I’m hoping that it’s Team Len because Derek hanging out with us in on YouTube land live.
Says, uh, team Penso wins, or We riot. And he said, and by we, I mean, I, what is a, what, what does a YouTube riot look like, by the way? Is he in like his living room just tearing stuff up and his family’s like, what the hell? Click that dislike button
a thousand times
the hell you do it, Derek. You’ll never believe what’s going on online.
Uh, Doug, who’s gonna win this thing?
Hey
there, stackers. I’m recipe savant and definitely not in danger of being murdered yet. Joe’s mom’s neighbor, Doug Paul Newman, known for his starring roles in iconic movies like The Sting Cool Hand, Luke and Butch Cassidy and the Sundance kid launched his food company in 1982. There’s your answer, Paula.
The idea for Newman’s Own came to him after his friends raved about his salad dressing recipe. From day one, Paul decided to give all of his companies proceeds to charity. Gosh, it really does remind me of me. Just a giver. Anyway, today’s trivia question was, how much money has Newman’s own donated to charity?
Well, the correct answer was 373 million and a whole bunch of cents more than what Paul had guessed. 3 72 more than OG and 50 more than what Brian Len guessed, because the correct answer was $600 million. And that means Brian Len is our winner.
Wow. Wow. Nice job, man. Not bad.
Good work. Pretty good. Good for Paul Newman.
I’m, I’m glad it worked out for him. Two years
later and Brian’s still got it. Brian’s,
you are listing a bunch of movies. He was in, I, I thought he was just a cook or something. He was a movie star
race car driver. You haven’t seen the
Sting. This Newman guy MI might’ve had something with this movie Deal.
Yeah. Good stuff. All right. Uh, congratulations, Brian and man, team Penso goes up by two
Now one’s pulling away. Wow. Pulling away
early in the year. We shall see where we go next. And where we’re going next on this episode is to the second half of this discussion. The second half is brought to you by deposit accounts.com Polly know what happens when you go to deposit accounts.com.
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All for free@depositaccounts.com. Head there, especially people with those three banks. Alright, let’s dive into the second half of this most overrated concepts and we’re gonna go to, man, this one kind of surprising. Let’s go to Mr. Uh, stock market. Brian, rebalancing. Your portfolio is overrated. You’ve got a little smirk on your face.
What do you think of
that? Hmm. I guess I have to understand what he meant by rebalancing Exactly. Because how often do most people rebalance? I would say, I know you’re supposed to rebalance what annually, or some people do it every, like two years, three years, five years. I’m going to disagree with him on that, but I, I haven’t fully read his reasoning.
I guess I’ll
say. He says that, uh, the problem with rebalancing is you’re reducing your portfolio’s return because you end up selling your fastest growing asset at the time. Typically stocks to buy your slowest growing asset, typically bonds and, oh gee, I guess I turned to you there because on this show over the last, what, 13 years we’ve been doing this, if they don’t have bonds in the portfolio, maybe you, you change what’s going
on here?
Well, no, I mean, from a rebalancing standpoint, you want it to be matched to your expected return. You know, I think that people get it wrong from a risk. Reward standpoint. A lot of times we look at this from the, how much risk can I take? It’s a weird, that’s a weird way to say it. It’s like nobody wants any risk.
Everybody wants all the return, all the reward component of it. So like, how much do I want? Well, I want the least with the most, like that’s what I want. That’s what everybody wants. But instead, when we think about it from a financial planning perspective of how much can I save or how much am I am, am I saving?
What’s my goal? Now I can figure out what return do I need to reach my goal. It doesn’t do any good to type it to the calculator. Just save 10,000 a month. That’s not a, you know, if you don’t have 10,000 a month to save, that’s not gonna help you. You need a return estimate of what does my money have to do over the period of time so that I can reach my goals.
And once you know what your money needs to do, then you can figure out what investments over time meet that long-term goal. So if your portfolio needs to grow at 9% a year, then you know what to. Pack it with, that’s gonna give you a likelihood of reaching that 9%. Some of that’s big companies, some of it’s small companies, some of it’s US based, some of it’s non-US based.
And once you have that allocation that’s gonna give you that return, then every so often, and by the way, I do agree with this, there is no statistical significance to rebalancing more frequently than once per year. So if you say, well, I do it once every six months or once a quarter, once every month, there’s no benefit versus one year compared to that.
