Off The Wall

Most investors think their portfolio needs to "pay them" in income. In this episode of Off The Wall, Nate Tonsager, CIPM®, CFA and Dave Armstrong, CFA challenge one of the most common investing habits: chasing income. They walk through how yield gets calculated, why it spikes for the wrong reasons, and how investors end up taking on more risk than they might realize. They also break down why and how total return drives real outcomes for your financial freedom.

Next, the conversation goes deeper into real-life decisions: how much to withdraw, how to think about gifting, and how to make sure your money supports your life while you're here to enjoy it.

The goal isn't to maximize income but to build a portfolio that works for you.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

00:00 - Disclosures and Big Picture

00:34 - The Myth About Portfolio Income

01:57 - Total Return in Plain English

10:37 - Sustainable Withdrawal Rate Reality

13:25 - Giving With A Warm Hand

21:16 - Rules Of Thumb And Real Life

23:35 - Listener Questions And Wrap Up

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

The March inflation report looked alarming on the surface. Underneath it, a more nuanced story was unfolding — and the bond market noticed.

In this AMA episode of Off The Wall, Dave and Nate separate signal from noise across three questions they've been hearing most from clients: what's actually driving inflation right now, why the market recovered so fast, and what AI really means for the economy and your business.

They break down headline versus core CPI, what 25 years of price data reveals about where inflation actually lives, and why the TIPS market's expectations matter more than any single monthly report. Then they get into the market recovery, including one statistic that's genuinely unprecedented since 1928, and what concentration in the Magnificent Seven means for your portfolio going forward.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Disclosures & Opening Banter

03:06 — AMA Topics Set for Today

04:14 — Inflation Report Explained Beyond Headlines

10:06 — Core CPI & Category Winners

15:15 — The 25-Year Inflation Scorecard

21:20 — Oil Shock & Bond Market Signals

27:41 — What Inflation Means for Portfolios

32:11 — Market Recovery & Why It Happened

37:48 — Politics vs. Investing Reality Checks

43:37 — Big Rally Stats & What They Suggest

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

The headlines said Q1 2026 was rough. The data we're watching tells a different story.

In this Q1 Market review, Dave Armstrong and Nate Tonsager set aside the noise — yes, including the Iran conflict they've already covered at length — and dig into what was actually happening beneath the surface of the markets in Q1 2026. Spoiler: it was a lot more interesting than a -3.5% S&P 500 reading suggests.

Nate kicks things off with an underappreciated housing market update: prices are easing without mortgage rates having to do the heavy lifting — and why that's actually a healthy sign for the broader economy. Dave follows with a breakdown of what the market's internal health really looked like last quarter, using sector performance data to show how energy, materials, utilities, consumer staples, and industrials were quietly carrying significant weight while big tech grabbed all the negative headlines.

Then the conversation turns to Bitcoin. Nate pulls no punches: in his view, Bitcoin is a trading asset — not an investing asset, not digital gold. Dave riffs on why he'd call it something closer to "digital guessing" — and why that's not necessarily a dealbreaker, as long as you're honest about what you're doing and how much of your portfolio you're putting at risk. Think of it like the casino: a few chips on the roulette table is fine. Going all in on red? That's a different conversation.

It's one of their favorite episode formats — no guests, no guardrails, just two portfolio strategists riffing on what actually mattered last quarter and what investors should be paying attention to going into Q2.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Opening Claim: Bitcoin Is Not an Investment

0:22 — Welcome and Q1 Quarterly Review Setup

1:49 — Housing Affordability Is Quietly Getting Better

5:24 — Supply Is Up and 2008 Fears Are Overblown

9:38 — Why Q1 Looked Worse Than It Really Was

11:28 — Moving Averages, Market Breadth and Hidden Strength

13:04 — The Sectors That Quietly Won the Quarter

15:51 — Concentration Risk and Data Driven Rotation

20:21 — Bitcoin Is a Trading Asset, Not an Investment

29:54 — Crypto, Gold and the Art of Educated Guessing

33:24 — Closing Thoughts, Brackets and How to Reach Us

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

When markets get volatile, the instinct is to react. That's usually where investors go wrong.

With oil prices rising, geopolitical tensions escalating, and headlines driving uncertainty, it's easy to assume this time is different. But beneath the noise, the same core principles still apply.

In this AMA episode of Off The Wall, Nate and Dave break down what rising oil prices really mean for inflation and interest rates, how the Fed is thinking about rate cuts in a more uncertain environment, and why most market shocks tend to be temporary, even when they don't feel like it.

