The Money with Katie Show: Recent Episodes

Morning Brew

Finance bros are out, #RichGirls are in. Join Money with Katie and her guests as they talk spending habits, smart investing, and tax strategies – without putting you to sleep. Listen weekly on Wednesdays to learn how to turn your Rich Girl mindset into money.

In 2021, high school boys on TikTok were pumping meme coins and discovering (then misapplying) the concept of exponential compounding. Today, with the benefit of hindsight, we can learn a lot about what crypto's rapid rise and fall might mean about money. Plus, we’re going down the rabbit hole of the competing theories about what money really is: Why do we all agree it has value? What happens if the government keeps making more of it, and is crypto the wrong solution for the right problem? Transcripts can be found at podcast.moneywithkatie.com While I love diving into investing- and tax law-related data, I am not a financial professional. I have no formal financial education. I am not a financial advisor, portfolio manager, or accountant. This is not financial advice, investing advice, or tax advice. The information on this podcast is for informational and recreational purposes only. Investment products discussed (ETFs, index funds, etc.) are for illustrative purposes only. It is not a recommendation to buy, sell, or otherwise transact in any of the products mentioned. Do your own due diligence. Past performance does not guarantee future returns. Money with Katie, LLC. — Mentioned in the Episode

The Future of Cryptocurrency, via The Economist: https://www.youtube.com/watch?v=5-rCKo4CBgM&ab_channel=TheEconomist

Narrative Economics by Robert Shiller: https://bookshop.org/a/90396/9780691210261

Mike Green of Simplify Asset Management: https://investresolve.com/podcasts/mike-green-the-fourth-turning-and-reimagining-the-american-dream/

Stephanie Kelton's TED Talk on the Big Myth of Government Deficits: https://www.youtube.com/watch?v=FATQ0Yf0Fhc

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Today we're venturing into the world of taxable investing—aka flexible money you can access at any time. How do we balance building wealth here along with our tax-advantaged accounts like a 401(k) or an IRA? Who should be making this a priority? And how does it actually work? Let's dive in. Reminder: While I love diving into investing- and tax law-related data, I am not a financial professional. I have no formal financial education. I am not a financial advisor, portfolio manager, or accountant. This is not financial advice, investing advice, or tax advice. The information on this podcast is for informational and recreational purposes only. Investment products discussed (ETFs, index funds, etc.) are for illustrative purposes only. It is not a recommendation to buy, sell, or otherwise transact in any of the products mentioned. Do your own due diligence. Past performance does not guarantee future returns. Money with Katie, LLC. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

How to Set Yourself Up to Pay No Money in Retirement: https://podcast.moneywithkatie.com/deep-dive-set-yourself-up-to-pay-no-penalties-or-taxes-in-early-retirement/

How Your Investments are Taxed: https://moneywithkatie.com/blog/how-your-investments-are-taxed

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Would you rather owe the IRS come tax szn or get a fat refund? There are pros and cons to both, which Katie and Henah walk through—as well as the best way to break even and some tips on properly filling out tax forms. Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. Reminder: This is not financial advice, and we are not licensed financial professionals. — Mentioned in the Episode:

Money with Katie Tax-Smart Investing Bundle: https://education.morningbrew.com/tax-smart-bundle

SmartAsset's Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes

ChooseFI with the FI Tax Guy, on using your previous tax return to financially plan: https://www.choosefi.com/transform-your-tax-return-into-a-springboard-for-financial-planning-ep-332/

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Why does the wage gap persist, despite both legislation and a cultural shift that encourages women to participate in the workforce with the fervor of a thousand exploding suns? The gap has barely budged over the last decade or two, stagnating somewhere in the low 80% range. I had to crawl into some objectionable online spaces that are expressly “anti-women” to find out (so you don’t have to!)…and the consensus I found there was dizzying. I'm also joined by Ellevest's CEO Sallie Krawcheck—and, I have to say, this conversation is a must-listen. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

Economic historian Claudia Goldin's work: https://podcasts.apple.com/us/podcast/women-at-work/id1336174427?i=1000403279400

US Bureau of Labor Statistics data on the wage gap: https://www.bls.gov/opub/ted/2022/median-earnings-for-women-in-2021-were-83-1-percent-of-the-median-for-men.htm

BLS "time use studies": https://www.bls.gov/news.release/pdf/atus.pdf

Harvard study on the dynamics of the gender wage gap: https://scholar.harvard.edu/files/goldin/files/dynamics_of_the_gender_gap_for_young_professionals_in_the_financial_and_corporate_sectors.pdf

US News ranking and methodology for countries and gender equality: https://www.usnews.com/news/best-countries/articles/methodology

Parental leave data from the Organization for Economic Cooperation & Development: https://www.oecd.org/els/soc/PF2_1_Parental_leave_systems.pdf

BLS employment characteristics from 2022: https://www.bls.gov/news.release/pdf/famee.pdf

Pew Research on stay-at-home parents in the 1970s: https://www.pewresearch.org/social-trends/2014/04/08/after-decades-of-decline-a-rise-in-stay-at-home-mothers/

Cosmopolitan essay from Laura Kipnis on why maternal instincts are BS: https://www.cosmopolitan.com/sex-love/a37568/why-maternal-instincts-are-bs/

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One aspiring Rich Girl asked what to keep in mind for long-distance moving—and since Katie and Henah both moved 1,000+ miles in July, they deep-dive into the best tips to keep in mind, "gotchas" to look out for, and their own experiences down to the cost. (Plus, why a relo package or sign-on bonus is a must!) Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode:

The emotional burden of moving: https://www.instagram.com/p/CvXU5rgsj7j/

Zillow rep shares why off-peak moving can be better: https://podcast.moneywithkatie.com/how-rent-vs-buy-shifted-in-2023/

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There are a few key phrases, online tools, and strategies that are key to unlocking this intentionally opaque industry—so we're going to cover it all today. In a marketplace where some hospitals charge 30x their costs and the insurance company “discounts” do little to help, taking matters into your own hands is often your best bet. I'm joined by two medical billing pros, Braden Pan, CEO of Resolve Medical Bills (https://www.resolvemedicalbills.com/) and Jeanne Pinder of ClearHealthCosts (https://clearhealthcosts.com/). Email Jeanne with billing questions at jeanne@clearhealthcosts.com. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

Navigating the US Healthcare System Without Getting Financially F***ed: https://podcast.moneywithkatie.com/navigating-the-us-healthcare-system-without-getting-financially-fed/

Expensive Open Enrollment Mistakes to Avoid: https://podcast.moneywithkatie.com/expensive-open-enrollment-mistakes-to-avoid-making-the-best-of-a-bad-system/

Getting the most out of your HSA: https://moneywithkatie.com/blog/category/HSAs

Budgeting for Healthcare in the US: https://moneywithkatie.com/blog/how-im-budgeting-for-healthcare-in-the-united-states-in-the-least-frustrating-way

The Guide to Lowering Medical Bills from Resolve: https://uploads-ssl.webflow.com/63fe3236566164b208408804/6424c340f953dcf5597b92fa_Resolve_Understanding-Your-Medical-Bills.pdf

Medical billing errors from Becker's Hospital Review: https://www.beckershospitalreview.com/finance/medical-billing-errors-growing-says-medical-billing-advocates-of-america.html

Find-A-Code NCCI Edits Validator: https://www.findacode.com/tools/ncci-check.php

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The moratorium on student loan payments will expire starting September 1st, but there's also a new program to be aware of called SAVE. Katie and Henah chat through the new requirements for lower payments, if you should pay off loans more quickly, and a potential hack to get your loans dismissed. Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. *We are not licensed financial professionals and this is not financial advice. — Mentioned in the Episode:

SAVE Plan Announcement: https://studentaid.gov/announcements-events/save-plan

Federal Student Aid Webpage: https://studentaid.gov/

White House Webpage: https://www.whitehouse.gov/

Brian's Twitter Thread: https://twitter.com/brianmanookian/status/1674963884703088642

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Today's episode throws it back to a concept I first wrote about several years ago: The Hot Girl Hamster Wheel. It refers to the expensive maintenance that “traditional female beauty ideals” prescribe: haircuts, manis/pedis, spray tans...the list goes on. But why is this never covered in personal finance sector, despite how much these costs add up? We dig into the numbers, the effects beauty has on our self-esteem and the world around us, and how to do a Hot Girl Detox to reclaim your time (and wallet). I'm joined by Jessica DeFino, a beauty culture critic, author of The Unpublishable (https://jessicadefino.substack.com/), and journalist who's been called "the woman the beauty industry fears." Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

How 'Empowerment' Became Something for Women to Buy by Jia Tolentino, from The New York Times: https://www.nytimes.com/2016/04/17/magazine/how-empowerment-became-something-for-women-to-buy.html

The average American woman spends $3,756 on her beauty and personal care regimen: https://swnsdigital.com/us/2017/06/women-spend-a-quarter-of-a-million-dollars-on-their-appearance-in-a-lifetime/

Self-Care Culture is Making Us Broke, with Chelsea Fagan: https://podcast.moneywithkatie.com/self-care-culture-is-making-us-broke-with-chelsea-fagan/

Studies on "Pretty Privilege": https://scholarworks.smith.edu/cgi/viewcontent.cgi?article=1822&context=theses

The Age of Instagram Face by Jia Tolentino in The New Yorker: https://www.newyorker.com/culture/decade-in-review/the-age-of-instagram-face

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One reader notes: Back in the 80s and 90s, marketing reached us via malls and television. But today, it's as easy as opening up your phone and having access to 1-click shipping. How has targeted marketing changed our approach to spending, and where can we draw the line? Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode:

Federal Trade Commission's Brief on the Economics of Targeted Advertising: https://www.ftc.gov/system/files/documents/reports/brief-primer-economics-targeted-advertising/economic_issues_paper_-_economics_of_targeted_advertising.pdf

What is Influencer Marketing & How Does It Target Children? https://www.frontiersin.org/articles/10.3389/fpsyg.2019.02685/full

Instagram post on financial discipline: https://www.instagram.com/p/CukWobWR9pb/?img_index=1

Why I'm No Longer Listening to Influencer Suggestions: https://www.thegoodtrade.com/features/social-media-influencers-trust/

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We recently did a Rich Girl Roundup on how to talk money with aging parents, and the response for a deep-dive was overwhelming. So, we rounded up the most common questions and brought back Kim Davis from the Bahnsen Group to walk us through everything we need to know for our parents' golden years. We're pulling together a comprehensive checklist to walk through with your loved ones, and we'll share it in next week's newsletter. Subscribe now so you don't miss it: https://www.morningbrew.com/money-with-katie/subscribe. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

Rich Girl Roundup: How to Talk Money with Aging Parents: https://podcast.moneywithkatie.com/rich-girl-roundup-how-to-talk-money-with-aging-parents/

Hybrid Long-Term Care Insurance Policies: https://www.brighthousefinancial.com/education/healthcare-planning-for-retirement/what-is-hybrid-long-term-care-insurance/

Inflation Riders on Long-Term Care Insurance: https://www.insure.com/long-termcare/inflation-riders.html

Buying Long-Term Care Insurance in Someone Else's Name: https://www.annuityexpertadvice.com/long-term-care-insurance-for-parents/

What's Not Covered by Medicare: https://www.medicare.gov/what-medicare-covers/whats-not-covered-by-part-a-part-b