I know his in, hi in, in his piece, he talks about never rebalancing even. But, um, well,
he actually, he actually og highlights here a good rebalancing frequency. He’s come to believe is anywhere from once every six months to once every three
years. Yeah. Between one year and down. There’s no benefit research benefit of doing it more frequently than once year.
So once a year’s fine. Anyways, my point on this is, is once you know what your allocation needs to look like, it needs to continue to look like that. If your tech stock portfolio goes up 25% in 90 days, it’s probably time to take some of those winners off the table and rebalance it back to your small company part of your portfolio that hasn’t done that.
Well, buy low,
sell high. Paula, he’s in favor of here if you’re in the accumulation phase. Mm-Hmm. He’s in favor of not rebalancing what’s already there, but kind of filling in with your new contributions in the area. Right. You like that too? Yeah. He,
I love that. So he refers to that. I think the phrase uses an accumulation rebalance or something to that effect.
Essentially, the concept is rather than selling off the winners, you simply buy more of the losers, right? Because you are making new contributions anyway. So just direct those new contributions at the portion of your portfolio that you need to shore up. I love that. Absolutely love that. And that’s, that’s typically what I do as well.
Um, I didn’t even know that there was a term for it until I read his
article. I always thought of it as like, pothole investing. Like, I’m gonna fill in the potholes in my portfolio. I don’t know why, but yeah, that was my term. Pothole, tm. That’s a good, good visual metaphor that
in a
positive way.
I know.
Yeah. I’m no metaphor expert, but I think you wanna go back to the
metaphor shop. I can’t figure out why that didn’t take off No
vomit investing.
So yeah, it’s, it’s a fantastic strategy, right? You don’t have to worry about reshuffling. You don’t have to. You just, and the buying is the fun part, right? Like the making contributions. That’s the most fun part of investing anyway. So just focus on buying the parts, buying the asset classes that you need to shore up and call it a day.
Does any of
this rebalancing stuff change, Brian, when you’re buying individual securities versus buying indexes? Absolutely it
does. In fact, uh, what I’ve learned the hard way when you’re buying individual stocks is, uh, when the, the worst thing you can do often is to sell your winners and buy more of your losers with asset classes, bonds, stocks, real estate.
As a broad swath, that strategy works. But typically in the stock market, if a stock is going down, it’s because there’s something wrong with that business. And the last thing you wanna do is sell, sell stocks that are winners where businesses are succeeding and trim them and buy more of losers. If you just look at the broad numbers, somewhere around, depending on the study, you look at 66%.
Or so of all stocks that are out there underperform the index, and 40% of all stocks have a catastrophic loss, meaning they decline 70% and never recover. So if you’re gonna pick individual stocks, you should be very hesitant with selling your winners and buying your losers. Peter Lynch calls that strategy, cutting your flowers and watering your weeds.
Oh, yeah.
Yeah. I can imagine. I, my strategy, I’m rebalancing all the time. I sold off all my Nvidia, right, two years ago. Yeah. What could go wrong? Genius.
However, at the index level, at the asset category level, yes, rebalancing can make a whole lot of sense, but at the individual security level is a
different story.
He talks just briefly here at the end, guys, about some things that are not overrated, some things we need to talk about, maybe even more than we do. And Paula, let’s start with you. He says, knowing history. What’s something historical like? You feel like people need to remember that, um, that we often forget?
Well, so, so this is an observation that comes from Morgan Hausel. It is that we look to history to try to find patterns, but fundamentally, history is the study of surprises because you look at historically what are the major things that have completely thrown us on our butt. They’ve all been things that we did not predict.
Pearl Harbor, no one predicted it. Nine 11, no one predicted it. The pandemic, no one predicted it. These things felt like they came out of nowhere, and yet they were some of the most influential events of the last century, at least in the us. So history is fundamentally the study of surprises. It’s the study of being, of recognizing that even the best laid plans will often be thwarted by unknown unknowns.
And that if there’s any lesson to take away, it’s that we need preparation for black swan
events. You know, people are wondering about this next one that he lists, Brian, in relation to what you answered with my last question. He talks about diversification is something that definitely is not overrated, and he says, while diversification definitely has some downsides on the whole, the benefits are far, far greater.
So how do you, if you’re buying individual securities, you know, look at, let’s take Nvidia as an example. My Nvidia now is worth a ton of money and I know diversification makes sense, but I, but I need to let my winner run. Like how do you do that with an individual security balance? Those two kind of competing ideas.
