Long Story Short

Adam and Andy tackle an important investment decision: how to divide your portfolio across cash, bonds, stocks, and alternatives.

They start by explaining the two factors that actually matter for determining asset allocation: your personal risk tolerance and how much income you need from the portfolio. Age-based rules like "subtract your age from 100" completely miss these critical inputs.

Then they walk through each building block. Cash is great for emergencies but terrible for long-term investing because of inflation. Bonds offer stability and income but come with credit risk and interest rate risk that many investors don't fully understand. Stocks provide the best long-term inflation protection but require stomaching significant volatility along the way.

They finish with alternatives, cutting through the hype to explain when private equity, private credit, and managed futures actually make sense as diversifiers rather than home run swings.

We cover:

• Why your age doesn't determine your appropriate risk level
• How to think about risk tolerance when markets are calm versus during selloffs
• Cash as an emergency fund versus portfolio holding
• Why inflation is the silent wealth killer
• Credit risk versus interest rate risk in bonds
• The inverse relationship between interest rates and bond prices
• Stock market volatility: what to actually expect each year
• How volatility decreases over longer time horizons
• Alternatives as diversifiers, not performance enhancers
• Which alternative strategies we use and why

⏱️ Timestamps:

• (01:05) Introducing asset allocation and why it’s important
• (03:31) The two inputs that determine your allocation
• (08:10) Should older individuals avoid risk?
• (09:58) Pros & cons: Cash
• (16:07) Pros & cons: Bonds
• (25:53) Pros & cons: Stocks
• (32:31) Pros & cons: Alternatives
• (40:19) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

Ep. #16: The Psychology of Investing: Why We Make Bad Money Decisions

Ep. #24: Required Minimum Distributions, The Fear & Greed Index, and Private Equity

#AssetAllocation #InvestmentStrategy #PortfolioConstruction #RetirementPlanning #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.

Adam and Andy explain required minimum distributions (RMDs) after fielding countless year-end questions from clients. If you've ever been confused about when RMDs start, how they're calculated, or what happens if you mess them up, this episode covers everything you need to know.

The conversation shifts to CNN's Fear & Greed Index hitting "extreme fear" after just a 5% market pullback. They explain why this type of overreaction is exactly why market timing rarely works and how retail investors might actually be getting smarter.

They wrap up with a deep dive into private equity: the dispersion between top and bottom managers, why access matters more than most people realize, and when it makes sense as a portfolio diversifier versus a home run swing.

We cover:

• RMD basics: when they start, how to calculate them, and common mistakes to avoid

• Why you should consider Roth conversions in the window before RMDs begin

• Qualified charitable distributions as a tax-efficient RMD strategy

• The Fear & Greed Index overreacting to normal market volatility

• How Bitcoin's decline is drawing more questions than its rally to $100k

• Private equity's growing accessibility and what that actually means

• The massive performance gap between best and worst PE managers

• Why private equity works better as diversification than speculation

• Understanding liquidity constraints in private investments

⏱️ Timestamps: 

• (00:57) Andy's Thanksgiving carnitas tradition

• (02:13) CNN's Fear & Greed Index hits extreme fear on a 5% dip

• (08:44) RMD mechanics: age requirements and calculation methods

• (14:21) The spouse age factor and special IRS tables

• (16:30) Flexibility in RMD timing and withholding strategies

• (20:22) Qualified charitable distributions explained

• (21:26) Roth accounts and the pre-RMD conversion window

• (25:57) Private equity and its role in asset allocation strategies

• (28:59) The critical importance of manager selection in PE

• (32:23) Private equity as diversification, not home runs

• (37:35) Liquidity considerations in private investments

• (39:15) 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/ 

CNN Fear & Greed Index | ​​https://www.cnn.com/markets/fear-and-greed 

#RetirementPlanning #TaxPlanning #PrivateEquity #RMDs #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.

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.