One For The Money

Episode Summary

With Mother’s Day right around the corner, this episode highlights an important—and often overlooked—reality in financial planning: too many women are still taking a back seat when it comes to managing their financial future.

Drawing from real client experiences, this episode explores why financial planning works best when both partners are actively involved, and why it’s especially critical for women to engage in the process.

From differences in financial goals and investment behavior to the long-term impact of widowhood and divorce, this conversation makes a compelling case for shared financial decision-making—and the risks of sitting on the sidelines.

What You’ll Learn

• Why financial planning is more effective when both partners participate
• Common differences in how men and women approach investing
• How misaligned goals (even in something like vacations) reflect deeper planning gaps
• The financial realities women often face after divorce or widowhood
• Why women tend to outperform men as investors
• The risks of deferring financial decisions to a spouse

Key Takeaways

• Financial planning is not a “set it and forget it” process—especially for couples
• Women are statistically more likely to experience the long-term outcomes of financial decisions
• Being uninvolved in financial planning can lead to costly consequences
• Women often bring discipline, patience, and better long-term behavior to investing
• Shared planning leads to better alignment, better decisions, and better outcomes

Tips, Tricks & Strategies

Want to get more involved in your financial life? Start here:

1. Attend financial meetings
2. Be present in conversations with your financial advisor. If you don’t have one, consider working with a professional.
3. Build your financial knowledge
4. Listen to podcasts, watch videos, or read about personal finance. The basics are more approachable than you think.
5. Run a “what if” scenario
6. If you had to take over all financial responsibilities tomorrow, would you be ready? Know your accounts, contacts, and plan.

Notable Stats from the Episode

• Women often experience a larger drop in income after divorce than men
• Women tend to live longer, making long-term planning even more critical
• A significant percentage of women defer financial decisions to their spouse
• Studies show women often outperform men in investing due to more disciplined behavior

Final Thought

A better life is the result of better planning—and better planning requires participation. If you’re not at the table, it’s time to pull up a chair.

References

Do women live longer than men in the US? | USAFacts

The Economic Consequences of Gray Divorce for Women and Men

Women Are Strong Savers. So, Why Do Their Balances Often Lag Behind?

Women Put Financial Security at Risk by Deferring Long-term Financial Decisions to Spouses

It’s Tax Day — the one day of the year when millions of Americans collectively ask the same question: Did I pay too much… or too little?

But another question quickly follows: Is everyone else paying their fair share?

In this episode, we explore one of the most debated topics in economics and politics — the fairness of the U.S. tax system. We examine how income and wealth are taxed differently, look at what the latest IRS data actually shows about who pays federal income taxes, and discuss current policy debates such as proposed wealth taxes.

You may be surprised by what the numbers reveal.

In the Tips, Tricks, and Strategies segment, we also discuss how reviewing your recently filed tax return can help you make smarter tax planning decisions for the year ahead.

Key Topics Covered

Tax Day and the Emotional Side of Taxes

Taxes are more than numbers — they’re emotional. Every election cycle raises the question of whether Americans pay too much or whether certain groups pay too little.

Economist Thomas Sowell once joked:

“Elections should be held on April 16th — the day after we pay our income taxes.”

The quote highlights how differently people view taxation depending on when they’re writing the check.

Income vs. Wealth: Why They’re Taxed Differently

A key factor in the fairness debate is that income and wealth are taxed in very different ways.

Income

• Wages and salary
• Business income
• Taxed progressively (higher income = higher rates)

Wealth

• Stocks
• Real estate
• Business ownership
• Usually taxed only when assets are sold

Because wealth is often unrealized, individuals can sometimes access it through borrowing strategies without triggering taxes.

The “Borrow, Spend, Die” Strategy

Some wealthy individuals use what’s often called the borrow, spend, die strategy:

1. Borrow against investments rather than selling them
2. Spend the borrowed funds
3. Pass assets to heirs when they pass away

Because assets may receive a step-up in basis at death, the capital gains taxes can be significantly reduced.