So the level of diversification that you should have in a portfolio, just like with what asset class you choose, is completely dependent on your personality, more so than any other factor. I’ve read studies that say, you know, past 10 individual stocks, uh, every stock you add after that, you’re not really adding any diversification to your portfolio, but you are adding complexity to your portfolio.
Warren Buffet himself, he, he has 50% of Berkshire Hathaway’s portfolio. In one stock, apple 50%, and that is at the a hundred billion dollar, uh, level. So Warren Buffett is a big believer in concentration in your, in your best I ideas. But to me, the way to answer this question always gets back to the what will disrupt your sleep question.
Personally, I don’t like to have more than 10% of my net worth in any single stock. That’s just the number where I would start to lose sleep. So that’s the number that if it gets over that, I start to diversify away from that personally. But I know other investors that would be completely comfortable with having 80% of their net worth in a single stock.
And if you look at some of the richest people in the world, they derive, uh, 99% of their worth from a single stock and a single asset. So this is one of those topics that there’s no right or wrong answer. There’s only the right or wrong answer for you.
That’s what Brian, I think, um, both of us have talked about before in our books and elsewhere, is that you wanna get rich quicker under diversify.
Like seriously, just cut your diversification and guess what? You’ll either get way rich or you’ll be way poor. And either way, either way, you know, it’s a
binary
outcome. Yeah. The fastest way to build wealth is to concentrate. And the fastest way to destroy wealth is to concentrate.
Yeah. Yeah. Uh, build wealth and know what you’re doing.
Last OG will go to you with his last point, which is, it is never, ever overrated the idea of raising your income. He says, we think of every way to cut costs, but we don’t think of enough ways to raise over income. I
think over the last, uh, I think you said 13 years, Joe, this is one of the central thesis of our show here, which is to say we spend a lot of time and energy on cutting expenses or, or I should say the universe spends a lot of time and energy on cutting expenses and how do we lower our costs for investing?
How do I lower this? How do I cut this? And the reality is, is that your income is unlimited. If you make more money, you have more opportunity to save, you have more opportunity to do whatever you wanna do, especially as things over the last decade have changed relating to technology, gig economy, like those sorts of things.
There’s such a great opportunity for people to specialize and focus on the thing that really gets ’em excited, which is where we started with this, right on, like the whole fire movement and financial independence isn’t, you know, the, the whole retire early thing sounds great, but really it’s all about like doing the thing that you wanna do.
Do the thing that you want to do and figure out how to make money doing it. Whatever it is that you really like doing. Somebody needs, and I would bet if one person needs it, 10,000 people need it. And if you have 10,000 people hiring you to do the one thing that you’re really good at, that you really love to do, that they really need, you’ll have all of the opportunity that you need.
So when it comes to financial independence. And just money management in general. Uh, a lot of problems are solved with figure out a way to make an extra few dollars. You know, we
say that periodically on our, I wanna jump in here just a little bit because we say that periodically on the show, and I know it gets talked about in other shows in our genre about, you know, the, the, the saving aspect of the investing aspect is only one element of the equation.
But I think that. When we talk about, Hey, just increase your, your revenue, your income. People bristle at that. They feel like that’s the hardest part of the whole equation, is trying to make more money. I would argue there’s never been an easier time in history than right now to find a way to add some more income, whether it’s Mm-Hmm.
This whole notion of gig economy or side gigs or whatever, or just doing what you just said, og. But we all burden ourselves with this oppressive thought about God. I can’t, I’m doing what all I can do right now. I can’t, I don’t have any more time. I don’t have any way to ask for a raise. I’m capped out.
But I would say, you nailed it, og. It’s, it’s, uh, not as hard as you think it is.
Say that again, just for the
tape. Just, uh, Brian, Brian, I think you nailed it. I, I really like what you said there. That’s
not, that’s
not what I heard. That’s not what I heard. I need to give one caveat there because there is a lie here that he gets, he actually gets into, and that is the incomes the foundational pillar upon which most wealth is built.
Income is how you create a wedge between your earnings and your expenses. You can save money. My problem when I was really bad with money was that I didn’t create that wedge.
Yeah. It just kept on the, the well you had your, your expenses were always higher than your income. Yes. And then you
kept doing it.
Oh, and, and this was the big problem I saw with clients of mine was that, you know, I made as a first year financial planner in 1993, I think I made 85,000 bucks, which take that and do, you know, holy crap. Do the, uh, yeah, do the math. That’s about $170,000 in, you know, today’s dollars. Maybe a little more than that.