They also unpack what's happening inside private credit markets, why liquidity matters more than yield, and how misunderstood risks are starting to surface now that conditions have tightened.

From military strategy analogies to portfolio construction, this episode is a reminder that volatility isn't something to avoid, it's something to plan for.

Because the biggest risk in moments like this isn't the market. It's making the wrong move at the wrong time.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Start Here: Don't Panic

3:47 — Today's Big Questions

6:21 — Oil Prices Are Rising - Here's What That Means

12:47 — Why Oil Spikes May Not Last

15:05 — War, Headlines, and Market Reactions

21:50 — Why Cash Planning Matters More Than Timing

25:51 — Private Credit, Explained Simply

30:16 — What's Breaking in Private Credit

34:31 — Where Opportunity Is Showing Up Now

37:53 — Ask Us Anything + Final Thoughts

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

How much of the money in your portfolio actually belongs to you?

If you're investing in taxable accounts, the number on your statement isn't the full picture. A portion of it already belongs to the IRS.

The challenge is that taxes on investments don't show up along the way the way they do in your paycheck. They often appear when you sell a position, rebalance your portfolio, or realize gains you weren't thinking about.

For successful investors, that tax exposure can have a bigger impact on long-term results than expected.

In this episode of Off The Wall, Nate and David break down how to think about tax efficiency as part of a portfolio strategy. They discuss when municipal bonds make sense, why the difference between long-term and short-term gains matters, how holding onto losing investments "until they come back" can work against you, and how tax-loss harvesting can turn volatility into something useful.

Your portfolio's job is to grow.

But the real objective is keeping more of what that growth produces.

—

Have a question you want answered on a future Ask Monument Anything episode? Email us at [email protected] and we might tackle it on the show.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Why Tax Efficiency Matters (And The Million-Dollar Illusion)

3:28 — Taxable Accounts, Income Design, And Municipal Bond Strategy

7:00 — After-Tax Yield Vs Headline Yield (What You Actually Keep)

10:15 — Unrealized Gains, Basis, And Capital Gains Timing

14:05 — When To Hold, When To Sell, And Using Losses Strategically

17:12 — Offsetting Gains And Long-Term Carryforwards

19:20 — Direct Indexing, Replacement Trades, And Tax Harvesting

25:12 — Don't Let The Tax Tail Wag The Dog + AMA Invite

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA, and Nate Tonsager, CIPM, bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feel chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

There's this belief a lot of smart, responsible people carry for decades:

Save as much as possible in your retirement accounts, don't touch it, let it grow, future you will thank you.

And then…future you hits "RMD age".

Suddenly there's a number attached to your birthday. A required withdrawal. A tax bill you didn't fully picture. Medicare premiums reacting to your income. And the realization that most of your wealth lives in accounts the IRS still has a claim on.

This conversation with Jessica and Emily feels like the moment when you zoom out and look at your entire financial life instead of just one account. It's about control. About flexibility. About asking better questions before the rules start making decisions for you.

Because retirement should be about using it while you have the energy, the health, and the curiosity to enjoy it. And sometimes the smartest move isn't waiting, but planning earlier, so you don't feel boxed in later.

Coffee in hand. Big-picture thinking activated.

Jump to:

0:00 — The Big RMD Question

2:21 — Why Waiting Can Backfire

4:30 — The New Retiree Balance Problem

6:20 — How RMDs Push You Up Tax Brackets

9:05 — Real Numbers + Medicare Ripple Effects

12:05 — Smart Moves Before RMD Age

15:10 — Inheritance, Psychology, and Spending Flexibility

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Connect with us:

Get our Free Private Wealth Advice Newsletter: https://www.monumentwealthmanagement.com/subscribe

LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect with Emily on LinkedIn: https://www.linkedin.com/in/emilyharpercfp/

Connect with Jessica on LinkedIn: https://www.linkedin.com/in/jessicagibbscfp/

Instagram: https://www.instagram.com/monumentwealth/#

Listen to Off The Wall, our podcast with market analysis: https://monumentwealthmanagement.com/off-the-wall-podcast/

The market's been up three years in a row… will it go for a fourth?

You scroll past a headline about Bitcoin falling 45%, tariffs getting overturned, and tensions rising overseas, and suddenly you're wondering if your portfolio is sitting on a fault line.

This episode is for that moment.