How to Qualify for Medicaid: https://www.nolo.com/legal-encyclopedia/when-will-medicaid-pay-nursing-home-assisted-living.html

Will vs. Trust: https://www.investopedia.com/articles/personal-finance/051315/will-vs-trust-difference-between-two.asp

Guardianship of Younger Children: https://sapientlawgroup.com/estate-planning-attorney-pasadena/designation-of-guardian/

CCRCs & Senior Living: https://www.continuingcarecommunities.org/assisted-living/california/

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Got friends or family interested in investing but don't know where to start or are scared of the risk? Katie and Henah chat through the hesitations they each experienced on their investing journeys, how their own friends empowered them to start, and how they mitigated risk as much as possible. And a reminder, as always: This is not financial advice, and past performance is not indicative of future returns. Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on our Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode:

How Money Anxiety Can Help Build Wealth: https://podcast.moneywithkatie.com/how-your-money-anxiety-might-actually-help-build-wealth/

S&P Has Never Lost Money Over 30-Year Periods: https://fourpillarfreedom.com/heres-how-the-sp-500-has-performed-since-1928

Rationality by Steven Pinker: https://bookshop.org/a/90396/9780525562016

The Starter Home Myth: https://www.youtube.com/watch?v=hZl_UpgMsPs

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The biggest money question we have is usually: How do I enjoy my life now and plan for enjoying it later? If we go too far in either direction, we're sacrificing the quality of our lives at one point or another. So does the “perfect” save rate exist that optimizes for both now and the future? And if so, what is the ideal percentage of our income to save that would work for most people, most of the time? Here's the number I landed at, and why. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

Save Rate Spreadsheet: https://docs.google.com/spreadsheets/d/1rTlDhv2GGRUczBF_1W0PX_OCxKFNR9ZZp78EKpP2KTc/edit?usp=sharing

Why Hitting "Half FI" is More Like 75%: https://moneywithkatie.com/blog/why-hitting-half-fi-is-more-like-75

Money with Katie Wealth Planner with the Financial Independence Calculator: https://moneywithkatie.com/new-2023-wealth-planner

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You're out with friends and only order a $10 salad and water. Meanwhile, they each get expensive entrees and drinks. What's the least awkward way to split the bill? And how can we avoid this situation from happening over and over again? Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Read Money with Katie: https://moneywithkatie.com/

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The only thing worse than a post-pandemic rental market? A post-pandemic buyer’s market. I sat down with Zillow’s Head of Rentals Communication to talk about how the rental market has evolved over the last three years, and the one variable that might just make buying your home right now worth it. Plus, I share the numbers and rationale behind our own decision to continue renting near Sacramento, California. What are your considerations when picking a place to live? How are you making the rent vs. buy decision in 2023? Email us at moneywithkatie@morningbrew.com. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode

Rent vs. Buy in a High Interest Rate Environment: https://podcast.moneywithkatie.com/the-rent-vs-buy-decision-in-2022s-interest-rate-environment-and-lofty-market/

Housing Affordability is at an Historic Low: https://thehill.com/business/3881539-housing-affordability-hits-historic-low/

Average Closing Costs, per Rocket Mortgage: https://www.rocketmortgage.com/learn/closing-costs

Average 30-Year Fixed Rate (updated daily): https://www.bankrate.com/mortgages/mortgage-rates/

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Does "ethical landlordship" exist, and if so, what does it look like? What are the bigger questions or factors at play here, including the issues with short- vs. long-term rentals, housing policy, and achieving economies of scale? Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode:

1/5 of homes going to investors: https://www.axios.com/2022/02/18/investors-homes-wealth-families

The hole in Henah's ceiling: https://ibb.co/f444DJF

When NYC had more Airbnbs than apartments available: https://www.curbed.com/2022/05/new-york-more-airbnb-listings-apartments-rentals.html

The Homeownership Society was a Mistake by Jerusalem Demsas: https://www.theatlantic.com/newsletters/archive/2022/12/homeownership-real-estate-investment-renting/672511/

How San Francisco Makes it Insanely Hard to Build Housing: https://sfstandard.com/2022/09/13/how-san-francisco-makes-it-insanely-hard-to-build-housing/

Los Angeles' residential segregation: https://www.latimes.com/opinion/story/2021-09-10/racial-covenants-los-angeles-pioneered

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If we have access to more convenience than ever before, why does life still feel so frenetic and busy? Achieving a more leisurely pace (and indulgent lifestyle) comes down to a few key choices, it turns out—and fortunately, they don’t need to be expensive. I chat about romanticizing your life and the European approach to leisure with our guest, Melissa Jean-Baptiste of Millennial in Debt (@millennialindebt), and cover some ways to approach slow living in three key areas of our lives that offer the biggest ROI for happiness. Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode

Melissa Jean-Baptiste's book, So This Is Why I'm Broke: https://sothisiswhyimbroke.com/

Kylie Jenner purchasing a Cartier is the same as me proportionally buying a cold brew: https://www.instagram.com/p/CiIF_g3O8Fe/

Finding & Funding a Good Life, from PWL Capital: https://www.pwlcapital.com/wp-content/uploads/2022/05/2022-04-25_PWL_WP_Felix_Finding_and_Funding_Good_Life_NoImages-2.pdf

How beautiful spaces affect our health: https://resources.wellcertified.com/articles/why-beautiful-spaces-make-us-healthier/

The health benefits of living in or near nature: https://www.takingcharge.csh.umn.edu/how-does-nature-impact-our-wellbeing

Eating in groups makes your food taste better: https://www.foodnavigator.com/Article/2016/02/29/Eating-in-groups-makes-food-taste-better-study-believes

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Listener Jamie F. posed the question: "What is deservingness? How does the idea of having 'earned it' play into our perceptions of other people's wealth versus those who we deem unworthy of their success?" Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode Nick Maggiulli on luck and investment results: https://ofdollarsanddata.com/bad-investment-results-your-birth-year-may-be-to-blame/

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Ignore the advice to buy and hold at your own peril. This research-rich deep dive unpacks the ways in which your biggest investing hurdle…is yourself (and 3 tangible tactics for overcoming!). Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode

Money with Katie on how the average 10% might not happen in the future due to overpriced assets: https://moneywithkatie.com/blog/why-do-people-say-stocks-are-overvalued-right-now

Dalbar's Quantitative Analysis of Investor Behavior: https://wealthwatchadvisors.com/wp-content/uploads/2020/03/QAIB_PremiumEdition2020_WWA.pdf

Money with Katie 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner

How to Diversify Outside of the Total Stock Market: https://podcast.moneywithkatie.com/how-to-construct-a-diversified-stock-portfolio-of-major-index-funds/

Why You Shouldn't Try to Time The Market: https://moneywithkatie.com/blog/why-you-shouldnt-try-to-time-the-market

JP Morgan Asset Management Analysis Graph on Impact of Being Out of the Market: https://am.jpmorgan.com/us/en/asset-management/adv/insights/retirement-insights/guide-to-retirement/guide-to-retirement-slides/guide-to-retirement-investing/gtr-impact/

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How do I transition my long-term brokerage account to a shorter-term savings goal, like a house? That’s the question we’re unpacking on this week’s episode of Rich Girl Roundup. I even called in the big guns (a friend who happens to be a CFP and wealth manager) to weigh in. Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Read Money with Katie: https://moneywithkatie.com/

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One in six people globally is affected by infertility—and that means getting pregnant can be expensive. Today, we'll talk about the different types of fertility treatments available like IUI and IVF, how to budget for those costs, and some of the ethical implications of the topic at large. We'll also be joined by Arielle Bogorad, the SVP of Employer Market Strategy at Progyny, an organization offering comprehensive fertility and family building benefits to more than 5M people across the United States. She'll share more on how to navigate the US healthcare system, what to ask your insurance providers, and how we can advocate for inclusive coverage at a policy level. Learn more about our sponsor, Vin Social: https://www.vinsocial.vip Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode

1 in 6 people affected by infertility globally: https://www.who.int/news/item/04-04-2023-1-in-6-people-globally-affected-by-infertility

Fertility treatment coverage in 2023: https://www.kff.org/womens-health-policy/issue-brief/coverage-and-use-of-fertility-services-in-the-u-s/

80% of patients who've undergone fertility treatments say it's negatively impacted their finances: https://www.lendingtree.com/personal/fertility-treatments-survey

2011 survey on fertility treatment costs: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3043157/

The cost of IUI, per FertilityIQ: https://www.fertilityiq.com/iui-or-artificial-insemination/the-cost-of-iui#components-of-iui-cycle-cost

The costs of fertility treatments today, per Forbes Health: https://www.forbes.com/health/family/how-much-does-ivf-cost/

Stats on adoption from the Department of Health and Human Services: https://www.ccainstitute.org/resources/fact-sheets

The costs of adoption, per Nerdwallet: https://www.nerdwallet.com/article/finance/adoption-cost

Resolve.org from the National Infertility Association: https://resolve.org/take-action/our-issues/

Fertility treatment grants: https://resolve.org/learn/financial-resources-for-family-building/fertility-treatment-scholarships-and-grants/

IVF lotteries: https://www.verywellfamily.com/how-to-enter-an-ivf-contest-or-lottery-1960052

Family building loans and financing plans: https://resolve.org/learn/financial-resources-for-family-building/financing-programs-for-fertility-treatment/

Shared risk IVF clinics: https://bundlfertility.com/blog/how-shared-risk-ivf-makes-fertility-care-affordable/

Aura Finance x Noula event on fertility and pregnancy: https://www.youtube.com/watch?v=6GugaVKAwg0

Setting up for medium-term goals: https://podcast.moneywithkatie.com/how-to-set-up-money-management-systems-for-short-term-long-term-goals/

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We spend nearly a third of our days at work, and our benefits there—like access to retirement accounts and time off—affect our personal lives, too. What are the most valuable and worthwhile benefits? Henah and Katie chat through their beef with unlimited PTO as well as their perspectives on living-wage salaries, profit sharing plans, and on-site childcare. Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Read Money with Katie: https://moneywithkatie.com/

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Mr. Beast might make $50M a year...but how much does the average influencer earn? Which platform lends itself most readily to monetization? And how have some influencers scaled to eight-figure, long-lasting businesses—like our guest, Thomas Frank with 3M subscribers—while others flame out in 18 months? We answer all of these juicy questions and dive into the hard numbers. Learn more about our sponsor, Vin Social: https://www.vinsocial.vip Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode

Thomas Frank on YouTube: https://www.youtube.com/channel/UCG-KntY7aVnIGXYEBQvmBAQ

The value of the creator economy: https://influencermarketinghub.com/ebooks/Creator_Economy_-_Creator%20Earnings_Benchmark_2021.pdf

1 in 4 Gen Zers plan to become content creators: https://thehill.com/changing-america/enrichment/arts-culture/3614182-1-in-4-gen-z-ers-plan-to-become-social-media-influencers/

Neal Schaffer on The Age of Influence: https://nealschaffer.com/influencer-marketing-statistics/

89% of advertisers found influencer marketing to be at least as effective as other methods: https://www.smartinsights.com/online-pr/influencer-marketing-effectiveness/

Blogilates case study: https://www.instagram.com/blogilates/?hl=en

Mr. Beast case study: https://www.thoughtleaders.io/blog/how-much-does-mrbeast-spend-a-month

Nick Huber case study: https://www.mfmpod.com/127-with-nick-huber-building-a-10m-self-storage-business-and-the-opportunities-in-sweaty-startups/

