Afford Anything®

What do you do when you’ve reached financial independence? JL Collins says it depends entirely on your spending rate, not just your net worth.

Collins joins us for part two of our conversation about what happens after you reach financial independence. He tackles the question of whether you should invest differently once you’ve “won the game.”

Someone with $5 million spending $100,000 per year sits in a completely different position than someone with the same amount spending $200,000 per year. The first person can afford to stay aggressive with stocks. The second person needs bonds to smooth the ride.

Collins walks through his withdrawal strategy using his daughter as an example. She stepped away from corporate life in her early thirties and now follows an 80-20 stock/bond allocation. 

She pulls dividends from both funds into her checking account, covering about 2.5 percent of her target 4 percent withdrawal rate. Vanguard automatically sells shares to cover the remaining 1.5 percent.

We cover Collins’ thoughts on the 4 percent rule, which he calls extraordinarily conservative. He references Bill Bengen’s research showing that 5 percent withdrawals succeed 86 percent of the time. 

Collins would take those odds to escape a soul-crushing job, especially since most financially independent people end up accidentally making money anyway.

We discuss the tension between frugal habits that build wealth – and learning to spend money once you have it. Collins flies first class, but he drives a basic car.

Collins explains why financially independent people often stay engaged with work — the problem was never work itself, but working without agency.

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(0:00) Intro

(2:00) Investing when you’ve won the game

(5:30) Spending rate versus total wealth

(8:00) Three-year versus ten-year timelines

(11:00) Adding bonds gradually or all at once

(14:00) Why 4 percent is extraordinarily conservative

(17:00) Soul crushing jobs and 5 percent risk

(24:16) Withdrawal frequency and dividends

(27:16) Automatic share sales setup

(31:16) Starting business while financially independent

(36:16) Accidentally making money after retirement

(47:09) Agency versus having to work

(50:09) Spending advice for frugal philanthropists

(54:09) Charity auction magnifying effect

Resources Mentioned:

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JL Collins doesn’t know what the efficient frontier is. The author of “The Simple Path to Wealth” — the guy synonymous with VTSAX and chill — admits this right off the bat when we challenge him with advanced investing concepts.

Collins joins us for Part 1 of a two-part series where we skip the basics and dive straight into the complex stuff. We grill him on whether his simple approach actually beats more sophisticated strategies, and his answer might surprise you.

He concedes that Paul Merriman’s four-fund portfolio probably outperforms his one-fund approach mathematically. But Collins argues that execution trumps optimization every time. Most people can’t stick with complex strategies for 20 years, especially when those strategies require selling winners to buy losers – something that goes against human nature.

Collins prioritizes what works in real life over what looks good on paper. He calls index funds “self-cleansing” because they automatically rotate out failing companies and sectors while rotating in the new winners. You don’t need to predict which companies will dominate next – you’ll own whatever rises to the top.

The episode covers his thoughts on VTSAX versus VTI, international diversification, and why he’d rather put Tabasco than Cholula on his eggs — his quirky way of explaining personal preferences in nearly identical investment options.

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(0:00) Intro

(1:00) JL admits he doesn’t know the efficient frontier

(2:00) Simple vs optimal but complex paths

(4:30) Paul Merriman’s four-fund portfolio vs VTSAX

(6:00) JL concedes Merriman’s approach is mathematically superior

(7:30) Risk parity investing discussion

(8:30) Sequence of returns risk and retirement bonds

(12:30) JL’s birthday email from Jack Bogle

(15:00) VTSAX vs VTI 

(17:00) Total stock market funds across brokerages

(23:30) Mag 7 concentration risk

(27:00) Sears story and self-cleansing index funds

(30:30) International diversification and US dominance

(39:00) World funds versus separate international

(45:00) When to shift to world fund

(47:30) Bond allocation timing strategies

(48:30) Target date funds 

(50:30) One-fund vs two-fund approach

(52:00) Historical diversification and Nifty 50

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An anonymous caller feels trapped in a no-win situation with her financially reckless mother. She has the means to bail her out, but it doesn’t feel right. What should she do? 

Shannon is excited about investing in several companies overseas. But she can only access them using American Depository Receipts. What are they, and how do they work? 

