Shows
The Mind Money Spectrum Podcast#138. Financial Planner tells a story of why Fee-Only mattersHow snowboarding in Park City influenced the genesis of Graystone AdvisorIn this episode, Aaron shares his story of attending due diligence conferences to learn about non-traded REITs. While it was nice to be wined and dined, he started to see where the client's money went and how understanding fees is important. There will always be conflicts of interest, but if you are open and transparent about incentives, you can start down the path of trying to do better.Episode ReferencesNon-Traded REITBlue Vault ReportInvesting Forever - Follow...2024-06-111h 02
The Mind Money Spectrum Podcast#135. Aaron and Trishul discover the meaning of life.If a Tesla robot can fold your laundry (and do all the other chores), how do you spend your time? What do you take pride in?In a world where robots handle our chores, what becomes of human time? How should we guide children into adulthood? Aaron and Trishul explore these questions, delving into Maslow's Hierarchy of Needs. They contrast the past, where activities fulfilled both basic and self-fulfillment needs, with a future where self-esteem must be cultivated separately from safety and security. With all needs provided for, the quest becomes: How do we discover our purpose...2024-03-191h 04
The Mind Money Spectrum Podcast#117. Aaron teaches Trishul how to play fantasy football.Everything Fantasy Football.In this episode, Aaron teaches Trishul how to play fantasy football. They use passive investing and simple behavior heuristics as analogies for auto-drafting and setting a lineup. They discuss positional scarcity, relative value, and the diminishing marginal benefit of additional research time. But in the end, it's the context that keeps a group of friends together that is the biggest benefit of fantasy football.Amazon: All or NothingYahoo! Fantasy SportsESPN FantasyAaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how...2022-09-061h 50
The Mind Money Spectrum Podcast#106. Retirement planning around longevity: what you need to consider.Longevity and life expectancy assumptions in financial planning projections.In this episode, Aaron and Trishul discuss planning issues related to longevity and life expectancy. Retirement projections require an end date, but choosing one is an art rather than a science. The process requires assimilating incongruent datasets and incorporating human emotion. But then what happens if longevity continues to increase? Our hosts get a little wonky as they bring up FIRE, safe withdrawal rates, Medicare, and The Good Place.Episode ReferencesLife ExpectancyDeath vs DisabilityOdds of Dying...2022-01-0452 min
The Mind Money Spectrum Podcast#104. 2nd year retrospective: Our favorite episodes and what you listened to most.Our favorite episodes from Year 2.In this episode, Aaron and Trishul look back on their second year of podcasting. In the beginning, they focused on the process, recording one conversation at a time, and eventually, they established a consistent habit. To wrap up Season 2, our hosts recount their favorite episodes of the year. So which ones did you enjoy the most? Listen to the end to find out.Episode ReferencesMMS #52. 1st year retrospective: Our favorite episodes and what you missed.Trishul's Favorites from Year 2MMS #86. How does...2021-12-071h 20
The Mind Money Spectrum Podcast#103. Don't miss out on big savings during Open Enrollment Season.During Open Enrollment, make sure you opt-in to 401k, life, disability, and health insurance. You can figure out the details later.In this episode, Trishul and Aaron discuss common client concerns that surface during Open Enrollment Season. Each fall, you get inundated with plan documents from work. But now is a time when your seconds can save you hundreds or even thousands. Often, you need to opt-in to participate in your employer's health, disability, life, and retirement plan. Likewise, a company match on your 401k or a discount to your ESPP can even mean free money. So...2021-11-3050 min
The Mind Money Spectrum Podcast#102. Your guide to navigating the equity compensation jungle (inc. ISOs, NSOs, RSUs, & ESPPs).ISOs, NSOs, RSUs, and ESPPs all together.In this episode, Trishul and Aaron discuss alternative forms of employee equity compensation. In addition to ISOs, there are NSOs, RSUs, and ESPPs, and each one comes with different tax implications. Your employer can grant access you any combination of these plans. So then, how do you decide when to exercise and when to sell? You can choose to hold on to everything for the upside. Or you can sell everything as soon as possible to lock in your benefits. But most people end up somewhere in the middle, and...2021-11-2358 min
The Mind Money Spectrum Podcast#101. ISO University: It's IPO Time! So now what do you do with your ISOs?ISOs in late stage private companies and after going public.In this episode, Aaron and Trishul discuss what you can do with your ISOs to prepare for an upcoming liquidity event. At this point, investment risks are still high, so what's the best way to capitalize from here? First, you must consider the timing of exercise. Next, you need to evaluate if you will cash out or hold on for more upside. For most people, it is some combination of cashing out as soon as possible, exercising and selling in the most tax-efficient manner, and holding on...2021-11-161h 01
The Mind Money Spectrum Podcast#100. ISO University: Your guide to navigating ISOs in a pre-IPO company.ISOs in the mid stage of a private company.In this episode, Trishul and Aaron discuss what you should look for when you've been at a private company for a few years. At this point, your ISOs may have climbed in value, so it's quite the balancing act. Not only do you need to factor in future investment risks, but also you need to analyze the impact of AMT. Furthermore, waiting to exercise can create a golden handcuffs scenario, which you want to avoid. Thus, it makes sense to exercise some ISOs each year. But don't exercise...2021-11-091h 02
The Mind Money Spectrum Podcast#99. ISO University: Congrats, you're hired! Now follow these steps with your new ISOs.What should you look for when you first receive an ISO grant?In this episode, Aaron and Trishul discuss what you should look for when you begin working for a pre-IPO company and receive a grant of Incentive Stock Options. AMT isn't a concern just yet, but your investment risk is significant. Between QSBS and 83b elections, there are a few critical actions you can take right away. But most of the time, a "wait-and-see" approach will work just as well.Episode ReferencesMMS #33. If you have Incentive Stock Options, you...2021-11-021h 01
The Mind Money Spectrum Podcast#98. Why do the rich keep getting richer? The shocking truth behind the Pandora Papers.Pandora Papers: Round three of leaks behind the wealth for rich and famous.In this episode, Trishul and Aaron discuss the Pandora Papers. Similar to the Panama Papers leak from 2016, this new investigation further reveals how the wealthy and powerful use offshore tax havens to shelter trillions in assets. But how does this influence the average American? It turns out its impact on you and your family is more extensive than you think. This latest exposure illuminates a significant global issue, but highlighting a concern is only the first step in combating a problem....2021-10-2646 min
The Mind Money Spectrum Podcast#97. Blockchain is here to stay, but how much crypto is too much?How much money should you put in Robinhood and crypto?In this episode, Aaron and Trishul discuss how much money you should invest in crypto. Similar to investing in single stocks, there are some rules of thumb to consider. Do you already save enough for retirement? Is your emergency fund adequate? Does your lifestyle depend on this money? If you're well covered, then the added risk of that Bitcoin position might be worth it to you. Even so, Trishul introduces a great analogy to the dot-com bubble in the '90s. How do you know if you...2021-10-1959 min
The Mind Money Spectrum Podcast#96. Here's why the Biden tax plan misses the mark.Biden tax plan is getting updated, but will it even pass?In this episode, Trishul and Aaron discuss updates to the Biden tax plan as it makes its way through Congress. Most of the changes target the top 1% of income earners. For example, there's talk of increases to income taxes, capital gains taxes, corporate taxes, and even estate taxes. But will any of this even make a dent in the pockets of billionaires? While Biden is trying to target income inequality, his plan does little to address wealth inequality. So Trishul outlines one radical idea that could...2021-10-121h 04