Maybe close to 200. You know what if I made 200,000 equivalent to today, I would’ve spent about 220. And then if I made two 20, I would’ve spent two 50 and two 50. I would’ve made spent two 80. ’cause I had crappy money habits. Like I think the place where you guy, where you nail that OG with more money and where Nick nails it is that wedge I had to get good at capping my expenses and then driving the wedge to build wealth.
Yeah, yeah,
yeah. It’s not, it’s not easy. It’s none of this is simple. Whether it’s as simple as diversify or buy a piece of property or invest in the stock market or buy, you know, none of that is easy. It’s not easy to increase your income, and it’s not, trust me, it’s not easy to slow down your expenses. As the resident spender on the panel today, I will say, will assure you they tend to accelerate.
Uh, and when you have three little ones that look like you, they all, that
also helps. I’m an expert spender. Yes. Well, thank God they look like me. Well, let’s,
let’s stay away from that topic, and instead let’s find out what everybody’s, uh, doing before we say goodbye. Well, for guest of honor, go last. So OG uh, ides of March weekend.
I know you celebrate that at your household.
I do. As a matter of fact, we have the Ides of March golf tournament today. It’s me versus the retirement answer man himself. Roger Whitney, and anybody else who wants to join us, it’s uh, probably too late. Because, uh, we’re probably playing golf by the time you hear this, but, um, but we are hosting our, well, it turns out it’s our first annual, but we tend to do it from, the goal is to do it from here on out.
So we’re doing the first, the first annual ides of March golf tournament with
og. If you wanna know where OGs playing golf, here’s what you do. Just go outside your house no matter where you live, and put your ear to the sky. And if you hear somebody cursing really loud, just follow that because you will hear OG from halfway across the country.
Don’t
catch half of one of my golf clubs in his house
somewhere. Oh, yeah. Or if you hear the, the helicoptering sound of a golf club coming whizzing by your ear. You’re probably not far from OG
snapping off a tree post
Paula pant when this goes live. I think, uh, uh, have you been back from China? You’ve, you, when this
goes live, I’ll be in China.
I. Ah,
China.
Yes. That’s fun to
say. And I’m actually, uh, making a totally impulse trip to Mongolia as well. When
you wrote me and said that, I was so excited. That was, looks so
cool. I’m buying the airline ticket with points with miles, and I figured out that I got a much better mileage redemption by flying to Oland, Batar, which is the capital of Mongolia, rather than flying directly to Beijing.
So I found that out when I was going to Savannah a few weeks ago too. If I, if I stop by Mongolia,
this is profoundly simpler if I, uh, book a trip through Doha.
So for the, for the sake of points, frugality, I impulsively bought a ticket to Ulan Batar. I’m leaving. Uh, as of the time that we’re recording this, I’m leaving.
Uh, okay. Literally, I’m leaving. Oh, I am leaving a week from the time that I bought the ticket, let’s put it that way. I bought a ticket to go to, uh, Mongolia next week, and yeah, I’ll be spending two days there and then flying onto
Beijing. Fabulous. And doing all kinds of fun stuff in Beijing. Yeah,
absolutely.
Absolutely. So, and then I’ll be in Shanghai as well. She’s
teaching capitalism to Communists.
What should we do? Don’t say that while I’m, I’m still in country at the time. This airs, Joe.
Oh, I’m sorry. That was a joke.
All the officials out there. Yes. Following us on TikTok,
but on the Afford Anything podcast.
I mentioned Morgan Hausel earlier and you can hear an interview with Morgan Hausel on the Afford Anything Podcast. You can also hear an interview with Charles Duhig. He is a, uh, Yale undergrad, Harvard MBA Pulitzer Prize winner. His books have sold more than 5 million copies and he comes and joins us to talk about how to communicate.
Yeah. And we
talked about that earlier on Afford Anything, Paula, that he was, as some of our guests are sometimes on your show and on ours. Mm-Hmm. And what I love about that is that we ask completely different questions. Totally, totally different. 99% of the time people get a better picture of a guest and Charles two Higgs such a fun guy to talk to.
Yeah, he’s fantastic. You know, that was just a inspiring interview.
Nearly as fun as Brian Aldi to talk to. Obviously not kind of second best guess behind Brian that we ever had. That’s right. Although he has
sold about 500 times more books than I have.
Well, well, yeah. But okay, let’s compare your following on Twitter to his following on Twitter.
