Adam and Andy dissect a Wall Street Journal article calling for a prolonged bear market to "fix" investor behavior. Spoiler: the argument falls apart under scrutiny, considering we've had five bear markets since 2008.

The conversation shifts to Bitcoin's recent decline from all-time highs and why retail investors might actually be getting smarter about crypto volatility. Then they explore bonds' quiet comeback after the painful 2022 selloff, including why the inverted yield curve finally unwinding is good news for balanced portfolios.

They wrap up with 2026 retirement contribution limits and a critical change coming for high earners making catch-up contributions.

We cover:

• Why the "we need a long bear market" narrative is irresponsible financial journalism

• The difference between normal bear markets and once-in-a-century crises like 2008

• Bitcoin dropping from recent highs as investors wait to buy the dip

• Why bonds are finally playing their traditional portfolio role again

• The inverted yield curve unwinding and what it means for duration strategy

• 2026 retirement contribution limits across 401(k)s, IRAs, and QCDs

• New Roth requirement for catch-up contributions if you earn over $150,000

• Why diversification is making a comeback in 2025

⏱️ Timestamps: 

• (01:00) Wall Street Journal's irresponsible bear market article

• (02:45) The reality of bear market frequency since 2008

• (07:05) Bitcoin falling after hitting $100,000

• (11:18) Understanding Bitcoin's value proposition (or lack thereof)

• (12:30) Bonds making a quiet comeback after 2022's pain

• (16:44) The inverted yield curve and duration strategy

• (19:50) Why diversification is back in 2025

• (22:57) 2026 retirement contribution limits

• (26:17) New Roth catch-up requirement for high earners

• (28:07) Thanksgiving plans

• (29:47) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

Book mention: “1929” by Andrew Ross Sorkin | https://www.amazon.com/1929-Inside-Greatest-History-Shattered-ebook/dp/B0DXMZWTYM?ref_=ast_author_mpb 

Sample Financial Plan | https://burneywealth.com/sample-financial-plan?hsLang=en 

Performance Matters: 7 Steps Toward More Effective Investing | https://burneywealth.com/hubfs/lead-magnets/performance-matters-ebook/Performance%20Matters%20-%207%20Steps%20Toward%20More%20Effective%20Investing%20BWM.pdf?hsLang=en 

Retirement Readiness Checklist | https://burneywealth.com/retirement-checklist?hsLang=en 

#RetirementPlanning #Bitcoin #BondInvesting #PortfolioDiversification #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

As Thanksgiving approaches, Andy and Adam tackle money conversations at every life stage. From teaching kindergarteners about spending, saving, and giving to helping retirees navigate Social Security claiming decisions.

Andy shares his new allowance system for his 5-year-old, designed to build lifelong financial habits through three buckets: give, save, and spend. The conversation then shifts to creative giving strategies from grandparents, including 401(k)-style matching programs that encourage adult children to save.

The second half digs into Social Security strategy, covering the three biggest claiming mistakes and why delaying benefits often makes sense when you view them as longevity insurance rather than a game to win.

We cover:

• How to introduce money concepts to young children using allowances

• The three-bucket system: give, save, and spend

• Creative multigenerational wealth transfer strategies

• Why taking Social Security at 62 usually costs you (a lot)

• The importance of viewing Social Security decisions within your overall financial plan

• Social Security as longevity insurance, not an investment to beat

• How spousal benefits work and planning for survivor benefits

• Whether Social Security will actually be there when you need it

⏱️ Timestamps: 

• (00:55) Teaching kids about money with allowances

• (04:00) When to start financial education for children

• (07:40) Creative giving strategies for adult children

• (14:23) Top three Social Security claiming mistakes

• (16:38) The steep cost of claiming at 62

• (21:14) Looking at Social Security within your full financial picture

• (24:04) Will Social Security be there when you retire?

• (28:08) Social Security as longevity insurance

• (33:19) Planning Social Security for couples and survivor benefits

• (35:45) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

#RetirementPlanning #FinancialLiteracy #SocialSecurity #TaxPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Post-Halloween candy rankings lead into two big topics: life insurance strategies and bubble fears.

Adam discusses term versus permanent life insurance, explaining why term policies make sense for most people and when permanent policies might actually fit. He covers laddering strategies, the investment component of permanent policies, and why most people just need pure coverage at the lowest cost.

Then Andy takes on the bubble question everyone keeps asking. Using charts on market recoveries, earnings growth, and profitability, he explains why current valuations actually make sense and why the current environment doesn't look like the dot-com era.