The Mind Money Spectrum Podcast#95. If you don't take your online privacy seriously, someone else will.What's the trade-off between security and privacy? And does Google know more about you than you do yourself?In this episode, Aaron and Trishul discuss the trade-offs between security and privacy. Are you okay with "free" services like Google tracking everything you do online? Nobody out there has time to read all the end-user license agreements that we come across. After all, someone out there must be keeping internet companies in check. And for now, to even participate in modern society, you have to give up some level of privacy. Even so, listen to the end to...2021-10-0558 min
The Mind Money Spectrum Podcast#94. What can you really do to protect yourself from cybertheft?Hacking, phishing, and password managers, oh my.In this episode, Trishul and Aaron discuss modern lifestyle security risks. Between hacking, phishing, and scamming, cyber fraud has become increasingly sophisticated. These days, it's almost impossible to distinguish between a legitimate email and an attempt to steal access. They share a few of their learning experiences and how password managers and two-factor authentication help to protect themselves and their clients. Cyber fraud is not going away any time soon, so never forget to be vigilant whenever you're online.Episode ReferencesHalf of people...2021-09-2857 min
The Mind Money Spectrum Podcast#93. How to give up and quit like a proWhen things aren't going well, when do you persevere and when do you throw in the towel?In this episode, Aaron and Trishul try to address the following question, "If things aren't going well, when do you make a change?" How do you overcome the emotional gravity of past actions to make good decisions moving forward? They discuss how impactful the status quo can be when framing a decision as an opt-in or opt-out. They also examine the disposition effect, prospect theory, and premortems. And sometimes, simply having a third-party opinion can help overcome behavioral bias.2021-09-211h 06
The Mind Money Spectrum Podcast#92. When it comes to tracking performance, here's what really matters.What do you track? What do financial advisors track? What should you track?In this episode, Trishul and Aaron try to address the question, "How do I know if I'm doing well?" From an investments perspective, this has historically meant comparing the performance of an investment strategy to a benchmark. But for meeting life goals, tracking net worth, savings, and spending may be more impactful. And outside of finance, how does your behavior react to what you monitor and track?Episode ReferencesInvesting Forever - King of the HillInvesting...2021-09-141h 04
The Mind Money Spectrum Podcast#91. Why did Trishul and Aaron choose lifestyle practices?Why start your own business?In this episode, Aaron and Trishul discuss the recent trend of educated workers quitting their jobs to prioritize their life. They examine the question "What is the role of employment in your life?" both as it pertains to their personal choices and as it applies to conversations with clients. While it may feel like choosing to be less ambitious is choosing your life over your work, it may help to reframe your thinking as choosing to be more ambitious about your life instead of your career.Episode References2021-09-0757 min
The Mind Money Spectrum Podcast#90. What you need to know about advisory fees.Fee-only advisors and all the other fees you may pay.In this episode, Trishul and Aaron discuss what it means to be fee-only and why they chose to make this commitment. AUM, hourly, and flat fees are just a few methods that all fall under fee-only. They discuss the evolution of financial services and why reputable advisors may still choose to sell financial products for a commission. They also explain why free financial services aren't always worth it.Episode ReferencesInvesting Forever - The Three Key Benefits of Sound Investment Management...2021-08-311h 12
The Mind Money Spectrum Podcast#89. Are independent RIAs better? Here's what to consider first.Why Aaron and Trishul chose to go independent.In this episode, Aaron and Trishul highlight their career paths. They then discuss what led them to create independent advisory firms after joining the XY Planning Network. Trishul started by writing a financial blog before realizing he wanted to provide more individualized help. Aaron failed out of sales before joining another RIA as an employee for a decade. In preparing for partnership status, Aaron realized he wanted more control of how he wanted to help his unique clients. But in the end, it was lifestyle implications that led them...2021-08-241h 02
The Mind Money Spectrum Podcast#88. What's the big deal about the CFP®?The CFP® is the gold standard in financial planning for individual households.Trishul recently passed the CFP® exam. And so, in this episode, Aaron and Trishul discuss why the CFP® is so important. They discuss the Certified Financial Planner™ exam, continuing education requirements, the Code of Ethics, and the fiduciary standard. While the CFP® is not as academically rigorous as many formal post-graduate degrees, it is ideally suited for personal financial planning. Further, the breadth and depth of examination material help CFPs® uncover and transform planning-related unknown unknowns into known unknowns.Episode References2021-08-171h 01
The Mind Money Spectrum Podcast#87. What's the smart way to fund a college education these days?What to think about before applying to college.In this episode, Trishul and Aaron discuss the planning that parents and students go through before applying for college. Aaron shares his experience as a high school student and how he funded all four years with scholarships. Trishul explains how he started saving two years before his daughter was born. They discuss grants, loans, and the Expected Family Contribution. There are so many resources available to help fund higher education that you need to start researching as early as you can.Episode References...2021-08-1053 min
The Mind Money Spectrum Podcast#86. How does your True Tax Rate compare with the wealthiest Americans?ProPublica brings awareness to how the wealthy are not impacted by income taxes.In this episode, Aaron and Trishul discuss the ProPublica article that explored the True Tax Rate of the wealthiest Americans. The article examined income taxes as a percent of growth in wealth. The findings were nothing short of remarkable. Our hosts explore the fairness of ProPublica's methodology and further uncover our income tax system's regressive nature. They go through a thought exercise to unwravel the rationale behind taxing income, and relate how the current system contributes to wealth inequality. While any solution will be...2021-08-0356 min
The Mind Money Spectrum Podcast#85. Everything you need to know about investing in real estate.Investing in real estate isn't bad, but that doesn't make it good.In this episode, Trishul and Aaron explore real estate as an asset class. They discuss individual investment properties, non-traded REITs, and publicly traded REITs. Real estate investments include equity and fixed income components, and they can have a low correlation to stocks and bonds. But it is the leverage that mortgages provide that makes all the difference. Even so, do you really need real estate in your portfolio?Episode ReferencesMMS #13. Is real estate just a real pain?...2021-07-2752 min
The Mind Money Spectrum Podcast#84. Is the Yale Model dead?Even if the Yale Model works for endowments, you probably shouldn't follow it.In this episode, Aaron and Trishul discuss the Yale Model. With indefinite investment horizons, endowments typically gravitate towards illiquid investments, such as hedge funds, private equity, and venture capital. Trend following aims to take advantage of human irrationality. Long-short allows you to adjust and perhaps stamp out market risk. M&A takes advantage of price jumps when companies get bought out. Venture capital understands that most bets will lose money because the winners will make up for the rest. Unfortunately, smaller investors end up...2021-07-2051 min
The Mind Money Spectrum Podcast#83. Here's why commodities are an overrated investment.Commodities probably don't help your portfolio the way you think they do.In this episode, Trishul and Aaron discuss how commodities may fit into an asset allocation. In theory, gold, oil, and even corn can be a store of value and provide opportunities for speculation. And with futures and the magic of margin leverage, it's possible to amplify returns. Further, according to asset allocation research, securities with low correlations and positive expectations can even improve overall risk-adjusted returns. Nevertheless, can we safely assume that commodities will generate positive inflation-adjusted returns in the future?Episode...2021-07-1351 min