Jennifer calls back with an update on putting a vacation on a credit card and playing the rewards game.

Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

Anonymous asks (at 01:27 minutes):  My mother has always lived beyond her means, and now it’s finally catching up to her. My sister and I are deeply concerned.

A couple of years ago, she and my stepdad bought a new house—a larger garage, pool, the works. We knew it was a stretch financially and told her so, but they went ahead anyway. Now they’re house-poor and looking to sell. 

Their marriage is also falling apart, and my mom wants a divorce. She’s in her mid-sixties and lives on $2,800 a month from Social Security and a small pension. Her husband doesn’t make much either. 

A one-bedroom apartment near my sister costs $2,000 a month. My mother has a car loan, medical bills, and less than $100,000 in combined savings between the two of them. The math just doesn’t work.

She doesn’t want to move or downsize further, but neither my sister nor I are in a position to have her move in with us. We live in high-cost-of-living areas, have kids, and are juggling our own financial priorities—saving for college, paying for activities, and building retirement. 

We’re both in strong financial positions thanks to years of hard work and frugal choices, but we don’t feel comfortable committing to giving her hundreds of dollars a month for decades.

Still… she’s our mom. So at some point, her crisis becomes our crisis.

How do we help a parent in a real financial bind when they’re unwilling to make the drastic lifestyle changes needed? Should we “meddle” now in hopes of reducing the long-term financial and emotional cost? 

Would buying a rental property for her to live in be a reasonable middle ground—something that helps her but allows us to build equity?

We’re trying to find a compassionate, realistic, and sustainable solution.

After a divorce nine years ago, I had to start over from scratch. Since then, I’ve built up $130,000—mostly in retirement accounts aligned with the Efficient Frontier—and I’ve set aside cash in a high-yield savings account for a home purchase in the next two to three years. 

I’m 39 now, debt-free, and on track for early retirement. Recently, I decided to carve out a small “fun fund” for individual stock picks—just 2 to 3 percent of my portfolio. 

I’ve found a few companies I’d love to invest in, but here’s the twist: they’re based in Finland and Switzerland, and aren’t primarily listed on U.S. exchanges. However, both offer ADRs that trade over the counter here in the U.S.

And… I have no idea what that means.

I’ve been listening to Afford Anything since 2020 (and went back to binge the archives), but I don’t recall hearing anything about ADRs. Can you shed some light on what they are, how they work, and what I should watch out for before investing?

Jennifer shares (at 38:01 minutes): I called in a couple of months ago to ask about potential downsides of putting my vacation expenses on a credit card and paying them off at a later time. I appreciate your insights, and to clarify, you had questioned whether I had the money to pay it back now.

The answer is yes. I have plenty in my savings account. If in the worst-case scenario, I need to pay it back immediately, I can. But basically, I was just trying to game the system in order to invest my money now and pay my expenses later. I had asked you what potential downfalls are to using this method, and guess what?

I came across one after so many years of trying to game the credit cards and take advantage of their interest-free 15 months or 18 months, I finally got gamed back. I got rejected by a credit card for the first time ever the other week because I had opened too much credit in the last 24 months.

Also, interestingly enough, the credit score that was being reported from certain credit bureaus – I believe TransUnion was one of them – was reporting my score in the 800s. But when my credit card rejection came back, they had used Experian, and my credit score was around 750. So it was a 50-point difference between one credit bureau to the other.

Anyway, just thought I’d follow up and give you a new downside I just discovered on the credit card opening game that I’ve been playing for a while now.

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The headlines said America added 147,000 jobs in June. The reality? Private companies actually cut 33,000 positions.

Grad students just lost access to unlimited borrowing. Parent PLUS loans now cap at $65,000. And tariffs are about to jump as high as 70 percent.

Everything is changing at once — taxes, tariffs, student loans, and immigration policy. And data from the University of Michigan says that consumers feel more pessimistic than they did six months ago.

Welcome to the 4th of July First Friday episode. On America’s 249th birthday, we unpack these economic stories.