We cover:

• Why term life insurance is simpler and cheaper than permanent life insurance

• Laddering policies to match different financial obligations

• The investment component of permanent life insurance

• When permanent policies might make sense (special needs planning, estate taxes)

• Why people keep asking if we're in a bubble

• How this market recovery compares to past corrections

• Nvidia versus Cisco - profitability changes everything

• Why analyst expectations track with stock prices today

• Magnificent Seven earnings and profitability trends

• Seasonality patterns and the Santa Rally effect

⏱️ Timestamps: 

• (00:00) Halloween candy power rankings (100 Grand wins)

• (03:15) Life insurance: term versus permanent explained

• (04:20) Why term insurance makes sense for most people

• (06:00) Laddering policies to control costs

• (09:00) Permanent life insurance and the investment component

• (14:10) Buy term and invest the difference strategy

• (15:44) Bubble concerns and cognitive dissonance

• (18:19) Market recovery comparison charts

• (21:00) Cisco in 2000 versus Nvidia today

• (23:00) Earnings growth across all sectors

• (24:10) Magnificent Seven profitability trends

• (26:00) Sentiment check - fear versus euphoria

• (29:22) Seasonality and the Santa Rally

• (34:00) International diversification finally working

• (36:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ 

#LifeInsurance #MarketBubble #InvestingStrategy #RetirementPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Andy dresses up as an index fund for Halloween (yes, really). The costume sparks a conversation about what index funds actually are, why they've dominated recent returns, and what happens when mega-cap stocks stop outperforming.

Plus, Adam breaks down three approaches to retirement spending - from detailed spreadsheets to the famous 4% rule to a more flexible guardrails method. They also discuss what rising bear market experience means for different generations of investors.

We cover:

• Why index funds are mostly just the biggest stocks in different sizes

• The performance chasing problem with yesterday's winners

• Small cap and value stocks historically outperforming over long periods

• Three ways to figure out retirement spending (and why flexibility matters)

• What the 4% rule actually assumes (and what it misses)

• The guardrails approach to retirement withdrawals

• How many bear markets different generations have experienced

• Gifting Roth IRA contributions to young family members

⏱️ Timestamps: 

• (00:00) Andy's index fund Halloween costume

• (02:38) Why index funds have been such a big win for investors

• (04:45) The concentration problem - when the biggest stocks dominate

• (06:09) Performance chasing and what happens when mega caps slow down

• (08:08) Small cap and value premiums over the long run

• (14:20) Three approaches to retirement spending budgets

• (16:50) Why detailed budgets never play out exactly as planned

• (18:50) The 4% rule and what it misses

• (22:00) The guardrails approach to retirement spending

• (28:30) Bear markets by generation - experience shapes perspective

• (33:40) Gifting Roth IRA contributions to kids and grandkids

• (36:05) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ 

#IndexFunds #RetirementPlanning #RetirementSpending #WealthManagement #InvestingStrategy

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Open enrollment season is here, which means it's time to review your Medicare coverage. Adam walks through the ABCs of Medicare, explains the difference between original Medicare and Medicare Advantage, and shares why even if you're happy with your plan, an annual review matters.

Plus, Andy and Adam tackle two common retirement questions: how to reduce those dreaded required minimum distributions, and whether you should pay off your mortgage before retirement (spoiler: the math answer and the peace of mind answer might be different).

We cover:

• Why you should review your Medicare plan every year

• Original Medicare vs. Medicare Advantage: pros, cons, and who each works best for

• The actual costs of Parts A, B, D, and Medigap plans

• Tax diversification strategies to reduce future RMDs

• Roth conversions and the retirement window of opportunity

• Qualified charitable distributions as an RMD strategy

• The mortgage payoff question: when the numbers say one thing but your gut says another

• Why 2-3% mortgage rates change the math entirely

⏱️ Timestamps: 

• (00:34) Episode 19 and keeping track of topics

• (01:52) Medicare open enrollment: why annual reviews matter

• (02:58) Status quo bias and Medicare plan reviews

• (04:27) Original Medicare: Parts A, B, D, and Medigap explained

• (07:22) Medicare Advantage: lower premiums, more perks, less flexibility

• (11:05) Who should consider each type of plan

• (12:19) Healthcare costs in retirement

• (13:27) RMDs: the required minimum distribution problem

• (15:02) When RMDs exceed your peak earning years

• (16:21) Tax diversification: planning ahead to reduce RMDs

• (20:40) The retirement window for Roth conversions

• (23:00) Qualified charitable distributions (QCDs)

• (27:27) The mortgage payoff debate begins

• (29:44) When debt feels divisive

• (32:33) The math vs. peace of mind calculation

• (35:05) Risk tolerance and generational perspectives on debt

• (37:41) Maintaining flexibility even after payoff

• (39:15) Don't over-optimize your life

• (39:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

Move Health: Medicare plan review partner | https://movehealth.io/ 

Ep. #16: The Psychology of Investing | burneywealth.com/blog/behavioral-biases-investing-psychology-episode-16 

#Medicare #OpenEnrollment #RMDs #RetirementPlanning #MortgagePayoff #TaxPlanning

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Markets dropped 1% and the headlines went wild. Andy and Adam cut through the noise to explain why this is completely normal, what the recent data tells us about stock picking versus index investing, and why all-time highs aren't something to fear.