This strategy is one reason critics argue the tax code favors asset owners over wage earners.

The Warren Buffett Example

Investor Warren Buffett famously said that he pays a lower tax rate than his secretary.

While statements like this often fuel public debate, they also highlight an important distinction between:

• Tax rates
• Total taxes paid

Even when rates differ, the wealthiest taxpayers still pay very large total amounts of tax.

What the IRS Data Actually Shows

The most recent IRS data (2022) reveals that the federal income tax system is already highly progressive.

Top 1%

• Income: ~$663,000+ AGI
• Average tax rate: 26.1%
• Share of federal income taxes paid: 40.4%

Bottom 50%

• Income: ~$50,000 or less
• Average tax rate: 3.7%
• Share of federal income taxes paid: 3%

Key takeaway:

The top 1% earns roughly 22% of income but pays more than 40% of federal income taxes.

The Wealth Tax Debate

Recent policy proposals — including some state initiatives — have revived discussion about wealth taxes.

Supporters argue they would address wealth inequality by taxing large accumulations of assets.

Critics argue wealth taxes would require governments to:

• Value assets every year
• Assess taxes on unrealized wealth
• Expand government oversight into private property

Regardless of where someone stands politically, the debate reflects a larger issue:

The U.S. tax system is complicated, and fairness is difficult to define.

Tips, Tricks, and Strategies

Conduct a “Tax Post-Mortem”

Now that you’ve filed your taxes, take a few minutes to review your return and ask a few key questions.

1. Did You Withhold Too Much?

A large refund might feel good — but it means you gave the government an interest-free loan during the year.

If your refund was larger than $1,000–$2,000, consider adjusting your withholding.

2. Review Your Marginal vs. Effective Tax Rate

Remember:

• Marginal tax rate = rate applied to your last dollar of income
• Effective tax rate = your overall average tax rate

Understanding the difference can help guide decisions like:

• Retirement contributions
• Roth conversions
• Income timing strategies

3. Look at Your Adjusted Gross Income (AGI)

Review your AGI and see:

• Which tax bracket you fell into
• How close you were to the next bracket

If you were near a threshold, planning opportunities may exist for future years.

Key Takeaway

The fairness of the tax code will always be debated.

But instead of trying to solve the national tax system, the most productive step you can take is to focus on your own tax strategy.

Better planning leads to better outcomes.

And good financial planning always includes tax planning.

References

• SOI Tax Stats - Individual statistical tables by tax rate and income percentile | Internal Revenue Service
• Summary of the Latest Federal Income Tax Data, 2025 Update

If You Enjoyed This Episode

Be sure to:

• Follow the podcast
• Share the episode with someone preparing their taxes
• Leave a review to help others discover the show

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

Episode 107 Show Notes

Pay Taxes Now or Later? 7 Strategic Reasons to Consider Roth Conversions

This episode airs on April 1st — just two weeks before the April 15th tax filing deadline — which makes it the perfect time to talk about proactive tax planning.

While everyone has to pay taxes, no one should ever leave a tip.

In this episode, we discuss why paying taxes strategically now — through Roth contributions and Roth conversions — may help you and your loved ones pay significantly less over your lifetime.

If most of your retirement savings are in traditional IRAs or 401(k)s, this conversation is especially important. Pre-tax accounts can become what some call “ticking tax time bombs” because the taxes are still owed — and future tax rates are unknown.

We walk through seven key reasons you may want to consider paying taxes sooner rather than later.

In This Episode

1️⃣ Avoiding the “Widow’s Tax”

When one spouse passes away, the surviving spouse often moves from married filing jointly to single filing status — which can mean a significantly smaller standard deduction and potentially higher taxes. Strategic Roth conversions can help reduce that future burden.

2️⃣ Preventing Large Tax Bills on Big Withdrawals

Major purchases, healthcare costs, or bucket-list experiences may require large withdrawals. Taking those funds from pre-tax accounts can push you into higher tax brackets. Having tax-free Roth funds creates flexibility.