The Mind Money Spectrum Podcast#82. Are you overlooking this stellar asset class?It's easy to be pessimistic about bonds, but they are actually necessary for your portfolio.In this episode, Aaron and Trishul go in-depth on why you need bonds. Despite low rates of interest and their limited ability to outpace inflation, bonds are essential in all but the most aggressive of portfolios. By understanding the mechanics of coupons, par value, credit quality, and duration, you can start to understand why bonds are a sensible low-risk, low-return investment. When stocks tank, there may be a flight-to-safety, which can drive bonds up. But the biggest benefit of fixed income comes...2021-07-061h 13
The Mind Money Spectrum Podcast#81. Molly Laughter: Don't refinance those student loans until you listen to this episode.Molly breaks the the do's and don't's of student loans.In this episode, Molly Laughter joins Trishul and Aaron for an all-encompassing look at student loans. With Covid forbearance ending soon, what are some of the options you have in front of you? She explains Direct vs FFEL loans, income-driven repayment plans, and consolidation vs refinancing. Depending on your income, employer, family, and desires, there are many paths available to you. But don't get too far until you digest these key points from Molly.Episode ReferencesMMS #23. Molly Laughter: How to...2021-06-291h 07
The Mind Money Spectrum Podcast#80. When it comes to investing, this is THE ONE THING you don't want to mess up.Why being neutral on growth vs value may actually be speculating.In this episode, Aaron and Trishul do a deep dive on asset allocation. The percent of stocks vs the percent of bonds in an investment portfolio. They explain how an all-stock portfolio is less risky than you think, while an all-bond portfolio is even riskier than you may believe. Losing money is only one type of risk. But if you understand all the other risks involved, you then get to decide which risks are the most important to your situation.Episode References2021-06-221h 18
The Mind Money Spectrum Podcast#79. Tax-Loss Harvesting 101: Sidestep these mistakes with your DIY strategy.Step-by-step instructions for implementing your own tax-loss harvesting strategy.In this episode, Trishul and Aaron try to design an algorithm for a do-it-yourself tax-loss harvesting program. They illustrate the benefits of harvesting with specific equity ETFs. They then debate how often to check for losses and how to maintain asset allocations after realizing a loss. They also propose how to get back to your original portfolio while avoiding wash sales. And if you want to make this all work well, don't forget to track individual tax lots instead of average cost basis.Episode References2021-06-151h 16
The Mind Money Spectrum Podcast#78. It's not just for executives anymore. Uncover how you too can shelter over $100k a year.With modern administration measures, pension plans can be an executive's dream come true.In this episode, Aaron and Trishul discuss the other type of retirement plans, defined benefit plans AKA pensions. They start with the history of pensions and the emergence of ERISA. By calculating the benefit based on age and income, employers can fund significantly more on a pre-tax basis than defined contribution plans such as 401k's. They discuss the cons during the accumulation phase and the pros during the distribution phase. By understanding the math, both employees and employers can make better decisions related to...2021-06-081h 01
The Mind Money Spectrum Podcast#77. What's the real limit on 401k contributions? It's much higher than you think.Retirement plans are really complex...maybe more complex than they should be?In this episode, Aaron and Trishul discuss a variety of the most common retirement plans. In exchange for substantial tax benefits, investors need to navigate a myriad of rules and restrictions. Aaron and Trishul discuss small business plans, including SEPs, SIMPLEs, and Solo 401k's. They then dig into bigger business plans, including 401k's, 403b's, 457's, and TSP's. By the end, you'll understand how non-Roth after-tax voluntary contributions can allow you to shelter close to $60k a year through a Mega-Backdoor Roth conversion....2021-06-011h 15
The Mind Money Spectrum Podcast#76. Not all financial advice is created equal. Here's why.All the different flavors of financial advice.In this episode, Trishul and Aaron discuss the value of financial planning beyond just investments, such as taxes saved, utilizing retirement plans, and insurance analysis. They go over the pros and cons of working with an advisor who also sells the recommended insurance and investment products. This brings up the history of financial advice and the difference between fee-only, fee-based, and commission-only. No compensation structure is free of conflict or misaligned incentives. Even so, understanding the nuances involved can help you find an advisor that will put your interests first.2021-05-2552 min
The Mind Money Spectrum Podcast#75. How credible are the purported benefits of financial advice?Methodology on studies on the tangible and intangible benefits of working with a financial advisor.In this episode, Aaron and Trishul examine research that tries to quantify the value of financial advice. High client retention rates imply that clients are happy. But how do you measure the value of advice? Past studies may have overstated the behavior gap. But recent studies provide additional insights beyond this singular metric. So don't forget about asset allocation, rebalancing, asset location, and tax-efficient investing. And beyond investing, perhaps it's the benefits from sound financial planning that make the biggest impact on...2021-05-181h 16
The Mind Money Spectrum Podcast#74. This hidden benefit of financial independence changes everything.These differences between Financial Independence and Retiring Early always get missed.In this episode, Trishul and Aaron explore the benefits of Financial Independence unrelated to Retiring Early. Some people no longer work for money, some maintain their status quo, and others enjoy increased security and control. Even so, all these perks do not necessarily require Financial Independence. And there's no need to wait until retirement either to shift in your mindset. So perhaps the benefit of working with a financial advisor is to turn the fear of future unknowns into the comfort gained from knowing you are...2021-05-1158 min
The Mind Money Spectrum Podcast#73. Is direct indexing the future of investing?Direct Indexing is the ideal combination of tax-loss harvesting and low fees.In this episode, Aaron and Trishul focus on the things you can control when it comes to investing. Asset allocation, low fees, and managing taxes. Tax-loss harvesting when an investment is down can help you grow your net worth more effectively over market cycles. But it works best when you use many securities so that when some things are zigging, others are zagging. Direct indexing is the culmination of low fees AND tax-loss harvesting at the individual stock level.Episode References2021-05-0454 min
The Mind Money Spectrum Podcast#72. How many people actually beat the market?Some do outperform the market, but how many, and how do you find these people?In this episode, Trishul asks Aaron "How many people actually beat the market?" By focusing on the process and methodology of how they would even try to answer this question, they go through a variety of hypotheticals. Investment horizon matters. There are also investment risks, personal risks, and career risks to consider. They compare active managers to professional gamblers to examine how what may have worked in the past for an individual may not work in the future at scale. Listen to...2021-04-271h 05
The Mind Money Spectrum Podcast#71. Three ways to hack your refinance.It is easy for mortgages to be confusing. Learn how to compare the many choices available.In this episode, Aaron and Trishul discuss mortgages and refinancing. With closing costs, points, interest rates, terms, Loan-To-Value, owner-occupied vs non-owner-occupied, recourse vs non-recourse, and fixed vs. ARMs, it is difficult to make a true apples-to-apples comparison across different mortgage options. They discuss what to look for and what traps to avoid, to not only find the mortgage that makes the most financial sense but one that best fits your lifestyle.Episode ReferencesMMS #66. Brittany...2021-04-201h 07