They also tackle a critical retirement question: how do you know when you've saved enough to actually spend your money? Plus, Adam shares why a simple calendar exercise can show more about retirement readiness than most financial calculations.

We cover:

• Why 31 down days per year is totally normal for markets

• The surprising data on stock pickers beating the S&P 500

• Why market concentration doesn't mean what you think it means

• The psychology behind fearing all-time highs

• How to know when you've accumulated enough wealth

• The retirement planning exercise most people skip

• Why spending decisions are art, not science

⏱️ Timestamps: 

• (00:32) Welcome

• (02:14) Market volatility: what's actually normal?

• (04:43) The surprising frequency of 1% down days

• (06:22) Stock picker performance versus the S&P 500

• (09:00) Why "stock picking" is too broad a category

• (11:47) Understanding market concentration

• (14:40) The psychology of fearing market tops

• (18:22) Recency bias and the "Big Long" versus the "Big Short"

• (20:43) When is the market ever calm enough?

• (22:47) Book recommendation: The Art of Spending

• (24:14) Retirement planning: the calendar exercise

• (26:39) Next week: Medicare and ACA tax credits

• (27:21) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ 

Episode #16: The Psychology of Investing: Why We Make Bad Money Decisions | https://burneywealth.com/blog/behavioral-biases-investing-psychology-episode-16 

Book recommendation: The Art of Spending Money: Simple Choices for a Richer Life by Morgan Housel | https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620 

#MarketVolatility #StockPicking #RetirementPlanning #WealthManagement #InvestingPsychology

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation. 

Andy lives right outside DC, where government shutdowns actually matter. For the rest of the country? Not so much.

Markets barely react to these political theatrics anymore. Seven out of ten shutdowns since 1980 saw positive stock returns. The worst decline was 2% back in 1990.

But there's a tax change coming in 2026 that does matter: if you make over $145,000 and contribute catch-up dollars to your 401(k), those contributions will now have to be made through a Roth account, rather than a 401(k). No more deferring taxes on that extra $7,500.

Adam and Andy discuss what this means, why it's confusing, and whether it might actually be good for you long-term. Plus, they tackle the perennial question: do I need a trust?

We cover:

• Why government shutdowns don't move markets (even 35-day ones)
• Markets expecting dysfunction as the new normal
• The 2026 catch-up contribution rule change explained
• Income thresholds, look-back periods, and per-employer limits
• Why forced Roth contributions might help you despite the tax hit
• Revocable vs. irrevocable trusts
• When trusts make sense beyond estate tax planning
• The probate problem nobody thinks about
• How wills and trusts work together (not against each other)

⏱️ Timestamps:

• (00:32) Living in the DC shutdown zone
• (01:55) Government shutdown history and market returns
• (03:51) Debt ceiling vs. shutdown drama
• (06:46) Markets pricing in permanent dysfunction
• (09:22) The 2026 401(k) catch-up contribution change
• (11:48) Those oddly specific age brackets (60-63)
• (13:38) Roth catch-up requirements starting 2026
• (16:41) Per-employer loopholes
• (18:49) Silver lining: forced tax diversification
• (22:39) Trust fundamentals: revocable vs. irrevocable
• (26:13) Control beyond the grave
• (29:25) The probate nightmare
• (33:25) Wills complement trusts, don't replace them
• (38:01) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#RetirementPlanning #401k #EstatePlanning #Trusts #TaxPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Andy opens with a confession: industrial psychology taught him that job interviews are terrible predictors of success. That same human irrationality shows up everywhere, especially in investing.

The hosts walk through seven behavioral biases that trip up even professional investors. From overconfidence after hitting it big on Nvidia to confirmation bias keeping us stuck in echo chambers, these mental shortcuts cost real money.

Plus, they tease next week's estate planning episode on trusts.