3️⃣ Reducing Medicare Premium Surprises (IRMAA)

Medicare premiums are income-based. Higher taxable income can increase your premiums through IRMAA. Managing future taxable income with Roth strategies can potentially help minimize these increases.

4️⃣ Controlling Required Minimum Distributions (RMDs)

RMDs are mandatory — whether you need the income or not. Large pre-tax account balances can force sizable taxable withdrawals later in life. Tax diversification gives you more control over your income in retirement.

5️⃣ Protecting Heirs from the 10-Year Rule

Under the SECURE Act, most non-spouse beneficiaries must withdraw inherited retirement accounts within 10 years — often during their highest earning years. Roth conversions can serve as a tax-efficient legacy strategy.

6️⃣ Using Non-Retirement Funds Strategically

Paying conversion taxes from taxable or cash accounts may allow more of your retirement assets to grow tax-free over time.

7️⃣ Hedging Against Future Tax Increases

Current tax rates are historically low relative to federal debt levels. Roth strategies allow you to lock in today’s known rates instead of gambling on tomorrow’s unknown ones.

Tips, Tricks & Strategies: The Golden Tax Window

We also introduce the Golden Tax Window — the period between retirement and the start of Required Minimum Distributions.

During these years:

• Earned income may be reduced or eliminated
• Taxable income may be lower
• RMDs have not yet begun

This window can provide a powerful opportunity to execute Roth conversions at favorable tax rates.

Key Takeaway

You don’t pay less in taxes by accident. Lower lifetime taxes are the result of proactive, multi-year planning.

Most Americans save primarily in pre-tax retirement accounts — but remember, those accounts are co-owned with the IRS. How much you ultimately keep depends on the planning you do today.

Roth conversions are not one-size-fits-all. Work with a CFP® professional and qualified tax advisor to determine whether this strategy makes sense for your situation.

If you found this episode helpful, please subscribe, share it with someone who could benefit, and leave a review.

Remember: A better life is the result of better planning — and better planning includes proactive tax planning.

Retirement isn’t just the closing of one chapter — it’s the opening of another.

In this episode, I explore how shifting your mindset from retirement to ReFirement can dramatically improve both your financial outcomes and your overall fulfillment. Rather than viewing retirement as a period of rest and withdrawal, I discuss how intentional planning can turn it into a season of renewed purpose, contribution, and personal growth.

You’ll also learn about an increasingly popular early-retirement strategy known as Coast FIRE — and how it may provide more flexibility in your working years than you realize.

In This Episode, I Discuss:

🔹 Why the First Year of Retirement Matters

1. How early retirement habits shape the next 25–30 years
2. The emotional and identity shifts that occur after leaving a career
3. Why traditional retirement planning often misses the human side of the transition

🔹 ReFirement: A New Vision for Retirement

1. Moving beyond financial capital to focus on Return on Happiness (ROH)
2. Rediscovering passions, purpose, and contribution
3. Why retirement planning should center on meaning — not just money

🔹 The Three Life-Planning Questions

Inspired by George Kinder’s life planning framework, I walk through three powerful exercises designed to uncover what truly matters:

1. What would you do if you were financially free?
2. How would you live if you had 5–10 years left?
3. If today were your last day, what would you regret not doing or becoming?

These questions help uncover untapped aspirations and align your financial plan with your deepest values.

🔹 Coast FIRE Explained

1. What FIRE (Financial Independence, Retire Early) really means
2. How Coast FIRE differs from extreme early retirement strategies
3. When you’ve saved enough to let compound growth “do the heavy lifting”
4. How Coast FIRE can allow for reduced hours, career pivots, or sabbaticals
5. The financial and psychological risks to consider

Key Takeaways

1. Retirement should be designed — not drifted into.
2. Financial planning without life planning is incomplete.
3. Accumulated retirement savings may already provide more flexibility than you realize.
4. A better life is the result of better planning.