The Mind Money Spectrum Podcast#70. Which state pays the highest taxes? These latest numbers will shock you.The median household pays more taxes in Texas than in California.In this episode, Trishul and Aaron explore different state and local tax rates across the country. In addition to state income taxes, they look at property taxes, sales taxes, and excise taxes on goods such as on gas, alcohol, and tobacco. While income taxes are consistently progressive in the states that actually charge an income tax, most of the other taxes are regressive when compared to income. The overall impact is that taxes end up disproportionately burdening the poor, which has led to greater inequality over...2021-04-1349 min
The Mind Money Spectrum Podcast#69. Uncover the unknown unknowns of cost basis to unlock real savings.This ain't your ordinary cost basis.In this episode, Aaron and Trishul continue discussing cost basis. Aaron explains the math behind RSU and NQSO basis and why an ISO can have two different cost basis values. Trishul examines optimal gifting strategies. They also investigate how depreciation and upgrades can affect your home's cost basis, and how the step-up in basis on death works in community property versus separate property states. As Aaron tries to remember the nuances behind discounted ESPPs, they both realize the central point of the conversation: to turn unknown unknowns into known unknowns so...2021-04-0640 min
The Mind Money Spectrum Podcast#68. Don't get burned by what you don't know about cost basis.Tax-loss harvesting first requires a good understanding of cost basis.In this episode, Trishul and Aaron discuss cost basis, which is typically the purchase price from which a taxable capital gain is calculated. But it's not that simple given all the extra adjustments you might need to make on your tax return. Commissions, fees, capital gain distributions, reinvested dividends, and stock splits are just some of the things that can impact your cost basis. By tracking your cost basis at the tax-lot level, you might even lower your taxes. FIFO and LIFO are often used as a...2021-03-3056 min
The Mind Money Spectrum Podcast#67. If you are in this lucky minority, the Biden Tax Plan will burn you.In this episode, Aaron and Trishul go through President Biden's tax plan, which could be enacted with a Democrat-controlled Congress. Increasing income, corporate, and long-term capital gains taxes; eliminating the step-up in basis; and reducing estate tax exemptions may seem monumental, but likely, these changes will only affect about 1% of us. Even so, some of Biden's other proposals could lower taxes for the wider population, such as a new retirement account contribution credit, and increased credits for children and dependents. Nothing is set in stone yet, but knowing what may come can still allow you to better prepare for...2021-03-231h 09
The Mind Money Spectrum Podcast#66. Brittany Mollica: Master your credit score.In this episode, Trishul and Aaron are joined by Brittany Mollica, a financial advisor from North Carolina, to discuss credit scores. She explains how your credit score is calculated from all the information in your credit report. By understanding these components, you can identify which actions will help build your credit score when you're just getting off the ground. She then relates what you can do to improve a less-than-ideal credit score. With this knowledge and self-awareness, you can judge when to use credit opportunistically and when to be appropriately cautious.Episode References...2021-03-1654 min
The Mind Money Spectrum Podcast#65. The most important financial advice for someone in their 20's.The simplest financial advice for someone in their 20's is to Save More.In this episode, Aaron and Trishul discuss the simplest financial advice they can give someone in their 20's. It is to Save More. They go deep on all the reasons why this simple advice is so fundamental to every other financial objective. They discuss the implicit benefits of spending less, maxing out your 401k, and compound growth. Saving more can give you flexibility, options, and a sense of control of your life. So invest smarter, not harder by saving sooner rather than later.2021-03-0955 min
The Mind Money Spectrum Podcast#64. Don't let FOMO take control of this critical part of your life.In this episode, Trishul and Aaron start by comparing value versus momentum investing. They then go down the rabbit hole of why momentum strategies work (in theory). The behavior of humans wanting more and more has been around longer than the stock market. The Fear Of Missing Out and Keeping Up With The Joneses come from how we feel when making emotion-driven comparisons. And so, if you acknowledge these feelings, but then focus on the decision-making process, you may find you are happier in the end, regardless of the result.Episode ReferencesMMS #63...2021-03-021h 00
The Mind Money Spectrum Podcast#63. So what actually happened with GameStop?In this episode, Trishul and Aaron look back at what happened with GameStop and use this crazy, quixotic story to examine different aspects of trading equities. They explain shorting stocks, margin calls, and the impact of large trading volumes. They then highlight how hedge funds, Reddit's WallStreetBets, and Robinhood created a whirlwind of chaos, with GameStop caught in the middle. In the end, they uncover a fascinating intersection between classic stock market irrationality and modern technology.Episode ReferencesShort SellingMargin CallReddit/WallStreetBetsShort Margin RequirementsQuote: GME2021-02-2359 min
The Mind Money Spectrum Podcast#62. Don't miss these simple steps when you put your money to work.You've read about the importance of opening a Roth IRA and buying ETFs, but how do you do it in practice? In this episode, Aaron and Trishul go through the introductory building blocks of saving and investing. Often the fear of making mistakes prevents you from taking that critical first step. From choosing a custodian and the correct type of account to figuring out how to transfer funds, what to invest in, and how to place a trade, they go step-by-step to help you overcome analysis paralysis and take action. So don't hold off. Invest as early as possible...2021-02-161h 06
The Mind Money Spectrum Podcast#61. The market's at an all-time high (again!). Now what?In this episode, Trishul and Aaron discuss investing and emotions when markets are at all-time highs. Should you capture some of your gains or wait for a dip to buy? By focusing on the process and separating your lifestyle concerns from your investment statements, you can mitigate your stress and anxiety. And for most people, the fact that markets are at all-time highs should not factor into your investment process at all.Episode ReferencesMMS - #43. Asset AllocationInvesting Forever - Market Timing 101Investing Forever - Why Buy-And-Hold Can Save You...2021-02-0954 min
The Mind Money Spectrum Podcast#60. What's the best way to beat Bitcoin Madness? We uncover facts that nobody ever told you.In this episode, Aaron and Trishul try to parse out blockchain, cryptocurrencies, and Bitcoin. One is a revolutionary technology, one can potentially change the world of banking, and one has dominated recent headlines. They first dig into the distinctions among these concepts. They then discuss whether Bitcoin is a store of value like gold or a speculative investment like a start-up. But beware, if you are removing regulated institutions from the process, there is no one to help you find your lost keys if you "misplace" them.Episode ReferencesMMS - #2. Buying stocks...2021-02-0256 min
The Mind Money Spectrum Podcast#59. Stock options are risky business. Here's when they can actually make sense.In this episode, Trishul and Aaron go deep into options. Not employee stock options, but calls and puts. The ones you can buy or sell on your own. Well, at least Trishul goes deep. He recalls previous strategies he executed in a past life as an options dealer and trader. Casinos and insurance companies get paid for taking on risk. But they also diversify risk to stay in business. Buying options may have a negative expected value, but sometimes the protection is worth the price. The key is figuring out when.Episode References...2021-01-261h 01
The Mind Money Spectrum Podcast#58. How can a pandemic lead to all-time highs in the market?In this episode, Aaron and Trishul discuss behavioral finance and behavioral economics in the context of last year's coronavirus rollercoaster. Humans are optimistic and pessimistic beings. And some of us are both at the same time, which seems like a contradiction. By acknowledging these sometimes conflicting feelings and focusing on the decision-making process, you can overcome emotional barriers to make wiser, more rational choices over time. And the benefits to your long-term well-being can be incredible. So why not make the shift in your life?Episode ReferencesMMS: Buying Stock For Fun...2021-01-1945 min
