Today’s show turns a national mood ring into a money lesson. Don and Tom walk through a new Wall Street Journal/NORC survey that sorts Americans into four emotional quadrants—comfortable optimists, comfortable pessimists, stressed optimists, and stressed pessimists. Tom takes the quiz live, landing squarely where most Americans do: personally comfortable, broadly pessimistic. The two unpack why sentiment is so gloomy despite solid personal finances, how risk tolerance shifts with market cycles, and why feelings often overpower facts. Listener questions follow on retirement diversification, how much risk one really needs if Social Security covers the bills, whether younger investors should ever be 100% in stocks, and the practical challenges of automatic withdrawals from ETF-based portfolios.

0:04 Don’s intro and NPR-style location banter

1:08 Why the episode is about how we feel about money

1:40 Explaining the four sentiment quadrants in the WSJ/NORC poll

3:12 Tom begins the quiz: current financial satisfaction

4:23 Confidence levels across jobs, savings, and expenses

6:04 Vacations, stock market reactions, and financial worry

8:10 Comparing today’s challenges to parents’ generation

9:18 Buying a home, marriage, caregiving

10:07 Rating the strength of the U.S. economy

10:46 Optimism about the future and “the American dream”

11:26 Expectations for the next year and future generations

13:06 Results: Tom is a “comfortable pessimist”

14:44 Why pessimism dominates the national mood

15:16 What individuals can—and can’t—control about tomorrow

16:29 Listener question: retiring at 63 with mixed assets and too much cash

19:14 How risk tolerance should drive allocation, not income sources

20:35 Fixing the portfolio’s biggest issue: excess high-yield savings

21:54 Listener question: should a 47-year-old investor be 100% stocks?

23:11 Why very few people can stomach a 50% decline

23:59 The case for diversification even when accumulating

24:44 Listener question: automatic ETF withdrawals in retirement

26:15 Annual or semiannual rebalancing as a solution

27:28 ETFs vs. mutual funds: cost vs. convenience

29:13 Year-end cleanup and planning habits

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