Resources Mentioned

1. George Kinder – Life Planning & EVOKE® Process
2. The Top Five Regrets of the Dying by Bronnie Ware
3. Mr. Money Mustache (FIRE movement)

If you found this episode helpful, please share it with someone planning for retirement or considering a more flexible financial future.

Remember: you only get one life. Plan accordingly.

Retirement is supposed to be the reward after decades of hard work—but for many Americans, it’s filled with uncertainty, stress, and fear.

In this episode of the One for the Money Podcast, we take an honest look at what retirement really looks like in America today, based on recent survey data from current retirees. The findings are eye-opening—and in some cases, heartbreaking.

Drawing on both national research and real-world experience working with retirees every day, this episode breaks down what’s going wrong, what retirees are worried about most, and why so many people aren’t enjoying retirement the way they expected.

We also wrap up with a Tips, Tricks, and Strategies segment packed with practical ideas for both pre-retirees and retirees who want more clarity, confidence, and enjoyment in retirement.

1. Why retirement brings both hope and fear
2. The most common questions retirees ask themselves:
3. “Do I have enough?”
4. “Will my money last?”
5. “Am I doing everything I can?”

Based on a national survey of 1,500 investors (including 373 retirees):

1. Only 40% of retirees believe they have enough money
2. 45% say retirement expenses are higher than expected
3. 62% have no idea how long their money will last

We break down what’s driving these numbers—and what can be done about them.

1. Fear of Spending Money

1. Many retirees default to “spend less and hope” instead of following a real plan
2. The decumulation paradox: most retirees never touch their principal
3. Why the real risk for many isn’t running out of money—but running out of time

2. Retirement Expenses Are Higher Than Expected

1. Housing, transportation, and household costs don’t disappear
2. Healthcare and leisure spending often skyrocket
3. The reality behind Fidelity’s estimate that retirees spend 55–80% of pre-retirement income every year

3. No Clear Answer to the Big Question

1. Why knowing how long your money will last requires stress-testing your plan
2. The importance of planning for market downturns, inflation, longevity, and long-term care

According to retirees surveyed:

1. 92% worry about inflation
2. 86% worry about healthcare costs
3. 80% worry about market corrections
4. 71% don’t know the best way to generate income
5. 70% worry about outliving their assets

When retirees were asked how they feel about their financial situation:

1. Only 5% said they are living their dream
2. 37% feel comfortable
3. 39% say “not great, not bad”
4. 16% are struggling
5. 3% say they are living a nightmare

And 64% of retirees don’t work with a financial professional—a gap that often leads to confusion, fear, and missed opportunities.

1. Know exactly where you stand financially
2. Maximize savings during your peak earning years
3. Review all income sources and their reliability
4. Get serious about managing debt
5. Prioritize health and fitness
6. Plan healthcare before age 65 if retiring early
7. Reduce taxes with smart Roth and charitable strategies
8. Evaluate housing options and long-term suitability
9. Prepare for long-term care expenses
10. Update estate plans, beneficiaries, and powers of attorney

Focus on:

1. Optimizing retirement income
2. Reducing unnecessary investment risk
3. Choosing the right Medicare coverage
4. Capturing every available tax opportunity
5. Keeping estate plans updated and clearly communicated

Retirement should not be lived in constant fear. With the right planning across income, investments, taxes, insurance, and estate planning, retirees can gain clarity—and the confidence to actually enjoy the life they worked so hard to build.

A better life is the result of better planning—especially when it comes to retirement planning.

Thanks for listening to Episode 105 of the One for the Money Podcast.

References

Living in Retirement: Schroders US Retirement Survey

Is owning a home really the American Dream… or is owning it free and clear the real goal?

In Episode 104 of One for the Money, we tackle one of the most common—and emotionally charged—financial questions homeowners ask: Should you pay off your mortgage early?

The answer isn’t just about math. It’s about psychology, peace of mind, and how your mortgage fits into your bigger financial picture.