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(0:00) Introduction

(1:19) Historical trivia about the Declaration of Independence 

(2:28) Three presidents died on July 4th — statistical improbability explained

(4:24) Trump signs domestic policy bill extending 2017 tax cuts

(6:13) Student loan changes — borrowing caps and repayment plan eliminations

(8:53) Tariff pause expires July 9th, new rates announced

(12:00) Original tariff rates and Lesotho example breakdown

(16:26) June jobs report headlines versus private sector reality

(22:54) ADP reports private job losses while government hiring grows

(26:46) Consumer confidence drops 18 percent since December

(30:59) Inflation expectations versus actual 2.4 percent rate

(34:19) Fed takes wait-and-see approach amid policy uncertainty

(36:58) Labor market stagnation mirrors Federal Reserve strategy

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DOWNLOAD the FREE Cheat Sheet: ASSET LOCATION MADE SIMPLE at affordanything.com/assetlocation

Jared is attracted to the favorable terms of the annuity plan that his employer offers, but he’s hesitant to pay the opportunity cost of locking up his money now. What should he do?

An anonymous caller is struggling to find the efficient frontier with only three funds to choose from in his Thrift Savings Plan. Is there any hope for him?

Jack feels great about the funds in his portfolio, but he’s losing sleep over how to apportion them between his taxable, pre-tax and Roth accounts. What’s the best tax strategy for him?

Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

_______

Jared asks (at 1:41 minutes):  Is it wise to lock up part of my portfolio now in exchange for guaranteed income decades down the line?

I’m 45 with a net worth of $1.5 million and a 92 percent allocation to stocks. I’ve been comfortable with the risk—didn’t panic-sell during the Spring 2025 volatility—and I haven’t felt the need to shift gears… until now. 

While looking into diversification options, I came across TIAA Traditional, which is offered through my employer. I understand this as a two-part product. First, I contribute now and receive a guaranteed minimum return of three percent, but in practice it’s often four to six percent. 

Then, later in retirement, I can convert that into a fixed income annuity—with an 8 percent conversion rate based on historical averages. TIAA seems well-regarded, and the guaranteed income appears more generous than what’s typically available from other providers.

Still, this isn’t your usual volatility-reduction tool like a bond fund. And while some guests on this podcast have spoken positively about the role of annuities in retirement planning, this is more complex than a straightforward annuity product.

So I’m wondering: should I invest in this now, locking in favorable terms and guaranteed income for the future? Or should I stay flexible, keep investing in growth-oriented assets, and consider an annuity closer to retirement—even if the terms aren’t as attractive down the line?

How should I think through this decision?

Jack asks (at 18:06 minutes):  My wife and I feel good about our asset allocation, but we’re getting tripped up on our asset location. Between a taxable brokerage, pre-tax or Roth account, how do we figure out which fund is best suited for each account?

We only invest in three main funds: domestic stocks through Vanguard Total Stock Market Index (VTI), international stocks through Vanguard Total International (VXUS), and a sizable position in Fidelity Blue Chip Growth.

Should VXUS go in the taxable account to take advantage of the foreign tax credit? Or does its lower tax efficiency mean it belongs in a pre-tax account instead? Should VTI be in the Roth since it might have higher expected growth? 

And then there’s the Fidelity Blue Chip Growth fund. My wife and I don’t want to sell it, but I realize it’s probably the least tax-efficient of the bunch. So if we want to keep it, does it make the most sense to try to shift it into a tax-advantaged account?

In short, how should we think about placing these three specific funds across our different account types to make the most of tax efficiency—while still honoring our preferences and keeping things simple enough to stick with?

Anonymous asks (at 34:13 minutes):How do I apply the efficient frontier when my investment options are limited? I’m a government employee using the Thrift Savings Plan (TSP). I’ve been struggling to merge the idea of the efficient frontier with the limited funds available to me.

I’ve experimented with different mixes, but I haven’t found a way to reduce risk without also reducing returns significantly. We have just a handful of options: a fund that tracks the S&P 500 (C Fund), a small-cap fund (S Fund), and an international fund that excludes China (I Fund).

Right now, I’ve got 60 percent in the C Fund, 20 percent in the S Fund, and 20 percent in the I Fund. That seems like a solid mix to me, but I want to ask—how would you evaluate these options to get as close to the efficient frontier as possible, given the constraints?