Melissa Wood Tepperberg case study: https://www.hbs.edu/faculty/Pages/item.aspx?num=60307

Thomas Frank's creator resources: https://creator.thomasjfrank.com/

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What even is a pension? How can it affect my savings goals for retirement? And is it really guaranteed? Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode:

Last week's RGR on CDs: https://link.chtbl.com/7ClqMm2w

The 10 Biggest Failed Pension Plans: https://money.usnews.com/money/blogs/planning-to-retire/2010/08/23/the-10-biggest-failed-pension-plans

A 2023 example of failed pension plans: https://www.usnews.com/news/business/articles/2023-03-21/public-pension-plan-losses-from-bank-failures-were-minor

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Yes, I did spend that much money on my dog, Georgia aka Beans. But before you jump to conclusions, it was one of those medical “one thing after another” descents into the pits of budgetary (and emotional) hell. Would pet insurance have helped? The short answer is…kind of, but it’s complicated. Learn more about our sponsor, Vin Social: https://www.vinsocial.vip Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode

Pet insurance stats from MarketWatch: https://www.marketwatch.com/guides/insurance-services/pet-insurance-facts-and-statistics

How much does pet insurance cost by breed, from MarketWatch: https://www.marketwatch.com/guides/insurance-services/pet-insurance-cost/

Average pet insurance claim: https://www.benefitspro.com/2018/05/02/5-most-common-and-5-most-expensive-pet-insurance-claims

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To CD, or not to CD…that is the question Henah and I are breaking down this week. When yields are 5% (or higher!) in safe financial instruments like certificates of deposit, what’s the case against fleeing to safety? (Hint: The NASDAQ is up 27% YTD, and the S&P 500 is popping off at nearly 12% YTD.) Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. — Mentioned in the Episode: Why I Bonds Can Be A Distraction: https://www.youtube.com/watch?v=3LevWqIdvig

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As a society, we now pit "anti-work" against "grindset mentality"—but we might actually be in a stage of self-defeating overcorrections at this point, including questionable trends like TradLife and Stay at Home Girlfriend Tok. In this week's episode, we cover the pros and cons of both hustle culture and quiet quitting, how employee stock ownership programs might help, and what a better balance between the two might be. Learn more about our sponsor, Vin Social: https://www.vinsocial.vip Learn more about our sponsor, CFA Institute: https://www.cfainstitute.org/en/programs/cfa Learn more about our sponsor, Fidelity: https://fidelity.com/stocksbytheslice Learn more about Betterment: http://www.betterment.com/moneywithkatie Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode

Range by David Epstein: https://bookshop.org/a/90396/9780735214507

"The Secret to Conventional Success We Don't Talk About": https://moneywithkatie.com/blog/conventional-success-secrets

"On Meaningless Careers" by Jack Raines: https://www.youngmoney.co/p/meaningless-careers

"Gen Z Does Not Dream of Labor" from Vox: https://www.vox.com/the-highlight/22977663/gen-z-antiwork-capitalism

Wealth inequality in the 2010s: https://news.yahoo.com/super-richs-wealth-concentration-surpasses-gilded-age-levels-210802327.html

Laura Pitcher in Vice: https://i-d.vice.com/en/article/93a3we/slow-living-tiktok-trend

Zoe Hu in Dissent Magazine: https://www.dissentmagazine.org/article/the-agoraphobic-fantasy-of-tradlife

Chelsea Fagan on "Quiet Quitting": https://www.youtube.com/watch?v=oh9CRz2dk-Q&ab_channel=TheFinancialDiet

Haley Nahman on Not Caring About Your Work: https://haleynahman.substack.com/p/145-not-caring-about-your-job-freedom

Kim Jordan of New Belgium Brewing and their employee stock ownership program: https://www.inc.com/magazine/202009/graham-winfrey/new-belgium-brewing-kim-jordan-esop-b-corp-acquisition-exit.html

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Finally defeated your high-interest debt and got your cash flow under control? This week’s episode is for you, baby! If the 401(k) vs. IRA vs. HSA vs. everything else conundrum has you frozen with indecision, look no further than this week’s podcast episode for a framework that’ll help clarify these types of decisions so you can move forward with confidence in the new year. Even if you feel like you’ve got a relatively good grip on your investment strategy, this refresher may help you consider things in a new (and more lucrative!) way. Learn more about our sponsor, Vin Social: http://vinsocialvip.com/. Transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

The Traditional 401(k) vs. Roth 401(k) Debate: https://moneywithkatie.com/blog/the-final-traditional-vs-roth-debate-traditional-wins

Roth IRA Conversion Ladder Discussed in Episode 36: https://www.podpage.com/money-with-katie-show/deep-dive-set-yourself-up-to-pay-no-penalties-or-taxes-in-early-retirement/

The Math Behind Early Retirement: https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Research on the Human Psychology Behind Loss Aversion: https://www.verywellmind.com/negative-bias-4589618

2021-2022 Roth IRA Contribution Limits: https://www.schwab.com/ira/roth-ira/contribution-limits#:~:text=If%20you%20file%20taxes%20as,214%2C000%20for%20the%20tax%20year

Demographic Survey on HSAs: https://www.benefitspro.com/2021/08/20/hsas-in-the-usa-5-states-where-theyre-used-the-most-5-the-least/?slreturn=20221029084558#:~:text=As%20of%20December%2031%2C%202020,the%20end%20of%20the%20year.

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I have been—by all accounts—incredibly fortunate in my career thus far, but there are a few distinct takeaways I notice when I reflect on the last five years. Since I went to a public state university and studied communications (not exactly a field with investment banking-level compensation), I figured I’d be a median earner forever. Discovering the art of the side hustle (and freelancing, contract work, and online businesses) sent me down a meandering path of trial and error that I’m recounting on the show today. When I started working, I earned $12/hour, which transitioned later to a full-time salary of $52,000. By 2021, as a 26-year-old with no advanced degree, my total cobbled-together income encroached on $400,000. Looking back on it, I realize: The rules are fake. You don’t need to study finance or medicine at Harvard to make good money (though to be fair, I’m sure those things make it a lot easier). Regardless, it’s my hope that something in this episode will spark something useful for you. Learn more about our sponsor, Vin Social: http://vinsocialvip.com/. Transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

Money with Katie's 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner

Study on students who graduate from college without any debt: https://www.aplu.org/our-work/5-archived-projects/college-costs-tuition-and-financial-aid/publicuvalues/publicuvalues-resources/student-debt-by-the-numbers.pdf

Building a Six-Figure Side Hustle episode: https://www.podpage.com/money-with-katie-show/building-a-six-figure-side-hustle-monetizing-content-budgeting-with-variable-income/

The Role of Luck in Financial Outcomes: https://moneywithkatie.com/blog/how-a-traffic-stop-changed-my-life-luck-randomness

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It turns out Americans have been asking the wrong question: It's not, “What’s the difference between the ‘haves’ and the ‘have nots,’” but rather…“How did those in the 0.1% end up having it all?” To paraphrase my guest, entrepreneur and venture capitalist Nick Hanauer (https://nickhanauer.com/), “How do [rich people like me] manage to grab an ever-increasing piece of the pie? Is it because rich people are smarter than we were 30 years ago? Is it that we’re working harder than we once did? Are we taller? Better-looking? Sadly, no. It all comes down to one thing: economics.” My thesis? Capitalism is the economic system that creates wealth, and good economic policy is what ensures that all that wealth doesn’t accrue to a very small group of people. Learn more about our sponsor, Vin Social: http://vinsocialvip.com/. Transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

Nick Hanaeur's TED Talk "The Dirty Secret of Capitalism": https://www.youtube.com/watch?v=th3KE_H27bs

Jacob Hacker & Paul Pierson's The Winner-Take-All Economy: How Washington Made the Rich Richer and Turned Its Back on the Middle Class: https://politicalscience.yale.edu/publications/winner-take-all-politics-how-washington-made-rich-richer-and-turned-its-back-middle

Jared Bernstein & Karen Kornbluh's paper “Running Faster to Stay in Place: The Growth of Family Work Hours and Incomes": https://www.upi.com/Business_News/2004/07/20/Workers-put-in-more-hours-just-to-keep-up/79691090369058/

Reaganomics, FDR, & deregulation: https://origins.osu.edu/history-news/time-end-deregulation?language_content_entity=en

"Reaganomics Killed America's Middle Class" from Salon: https://www.salon.com/2014/04/19/reaganomics_killed_americas_middle_class_partner/

Marginal tax rates in 2022: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets

CEO pay 300x the average worker: https://aflcio.org/paywatch

Reagan quotes via the Reagan Foundation: https://www.reaganfoundation.org/ronald-reagan/reagan-quotes-speeches

"The Myth of the Welfare Queen" from The New Republic: https://newrepublic.com/article/154404/myth-welfare-queen

The Commodity Futures Modernization Act & the 2008 financial crisis: https://scholarship.law.cornell.edu/facpub/723/

The 2000-2001 California electricity crisis: https://www.ppic.org/wp-content/uploads/content/pubs/report/R_103CWR.pdf

"Voodoo economics": https://www.investopedia.com/terms/v/voodooeconomics.asp

US GDP & tax revenue in the 1980s: https://fred.stlouisfed.org/series/GDP

Wealth inequality & GDP growth from OECD: https://www.oecd.org/newsroom/inequality-hurts-economic-growth.htm

Federal debt under Reagan: https://mises.org/library/sad-legacy-ronald-reagan-0

Revolve's Gestalt University: https://podcasts.apple.com/us/podcast/resolves-gestalt-university/id1463123745?i=1000510150469

RAND Corporation on wealth transfers: https://www.rand.org/pubs/working_papers/WRA516-1.html

"The Prosperity Gospel, Explained" from Vox: https://www.vox.com/identities/2017/9/1/15951874/prosperity-gospel-explained-why-joel-osteen-believes-prayer-can-make-you-rich-trump

"Amazon Denies Workers Pee in Bottles. Here Are the Pee Bottles" from Vice: https://www.vice.com/en/article/k7amyn/amazon-denies-workers-pee-in-bottles-here-are-the-pee-bottles

Nick Hanauer in The New Republic, "Biden's Plan to Tax Rich People Like Me is the Best Way to Grow the Economy": https://newrepublic.com/article/163852/tax-rich-people-grow-economy

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HMO or PPO? Go for the high-deductible health plan, or accept the higher premiums? Opt for the copay or coinsurance model? Can you trust the little brochures that subtly guide you to a “lower-cost” option, or are those marketing materials? How does healthcare use big data to offload more of your medical costs onto you? It’s fascinating that personal finance content doesn’t focus more on navigating the US healthcare marketplace—after all, just one mistake that leaves you underinsured can wipe out months (if not years) of accumulated savings from buying store-brand options and trimming back on subscriptions. When your out-of-pocket maximum is more than $10,000, the stakes are high. My guest this week, Sarah Khan of My Voice My Health, is a healthcare executive by day and a patient advocate by night. She answers all my questions with a level of insight I hadn’t considered before, and they’re sure to help you make the best choices this open enrollment season. And in this week's Rich Girl Roundup, we talk about if pausing your investment contributions in a bear market is the right move. To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/. Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

Check out Sarah's healthcare open enrollment cheat sheet: https://www.myvoicemyhealth.com/openenrollment