And I think we, I’d take the book sales
if I had a choice.
Monetization is a little bit different, I think on, on Twitter maybe, but, uh, you’re always educating people on, on buying equities. What’s going on with you? Uh, in
March? Well, I’ll be also be traveling all the way to Cincinnati, Ohio for chilly economy.
Good. Chilly. Uh, maybe I guess some, maybe see if they have hot dogs. I don’t know. I don’t know how crazy it’s gonna
get. Oh, they put, they put Cincinnati chili on the hot dogs. It’s called a cheese co. Ah, it’s fan there. Cheese. There you go. Skyline Chili Cheese Co with onions and mustard.
Awesome. I will, I will get exactly that
thing I guess.
Paula, two years ago at economy, how many plates of that did
you consume? My bloodstream was 87% chili. I mean, so I’m from Cincinnati. I was raised in Cincinnati. And you’d never had it? Oh no, I’ve had it all the time. Oh, have you? Oh, I thought you’d never had it. Constantly. I bathe in chili. I swim in chili.
I, you know, chili is my middle
name. So you’re going to economy,
I’ll be at economy. Yes, absolutely. Where I’ll be talking about wait for it. The
stock market. Ah, believe it or not. And if people wanna believe it or not, if people wanna interface with you, just follow you. Brian Aldi on uh, Twitter. Twitter or LinkedIn?
I’m pretty pop. I’m pretty active on
both. I’m pretty popular on both. I like the first vote on both. Yes. I’ve kind of a big deal. I’m very popular. Alright, speaking of popular, let’s go to the guy who, uh, tells us how popular he is all the time. Doug. What should be on our to-do list today? Well, Joe,
here’s what should be on our to-do list for the weekend.
First, take some advice from Brian Aldi. Rebalancing at the asset class level is probably smart, but at the individual company level, maybe not so much. You could end up cutting your flowers and watering your weeds. Second, listen to the wise words of the inevitable poly pant. Focus on buying the asset classes in your portfolio that will fill in your pothole.
Wait a minute, didn’t I say tm? The words right out of her mind. Think I said TM and Paul’s like You can have it. Yeah,
but what’s the biggest to do? I gotta start making salad dressing for everyone at Stacking Benjamins. So they’ll have another reason not to murder me. If it can happen to Julius Caesar.
Hey man, it can happen to any of us. Uh, hard pass. Thanks to Paula Pant for hanging out with us today. You’ll find her fabulous podcast. Afford anything wherever you listen to finer podcasts. Thanks to Brian Aldi for joining us today. You can get more of Brian’s wisdom at long-term mindset.co. Or as he said, he’s a pretty big deal on X in LinkedIn.
And thanks all. So to OG for joining us today looking for good financial planning, help head to Stacking Benjamins dot com slash OG for his calendar. The show is the Property of SP podcasts, LLC, copyright 2024, and is created by Joe Saul-Sehy. Our producer is Karen Rein. This show is written by Lisa Curry, who’s also the host of the Long Story Long podcast.
With help from me, Joe Kate Yen, Karen Repine, and Doc G from the Earn and Invest podcast, Kevin Bailey helps us take a deeper dive into all the topics covered on each episode in our newsletter called the 2 0 1. You’ll find the 4 1 1 on All Things Money at the 2 0 1. Just visit Stacking Benjamins dot com slash 2 0 1.
Wonder how beautiful we all are. Of course you do, but you’ll never know if you don’t. Check out our YouTube version of the show Engineered by Tina Eichenberg. Then you’ll see once and for all that I’m the best thing going for this podcast. Once we bottle up all this goodness, we ship it to our engineer, the amazing Steve Stewart.
Steve helps the rest of our team sound nearly as good as I do right now. Wanna chat with friends about the show later? Mom’s friend Gertrude Stacey Doe and Julia Gar are our social media coordinators, and Gertrude is the room mother in our Facebook group called The Basement. So say hello when you see us posting online to join all the basement fun with other stackers, type Stacking Benjamins dot com slash basement.
For more interactive fun, join us on Instagram every Tuesday and Thursday for our Instagram lives. Kate Yakin and Joe Host those weekly. Not only should you not take advice from these nerds, don’t take advice from people you don’t know. This show is for entertainment purposes only. Before making any financial decisions, speak with a real financial advisor.
I’m Joe’s Mom’s Neighbor, Duggan. We’ll see you next time back here at the Stacking Benjamin Show.
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