Resources Mentioned:

Article 34 : Gold Hedge Againt Sequence Risk

Everything You’ve Ever Wanted To Know About Annuities 

How Should You Invest 1 Million

Retirement Planning with Dr. Wade Pfau

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You probably think your value to your employer equals your paycheck. Katie Gatti Tassin has news for you — you’re worth way more than that.

The host of “Money with Katie” recently joined us to break down a framework that could change how you negotiate forever. Her formula is simple: Your worth equals your market rate plus what it costs to replace you, raised to the power of your unique skills.

Most people focus only on market rate — what similar jobs pay in your area. You can find this through salary transparency laws, LinkedIn data, or job postings. But that’s just the starting point.

The real eye-opener? Replacement costs. When you leave, companies face recruiting fees, interview time, onboarding expenses, and lost productivity. For mid-level roles, recruiters charge 15 to 25 percent of your first-year salary. Senior positions cost even more — headhunters for executive roles charge 25 to 35 percent of total compensation.

A company replacing an $80,000 employee might pay $20,000 just in recruiter fees. For a $200,000 executive, that jumps to $70,000. Add training time and the productivity gap while they search, and replacement costs can hit 50 to 200 percent of annual salary.

Then there’s your “special sauce” — the unique value you bring. Maybe you have deep client relationships, specialized skills, or institutional knowledge that would take months for a replacement to develop.

Katie learned this framework through her own career pivots. She started as an ad copywriter but shifted into user experience writing after working closely with a UX designer who told her the pay was much better. That internal pivot positioned her for an external move that doubled her compensation from $70,000 to $140,000.

Katie had to catch a flight — she visited our New York studios during her book launch tour — but the conversation covers practical tactics for earning more and building wealth.

Resources Mentioned:

Money with Katie | Website

Rich Girl Nation: Taking Charge of Our Financial Futures  | Book

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Dave is no longer happy with his financial advisor, but he’s nervous about switching over to self-management after being completely hands-off for so long. What should he do?

An anonymous caller keeps hearing about the benefits of Cost Segregation for investment property. What is it? And should he apply this strategy to his recently acquired duplex?

Another anonymous caller is eagerly anticipating a windfall from his employer’s upcoming IPO. How should he prepare for this, and what happens if it fails?

Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

Enjoy!

_______

Dave asks (at 2:33 minutes):  How do you know when it’s time to leave a financial advisor you’ve been happy with?

My wife and I have worked with a financial management firm since 2021. They use an assets-under-management (AUM) model with a flat annual membership fee. We’ve had a positive experience and made steady progress toward our retirement and financial goals.

But recently, the firm changed its customer service model in a way that doesn’t work as well for us, and now we’re wondering if it’s time to move on. We’re exploring the idea of self-managing our investments and hiring a Certified Financial Planner (CFP) on an hourly basis when needed.

But it’s a big shift. We’re used to having someone handle asset allocation and all the moving parts, and we’re worried we might overlook something important if we manage things on our own. What should we be thinking about as we weigh this decision?

We’re both 44, working in the public sector, and have defined benefit pensions. We plan to retire in 10 to 12 years, with 33 to 35 years of service when we do. The pensions will be our main income stream in retirement.

We max out our Roth IRAs, contribute $10,000 a year to the brokerage account, and I max out the 457. We pay $2,400 a year for the firm’s services. We have $410,000 in invested assets—$205,000 in Roth IRAs and a brokerage account, and $205,000 in 457 plans.

Anonymous asks (at 29:07 minutes):  What exactly is cost segregation, and should we use it for our new duplex?

My wife and I recently bought a duplex as a rental property, and I keep hearing that cost segregation can accelerate depreciation and boost near-term tax savings. I’m not familiar with how it works, what it costs, or when it makes sense.

Could you give us a Cost Segregation 101—how it’s done, who qualifies, the pros and cons—and help us decide whether it’s worth pursuing for this property?

Anonymous asks (at 44:32 minutes): How do I prepare for my employer’s upcoming IPO?  I work at a privately held company that’s planning to go public in the next few years. As part of my compensation, I’ll be receiving equity in the company. I have two questions.

First, can you walk me through how this works operationally? For example, if the company IPOs at a $1 billion valuation and I have a one percent stake, does that mean I hold $10 million in equity?