Open enrollment with Healthcare.gov: https://www.healthcare.gov/

Money with Katie post on How I'm Budgeting for Healthcare in the US in the Least Frustrating Way: https://moneywithkatie.com/blog/how-im-budgeting-for-healthcare-in-the-united-states-in-the-least-frustrating-way

Money with Katie episode on Navigating the US Healthcare System without Getting Financially F***ed: https://podcast.moneywithkatie.com/navigating-the-us-healthcare-system-without-getting-financially-fed/

Money with Katie post on 3 Myths about Single-Payer Healthcare Systems: https://moneywithkatie.com/blog/myths-about-single-payer-healthcare

Majority of Americans who file for bankruptcy affected by medical issues: https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html

JP Morgan Asset Management on market timing: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/is-market-timing-worth-it-during-periods-of-intense-volatility/

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Until the global Pamela Anderson, I had never given much thought to ~the supply chain~ and where the things I buy come from—I kinda just took it for granted that I’d have 12 different almond butter options every time I wandered down Aisle 4 at my local King Soopers. And when you’re knee-deep in the “Financial Independence/Retire Early” world, there’s a heavy emphasis placed on attaining the things you need as cheaply as possible. Unfortunately, being able to purchase something for a single dollar in the US usually comes at a cost to another human being somewhere up the chain, and as consumers, we’re more or less shielded from exposure to exploitative labor practices, especially globally. This week, I wanted to explore consumption habits through the “personal finance” lens. We invited Sana Javeri Kadri, an entrepreneur in her twenties who’s revolutionizing the Indian spice trade from the inside out, to join us for the conversation. Sana (who recently closed a $2 million funding round) is proof that equitable business models are better for everyone from the farmer to the end consumer. To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/. Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

450 million in the global supply chain: https://www.hrw.org/news/2020/04/02/covid-19-puts-millions-global-supply-chain-workers-risk

Outsourcing to China, Korea, and the EU: https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_370189/lang--en/index.htm

"Food at home" prices up 12% this year: https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/#:~:text=In%202022%2C%20all%20food%20prices,between%2010.0%20and%2011.0%20percent.

Crocodile farming and Hermès scandal: https://www.vice.com/en/article/g5bg8x/hermes-plans-to-build-australias-biggest-crocodile-factory-farm

British colonization of India for spices: https://www.statecraft.co.in/article/spices-textiles-slaves-tea-and-opium-why-the-british-came-and-stayed-back-in-india

Bon Appétit's interview with Sana: https://www.bonappetit.com/story/sana-javeri-kadri

60% of India lives on less than $3.10 per day: https://www.cnn.com/interactive/2017/10/world/i-on-india-income-gap/

Diaspora Co.'s single origin spices from 150 farms: https://www.diasporaco.com/pages/about

Sana's $2.1m funding round (Forbes): https://www.forbes.com/sites/shaynaharris/2022/07/14/diaspora-co-mints-21-million-in-fresh-financing-to-build-an-equitable-spice-trade/?sh=635c64c274a4

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I’m not an investment professional or licensed financial advisor, but I do have access to free products and portfolios built by licensed investment professionals—and so do you! The perks of living in 2022, right? This week, we’re breaking down a few big investing topics:

the relationship between risk and returns

diversification beyond the S&P 500 (and why it’s something you may want to consider, considering it involves securities that aren’t down 25% YTD)

the (free) tools you can use to level up your portfolio

I also sat down for a conversation with Trey Lockerbie of The Investor’s Podcast Network (https://www.theinvestorspodcast.com/) to talk about all things “value investing,” Warren Buffett, and why Trey can’t help himself from investing in individual stocks. To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/. Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

Rational Reminder on "factor investing": https://podcasts.apple.com/us/podcast/the-rational-reminder-podcast/id1426530582?i=1000575745961

Ken Fisher, American billionaire investment analyst: https://www.kenfisher.com/books/little-book-market-myths/chapter-09

Callan’s Periodic Table of Investment Returns: https://www.callan.com/research/2021-classic-periodic-table/

S&P 500 total returns by year: https://www.slickcharts.com/sp500/returns

M1 Finance: https://m1.com/

Roth IRAs per the IRS: https://www.irs.gov/retirement-plans/roth-iras

— Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/

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A little confused about how we’ve gotten to…well, ~gestures to everything~? The S&P 500 down roughly 25% YTD, record-high inflation, and rate hike after rate hike? SoFi’s (https://www.sofi.co) Head of Investment Strategy, Liz Young, joins me to break it all down—and makes a few historically informed predictions about what’s likely on the horizon in 2023. She also addresses why she thinks now’s the time on which we’re all going to look back and wish we bought more, what to buy during downturns, and the relationship between the stock market and the bond market. Katie also answers a question about Roth IRA platforms. Placement is a general marketing offering and is not a recommendation to take any particular action, including rolling over an existing account. Consider your personal situation and preferences, including fees and expenses for each option, before deciding to roll over. Please refer to Betterment's Form CRS (http://www.betterment.com/legal/form-crs) and other disclosures (http://www.betterment.com/legal) for more information. To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/. Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

The Important Part: Investing with Liz Young: https://open.spotify.com/show/3v9RQmKZioeCCDXEdmlZNP?si=9e91ea5676834fa1&nd=1

Bond market in "bull market": https://www.nasdaq.com/articles/r.i.p-bond-bull-market-1981-2021-2021-03-16

Inverted yield curves: https://www.cnbc.com/2022/09/21/what-the-inverted-yield-curve-means-for-your-portfolio-.html

Yield curves & recessions: https://www.chicagofed.org/publications/chicago-fed-letter/2018/404

Net present value: https://www.investopedia.com/terms/n/npv.asp

Jack Raines's Young Money post on risk: https://www.youngmoney.co/p/rethinking-risk

Liz Young's 2022 outlook, "Running Into the Wind": https://www.sofi.com/blog/2022-market-outlook/

Liz Young's H2 2022 outlook, "Running Out of Steam": https://www.sofi.com/blog/liz-looks-2h-2022-outlook-running-steam/

Roth IRA platforms mentioned: Vanguard, Fidelity, Charles Schwab (most hands-on), M1 Finance (partially hands-on), Betterment (mostly hands off)

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This week’s episode holds two complex truths simultaneously: That sometimes, the answer is working harder, and other times, the answer is policy, interdependence, and community. Sure, individual responsibility is important—but when we try to solve complex, collective problems with individual exceptionalism, we create a recipe wherein quality of life for all but a select few worsens over time. Our individual wealth accumulation and experience of personal finance do not exist in a vacuum—they exist within the context of the economic policy decisions and cultural norms of our time. You can work on your metaphoric swimming and freestyle upstream for as long as you’ve got the energy to do so, but the strength of the current is outside of your control. Usually, we talk about your swimming. Today, we’re talking about the current. Plus, this episode features an interview with Rebecca Walker, activist and author of Women Talk Money (https://www.simonandschuster.com/books/Women-Talk-Money/Rebecca-Walker/9781501154324). Get ready! To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/. Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

ChooseFI: https://www.choosefi.com/

Beyond the #Girlboss and Fixing the Motherhood Penalty: https://moneywithkatie.com/blog/the-girl-bossification-and-the-motherhood-penalty

40% of Americans have not traveled outside the US: https://www.forbes.com/sites/lealane/2019/05/02/percentage-of-americans-who-never-traveled-beyond-the-state-where-they-were-born-a-surprise/?sh=3a307eb82898

Trick Mirror by Jia Tolentino: https://www.penguinrandomhouse.com/books/567511/trick-mirror-by-jia-tolentino/

Organization for Economic Cooperation and Development study: https://data.oecd.org/earnwage/gender-wage-gap.htm

Pew Research Center on paid family leave: https://www.pewresearch.org/fact-tank/2019/12/16/u-s-lacks-mandated-paid-parental-leave/

Trey Lockerbie's tweet: https://twitter.com/TreyLockerbie/status/1572417849351868418?s=20&t=y8rcaIBB6ZKFUAxIkSxR0g

US households with children ages 3-5 in 2021: https://www.statista.com/statistics/679812/number-of-households-with-children-by-age/

Joy Borkholder's Crosscut feature: https://crosscut.com/news/2022/01/why-child-care-us-lags-behind-much-world

The Way We Never Were by Stephanie Coontz: https://www.basicbooks.com/titles/stephanie-coontz/the-way-we-never-were/9780465098835/

Rational Reminder: https://podcasts.apple.com/us/podcast/the-rational-reminder-podcast/id1426530582?i=1000569872619

WSJ feature on the wage gap: https://www.wsj.com/articles/gender-pay-gap-college-11659968901

The Whiteness of Wealth by Dorothy A. Brown: https://www.penguinrandomhouse.com/books/591671/the-whiteness-of-wealth-by-dorothy-a-brown/

Rebecca Walker's feature in Oprah Daily: https://www.oprahdaily.com/entertainment/books/a39431571/rebecca-walker-book-women-talk-money/

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Before I understood the almost-unbelievable magic of exponential compounding, I thought becoming a millionaire was an almost-impossible goal only achievable by the highest earners or people who were already rich. Granted, inflation has certainly shifted the meaning of a million dollars over the last 20 years—but it’s still no small potatoes. Fortunately, we can calculate this path to the magic million with relative ease—so that’s exactly what we’re doing on the show today. If you’re trying to reach a $1 million net worth with a partner in 10 years or fewer, good news—neither partner even needs to make six figures. Of course, the temptation is strong to try to time the market in the context of our current volatile shitstorm. We’ll address why that’s a fool’s errand, historically speaking, and discuss some ~alternative options~. (And reminder: Past performance is not indicative of future returns.) Finally, we're joined by my friend Delyanne Barros, otherwise known as The Money Coach (https://www.instagram.com/delyannethemoneycoach/) and host of CNN's Diversifying (https://www.cnn.com/audio/podcasts/diversifying). Delyanne shares her path from being a high earner and equally high spender to becoming a millionaire on track to retire by age 45. To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/ Episode transcriptions can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

Download the free Money Management Routine resource: https://education.morningbrew.com/budget

Data on the world's millionaire population: https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html

JP Morgan Asset Management study on market timing: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/is-market-timing-worth-it-during-periods-of-intense-volatility/

Secret millionaires: https://www.rd.com/article/secret-millionaires-donations-after-died/

The Psychology of Money by Morgan Housel: https://www.goodreads.com/book/show/41881472-the-psychology-of-money

Average monthly spend by a single earner: https://www.nerdwallet.com/article/finance/monthly-expenses-single-person-family

Incomes making higher than $150K/year or more: https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/

Median retirement savings amount: https://www.synchronybank.com/blog/median-retirement-savings-by-age/

How to Diversify Beyond The Total Stock Market: https://www.moneywithkatie.com/blog/you-might-be-overexposed-to-large-cap-diversifying-beyond-the-total-stock-market-and-sampp-500

10 Stunning Fast Fashion Waste Statistics: https://earth.org/statistics-about-fast-fashion-waste/

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When I did a rent (and invest) vs. buy analysis back in January 2021 with a 2.6% interest rate, the results were pretty neck-and-neck. As rates climbed this year, I figured it would be fun (I’m using the word “fun” loosely) to revisit the exact same scenario with the higher rate. Depressingly, when we recorded this episode just last week, the rate was 5.95%. In the course of a single week, it’s now surpassed 7% as of publish (9/27/2022). How have the rates changed the math now and how does one realistically budget for a median home in the US today with 6+% 30-year fixed rates? Let’s find out. I'm also joined by Andy Taylor, VP & GM of Credit Karma Home (https://www.creditkarma.com/) to discuss breakeven costs, refinancing, and borrowing against home equity. Episode transcriptions can be found at https://www.podpage.com/money-with-katie-show/. — Mentioned in the Episode

