After you listen:

• Listen to the latest episode of the Choiceology podcast, "How a Single Source of Information Can Seem Like Several."
• To learn more about Katy Milkman and her work in behavioral economics, visit her website or check out her book How to Change: The Science of Getting from Where You Are to Where You Want to Be.

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. 

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Investing involves risk including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about its content.

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After you listen:

• Learn about the wealth and investment management solutions Schwab offers to help you pursue your goals confidently.
• Listen to Schwab's newest podcast, Invested in the Game, featuring true stories of people who are driving the game of golf forward.

In this episode of Financial Decoder, host Mark Riepe is joined by Stephanie Shadel, a senior wealth advisor at Schwab, to examine the scope of an investor's communication with their financial advisor. She emphasizes the importance of understanding clients' financial situations, building trust, and maintaining open communication. Throughout their discussion, they cover both the data-driven and emotional aspects of portfolio management, offering insights into strengthening the dynamic with a professional advisor.

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal.

​Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.

Schwab does not recommend the use of technical analysis as a sole means of investment research.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. 

​Neither the tax-loss harvesting strategy, nor any discussion herein, is intended as tax advice and Charles Schwab & Co. does not represent that any particular tax consequences will be obtained. Tax-loss harvesting involves certain risks including unintended tax implications. Investors should consult with their tax advisors and refer to the Internal Revenue Service (IRS) website at www.irs.gov about the consequences of tax-loss harvesting.

Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.

Portfolio Management provided by Schwab Wealth Advisory, Inc., a Registered Investment Adviser and affiliate of Charles Schwab & Co., Inc. (Schwab). Please read the Schwab Wealth Advisory and the Schwab Wealth Advisory, Inc. Disclosure Brochures for information and disclosures about this program. The Wealth Advisor, Associate Wealth Advisor, and other representatives making investment recommendations in your Schwab Wealth Advisory accounts are employees of Schwab Wealth Advisory, Inc.

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Find more of Daniel Stone's research on his website.
• Schwab's newest podcast, Invested in the Game, features true stories of people who are driving the game of golf forward.

In this episode of Financial Decoder, host Mark Riepe is joined by economist Daniel Stone, Associate Professor of Economics at Bowdoin College and chair of the economics department, to discuss his reseach into how behavioral biases shape decisions. Together, they unpack how reference points and prospect theory can skew our judgment, drawing on insights from golf and basketball. Their conversation reveals how the same cognitive patterns that affect athletes under pressure can also influence everyday financial choices.

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.  

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.  

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal. 

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. 

Diversification strategies do not ensure a profit and do not protect against losses in declining markets.

The books Thinking Fast and Slow and Undue Hate: A Behavioral Economic Analysis of Hostile Polarization in US Politics and Beyond are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Schwab has not reviewed the book and makes no representations about its content.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Learn more about the story of how May Day became National Investing Day.

In this bonus episode, Mark takes a deep dive into the evolution of investing accessibility over the past century. From the barriers that once kep the public out of financial markets to key moments like May Day, he expolores the forces that gradually opened the door to broader participation in investing.

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal. 

Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

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After you listen:

• To learn about the news and policies from Washington that impact your portfolio, listen to the WashingtonWise podcast.
• For weekly insights on the market and economy, listen to the On Investing podcast.

Market volatility can stir powerful emotions, making it tempting to abandon long-term financial plans in favor of short-term reactions. In this episode, Mark Riepe is joined by Susan Hirshman, a director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research, to explore why emotional investing often leads to poor outcomes and how to stay focused on what you can control, from portfolio structure to tax strategies. Susan shares practical steps to help investors stay grounded and react relative to their long-term financial plan rather than their short-term emotions. 

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal. 

Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

Diversification, asset allocation and rebalancing strategies do not ensure a profit and do not protect against losses in declining market

Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability

Roth IRA conversions require a 5-year holding period before earnings can be withdrawn tax free and subsequent conversions will require their own 5-year holding period. In addition, earnings distributions prior to age 59 1/2 are subject to an early withdrawal penalty.

Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Listen to our episode "How Can You Build Your Pre-Retirement Checklist?"
• Read more on the topic in Rob Williams' article "The Most Important Ages of Retirement."

Certain birthdays carry more financial weight than others. In this episode, Mark walks through the ages that matter most in retirement planning. From increased contribution limits to withdrawal requirements, he explains why these checkpoint dates are important and how they shape your options.

Other resources mentioned in the episode: 

• "Retirement topics—Required minimum distributions (RMDs)" from the IRS website
• Schwab Moneywise—Teaching Kids

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal. 

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Read Patrick's article, 7 Car Buying Mistakes That Could Cost You

In this episode, Mark Riepe and Patrick Means explore the financial and behavioral aspects of car buying, including the biases that can cloud our judgment when making the decision. Their conversation covers practical advice on financing, maintenance, and the importance of research and preparation.

Links mentioned in the episode: 

• Kelley Blue Book
• Edmunds
• Consumer Reports

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Investing involves risk, including loss of principal.

All  names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Explore more of Schwab's market commentary and education for bond investors.

In this episode, Mark Riepe and Kathy Jones delve into the essentials of bond investing. They discuss the fundamentals that every investor should understand, including the nature of bonds, the significance of credit risk, the relationship between interest rates and bond prices, and the concept of duration. Their conversation also touches on psychological barriers to sound strategies for managing bond investments, the implications of the yield curve, and the Federal Reserve's influence on the bond market.

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal. 

Past performance is no guarantee of future results.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

A bond ladder, depending on the types and amount of securities within the ladder, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio.As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances.

​Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and Charles Schwab & Co., Inc. does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax.

International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

This information provided here is for general informational purposes only, and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Explore more of Schwab’s education on fraud prevention.

In this episode, Mark Riepe discusses the rising threat of cybercrime, focusing on the psychological tactics used by modern fraudsters to exploit their victims. Featured guest and Certified Fraud Examiner Lisa Lang emphasizes the importance of skepticism and awareness among other strategies for protecting yourself from financial scam attempts.

Links mentioned in this episode:

Identity Theft Central | Internal Revenue Service

Guide to Identifying and Avoiding Securities Fraud | SEC.gov 

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Investing involves risk, including loss of principal.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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After you listen:

• Visit Schwab Moneywise to learn more about financial literacy.
• Read more insights from experts like Cindy Scott on Schwab's Money Talk.

In this episode of Financial Decoder, Mark Riepe discusses the complexities of setting financial goals with Cindy Scott. They explore the emotional challenges of goal setting, the importance of specificity, and how to prioritize multiple goals. The conversation also touches on aligning financial goals and relationships, the impact of social media on financial planning, and the strategies for overcoming financial anxiety. Listeners are encouraged to create a financial plan based on their personal values and to celebrate their progress along the way.

Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. 

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Reach out to Mark on X @MarkRiepe with your thoughts on the show.

Follow Financial Decoder on Spotify to comment on episodes.

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.  

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.  

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 

Investing involves risk, including loss of principal. 

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. 

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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