1. Why over 40% of U.S. homeowners are mortgage-free—and what that trend tells us
2. The key numbers to evaluate before paying off your mortgage early
3. Why your amortization schedule matters more than you think
4. When a low mortgage rate makes paying early a bad financial move
5. The truth about the mortgage interest “tax deduction” myth
6. Whether you can realistically retire with a mortgage
7. How peace of mind sometimes beats spreadsheets—and when it shouldn’t

We break down when paying off your mortgage makes sense mathematically, and when it may make sense psychologically—even if the numbers say otherwise. After all, you can’t put a price tag on sleeping better at night.

In this episode’s strategy segment, you’ll learn:

1. A simple extra-payment strategy that can:
2. Cut years off your mortgage
3. Save tens of thousands of dollars in interest
4. A real-world example showing how one extra payment per year can shave over 4 years off a 30-year mortgage

Small habit. Big impact.

Paying off your mortgage early isn’t a one-size-fits-all decision. It depends on:

1. Your savings
2. Your interest rate
3. Your tax situation
4. Your retirement timeline
5. And yes… your peace of mind

A paid-for home can offer something no mortgage ever will: freedom.

References

Why 40% of U.S. homeowners have no mortgage—and the number keeps growing - Fast Company

There aren’t enough homes. Homes are too expensive. And mortgage rates are too high.

In Episode 103 of One for the Money, I break down how the U.S. housing crisis was created, why it persists, and what realistic solutions could actually improve affordability.

This episode goes beyond headlines and politics to diagnose the root causes of the crisis—using plain economics, real-world examples, and historical context. We also share practical guidance for anyone considering buying a home in today’s challenging market.

🎧 What You’ll Learn in This Episode

1. Why the housing crisis is fundamentally a supply-and-demand problem
2. How the early 2000s housing boom and NINJA loans set the stage for collapse
3. Why the Great Recession permanently reduced housing supply
4. How zoning laws and building regulations increased home prices
5. The role ultra-low interest rates played in fueling demand
6. How COVID-19 accelerated housing inflation at historic levels
7. Why inflation and Fed rate hikes froze the housing market
8. The “rate lock-in” effect keeping homeowners from selling
9. Why younger generations are being priced out of homeownership

🏡 Data Points Discussed

1. U.S. home prices rose 40–50% between 2020–2022
2. Average long-term home appreciation (1990–2023): ~4.4% annually
3. Mortgage rates jumped from the mid-3% range to mid-6%
4. Median age of first-time homebuyers rose from 32 (2000) to ~40 (2025)

💡 Solutions Explored

1. Why 50-year mortgages would likely make the problem worse
2. The potential of portable (assumable) mortgages to unlock supply
3. Targeted rate incentives for first-time buyers
4. Why boosting supply—not demand—is the key to fixing housing

🧠 Tips, Tricks & Strategies Segment

Practical advice for anyone thinking about buying a home:

1. Why your primary residence should not be treated as an investment
2. Why staying in a home at least 10 years often makes the math work
3. When relocating may make financial sense
4. How to choose a home that allows you to grow and age in place
5. Why attending open houses years in advance makes you a smarter buyer
6. How to spot good construction, smart layouts, and strong neighborhoods

🎯 Key Takeaway

Housing affordability isn’t about individual failure—it’s the result of policy decisions, economic forces, and timing. Understanding those forces allows you to make smarter decisions and plan more effectively for the future.

References

Homeownership Trends

Housing market deep freeze: The Fed successfully froze U.S. home prices for one year | Fortune

Mortgage Rate History: 1970s To 2025 | Bankrate

United States House Price Index YoY

The stock market can feel like a rollercoaster—especially when the drops are steep. Declines of 20% or more are known as bear markets, and while they can be frightening, they’re also a normal part of investing.

In this episode, I explain why bear markets shouldn’t be feared, how often they really occur, and—most importantly—what actions investors should (and shouldn’t) take when they happen. Drawing on history, personal experience, and real-world examples, we’ll explore how emotional decisions can derail long-term success and how proper planning can help you stay on track.