Summer 2022 interest rates: https://www.forbes.com/advisor/mortgages/mortgage-rates-08-31-22/

Early 2021 rent vs. buy analysis: https://moneywithkatie.com/blog/when-the-math-supports-buying-your-primary-residence-instead-of-renting

"Average net worth of homeowners," from CNBC: https://www.cnbc.com/select/average-net-worth-homeowners-renters

Quit Like a Millionaire by Kristy Shen: https://www.penguinrandomhouse.com/books/592323/quit-like-a-millionaire-by-kristy-shen-and-bryce-leung-foreword-by-jl-collins/

Data on home ownership averages: https://www.ngpf.org/blog/economics/qod-how-many-years-has-the-typical-american-homeowner-been-in-their-current-home/

Average median home value, from The Motley Fool: https://www.fool.com/the-ascent/research/average-house-price-state

Private mortgage insurance: https://www.investopedia.com/mortgage/insurance/

Average homeowners insurance: https://www.investopedia.com/insurance/homeowners-insurance-guide/

Average property tax rate: https://smartasset.com/taxes/texas-property-tax-calculator#UMznyF9L22

Average mortgage rate for 30-year term: https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-monday-july-25-2022/

Amortization calculator: https://www.bankrate.com/mortgages/amortization-calculator/

Paying interest first in mortgage payments: https://www.investopedia.com/ask/answer/07/mortgagepayments.asp

Average broker's commission: https://www.ownerly.com/real-estate/average-commission-for-real-estate-agent/

Average closing costs: https://themortgagereports.com/35800/guide-to-mortgage-closing-costs-what-average-mortgage-costs-are-and-how-to-keep-yours-low

Average 3% rental increases: https://www.apartmenttherapy.com/average-rent-increase-percentage-268659

IRS Standard Deduction: https://brighttax.com/blog/irs-standard-deduction-expats

Rule of 150: https://www.businessinsider.com/renting-versus-buying-a-house-advice-math-rule-2019-9

28/36 Rule: https://www.investopedia.com/terms/t/twenty-eight-thirty-six-rule.asp

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According to an APA 2022 Stress in America Survey, 87% of respondents listed inflation as a source of significant stress—and the researchers say no other issue has caused this much stress since the survey's launch. Money anxiety or "financial fear" is common, and to an extent, it can be healthy. If fear about inflation and running out of money prevents you from blowing every dollar on fast casual dining, and instead urges you to save and invest for the future, that fear directly benefits Future You. But if fear prevents you from investing in the stock market because it feels too risky, well…now we’re letting misplaced, data-refuted concerns interfere with our ability to build wealth over time. Understanding your own deeply held beliefs and fears about money can help unlock your next-best step, and it’s not one-size-fits-all. We're joined by Mariel Beasley, Principal at the Center for Advanced Hindsight at Duke University and Co-Founder of the Common Cents Lab (https://advanced-hindsight.com/commoncents-lab/) to discuss financial psychology and what behaviors we can unlearn (or double down on) when it comes to money anxiety. — Mentioned in the Episode

Download the free Money Management Routine resource: https://education.morningbrew.com/budget

Farnoosh Torabi's So Money: https://podcasts.apple.com/us/podcast/1348-how-fear-can-drive-financial-excellence-with/id955939085?i=1000558577525

The importance of an abundance mindset: https://moneywithkatie.com/blog/shifting-your-money-mindset-from-scarcity-to-abundance

"Risk is what you don't plan for": https://www.youtube.com/watch?v=LM-s_HxLzNY

ChooseFI: https://www.choosefi.com/listen/choose-fi-podcast/

Why Hitting "Half FI" is More Like 75%: https://moneywithkatie.com/blog/why-hitting-half-fi-is-more-like-75

Financial resources mentioned: LISC, Digit, Qapital

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Last week to kick off this two-part special, we explored the culture, economy, and education systems that built the millennial generation. If you haven't heard the first episode yet, I recommend going back to start with that first (https://link.chtbl.com/022a2-MX). Today, we’re digging into how “financial literacy” shifts reality on its axis, who the “winners” and “losers” are in our economic era, and why scamming has become a quintessential millennial pastime (Fyre Festival, anyone?). To top things off, we’ve got a super thought-provoking conversation with Gaby Dunn of Bad with Money fame (https://podcasts.apple.com/us/podcast/bad-with-money-with-gaby-dunn/id1144712710). It’s a veritable Magic School Bus ride through the wild terrain of 21st century America: Even the centimillionaire megachurch preachers and girlbosses squeezed into tiny seats and threw spitballs for a few stops. — Mentioned in the Episode

Gaby Dunn's Stimulus Wreck: https://www.scribd.com/audiobook/576815715/Stimulus-Wreck-Rebuilding-After-a-Financial-Disaster?utm_source=money_with_katie&utm_medium=press&utm_campaign=gaby_dunn_originals_june&utm_content=podcast_interview

Malcolm Harris's Kids These Days: https://www.littlebrown.com/titles/will-collyer/kids-these-days/9781478992332/

Study on financial literacy and retirement: https://sjes.springeropen.com/articles/10.1186/s41937-019-0027-5

UC Davis study on poverty: https://poverty.ucdavis.edu/policy-brief/transitions-out-poverty-united-states

Money with Katie blog: The Paradox of Riches, Being Poor is Expensive: https://moneywithkatie.com/blog/the-paradox-of-riches-being-poor-is-expensive

Pitchfork Economics' interview with the author of The Nordic Theory of Everything: https://podcasts.apple.com/us/podcast/capitalism-is-working-better-in-finland-with-anu/id1445901378?i=1000536840437

2020 Census data: https://www.census.gov/content/dam/Census/library/visualizations/2021/demo/p60-274/figure3.pdf

The Money with Katie Show episode on financial independence: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000551967021

Jacqui Shine of the Los Angeles Book Review: https://lareviewofbooks.org/article/wont-get-fooled-again-malcolm-harriss-kids-these-days-human-capital-and-the-making-of-millennials/

Jia Tolentino's Trick Mirror: Reflections on Self-Delusion: https://www.goodreads.com/en/book/show/43126457

Trick Mirror review by Miriam Francisco: https://www.michigandaily.com/arts/tolentino-refuses-simplicity-trick-mirror/

Graph on financial inequity in the US: https://realtimeinequality.org/?id=income&incomeend=03012022&incomefreq=monthly&incomegroups=Top%2010%25&incomegroups=Middle%2040%25&incomegroups=Bottom%2050%25&incomegroups=Total&incomestart=01011976&incometype=factor_income&incomeunit=Adults&incomey=growth

CNBC feature on Jeff Bezos and the critique of billionaires: https://www.cnbc.com/2021/07/20/jeff-bezos-says-critics-of-the-rich-going-to-space-are-mostly-right.html

The Financial Independence Planner: https://moneywithkatie.com/financial-independence-planner

Forbes Advisor study on medical graduate debt: https://www.forbes.com/advisor/student-loans/average-medical-school-debt/

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Market uncertainty is on everyone’s mind. Given rising interest rates, inflation, the crypto crash, and other economic trends (hello, recession?), host Alex Lieberman talks about what this current climate means in the long term for beginner and seasoned investors alike, with Fidelity's Jurrien Timmer. About Fresh Invest: From market shifts to emerging asset classes, Fresh Invest breaks down the current financial climate, what it means to you as an investor, and actionable steps you can take to manage your money and set yourself up for a solid financial future. Join Morning Brew co-founder and executive chairman Alex Lieberman on his weekly deep dive with Fidelity guests. Custom music by Davis Jones. -- Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt

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Months ago, I received this reader question: “It feels like I’ve done everything right, and yet I can barely make ends meet. Has life always been this…hard?” This stuck with me for a long time. They weren't the first to ask this, or the second or third. And ultimately, this question became the focus of this special two-part series. Because when I first started writing about personal finance in 2018, I believed the rules of the game were fixed, simple, and universally applicable. I had the tonic that was going to make my generation rich, because I figured the things that worked for me would work for everyone. The perilous two years that followed—aka the pandemic—opened my eyes to just how complex life is in the 21st century, particularly for those coming of age in it—and this mini-series is my attempt at making sense of the world around us politically, economically, and culturally. (And yes, the financial implications at the collective and individual levels.) I'm also joined by Malcolm Harris, author of Kids These Days (https://www.littlebrown.com/titles/will-collyer/kids-these-days/9781478992332/), which I quote throughout the episode. Listen to part two here: https://link.chtbl.com/O11nOQjn. — Mentioned in the Episode

Anne Helen Petersen's Budget Culture and the Dave Ramseyfication of Money: https://annehelen.substack.com/p/budget-culture-and-the-dave-ramseyfication?s=r

Dēmos research in 2008: https://www.demos.org/research/economic-state-young-america

Jacqui Shine of the Los Angeles Book Review: https://lareviewofbooks.org/article/wont-get-fooled-again-malcolm-harriss-kids-these-days-human-capital-and-the-making-of-millennials/

Richard Fry of the Pew Research Center: https://www.pewresearch.org/social-trends/2014/05/14/section-1-student-debt-and-overall-economic-well-being/

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Given the huge decision that came out of the White House last week about student loan forgiveness, we decided to create this special bonus episode all about the announcement and what it means for not just borrowers, but all of the US. We'll explore the current numbers of federal student loan borrowers, dive into the issues of taxes and inflations (while dispelling some myths!), and hear about the program and changes to expect from FINRA Certified Student Loan Professional® Meagan Landress of Student Loan Planner (https://www.studentloanplanner.com/). — Mentioned in the Episode

Fact Sheet: Student loans: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

Student loan debt vs. mortgage debt: https://podcasts.apple.com/us/podcast/a-new-plan-for-student-loans/id1200361736?i=1000577422717

Of Dollars and Data: https://ofdollarsanddata.com/who-holds-the-student-loan-debt/

Newsweek fact-check on taxes and student loan forgiveness: https://www.newsweek.com/fact-check-ted-cruz-says-student-debt-relief-costs-2100-per-taxpayer-1737293

Federal budget deficit: https://datalab.usaspending.gov/americas-finance-guide/deficit/trends/

Federal budget spending: https://datalab.usaspending.gov/americas-finance-guide/spending/

Expense of stimulus checks: https://www.pandemicoversight.gov/data-interactive-tools/data-stories/three-rounds-stimulus-checks-see-how-many-went-out-and-how-much

New tax proposal for households above $400K+: https://www.nytimes.com/2022/07/07/us/politics/medicare-solvency-taxes.html

Tax Foundation memo on unrealized capital gains on households with $100M+: https://taxfoundation.org/biden-tax-increases-2023-budget-proposal/

10 richest members of Congress: https://en.wikipedia.org/wiki/List_of_current_members_of_the_United_States_Congress_by_wealth

Net worth of $100M+ represents 0.01% of Americans: https://realtimeinequality.org/

Wall Street Journal's on student loan forgiveness and inflation: https://www.wsj.com/articles/biden-student-loan-forgiveness-raises-inflation-budget-risks-11661457157

Mike Solana on the student debt crisis: https://www.piratewires.com/p/debt-babies