The Mind Money Spectrum Podcast#57. Be proactive in January to save big on these three things.In this episode, Trishul and Aaron explore a few areas that you will be better off addressing at the beginning of the year. You can make all of your Traditional and Roth IRA contributions in January to benefit from compound growth sooner. You might even increase your 401k contributions around this time to maximize your annual benefit. Further, January is a great month to increase your savings rate by 1% to help your future self. Aaron then discusses many substantial benefits of exercising Incentive Stock Options in January. There's no penalty for missing some of these, but life is just...2021-01-1246 min
The Mind Money Spectrum Podcast#56 The most important rule in finance.In this episode, Aaron and Trishul have fun with math. Granted, this is likely the last thing you think about when it comes to having fun. But at least they end up entertaining themselves. The two discuss compound growth, Manhattan, and Benjamin Franklin. They also relate how the easiest way to benefit from compounding is to start early. Even so, it's never too late to begin planning for the future. They then explain how and why the Rule of 72 works. And in the end, they ask each other their favorite numbers. Just for fun.Episode References2021-01-0551 min
The Mind Money Spectrum Podcast#55. Keep these tips in mind for a worry-free New Year's Eve.In this episode, Aaron and Trishul reflect on past New Year's Eve celebrations, from staying up until midnight as a child to partying as an adult. But now that they have young kids, New Year's Eve is much tamer. Living on the West Coast, Aaron appreciates celebrating at midnight Eastern Time so he can get to bed at a reasonable hour. Given COVID-19 concerns, this year most households likely will "party" the same way as parents with young kids do; by staying home. Even so, there is one thing that we can all get excited about--it is that 2020 is...2020-12-2935 min
The Mind Money Spectrum Podcast#54. Get the most bang for your buck with this sure-fire gift-giving hack.In this episode, Trishul and Aaron think about the various Christmas gift-giving traditions they have enjoyed over the years. From childhood arts and crafts, to cash in their teenage years, to coordinated gift exchanges as adults, giving and receiving presents evolves as we age. They discuss Secret Santas and White Elephants. They also highlight the fine line between a gift card being appropriate and just being lazy. And finally, Aaron reveals his secret to giving the perfect gift.Episode ReferencesMMS #49. Gift like a Pro. Don't let the Tax Man steal your holiday...2020-12-2246 min
The Mind Money Spectrum Podcast#53. The statistical reality of Buffett's wealth will knock you off your feet.In this episode, Trishul and Aaron provide a quick primer on common and useful statistical methods. Mean, median, mode, standard deviation, bell curves, and so on. With a normal distribution, the mean should equal the median, and the law of large numbers allows you to make inferences between a sufficiently large sample and the overall population. Unfortunately, most things don't behave as "normally" as we would like. And this is where things can get tricky. Even so, maybe Warren Buffett is just a beneficiary of the Wyatt Earp Effect, which is a great reason why you need to understand...2020-12-1553 min
The Mind Money Spectrum Podcast#52. 1st year retrospective: Our favorite episodes and what you missed.Given that Trishul and Aaron release an episode each week, episode #52 means they have been at this for one full year. In this episode, they recount their top-five favorite conversations. They also look back and highlight some overarching themes. They discuss the importance of saving more and asset allocation and why the concept of a spectrum keeps coming up again and again. But what they appreciate the most is how they have worked together to communicate knowledge and understanding as they have explored the nuances and complexities behind a wide range of money-related topics.Episode References2020-12-081h 04
The Mind Money Spectrum Podcast#51. How to make your New Year's resolutions a reality.In this episode, Aaron and Trishul discuss New Year's resolutions. Well, not exactly. They relate how self-improvement doesn't need to coincide with an arbitrary date. They then go over different strategies to help nudge you towards sustainable habits, such as focusing on small incremental improvements and compounding, tracking your progress, and giving yourself eight times longer to accomplish a goal. Success has more to do with discipline than motivation. So once you've made the commitment, keep at it just for the sake of doing it. After eight years, you will look up and be impressed by the progress you...2020-12-0154 min
The Mind Money Spectrum Podcast#50. Getting married? This hidden strategy could pay for your honeymoon.2020 has created a unique situation for engaged couples. Given social distancing concerns, many have decided to postpone their weddings. But if your relationship is ready, would you be better off getting married this year anyway? In this episode, Trishul and Aaron explore the intersection of tax planning and getting married. They discuss the impact of different tax brackets, the marriage incentive or marriage penalty, and community property versus separate property states. They then highlight estate planning concerns, which can also depend on where you live. Your relationship should still be the defining factor in whether to get married. But...2020-11-2446 min
The Mind Money Spectrum Podcast#49. Gift like a Pro. Don't let the Tax Man steal your holiday cheer.In this episode, Aaron and Trishul apply previous conversations about happiness and well-being to the upcoming holidays. Being conscious and aware of the things that provide happiness OR the things that create stress can help you focus on ways to increase the former and decrease the latter. They reminisce over holiday nostalgia. They discuss the impact of expectations and the need to get creative for the 2020 holiday season. Prioritizing time over money is a big theme in increasing happiness for both the gifter and the giftee. And because they just couldn't help themselves, they discuss Qualified Charitable Distributions and...2020-11-1751 min
The Mind Money Spectrum Podcast#48. Use it or lose it. When the year ends so does your opportunity for big tax savings.In this episode, Trishul and Aaron discuss end-of-year tax planning, principally as it relates to your investments. During this period, you already know most your entire financial situation for the year. But also you still have time to take meaningful action before December 31st. Valuable strategies around this time involve tax-loss harvesting, RMDs, exercising ISOs without going into AMT, and Roth conversions. End-of-year tax planning does not always mean you should lower your taxable income. But instead, you should target a tax bracket that will help reduce your overall tax burden over your entire lifetime.Episode...2020-11-1049 min
The Mind Money Spectrum Podcast#47. How to "buy" a politician and get away with it.In this episode, Aaron and Trishul discuss the incentives that influence politicians. Naturally, this means addressing campaign finance reform. If a politician's primary goal is to get re-elected, he or she may focus on fundraising and nudge-nudge-wink-wink quid pro quos with large donors rather than working to improve constituent well-being. Aaron and Trishul look at the history of campaign finance laws, including Citizens United. And so they try to find the balance between free speech and allowing PACs to spend unlimited amounts of money. They then discuss a few ideas for improvement, including Voting With Dollars, anonymizing donations, and...2020-11-0357 min
The Mind Money Spectrum Podcast#45. Politicians don't want you to know this about our dysfunctional voting system.Aaron lives in California, and Trishul lives in Pennsylvania, and it feels like Trishul's vote for the President is worth more than Aaron's. In this episode, they discuss the American voting system and how it influences and incentivizes certain behaviors over others. They consider alternative voting structures used around the world and examine past elections to understand how they may have played out with a different system in place. The purpose of a voting system is to provide the most accurate representation of what the electorate wants. But is it even possible to implement something better given all the...2020-10-2058 min