How does that equity appear—would it show up in my brokerage account after the IPO? Are there taxes or fees I should expect that might affect the value or amount? Also, I’ve heard of “failed IPOs”—what does that mean, and how could it impact my equity?

Second, what should I consider from a financial planning standpoint? I’m currently investing aggressively in real estate and mutual funds to become work optional with my wife. If the IPO is successful, that goal would be met.

Should I adjust my strategy now in anticipation? And post-IPO, what should I be thinking about? Should I sell immediately, hold long-term, or something in between? What are the tax implications? Can I retain the shares if I leave the company?

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______________

Frank Vasquez watched his parents, ages 91 and 96, struggle financially in retirement.

They were immigrants. His dad was a physician. They raised five kids. They retired in the early 1990’s. But by 2009, they ran out of money.

When Frank was around 45, in 2009, his parents would call asking for money to help make ends meet.

This reality hit Frank hard and sparked a decade-long quest to crack the code on sustainable retirement withdrawals.

At age 45, Frank set an ambitious goal: retire in his early 50’s while still supporting his parents financially.

The problem? Most financial experts simply told people to spend less rather than optimize their portfolios for higher withdrawal rates. Frank wasn’t satisfied with that answer.

You’ll hear how Frank discovered that many retirees leave money on the table by holding too much cash or following overly conservative allocation models.

Through extensive research, he found a sweet spot for stock allocation that maximizes safe withdrawal rates — something most traditional advisors miss entirely.

Frank walks us through his approach to portfolio construction, explaining why he believes in balancing growth and value stocks while keeping bonds limited to US treasuries for recession protection.

He breaks down the math behind safe withdrawal rates and reveals why property taxes pose a hidden threat to retirement security as home values climb.

You’ll learn about risk parity strategies, macro allocation principles, and why diversification across uncorrelated assets creates more stability than traditional 60/40 portfolios.

The conversation covers Frank’s Golden Ratio Portfolio, a structured approach to asset allocation designed specifically for the retirement drawdown phase.

Frank figured out how to fix what went wrong with his parents’ retirement. His approach could help you avoid the same mistakes.

Resources mentioned: All resources mentioned in today’s episode can be found in the Risk Parity Portfolio Blueprint.

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Austin and his wife are worried about moving to a single-income household while supporting two kids. Should they free up cash flow by paying off a car loan, or tighten up and stay the course?

Paul has been retired for seven years, but still can’t shake his anxiety about not having enough. Is there a good way to know when he’s finally escaped the dreaded sequence of returns risk?

Jonathan wants to build up his taxable brokerage account, but he’s having trouble letting go of the tax benefits of a Roth IRA. How does he get past his psychological hurdles?

Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it here.

_______

Austin asks (at 01:45 minutes):    We’re at a big transition point—our second child just arrived, and we’re moving to a single income. What are your thoughts on our plan to free up some much-needed cash flow as we make this move?

I’m 31, my wife is 29, and we have two kids. We’ll earn $150,000 plus a $20,000 bonus on our single income. We have $52,000 in emergency and sinking funds, and our monthly spending is $7,000.

Our investments include $500,000 in retirement accounts, $150,000 in a taxable brokerage account, and $12,000 split between two 529s.

Our home is worth between $560,000 and $575,000. We owe $390,000 on a 5.07 percent ARM, which won’t adjust until late 2029. We also have $20,000 in federal student loans at 4 percent and a $16,000 car loan at 5.97 percent, with a $570 monthly payment.

We’re expecting a $5,000 windfall from a vacation payout and some bonuses, which leads to my question: Should we put that toward paying off the car loan to improve monthly cash flow? That $570/month would go a long way during this transition.

The complication is that we have another car. It’s fully paid off and running strong at 260,000 miles. I love this car and hope it makes it to 300,000, but realistically, we’ll need to replace it in the not-too-distant future.

We’d likely spend $18,000 to $27,000 on the next vehicle. So, should we keep managing the current car loan while saving for the next car? Or even dip into taxable investments to pay this one off?

The thought of selling from our taxable brokerage is the part that stings the most. But it feels like we wouldn’t get another used car loan below 6 percent in today’s market. Would it be smarter to free up the $570 now and start rebuilding savings for the next car purchase, or just ride this out?