See if you have federal loans: studentaid.gov

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If you’re normally a “casual commute” listener of The Money with Katie Show, prepare to park your car and whip out your notebook—today’s episode is a complex deep dive into exactly how you can set yourself up to pay no taxes or penalties in retirement on any of your pre-tax, taxable, and Roth funds, even if you retire in your thirties. We’ll dig into how much a couple would need to save and invest to retire early and then break down how they can strategically access those funds for the most optimal tax-free outcomes. Remember to caffeinate before this one—your brain cells are about to be workin’ and twerkin’. If you’re a visual learner, the YouTube video for this episode or the episode transcription may be your best friends. — Mentioned in the Episode

IRS Tax Code: https://www.irs.gov/privacy-disclosure/tax-code-regulations-and-official-guidance

Standard deduction for 2022: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022

0% capital gains tax rate brackets for 2022: https://www.kiplinger.com/taxes/capital-gains-tax/602224/capital-gains-tax-rates

Required Minimum Distributions (RMDs): https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

Roth IRA Five-Year Rule: https://www.investopedia.com/ask/answers/05/waitingperiodroth.asp

Compound interest calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Combining finances for marriage: https://moneywithkatie.com/blog/what-to-consider-when-combining-finances-with-your-partner

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If you consciously or subconsciously derive your identity from your work, what happens when that work goes away? Moreover, how do we reconcile the advice we hear from everyone from Steve Jobs to Steve Aoki to “follow our passion” (and, in case it wasn’t clear, monetize it) with the advice to also maintain some semblance of “work/life balance” or separation between the metaphoric church and state? Is it a bad thing to love your work, or is it something to strive for? My guest this week is the impressive Nora Ali—host of Morning Brew’s Business Casual, Harvard grad with a degree in statistics and quantitative finance, former Goldman Sachs analyst, concert violinist, and current media venture founder (i.e., someone who knows a thing or two about being conventionally successful and identifying with your credentials). This week’s episode will give you a lot to chew on if you find yourself sneaking off to hammer out a few more emails after dinner. — Mentioned in the Episode - Derek Thompson's piece, The Atlantic: https://www.theatlantic.com/ideas/archive/2019/02/religion-workism-making-americans-miserable/583441/ - Robert Frank's piece, The Wall Street Journal: https://blogs.wsj.com/wealth/2007/03/21/the-workaholic-rich/ — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/

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The central thesis for this episode is that when you think you have a spending problem, what you probably have is a purpose problem. This week, we’re getting philosophical—and I’m diving into a series of realizations I had when transitioning from Spendy McSpenderson to Sally Saver, about the role money played in my life pre- and post-”baptism by FI/RE.” (See what I did there?) I also chat with mindset and manifestation expert Haley Hoffman Smith (https://www.haleyhoffmansmith.com/) on the void money creates and what we should be aiming for instead. It’s one of the more vulnerable episodes I’ve published, but my hope is that it’ll inspire you to reflect in a way you haven’t before about your relationship with materialism and its role in your sense of self. — CORRECTION/CLARIFICATION: Thanks to an email from astute listener Emily T., it has come to my attention that my answer for today’s Rich Girl Roundup could be a bit misleading to the point of being wrong depending on how you inherited your individual stock. The answer given in the video is relevant if the relative who gifted you stock is still alive. If your relative who gifted you stock has passed away, then your cost basis actually receives something called the “stepped-up cost basis” treatment, which means the amount you inherit at the time they pass is the new cost basis. If you were to sell that immediately, you’d incur no capital gains taxes. We have re-recorded a clarification that’s now live in the episode, but we apologize for the confusion. — Mentioned in the Episode - The Hot Girl Hamster Wheel: https://www.instagram.com/reel/Cc5dZNLvRNN/ and https://moneywithkatie.com/blog/high-maintenance-is-expensive-how-i-went-from-a-320mo-girly-budget-to-a-negligible-one - Brad Yates: https://www.tapwithbrad.com/ — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/

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This episode is a logistical examination of how to put systems in place that help you balance your short-term and long-term spending goals—after all, “saving” is really just another name for “deferred spending,” and the ideal scenario we’d find ourselves in is one in which the money we need is available to us whenever we need it. It’s my hope that after listening, you’ll have a solid understanding of how to structure all of your savings and investing and—most importantly—you’ll eliminate the fear that you’re “missing something.” — Mentioned in the Episode - Atomic Habits by James Clear: https://jamesclear.com/atomic-habits — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/

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I sold my car in March 2021 and have (mostly) never looked back as part of a one-car couple, but my husband and I have been dabbling with the idea of getting a new car this year. Unfortunately, 2022 is…not a great time to buy a vehicle, as anyone who’s perused the used car market knows. It inspired this episode in which we break down the lease vs. buy decision in today’s car market with guest Jorge Diaz, author of Car Leasing Done Right (https://www.leasecosts.ca/en/book). As part of the episode, I wanted to do an IRL lease vs. buy comparison with a luxury car—so I reached out to a Porsche dealership to pull numbers on a 2023 Macan. What I wasn’t expecting as part of my number-crunching journey: being immediately plunged into an inferior sense of class consciousness as a result of the interaction. That’s…a fun bonus in the episode. 😂

Mentioned in the Episode - Car market prices up 24% in 2021 (via The Washington Post): https://www.washingtonpost.com/us-policy/2021/10/28/used-car-prices-chip-shortage/ - Rule of thumb for paying for a car: https://www.nerdwallet.com/article/loans/auto-loans/much-spend-car - “Why Leasing a Car is Like Setting Money on Fire”: https://moneywithkatie.com/blog/why-leasing-a-car-is-like-setting-money-on-fire - Study: Driving fewer than 10K/year: https://www.rockethq.com/learn/personal-finances/how-expensive-is-uber - Pregnancy Discrimination Act: https://www.eeoc.gov/pregnancy-discrimination

—

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Ah, the long-awaited deep dive is finally here! As someone who got married in a courthouse and in a big, traditional ceremony (to the same person, don’t worry), I feel I’m now qualified to do a thorough compare-and-contrast analysis of the two—and share the granular details of how much our ceremony cost. I’m diving into the budget ($25,000), the actual spend (...a lot more than $25,000), who paid, the things that shocked me, and the stuff I thought was worthwhile. I also do a deep-dive into the Wedding Industrial Complex with our guest, Anna Braff, founder of the award-winning vendor service Provenance Rentals. Originally, I wasn’t planning on doing any sort of deep dive about my nuptials—but ultimately decided it was incredibly off-brand not to talk about one of the largest expenses a young couple faces. — Follow Along - Watch Money with Katie here: https://www.youtube.com/MoneywithKatie - Read Money with Katie: https://moneywithkatie.com/

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Something I had never even heard of a year ago has been front and center in the financial news for the last few months: I Bonds. But I suppose it makes sense: Nothing tempts those seeking performance and those seeking safety alike quite like a guaranteed nominal 9.62% rate of return, right? But I fear they’re a distraction for young investors (and don’t worry, we address who they might make sense for in the episode). Plus, I invited Alan Ebright of Hodges Private Client—a wealth management firm in Dallas with $1B+ assets under management—on the show this week to talk about investor psychology and the self-defeating flight to safety. *Any information shared is not tax or legal advice, and is purely for informational purposes.

MoneyWithKatie #IBonds #Investing #Bonds #PersonalFinance

— This Episode’s Sponsors To learn more about our sponsor, Ubiquity, check out https://ubiquity.com/ To learn more about our sponsor, Caribou, check out https://www.caribou.com/moneywithkatie/?utm_source=moneywithkatie&utm_medium=podcast&utm_campaign=jul13 For more info on our sponsor, Q.Ai, check out https://refer.tryq.ai/MBrew To learn more about Betterment, visit https://betterment.com/moneywithkatie — Mentioned in the Episode - Nick Maggiulli's blog, Of Dollars & Data - DALBAR Quantitative Analysis of Investor Behavior - National Association of Personal Financial Advisors Database

Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt

Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew — *Disclaimer: Hodges Private Client is a program offered through Hodges Capital Management, Inc. (“HCM”). HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer and investment advisor registered with the SEC. This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions. All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.

Nothing excites millennials and surprises baby boomers quite like our penchant for sharing how much money we make with one another. But salary transparency—one of the latest tactics for rectifying biases in hiring and compensation—is a means to an end, not the end itself. In this week’s episode, we explore the benefits and pitfalls of openly sharing compensation information within an organization—and how we can share in a way that actually helps one another. Plus, an interview with Jason Tartick of Bachelor Nation fame, and the host of Trading Secrets, a podcast about our “taboo curiosities” around money and career. -- Mentioned in the episode

World Economic Forum's data on closing the gender pay gap

National Labor Relations Act: Your right to discuss pay in the US

Silicon Valley study about top employee performance

Tim Low's interview about PayScale and salary transparency

2018 Denmark study on closing the gender pay gap

Buffer case study on salary transparency

Trading Secrets interview with Rob Dyrdek

Trading Secrets interview with A-Rod

Trading Secrets interview with Molly Bloom (Molly's Game)

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This episode was inspired by a Medium article about a woman’s nine side hustles that replaced her full-time income. After reading it, I couldn’t help but think: “I know our generation loves the glamorized solopreneur thing, but at what point is it easier to just…have a full-time job?” I wanted to explore the obsession with the side hustle, the (unfair) demonization of the 9-5, and—importantly—how to expend energy in a more efficient way for a higher ROI within your traditional career path for those of us who don’t want to become ~online entrepreneurs~. Cinneah of Flynanced joins us for this episode to regale us with her career journey ($40,000 to $200,000+ in just five years!) and has a ton of actionable advice to share for scaling your full-time income and breaking into highly paid technical fields without going back to school. Here's the referenced blog post about diversifying your effort and my side hustles that amounted to nothing.

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Given current market conditions, it seemed like a good time to revisit the age-old temptation for investors: Should I…try to stop the bleeding and make more active investment choices? Surely I could do better than -22%! In most personal finance circles, this question is heresy—but lucky for you, I like to rock the boat. We’re digging into the case against active, some oddly compelling arguments for it, and everything in between in this week’s episode. Don’t call the FI/RE department on me! (See what I did there?) I'm joined by Jack Raines of the blog Young Money (https://www.youngmoney.co/) today to discuss 'the true cost of alpha.' (Alpha = an investment's ability to beat the market.) This is also our first episode with a listener Q&A. Today’s is about commission income: How it’s taxed, how to budget for it, and how to invest it. Got a question you want answered? Make sure you’re following Money with Katie on Instagram, where you’ll see our call for questions! — Mentioned in the Episode

Jack's article, A New Definition of Alpha

Nick's article, Why You Shouldn't Pick Individual Stocks

Dalio's book, The Changing World Order

Mike Green interview on Resolve's Gestalt University

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This episode is sponsored by Betterment.