Nate and Dave walk through the questions investors are asking right now:

• Can the market really keep going after three strong years?

• What does a Supreme Court tariff ruling actually mean for your money?

• Why is Bitcoin sliding while stocks hold up? More importantly, how much of this should change what you're doing?

Tune in for our perspective, probabilities, and a reminder that despite the ongoing uncertainty you can always have a plan.

If you've felt that low-grade tension in the background lately, this conversation may help you regain some clarity.

[Resources Mentioned]

Ben Carlson's blog, "A Wealth of Common Sense" https://awealthofcommonsense.com/

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Welcome Back to our AMA: Ask Monument Anything 1:23 — Iran Tensions And Economic Ripple Effects 7:42 — Can Markets Extend The Winning Streak? 13:10 — Probabilities, Long-Term Returns, And Perspective 19:21 — Supreme Court Tariffs And Who Benefits 26:10 — Volatility As The Price Of Admission 26:37 — Bitcoin Selloff, Leverage Unwind, And What Could Restart Demand

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off the Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

If you've built significant wealth in your investment portfolio, you may have more flexibility than you think.

In this episode, Emily Harper, CFP(R) joins the show to talk about how borrowing against your portfolio actually works—including margin loans and pledged asset lines of credit (PALs)—and why many high-net-worth investors use them as strategic tools for liquidity and tax planning.

We cover when these strategies can make sense, where the risks lie, and what to consider before tapping your portfolio for cash. From managing short-term cash needs to avoiding unnecessary portfolio sales, this conversation is all about using your wealth intentionally and keeping your options open.

Have a question you'd like us to answer on a future episode? Email us at [email protected].

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Reason to borrow from your portfolio

1:50 — Tax-aware reasons investors choose borrowing over selling

4:20 — Real-world cash flow situations where this actually matters

6:55 — Margin basics: how it works and common use cases

10:40 — Margin risks, interest costs, and forced-sale scenarios

14:45 — Pledged asset lines explained and how they differ from margin

18:10 — Rates, spreads, pricing power, and trade-offs

24:20 — Planning payments, payoff strategy, and optionality going forward

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

Some weeks call for rain boots because the conversation is going somewhere most people would rather avoid. This episode steps into charged territory on purpose: geopolitics, tariffs, China and Taiwan, Greenland, and the policy decisions shaping today's headlines. There's no posturing here and no outrage bait, just a willingness to talk through complex questions instead of skirting around them.

From there, the focus shifts to what actually matters for investors: how markets tend to react when policy dominates the news cycle, why short-term volatility shows up, and how data and discipline help cut through the noise. It's a reminder that staying informed doesn't mean staying reactive.

—

Submit your questions for the next Ask Monument Anything episode at [email protected]

—

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — Mailbag Setup And Topic Preview

2:10 — Greenland, Policy Not Politics

6:30 — Western Hemisphere Strategy And Oil

9:40 — Tariff Threats And Market Volatility

13:40 — Rare Earths, Greenland, And Leverage

16:20 — China–Taiwan Risk And Market Impact

20:00 — Shipbuilding Gap And Naval Capacity

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

Check out our Between Sips Podcast: Where Money Meets Meaning

Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

A new year always brings fresh predictions, louder headlines, and plenty of pressure. In the first Off the Wall episode of the year, Nate W. Tonsager, CIPM and David B. Armstrong, CFA take a step back and anchor the conversation in the reality of what happened in 2025, and why that context is essential as we head into 2026. They reflect on the surprises that shaped last year and connected those lessons to the environment ahead.

Key topics:

• Global markets and why international equities outpaced U.S. stocks in 2025

• Volatility, drawdowns, and what last year revealed about investor behavior

• Why diversification showed up when it mattered most

• The absence of a recession and what surprised markets along the way

• Interest rates, inflation, and what the data suggests for 2026

• Historical patterns that shape expectations for the year ahead

—-

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 — We're back: college football picks and the market backdrop

2:46 — 2025 market winners: why global stocks outperformed

6:10 — The S&P 500 question, behavior gaps, and staying invested

12:23 — 2025 surprises: no recession, tariffs, and asset class shifts

21:18 — What worked: metals, market tails, and quiet standouts

24:48 — What we're watching for 2026: diversification, election-year volatility, and cash planning

Resources Mentioned: 11:41 - What is Direct Indexing? Customization, Taxes, and More - Monument Wealth Management - https://monumentwealthmanagement.com/resource/direct-indexing-benefits-taxes/

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com