Paul asks (at 25:19 minutes):      We often talk about sequence of returns risk, but how do you know when you’ve escaped it? I’m 59, and my wife is 52. I’ll turn 59½ this July and get full access to my retirement accounts without penalty.

We have $3.3 million across our accounts: my traditional IRA has $1.6 million, my Roth IRA has $700,000, my wife’s Roth IRA holds $384,000, and her SEP IRA has $480,000. We also have $54,000 in a brokerage account, $61,000 in cash, and we own our home outright.

I left work in 2018 at age 52, when we had $1.7 million between investments and cash. My wife no longer works either. Our annual spending is $70,000.

So, how do we know when we’re safely past the point of worrying about sequence of returns risk? When can we just exhale and know that we’ll be okay?

Jonathan asks (at 41:34 minutes): How do I decide between making the more mathematically sound decision and the more psychologically comfortable one?

I’ve contributed enough to my Roth and pre-tax retirement accounts that, based on growth projections, I won’t need to add anything else. This frees me up to invest $7,000 a year for at least the next decade, with the goal of accessing that money before 59½.

I have two main options: Contribute to a Roth IRA and later withdraw the contributions tax-free, or invest in a taxable brokerage account. From a pure tax perspective, the Roth is better.

But psychologically, I know I’ll struggle with pulling money out of it. Even if I’m just withdrawing contributions, it just feels wrong to touch it.

So, do I go the taxable route, accept the slightly higher tax bill, and avoid the mental hurdle? Or do I use the Roth and reframe how I think about those dollars? How should I approach this tradeoff between psychological comfort and tax efficiency?

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Two school teachers in Ohio saved their entire lives for one dream — buying a farm.

When they inherited $1.3 million and found the perfect property for $1.2 million, everything seemed perfect.

Five days before closing, they received what looked like a legitimate email from their closing company with wire transfer instructions. They sent the money and showed up at closing, only to discover they’d been scammed.

The email was fake, sent by hackers who had infiltrated the closing company’s servers for months, waiting for exactly this type of high-value cash deal.

That story comes from cybersecurity expert Dr. Eric Cole, who joins us to explain why ordinary people have become prime targets for cybercriminals.

Cole, a former CIA hacker who served as cybersecurity commissioner under President Barack Obama and advises high-profile clients including Bill Gates’ personal estate, has a message: if you think you’re too small to be targeted, you’re wrong.

While billion-dollar companies deploy teams of 60 cybersecurity professionals, you have virtually no protection.

Criminals know this. They’re not trying to steal $100 million from one person anymore — they’re stealing $50 from thousands of people every month.

You probably won’t notice the small amounts vanishing from your accounts. Cole calls it “death by a thousand cuts,” and it’s happening right now.

We talk through the most common attacks targeting your money. Bank hacking is simpler than most people realize. All criminals need is your account number — printed on every check you write — and your password. With that information, they can often perform electronic fund transfers of up to 50 percent of your account balance without triggering alerts.

We also cover the China-TikTok connection, secure messaging options, and why Cole helped configure President Obama’s smartphone to connect to fake cell towers that masked his actual location.

Cole’s bottom line: cybersecurity isn’t just for tech companies anymore. Criminals are targeting ordinary people because we’re easier prey than heavily protected corporations. Your money is under threat. Here’s how to protect it.

Timestamps:

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths.

(0:00) Introduction

(1:17) Why ordinary people are cybercrime targets

(2:29) The “death by a thousand cuts”

(4:05) How criminals destroy your credit with fake accounts

(5:19) Cryptocurrency wallet attacks and empty life savings

(6:08) Elder scams and the devastating impact on families

(8:24) Different types of cyber attacks explained

(8:44) Bank hacking

(14:25) Phishing scams using fake toll messages

(18:53) Ransomware as a legitimate Russian business

(23:44) How scams and cybersecurity overlap

(35:31) Paula’s phone security audit

(49:54) Smartphone security for high-profile individuals

(54:55) TikTok’s data collection and Chinese government access

(59:44) Real estate scams targeting cash buyers

(1:12:18) Essential security rules

(1:27:05) What to keep in a fireproof safe

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