Every time the market experiences a drawdown, it feels like the echoing chorus of, “This time, it’s different,” gets more deafening. As the history buffs assure us, that’s very unlikely—but that doesn’t change the fact I want to hedge if it’s true. For many of us #n00b investors who started in the last decade, we’re experiencing a serious pullback for the first time (I no longer count the 30% COVID drawdown since it was so short-lived). I think it’s a (healthy) reminder that investing in the stock market is not a risk-free proposition, and returns are not guaranteed. So how do we adjust our expectations and behavior accordingly? I’ll tell you how I’m pivoting in this week’s episode. I invited Bloomberg ETF analyst Eric Balchunas on the show to talk about the history of low-cost investing, Jack Bogle’s legacy, and Vanguard’s role in changing the industry forever—plus, his spicy take on cryptocurrency. 👀 Resources Eric's book, The Bogle Effect

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One of the single-most impactful determinants of our outcomes in life is our self-concept: Our identity. Whether we see ourselves as the victims of circumstance or victors over our challenges. It plays out in everything from miscommunications at work to compensation conversations. The victim mindset tells you that you're not in control of your outcomes, while the victor's mindset acknowledges that—while life isn't fair—you have some control over your outcomes and are capable of overcoming the challenges you're presented with. At the crux of it all is a sense of control. Sometimes, we ascribe to a victim mindset and undermine our own resilience, capacity, and control—and stand in our own way in the process. Making the conversation more complicated? The reality of victimization and privilege. My guest today, Dominick Quartuccio, gives us a three-step framework to rewire these negative thought patterns, design a future we can "live into," and regain control over our lives and finances. -- Follow Along Dominick Quartuccio: https://www.dominickq.com/ Ayishat Akanbi's book, The Awokening: Clarity, Culture ,and Identity in the Web of Chaos Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram - https://www.instagram.com/moneywithkatie/ Twitter - https://twitter.com/moneywithkatie TikTok - https://www.tiktok.com/@moneywithkatie

This episode is sponsored by Betterment.

If you've ever wondered how Money with Katie went from a $0 side hustle to a half-million venture in two years (and if you can do the same!), then this episode is for you. Today, I'm getting into the weeds and sharing exactly how Money with Katie makes money, all things sponsorships and affiliates, and even ventures I tried that didn't quite pan out. I share real numbers and stories, beyond just the surface-level stuff you've heard before. And because becoming a creative entrepreneur often means budgeting with variable income, I invited Lauren Anastasio, director of financial advice at Stash, to talk about setting yourself up for financial success from day one of your entrepreneurial journey. Follow Along

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Inspiration for this show's episode: March 2020 Lessons for 2022 and Beyond

Breaking down the SEP IRA and a Solo 401(k) for those with self-employment income

This episode is presented by Betterment.

Let’s kick this off with an admission: We don’t have a prenup. In today’s episode, I’ll tell you why—and why we probably should’ve gotten one. We also talk with Kim Davis (former Wall Street attorney, present managing director at the Bahnsen Group, and founder of the Fiscal Feminist) about:

How the “stay-at-home” spouse can protect themselves financially

Why the prenup agreement is like an insurance policy for your marriage

What Kim thinks about joint credit cards

How much to budget for a prenup

…and a whole lot more. Follow Along

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Read Kim's book, The Fiscal Feminist

A couple months ago, I got really anxious about income. Aside from ~lite paranoia~ being one of the core tenets of my personality, my concern was (probably) justified. Rumblings of a recession on the horizon, #stonks going down, and the fact that Money with Katie was my sole source of income started to make me feel a little…vulnerable. So I started looking into alternative investments. While I deeply considered real estate and passed for the time being, I discovered an amazing world of online content around buying small businesses and began my pursuit. This episode dives into where I looked, what I found, the two businesses I almost bought, and why I didn’t pull the trigger. Plus, two interviews: One with Sarah Becker, a friend of mine who bought a dilapidated commercial property in her neighborhood when she was 24, and another with Steffany Boldrini, a successful investor in the self-storage space. Sarah's new course, Independent Retirement Academy, launched on May 23. Listeners of Money with Katie get $50 off with code MWK50. Follow Along

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The best part about living in 2022 is the fact that you don’t have to know anything about investing to be a successful investor thanks to products like Betterment (and financial technology more broadly). But what if you do want to manage your own investments? Then what? Before I learned about Paul Merriman and Chris Pedersen’s Two Funds for Life strategy, I never really knew what to tell people aside from do your research and best of luck to you, madam. So this week, I’m joined by Chris (who created the Two Funds for Life model) to talk about an amazing 80/20 solution for getting proper, low-cost diversification with only two funds (hence the name). Not only that, but the “rebalancing” is more or less taken care of for you. Follow Along

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Lauren from Career Contessa joins me this week for a revelatory conversation about the myth of the elusive “dream job.” Ironically, it took getting my dream job to realize it’s…still a job. Wait a second, why does this still feel like work sometimes? So why does acknowledging this myth and moving past it matter? Because the illusion that there’s a “dream job” out there for you (the career version of a soulmate) leads to both expectation hangovers and disappointment when—surprise!—even a job you really like comes with downsides. This episode is an exploration of the idea that maybe the grass isn’t always greener, and the things that make a job “good” are often overlooked in our misguided pursuit of a job that elicits “passion.” That said, we also discuss the importance of liking what you do (to a healthy extent) and the positive financial outcomes that enjoying your work can bring.

...because who's more qualified to talk about the challenges of being a mother than someone without kids, right?! Right?! 3.5 million women were pushed out of the workforce in March 2020 because of caretaking challenges. Overnight, we dropped to 1988 levels of women’s workforce participation, which confirms the theory that there’s a causal relationship between childcare availability and affordability, and women’s workforce participation. Hear from your favorite childless woman (yours truly!) and a slew of Rich-Girls-Turned-Rich-Moms about how they've addressed these challenges in their own lives. One of the Rich Girls (Moms) who called in is also a personal finance writer: Ashley Feinstein Gerstley is the author of Financial Adulting, a guide that breaks down everything you need to be a financially confident and conscious adult. As a trusted money expert, she has appeared on or been quoted in The Financial Times, the TODAY Show, CNBC, Forbes, NBC, Glamour and the The New York Times. Ashley has worked in the financial services industry for over fifteen years: first as an investment banker, then in corporate finance, and most recently running The Fiscal Femme. She graduated with a bachelor's in finance from the Wharton School at the University of Pennsylvania. Follow along

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So much of personal finance and early retirement #literature is predicated on the 4% safe withdrawal rate that it’s easy to forget that the “rule” was discovered in the 1990s by the original Freak in the Spreadsheets, Bill Bengen. And man, the financial media loves to splash sensational headlines about the 4% rule all over the place (“The founder of the 4% rule just changed it!”). You know the kind. But there are a lot of misconceptions about the 4% rule, including the recent criticisms that it’s no longer valid. If you ever want to retire, this episode is a must-listen. I welcomed Brian Feroldi onto the show to talk about the underlying assumption that makes the 4% rule work—over time, the stock market generally goes up. Brian's new book (aptly named Why Does the Stock Market Go Up?) is out now. Sources cited Historical bond returns

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Today's episode is about the current reality of the US housing market (and stock market, to some degree) and how it's—paradoxically—not actually good for anyone, renters and owners alike. The one group it is benefiting? Investors. The episode dives into why I think a cooldown is inevitable, and focuses more on why human shelter turning into an inflated asset class is dangerous for everyone who needs a house to live in. Look no further than Canada’s precarious situation and increasing homelessness for a cautionary tale. My guest this week (Brandon of Mad FIentist fame) lends his perspective as someone who narrowly escaped the bubble burst in 2008 and ended up losing money on his next property—only to be priced out entirely in 2022. For context, Brandon retired a multimillionaire at age 34. He rents. Cited Sources

Philip Pilkington's dire warning about intergenerational "war" stemming from inflated asset prices

Investor participation in the real estate market reaching new highs (Washington Post)

Americans' inability to pay for a minor emergency

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Today's episode is all about outsourcing, a topic around which my views have evolved over the years. (Read: As you get older and busier, you're less interested in "doing it all," apparently.) We discuss how to determine what's worth outsourcing in your life and how much to pay for it, as well as address some common objections. My guest today, Farnoosh Torabi, is an icon in the personal finance world (and a mother of 2!) and she's got some #hottakes on the value of her (and your) time. You can check out Farnoosh on CNET's So Money podcast. To learn more about the Money with Katie Retreat, head here. Resources

Average time use per day of American men and women from the U.S. Bureau of Labor Statistics

"Even female breadwinners (the 29% of American women who out-earn their husbands) bear the brunt of household labor."

"Even during a pandemic, gender gaps in sharing household responsibilities persist."

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Today, my friend Nick Maggiulli (COO of Ritholtz Wealth Management & former data scientist, as well as author of Of Dollars & Data and his new book, Just Keep Buying) joined me to talk about something that’s been (justifiably) freaking me out a little bit lately. To boil it down to its most layman's terms is the government’s money printing the reason why stocks and homes are worth so much more now, and does that mean we’re headed for a crash? More to the point: What the hell do we do about it? I think you’ll enjoy the little history lesson throwback (Kansas farmland in the 1970s, anyone?), the explanation of quantitative easing and expansionary monetary policy (I wish my Econ 101 professor could see my B+ self now), and—most importantly—the conversation I had with Nick about what we’re supposed to make of all this. Here's the Politico article referenced. Point of clarification: We reference the S&P 500's PE ratio (25 as of this recording) and Shiller PE ratio, or CAPE ratio (36 as of this recording), in this episode, and (somewhat confusingly) switch between the two in the conversation. Nick originally describes the CAPE ratio, and then I ask him his opinion of the current PE ratio. FOLLOW ALONG

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Worried you're behind, or may not have enough money to retire someday? You may have less cause for concern than you think. Today’s episode dives into the math behind why you may need to save less than you think for retirement, with two solid examples from my own life. Plus, an interview with Kim Curtis, a nationally recognized wealth management advisor and President and CEO of Wealth Legacy Institute, where she dives into what we actually need to be worried about in retirement. Hint: It’s likely not running out of money. FOLLOW ALONG

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Today, we're digging into negotiation tips that actually work—no perfecting crafty word play, performing mental jujitsu on a recruiter, or documenting months of "wins" required. Since I'm not a negotiation expert (just a gal who enjoys negotiating), I brought in two guests today: Miranda Martin, a CEO Coach who speaks to money mindset, and a dear friend of mine, Career Coach Darci, who speaks to compensation research and recruiter relations. Here's the blog post that complements this piece—it's all about how I increased my income. FOLLOW ALONG

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Today, we're diving into the money psychology that impacts the way we spend and save—and I'll give you the framework for an epic change to the way we think about spending and investing for today and the future. We'll also hear from Adam Day, a Certified Financial Planner who happens to be a Level 1 Certified Financial Therapist, about ways you can start to unearth the money stories driving your behavior. Self-awareness is key, no? Here are some of the free resources we mentioned in the episode:

Future Self-Continuity and Its Impact On Financial Planning (kitces.com)

Money Motivator - Start (wqcorp.com)

Klontz Money Scripts Test (bradklontz.com)

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Today’s episode is about the one major issue we all share with our financial planning: As humans, we’re bad at anticipating what’s going to make us happy. Yep—it’s kinda hard to plan for what you think you’re going to want in 40 years, huh? Especially when some of those decisions tend to be inflexible. You’ll also hear from Sam Dogen (a.k.a., Financial Samurai) about his journey retiring—then un-retiring—at age 34. You can preorder Sam’s book here. Here’s more information about why humans are bad at predicting what’s going to make us happy (or unhappy), and here’s the article I referenced about optimizing your tax strategy for early retirement. Here's my Financial Independence Planner that I use to project my path to financial freedom based on my current invested assets, income, and spending. FOLLOW ALONG

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Full episode transcript below.