The Mind Money Spectrum Podcast#43. Is your asset allocation putting your retirement at risk?In this episode, Trishul and Aaron discuss the risks and rewards of potential investments across various asset allocation decisions. They cover cash, bonds, stocks, options, and other even more exotic instruments. What are the two variables that determine the risk-return profile of a bond? And where do small-cap and international stocks fit into the big picture? And what about the idiosyncratic risk of a single stock versus a diversified basket? If you understand these various risks and rewards, how do you then figure out what is appropriate for your specific situation?Episode References...2020-10-061h 10
The Mind Money Spectrum Podcast#42. Investment strategies evolve, but is your portfolio stuck in a foregone era?In this episode, Trishul and Aaron discuss how investing has evolved over the years. From the notion of partial ownership as an investment to the first stocks, stock exchanges, and stockbrokers to the mutual funds and ETFs of today. They consider how incentives influence behavior and how, in the past, fee structures may have influenced investment professionals to the detriment of the investor. Diversification and asset allocation are paramount when investing, so how do mutual fund and ETF securities help with all this? When looking at managed and pooled investments, what components are vital, and which aspects are just...2020-09-2959 min
The Mind Money Spectrum Podcast#40. Will our eternal love of debt sacrifice our children's future?In this episode, Trishul and Aaron get wonky as they try to explain Modern Monetary Theory. They introduce the difference between monetary policy and fiscal policy. And they try to explain how fiat currency, currency issuers, national debt, federal deficits, and debt service are all related. They discuss Stephanie Kelton's new book, The Deficit Myth, and some of the concerns of MMT. If deficits are not inherently good or bad, do you trust Congress to spend your hard-earned money wisely?Episode ReferencesMMS #27. Can a Universal Basic Income really pay for itself?...2020-09-1554 min
The Mind Money Spectrum Podcast#39. Can surpassing the five stages of grief help you to conquer the pandemic?When everything shut down in March due to the COVID-19 pandemic, most people were able to hunker down to get through an acutely stressful period. But as this pandemic became an ongoing, chronic concern, we now understand that new coping mechanisms are essential. To move forward, it may even help to reflect on the five stages of grief; denial, anger, bargaining, depression, and acceptance. In this episode, Trishul and Aaron discuss how their feelings have changed over the last few months and some of the ways they are trying to keep at it one day at a time.2020-09-0850 min
The Mind Money Spectrum Podcast#37. How to get rich and never pay a dollar in taxes.In this episode, Aaron and Trishul discuss all the different types of taxes in the United States and their impact on income inequality. They discuss regressive consumption taxes, progressive income taxes, and how taxes are lower for businesses and the wealthy. They also examine the difference between marginal tax rates and effective tax rates. Do you know all the ways that corporations and their owners avoid paying taxes? Maybe our society has collectively decided that this is acceptable? Or perhaps its the maximum marginal brackets on corporations and individuals that affect public perception, when it is, in fact, our...2020-08-2555 min
The Mind Money Spectrum Podcast#36. Can the right financial advice really shave off years of having to work?In this episode, Aaron and Trishul discuss the value of a financial advisor and the impact that financial planning can have on the lives of clients. A disciplined investment strategy and increased savings over time can lead to a higher net worth for clients than if left to their own devices. Also, advisors help clients find small but meaningful opportunities while avoiding seemingly small mistakes that can compound over decades. Beyond the dollars, clients consistently express that the trust and peace of mind from knowing someone is taking care of all the little things reduces their stress and improves...2020-08-1851 min
The Mind Money Spectrum Podcast#35. Parents: How to face an impossible decision without losing your sanity.In this episode, Trishul and Aaron discuss how they are doing as parents during COVID-19. They share recent experiences dealing with their kids of different ages. And they describe how they are struggling to make decisions about how to move forward. Between work and school, parents find themselves stuck between a rock and a hard place. And it's not going to get any better any time soon. They spoke with other parents and teachers, and they concede that no option feels ideal. Given how difficult everyone's lives are now, they have learned not to hold it against any parent...2020-08-1142 min
The Mind Money Spectrum Podcast#34. How do RSUs work?In this episode, Aaron and Trishul discuss Restricted Stock Units. In addition to stock options, RSUs are the other common form of equity compensation. They explain how Restricted Stock Units can work like a bonus paid by stock instead of cash. They go in-depth on vesting schedules and the difference between publicly traded companies and private (pre-IPO) companies. They then compare RSUs to options to help you understand the risks and taxes associated with each. So if your salary is providing for your lifestyle, how can you use this "extra" money to improve your well-being?Episode...2020-08-0450 min
The Mind Money Spectrum Podcast#33. If you have Incentive Stock Options, you need to listen to this episode.In this episode, Aaron and Trishul discuss the factors employees must consider when exercising their stock options. They go into strike price, Fair Market Value at exercise, sales price, and tax implications. They explain the difference between Non-Qualified Stock Options and Incentive Stock Options. They also introduce leverage, the Alternative Minimum Tax, and Golden Handcuffs. In the end, the decision of when to exercise options often lies on a spectrum between a sensible investment decision and a sensible tax decision, with most people falling in the gray area in the middle.Episode References...2020-07-281h 07
The Mind Money Spectrum Podcast#32. These estate planning tips can save you big time. But only if you plan ahead.In this episode, Trishul and Aaron try to introduce all the nuance and complexity behind estate planning. They explain how the step-up in basis on taxable accounts can be better for heirs than inheriting a Traditional IRA. They then discuss wills and trusts, both revocable and irrevocable. Then there are community property states vs. separate property states. Don't forget the estate tax exemption, the annual gift tax exemption, and the lifetime gift tax exemption. Yikes! There are so many little caveats that there is no universal estate planning recommendation, other than that you need to plan ahead because it'll...2020-07-2148 min
The Mind Money Spectrum Podcast#30. How to unlock the power of the Roth to turbocharge your retirement goals.In this episode, Aaron and Trishul discuss everything Roth, including Traditional IRAs vs Roth IRAs, Traditional 401(k)s vs Roth 401(k)s, and IRAs vs 401(k)s. There's also Roth Conversions and Back-Door Roth Contributions to consider. And Trishul even throws in some HSA and 529 pointers. Contributing to a Roth IRA or 401k is advice commonly found on the internet. But now you can understand the alternatives involved, including why a Roth can make sense and why it sometimes doesn't.Episode ReferencesWikipedia - Roth IRAWikipedia - Individual Retirement Account...2020-07-0738 min
The Mind Money Spectrum Podcast#27. Can a Universal Basic Income really pay for itself?In this episode, Trishul and Aaron dig into Universal Basic Income. Income inequality is a problem in the United States and UBI or a negative income tax may be a potential solution. But how does UBI fit in with a capitalist system? And how might it affect incentives for people at different levels of income? If the U.S. already provides a variety of social safety nets, moving to a UBI has the potential to increase efficiency and reduce bureaucracy. UBI can be revenue neutral, and it might even reduce overall government spending, but more study is needed. As...2020-06-1651 min