We cover:

• Why overconfidence peaks when you know just enough to be dangerous
• How confirmation bias creates cognitive dissonance with market realities
• Loss aversion and why losses hurt 2.5x more than gains feel good
• Recency bias making inflation feel scarier than it actually is
• The anchoring trap of waiting for stocks to "get back" to your purchase price
• FOMO and herd mentality driving meme stock mania
• Home country bias leaving 35% of global opportunities on the table
• Practical strategies to counteract each bias

⏱️ Timestamps:

• (00:32) Why interviews predict job success poorly
• (05:02) Behavioral finance 1.0 vs 2.0
• (07:48) Overconfidence bias and the knowledge curve
• (12:22) Confirmation bias and political echo chambers
• (17:00) Loss aversion: why losses hurt 2.5x more
• (19:56) The Yellowstone bear attack and recency bias
• (24:07) Anchoring to purchase prices
• (26:25) FOMO and meme stock mania
• (29:03) Home country bias: missing 35% of opportunities
• (33:52) Next week: When should you open a trust?
• (34:20) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#BehavioralFinance #InvestmentPsychology #InvestorBiases #WealthManagement #FinancialPlanning

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Halloween decorations are acceptable, but $7 trillion in "cash on the sidelines"? Andy explains why this bullish talking point might be overblown when you examine the actual numbers relative to market size.

Plus, Andy & Adam discuss the complex world of 351 conversions - a 100+ year old tax code provision that's suddenly relevant for modern ETF launches. From charitable remainder trust optimization to why your Halloween costume might be more strategic than your investment allocation.

We cover:

• Why $7 trillion in cash sounds scary until you do the math per person
• The real story behind "cash on the sidelines" market predictions
• Fed rate cuts already dropping money market yields in real time
• 351 conversions: turning individual stock portfolios into tax-efficient ETFs
• How ETF structures avoid capital gains through creative rebalancing
• Charitable remainder trust investing: why asset location matters more than allocation
• The distribution hierarchy that determines your tax bill
• Golden Girls Halloween costume coordination (non-financial advice)

⏱️ Timestamps:

• (00:34) Halloween decoration timing and market forecast season
• (03:05) $7 trillion cash myth: sounds big until you see the context
• (04:44) Why cash builds during downturns and what it really signals
• (05:49) Price makers vs. price takers in market dynamics
• (06:54) Cash as percentage of market cap tells the real story
• (10:00) Fed cuts already dropping money market rates
• (12:20) Why staying invested beat chasing 5% cash in 2022
• (15:55) 351 conversions: 100-year-old tax law meets modern ETFs
• (19:20) ETF tax efficiency: swapping Apple for Exxon without capital gains
• (28:40) CRT listener feedback: why two trusts performed so differently
• (29:25) Asset location vs. asset allocation in tax planning
• (37:50) Halloween Golden Girls costume reveal
• (39:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#cash #etfs #charitabletrust #taxplanning #assetallocation #moneymarketrates

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Adam and Andy record live from Jackson Lake Lodge in Wyoming. It’s the same scenic backdrop where the Federal Reserve holds its annual retreat. Fitting timing, as they're discussing the Fed rate cut happening that very day and what it really means for your money.

They tackle a listener question about cutting through financial media noise to find the truth beneath the headlines. From Paul Volcker's fly fishing habits to practical retirement paycheck automation, this episode discusses how to navigate information overload in today's algorithmic news cycle.

We cover:

• Why the Fed holds meetings at Jackson Lake Lodge (spoiler: Paul Volcker liked to fish)
• What Fed rate cuts actually mean and why they don't always work as expected
• How to separate fear-mongering headlines from market reality
• Why advisors have evolved from information gatekeepers to reality interpreters
• The stock market as the ultimate “put your money where your mouth is” truth test
• Practical retirement tip: automating your paycheck in retirement
• Bulls vs. bears in the wild (literally)

⏱️ Timestamps:

• (00:32) Live from Jackson Lake Lodge where the Fed meets
• (01:15) Paul Volcker's fly fishing legacy and Fed rate cut expectations
• (02:50) Why rate cuts don't always lower mortgage rates
• (04:32) The Fed's dual mandate: inflation vs. employment
• (06:05) Reader question: How to see past the headlines
• (07:00) Fear sells: algorithmic news and click-driven content
• (08:00) Stock market as the ultimate truth arbiter
• (08:40) How advisors evolved from gatekeepers to interpreters
• (10:10) COVID market bottom as reality check example
• (12:00) Practical retirement tip: automate your distributions
• (14:15) Wildlife report: Bulls vs. bears (market metaphor intended)
• (15:23) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#FedRateCuts #MediaLiteracy #RetirementPlanning #MarketReality #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.