The healthcare marketplace in the United States is confusing, complex, and expensive. Why is it the way it is? Has it always been this way? Is it this way everywhere? These were my questions when I began this deep dive. After reading a couple books, going on a week-long internet deep dive, and interviewing a healthcare consultant, I felt ready to bring some of my initial findings to you. Big thanks to Taylor, a healthcare consultant, for being interviewed for this episode, and Kaleigh, for sharing her experience giving birth to her daughter. Snag a copy of Taylor's TEMPLATE FOR DENIED INSURANCE CLAIMS. Since this is a relatively fact-filled episode, sources are listed below by claim. FOLLOW ALONG

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CLAIMS & MORE RESOURCES

Any claim that doesn’t have a URL attached came from the book The Healing of America by T. R. Reid.

“Of the 11 richest countries in the world, America’s healthcare system ranks 11th. The judgment metrics are as follows: Access to care, care process, administrative efficiency, equity, and healthcare outcomes. The U.S. ranked last in four of the five criteria, with the exception of “care process,” for which we ranked second.

Historical deep dive resource

“The U.S. spends roughly the same amount as a percentage of GDP on Medicare and Medicaid alone that the rest of the rich countries spend insuring their entire populations, and the private sector spends even more.”

“Estonia, Slovenia, Hungary, the Czech Republic, Korea, Israel… all of these countries have lower infant mortality rates than the United States.”

“And pharmaceutical companies do spend, on average, around 20% of their total revenues on R&D.”

“The U.S. actually ranks sixth in the World Index of Healthcare Innovation, behind Switzerland, Germany, and the Netherlands.”

“A new analysis from insurance giant Humana itself and the University of Pittsburgh School of Medicine found that between $760 billion and $935 billion—or about a quarter of all U.S. healthcare spending—is considered “waste.””

Comments about Sweden’s economy and benefits

FULL TRANSCRIPT AVAILABLE AT HTTPS://PODCAST.MONEYWITHKATIE.COM

Today, we're taking a break from questioning the socioeconomic status quo and digging into a more tactical, technical topic: The most common 401(k) mistakes I see. Follow along Blog Instagram Twitter

Today, we hear from Dr. Anna Hulett, an industrial organizational psychologist (think female Adam Grant), about the state of work in the United States and why there’s a small legion of Millennials obsessed with financial independence retiring early. Is financial independence a sign of… a problem? We examine data from other places (read: Scandinavian countries) where employment rates are higher, people are happier, and – ironically – the taxes and social safety nets are extreme. There’s a LOT to unpack here. Here’s the article referenced throughout.

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Today, we hear from several #RichGirls about the role money plays in their relationships and talk about ways to improve financial intimacy – and, most importantly, create some common ground with a financially irresponsible partner. Whether you're the irresponsible partner or you're trying to cope with having one (or hey, maybe you two switch places!), this episode provides tangible tactics (and even a few 'scripts' you can try) for improving your finances – together. Thanks to all the #RichGirls who agreed to be interviewed for this episode.

Other Resources An Efficient Way to Combine Finances for Marriage How We Built our First Couple's Budget

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Ever seen folks on the internet talk about house hacking? It's – admittedly – a magical concept if you can pull it off, and basically involves living for free by buying a place and then having your tenant foot the bill. As someone who loves free shit, I was IN. Except... the cost of homes has skyrocketed, and the price of rent (in a lot of places) hasn't risen as much. What does that mean for those trying to get in now? Big thanks to Mallory (@fuelingfinancialfreedom on Instagram) for being my #RichGirl interviewee for today's episode.

Today's episode dives into gambling research (via Chief of the Stanford Addiction Medicine Dual Diagnosis Clinic, Dr. Anna Lembke) and what it teaches us about our own dopamine pathways: Specifically, how strange it is that we can get the most dopamine when something objectively bad is happening (like losing money while gambling). We'll discuss unhealthy relationships with spending, earning, saving, and – bonus! – we'll hear from 3 members of the Money with Katie community who share their stories about spending problems. Finally, we'll review two major tactics you can try to address the issue (whether you're more of a compulsive spender or saver). A big thanks to #RichGirls Cynthia, Kate, and Taylor for their vulnerability.

Today’s episode brings back our friend Ben Miller, Founder of ChroniFI, for a Pt. 2 (for our first conversation, check out Ep. 11).

We talk all things entrepreneurship:

The difference between working a 9-5 and entrepreneurship

The surprising aspects of monetizing a blog

Why entrepreneurship isn’t a democracy

The unexpected pros & cons of starting your own “thing”

How to begin to find the thing you’re passionate about

The consequences of living in alignment, “scratching the itch,” and indulging curiosity for curiosity’s sake

Today's episode is a deep dive into a concept that most of us have probably never stopped to ponder: How much money would I need to never worry about money again? If the answer is, "There's no amount of money that would make me stop (insert hyper-frugal habit here)," this episode might be a must-listen for you. We'll talk resources, privilege, time, and the ultimate existential crisis-inducing question: What's the point? Moreover, is there a mathematically sound or reasonable way to calculate that number?

Today, we're revisiting a topic I first covered a few years ago – but with a renewed interest after the Christmas season (and all the damn Amazon boxes that accompany it). Thanks to today's sponsor, Capitalize, for their partnership in today's episode. If you'd like Capitalize to roll over your 401(k) for free FOR you, check them out.

Welcome back to Season 2 of the Money with Katie podcast! Today, we're exploring the ways in which I think about strategizing your spending across different credit cards (and how to earn more points). You can sign up for the Travel Rewards 101 free mini course here. Thanks to Capitalize for sponsoring today's episode – you can learn more about using Capitalize to roll over your old 401(k) for free here.

Today, we're discussing the top 3 financial lessons I'm taking from 2021. This is the last episode of season 1, and I'd love to hear what you're interested in for season 2. Shoot me an email at podcast@moneywithkatie.com! Thanks to Capitalize for sponsoring today's episode. Capitalize is my favorite free 401(k) rollover service, and you can read about my experience using their product to roll over my 401(k) here.

Today, I'm interviewing a friend of mine who left the trading floor at Goldman Sachs to start his own company that helps people make sense of their finances and relate them back to the one precious resource that matters most: Time. I loved this conversation, and Ben is fantastic, as you'll hear. Here's where you can find him:

Try ChroniFI with a 60-day free trial: www.chronifi.com/katie

Ben's budding blog, which I'm trying to convince him to blow up even more

If you're interested in rolling over a 401(k) with the sponsor of today's episode, Capitalize, check out my full product review here.

Today, we're talking about three questions we should be asking ourselves in preparation for a new year. Annual planning (both financial and otherwise) is super powerful for achieving the things we want. Our three questions:

Where will I be one year from today?

Where am I right now?

What's my one word for 2022?

In this episode, I'll talk you through how to answer these questions (and the questions within them) and how to use them to reach your goals in 2022. The 2022 Wealth Planner launches January 1, 2022 at midnight.

Today on the show, I've got my friend Eliana Goldstein, a Millennial Success Coach who focuses on career coaching (she's certified!). Sign up for Eliana's free masterclass for Money with Katie listeners on Wednesday, Dec. 8 here (4PM PST/7PM EST). We discuss:

Her journey to becoming a career coach and why she's uniquely qualified to do it

Why so many Millennials are unhappy in their careers, and how they can begin to remedy it

How we should think about the "fulfilling career" vs. "high-paying job" tradeoff

Career mindset & mapping

I was excited to talk to Sarah, the CEO of Betterment, about some of the tough questions I've wanted to ask someone for a long time:

COMPETITION: What makes Betterment better than, say, Wealthfront?

HUMAN EXPERTS: How much human involvement goes on behind the scenes with a roboadvisor?

THE FUTURE: Where's Betterment headed in the next 5 years? 10?

INVESTING WITH YOUR VALUES: How is Betterment approaching socially responsible investing?

If you want to get started with Betterment, you can do so here.

All right, maybe the episode title should be, "What high earners should already be doing regardless of whether or not it goes away." I'd argue that the Backdoor Roth IRA is actually the sub-optimal path forward if you've got W2 wages and self-employment income. In today's episode, we talk about something you should consider doing instead to defer even more income. RESOURCES MENTIONED

"We Should All be Millionaires" by Rachel Rodgers

Rolling over your 401(k) easily

Today, we're riffing on a few things: How I discovered financial independence, what my life was like then, the progress I've made, and how my goals have shifted since then. Ultimately, we're taking a more thoughtful look at the way we approach financial goals and if – sometimes – we kinda miss the point.

Inspired by my recent venture into the capsule wardrobe, I wrote and recorded this episode about overcoming spending guilt as an objectively high earner who has a hard time spending money. We'll dig into...

My money stories from childhood

Why (I think) I have a hard time with spending, and what I'm doing about it

3 legitimate, actionable tips for feeling less guilty about spending your money

The budgeting app I mentioned in today's show is called Copilot, and you can use the code KATIE2 to double your free trial.

Self-employed people are able to contribute a ridiculous amount of money to their special self-employment retirement accounts. Today, we're going to dig into:

Everything you need to know about Solo 401(k)s and SEP IRAs

Where your self-employment tax even comes from

How to decide what's better for you – Solo 401(k) or SEP IRA – depending on how much money you make and whether or not you have a full-time job, too

The only way to avoid paying the 15.3% self-employment tax

How you could save more than $10,000 in taxes

The easy calculation for figuring out how much you're allowed to contribute to a SEP IRA or Solo 401(k)

My new strategy for ditching the Backdoor Roth IRA and getting Roth exposure elsewhere, allowing me to use a big, fat SEP IRA

RESOURCES MENTIONED

You can open a SEP IRA with Betterment today

The fancy IRS calculator for determining what you're allowed to contribute (but I'd just use the easy formula I mentioned in the episode!)

Today, we're looking at the top 5 basics for people who are starting their personal finance journey:

Paying off debt strategically

Not over-doing the emergency fund

Investing early and often in a tax-efficient way

Living beneath your means

Using credit cards to travel for free

RESOURCES MENTIONED

Get started with Betterment > "Betterment Safety Net"

Pick up a Wealth Planner tool for an exact emergency fund recommendation

How to Use Your 401(k) in Early Retirement without a 10% Penalty

401(k)s for the Self-Employed

A Case for Why Nice Stuff Might Be Making Your Life Worse

The Top 3 Spending Mistakes I See

Travel Credit Cards: A Full Breakdown Guide

An episode by popular demand: Let's talk about how you can travel for free using credit card rewards. Today, we're going to talk about: The prerequisites for using credit card travel rewards (who should and shouldn't be doing this) FAQs about timing, risks, credit score implications, and more The 5-6 cards I recommend getting, in order, and why the annual fees are worth it RESOURCES MENTIONED The Wealth Planner The Chase Freedom Flex Card application link The Chase Sapphire Preferred application link The Chase Southwest Airlines Rapid Rewards Priority Card application link The Chase Marriott Bonvoy Boundless Card application link The Platinum Card from American Express application link The Platinum Card from American Express full updated review Travel rewards as a couple ("two-player mode")

The home ownership debate (to rent or to buy?) is heated and – I would argue – frustrating. Today, I'm diving into my REAL beef with the, "Renting is throwing your money away," condescension – in the hopes that young people will learn how to run the numbers instead of relying on conventional wisdom. ARTICLES REFERENCED When the Math Supports Buying Your Primary Residence Our Net Worth is More than $500,000 – Here's Why We Choose to Rent Why Your House is a Terrible Investment (JL Collins)