The Mind Money Spectrum Podcast#26. Practical advice on navigating a dysfunctional healthcare system.In this episode, Aaron and Trishul discuss the American healthcare system. Over the last generation, U.S. healthcare costs have more than doubled compared to other developed nations, but we are not any happier or healthier. So where does all this money go? How did we get to our current system? And how do we even shop around if there is no price transparency? They share some evidence and a few anecdotes to help illustrate how inefficient the current system is. In the end, they highlight a few programs to help individuals and Trishul throws in an idea that...2020-06-0952 min
The Mind Money Spectrum Podcast#25. The cost of higher education is too high. Here's what you can do about it.In this episode, Aaron and Trishul discuss saving for college. How much do parents need to save to fully fund four years at UCLA, or a more expensive private school? What are the variables to consider? Will higher education costs keep rising faster than inflation? And what are the benefits of a 529 plan? The math isn't particularly complex. But trying to predict the choices of teenagers 18 years in advance requires strategic planning and flexibility.Episode ReferencesCornell University - Tuition Rate FeesU.S. News - Top National Public UniversitiesAn...2020-06-0251 min
The Mind Money Spectrum Podcast#24. Always shop around for insurance, and above all avoid these common traps.In this episode, Aaron and Trishul discuss insurance companies. How do these firms determine their premiums? How much should you pay? And when it might be appropriate to "self-insure"? Aaron and Trishul dig into left-tail risk and the law of large numbers when comparing car insurance to life and long-term care insurance. If something is likely to happen eventually, you can assume the insurance company is going to charge you enough to cover for that event. Insurance policies often fall on a spectrum, with some good, no-brainers on one end, and with some borderline sketchy sales tactics on the...2020-05-2649 min
The Mind Money Spectrum Podcast#23. Molly Laughter: How to conquer debt and still get ahead.In this episode, Aaron and Trishul introduce Molly Laughter, a wealth manager from Dallas, Texas. She discusses her history with student debt and how she and her husband paid off about a quarter million in student loans in 6 years. They were even able to consistently increase savings every year to save for a house. Molly then discusses the value of automation, but she also exposes the flip side dangers of wasteful subscriptions and mindless spending. By tracking your spending, you can determine if your money aligns with your goals and your happiness. In the end, Molly reinforces the message...2020-05-1950 min
The Mind Money Spectrum Podcast#22. COVID-19 Retrospective: What did you miss?In this episode, Aaron and Trishul bring everything back to the present. What happened in the markets in the last couple of months? Has the coronavirus curve flattened yet? What were some of the strategies and tactics they implemented with clients? And more importantly, what's going on with their lives and how are they holding up these days? While the market continues to show volatility, it turns out it's their lifestyle changes that have had a bigger impact on their well-being.Episode ReferencesRecovering from Investment LossesClosing milestones of the S...2020-05-1250 min
The Mind Money Spectrum Podcast#21. Why the VIX is useless.In this episode, Trishul teaches Aaron what it means when the VIX is over 30, and things get a little wonky explaining all the technical math behind stock market volatility. They appropriately compare options to insurance and gambling. And they discuss the Black-Scholes pricing model and how market forces determine implied volatility. In the end, they discuss how understanding the VIX can be a useful tool, but trying to rely on it for investment predictions can be just as dangerous as any other future prediction methodology.Episode ReferencesVIX - DefinitionAnnualized Standard...2020-05-0547 min
The Mind Money Spectrum Podcast#20. When markets crash, ignore this critical advice at your peril.Let's travel back in time to the beginning of March 2020. COVID-19 had just taken hold of our daily lives. The stock market dropped 13%, then rose 5%, and commuters roamed the Earth. In this episode, Aaron and Trishul discuss how they feel and react to big market movements. They suggest how an asset allocation incorporating a timeframe can help you take your mind off the things you can't control. They also discuss The Hedgehog and The Fox and why people follow overconfidence and headline news when they should be applying a healthy dose of skepticism. And Aaron ends up correct that...2020-04-2843 min
The Mind Money Spectrum Podcast#18. Why happiness is not the answer to your problems.In this episode, Aaron and Trishul discuss the distinction between happiness and meaning, and things get pretty philosophical. Both are essential components of well-being, but pursuing one at the expense of the other is not the recipe for a fulfilled life. Happiness and meaning may lie on opposite ends of a spectrum, and eschewing either may be unhealthy. Instead, you should try to discover your gray area between happiness and meaning to uncover purpose. Doing this will help you to find that balance between attaining peace with your current situation and the ambition to improve yourself or society.2020-04-1456 min
The Mind Money Spectrum Podcast#17. How to take advantage of your lazy brain.In this episode, Aaron and Trishul explore behavioral economics. They discuss a few biases and heuristics that attempt to explain why humans and societies don't operate with their best interests in mind. They provide specific examples of how individuals or organizations can take advantage of or exploit the brain's preference to be lazy. So once you understand how your mind works, how can you take control to nudge yourself in the right direction? Listen to the end to find out.Episode ReferencesNudge by Thaler and SunsteinThinking, Fast and Slow by...2020-04-0745 min
The Mind Money Spectrum Podcast#16. What was money like when you were growing up? And why a strong foundation matters.In this episode, Trishul asks Aaron about his childhood experiences and earliest memories related to money. What motivates you? What leads to the decisions you make? Where do your values come from? Often it is your experiences throughout your childhood and developmental years that matter the most. Trishul digs deep to help Aaron explore how his personal history has impacted his character and values. And listen to the end to see what lessons around money Aaron tries to teach his children.Episode ReferencesKinder InstituteLife Planning is Financial Planning Done Right...2020-03-3152 min
The Mind Money Spectrum Podcast#15. George Kinder: Three life questions that will change everything.In this episode, Aaron asks Trishul Kinder's 3 Questions. These questions are designed to help you consider what freedoms in life you want to pursue. They help provide clarity to determine how you can use your money to live the life you want. Money is not our most precious commodity; it's time. This episode is not about checking things off your bucket list, but rather it's about prioritizing your actions around the things that you value the most.Episode ReferencesKinder InstituteLife Planning is Financial Planning Done Right (video)Seven Stages...2020-03-2452 min
The Mind Money Spectrum Podcast#14. These key innovations will advance civilization in more ways than you can imagine.In this episode, Aaron and Trishul look years into the future with their predictions of how different technologies will impact the economy and society. How do Airbnb, Vrbo, Uber, and Lyft provide a win-win for everyone? Are the networking externalities they provide similar to Facebook and Amazon? What about blockchain and cryptocurrencies? And what about all the disruptions these changes will cause? How will society progress if the truck drivers, travel agents, and oncologists have their jobs taken over by machines? Listen to the end, where they share their vision of how free education and energy will allow human...2020-03-1755 min
The Mind Money Spectrum Podcast#13. Is Real Estate just a real pain? Or are the psychological benefits worth the costs?In this episode, Aaron and Trishul discuss their experiences as landlords of individual rental properties over the last decade. They go over the math to help you make an apples to apples comparison to investing in a liquid stock and bond portfolio so you understand the opportunity costs involved. And even after breaking down the socioeconomic factors that affect real estate as an investment moving forward, they both agree that it is probably the psychological costs and benefits that will be the bigger factor in your decision.Episode ReferencesWhy Rental Properties Are...2020-03-1052 min
The Mind Money Spectrum Podcast#12. Sequence of Returns Risk: Why the first few years of withdrawals are the most critical.In this episode, Aaron and Trishul discuss Safe Withdrawal Rate research, focusing on "Sequence of Returns Risk"; how the returns in the first few years of withdrawals after retirement disproportionately affect the rest of your life. Given this importance, how do you balance short and long-term goals when taking current withdrawals that need to last your lifetime? By understanding spending, investment, and longevity risk, you can choose which planning risks you want to take on, and how to make adjustments along the way.Episode ReferencesFive Surprising Facts About WidowhoodThe Impact...2020-03-0351 min
The Mind Money Spectrum Podcast#11. In the active vs. passive debate, fees and taxes matter more than trying to identify alpha.In this episode, Aaron and Trishul explore the active vs. passive debate. The academic research is pretty clear that US Large Cap active managers don't outperform their benchmarks on average. But what does that even mean? And what about Warren Buffet? And what about different asset classes? And taxes? They go into index and ETF construction to help you understand where the issues may lie. In the end, even if active manager alpha is possible, it might be too impractical to identify the right manager. For instance, you won't know if you made the right call until half a...2020-02-2555 min
The Mind Money Spectrum Podcast#10. This critical market timing mistake is one that you don't need to make. In this episode, Aaron and Trishul discuss market timing. Not necessarily for trying to identify highs and lows, but rather after you have saved up some money and chosen an ideal investment, WHEN do you put the money to work? This decision is rife with emotional ramifications and you may be 'damned' either way. They explain why goals and risk tolerance are an important part of timing your investment. In the end, a good sound decision-making process can help you look back without regret, even though there may be no way to make you feel better in the moment.2020-02-1842 min
The Mind Money Spectrum Podcast#9. To better your physical health consider this advice first.In this episode, Aaron and Trishul discuss the final domain of well-being; health. Both physical and mental. They try to distinguish between the two aspects before agreeing that they are probably too interrelated for a distinction to be made. When choosing activities to better your physical health, you may be helping your mental health without even realizing it. It is normal to go through ebbs and flows where periods of healthy activities can sustain you through challenging times. In the end, it's not necessarily the drastic changes, but the little nudges over long periods that can have the biggest...2020-02-1140 min
The Mind Money Spectrum Podcast#8. Stressed out? Or do you actually need more stress in your life? It's likely both.In this episode, Aaron and Trishul discuss stress and its role in the difference between happiness and well-being. There can be times where stress reduces happiness, but actually improves well-being and life satisfaction. They explore some of the ways money and work impact stress. In general, there's probably too much stress among the population, but too little stress can sap the motivation to overcome challenges. The sweet spot of stress can lead to accomplishments that provide fulfillment, self-worth, and value to your life. Listen to the end where Aaron and Trishul share some personal stories on what they do...2020-02-0441 min
The Mind Money Spectrum Podcast#7. The impact of friends, family, and communities on happiness is larger than you might think. Listen through the end to find out why.In this episode, Trishul and Aaron explore the impact of friends, family, and communities on happiness and well-being. This is a universal component of humanity, that provides sources of happiness regardless of economics. But it isn't enough to wait for opportunities to come up, you need to put in the effort to make it happen. They discuss how even though technology and social media can make some things easier, the cons may outweigh the pros and it is vitally important to see people face-to-face. If you can imagine how people made friends and developed connections before the internet, you...2020-01-2840 min
The Mind Money Spectrum Podcast#6. The difference between well-being and happiness and why you need to choose to be happy to actually be happy.In this episode, Aaron and Trishul try to distinguish between happiness and well-being. They explore situations where clients had achieved their goals and attained their personal definition of success, but still felt worried or concerned. If angst is ever-present and can't be resolved through rational decisions, but rather through emotional introspection, do you actually need to achieve your goals to be happy? Or can you simply choose to be happy? Is it even possible to be happy if you don't choose to be so?Episode ReferencesShould you rinse your dishes before putting...2020-01-2140 min
The Mind Money Spectrum Podcast#5. The 4% rule is a good start, but betting your life on it can burn you.In this episode, Trishul and Aaron take a deep dive into the 4% rule and how it applies to FIRE. They discuss the inputs and analysis that went into the academic safe withdrawal rate research and that if you understand these inputs, you can start to make adjustments to your personal situation. The 4% rule was never designed to be a Holy Grail of retirement research, but rather a rule of thumb that still required ongoing planning. In fact, a forward-looking Monte Carlo simulation may be more helpful to most individuals.Episode DescriptionFinancial Independence...2020-01-1446 min
The Mind Money Spectrum Podcast#4. Aaron and Trishul get personal.In this episode, Trishul and Aaron explore some of their personal philosophies when it comes to money and happiness. They share specific examples of how they have made intentional life decisions with their happiness in mind. Some are big, bold pursuits, while others are smaller illustrations of their individual values. In the end, it's the little things and the non-monetary goals they chose to pursue that end up making the biggest difference.Episode ReferencesDoes having children make us happy?Nudge TheoryThe Million Dollar Link Between Wealth and Happiness...2020-01-0737 min
The Mind Money Spectrum Podcast#3. Does money buy happiness? Sometimes yes, but not in the way you think.In this episode, Aaron and Trishul explore the adage "money doesn't buy happiness" because academic research indicates that sometimes it does, but not in the way you think. We discuss short-term gratification versus long-term well-being. We explain what amputees, lottery winners, and marshmallows have in common. Wealth in itself may not impact happiness, but how it is earned and how it is used, contribute greatly to one's satisfaction in life. Listen all the way through so you can understand which financial decisions can improve your happiness and which decisions can sabotage your own well-being.Episode References2019-12-3136 min
The Mind Money Spectrum Podcast#2. Buying stocks can be fun, but don't fall into these common traps. A quick intro to investing outside of your IRA.In this episode, Trishul and Aaron explore investing as a hobby. Trishul, the former hedge fund manager, calls it the world's most expensive hobby, while Aaron, the financial planner, can see why some people have fun with it. As long as you aren't risking money needed for long-term goals. And you can stomach the losses. And understand the opportunity cost. In the end, maybe most people shouldn't be buying stocks for fun?Episode ReferencesFalse Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas by Laurent Barras, Olivier Scaillet, and Russ Wermers2019-12-2446 min
The Mind Money Spectrum Podcast#1. What's the big deal about FIRE?In this episode, Aaron and Trishul explore the FIRE movement. Financial Independence, Retire Early. We discuss Lean FIRE and Fat FIRE and go back and forth on how important savings rates are for achieving future financial goals. We discuss how managing expenses is vital to accomplishing such savings rates. And finally, we discuss the idea that naming a movement may simply be an effective way to implement a variety of sound financial planning principles.Episode ReferencesHappy Money: The Science of Happier Spending by Dr. Elizabeth Dunn & Dr. Michael NortonFinancial Independence...2019-12-1743 min