You’ll also hear a powerful story from my own past investment mistakes during the 2007–2009 financial crisis, and why staying invested matters more than trying to time the market.

In the Tips, Tricks, and Strategies segment, I’ll share a practical bear market investment strategy designed to help you make good things happen—even when markets feel overwhelming.

In this episode, you’ll learn:

1. What defines a bear market and how often they occur
2. Why bear markets are a normal (and necessary) part of investing
3. The biggest mistake investors make during market downturns
4. How time horizon impacts bear market strategy
5. Why planning before a downturn is critical
6. A simple framework to approach bear markets with confidence

Bear markets may be scary—but with the right plan, they can also be opportunities.

Thank you for listening. Now, on with the show. 🎙️

Happy New Year, and welcome to episode 101 of the One for the Money podcast!

This episode airs on January 1st—a perfect moment for financial resolutions and fresh starts. If getting back on track with your money is one of your goals for the new year, this episode will help you make one of the most important decisions in your financial life: whether to hire a financial advisor, and how to choose the right one.

In This Episode

I’ll share the 10 essential questions you should ask when interviewing a financial advisor, including:

1. Whether the advisor is a true fiduciary
2. How they are compensated
3. How often you’ll meet
4. How many clients they serve
5. Their education, experience, and credentials
6. Whether they review your tax return and estate documents
7. How they manage their own finances
8. And more insights that help you avoid conflicts of interest and ensure you’re hiring someone who will put your interests first

I’ll give personal examples from my own practice at Better Planning Better Life, as well as real stories of people who tried to “DIY” their finances and paid the price.

Why This Matters

Financial mistakes are often invisible at first… but they compound over time. And while many of us hesitate to discuss money, the consequences of mismanaging it can follow us for decades. A great advisor can help you avoid costly errors, stay on track, and make informed decisions with confidence.

Tips, Tricks & Strategies

In the final segment, I’ll explain a simple but powerful cash-management strategy to protect your purchasing power from inflation—the silent thief.

You’ll learn:

1. How much cash to keep in reserves
2. Where to keep it for maximum yield
3. When to consider higher-yield instruments
4. Why doing nothing with your cash can quietly cost you thousands

Episode Highlights

1. The danger of default 401(k) mistakes
2. Why relying only on the company match is rarely enough
3. How financial “invisibility” leads people to miss opportunities
4. What transparency from an advisor should look like (including how I show clients my own plan)

Who This Episode Is For

1. Anyone considering hiring a financial advisor
2. Anyone unhappy or uncertain about their current advisor
3. DIY investors wondering if they’re missing something
4. Anyone wanting a smarter, more intentional financial plan for 2025
5. Anyone with too much cash sitting in low-yield bank accounts

Takeaway

A better life is the result of better planning. Asking the right questions—and using the right cash strategy—can help you start the year with clarity, confidence, and momentum.

Reference

Hiring a Financial Adviser: 10 Questions to Ask | Kiplinger

Episode 100 — A License to Spend: How to Use Your Money to Create Compounding Memories

Overview

Welcome to the 100th episode of the One for the Money podcast! In this milestone episode, we explore the driving force behind our work with clients: giving them permission—a license—to spend intentionally so they can create a richer, more meaningful life.

While compound interest is powerful, the compound effect of memories is even greater. We discuss why now—not someday—is the time to invest in the experiences that matter most. From family road trips to sabbaticals, from national parks to international adventures, this episode dives into the intersection of money, time, and health, and how better planning leads to a better life.

In the Tips, Tricks, and Strategies segment, we break down six research-backed ways money can buy happiness—when used intentionally.

What You’ll Learn

• Why memories compound better than money
• The importance of spending earlier, not later
• How health, time, and money intersect—and why waiting until retirement is often too late
• How experiences become lifelong “dividends” to your future self
• Insights from Die with Zero by Bill Perkins
• Why Americans struggle to take vacation—and why that needs to change
• Six evidence-based ways money can truly enhance happiness
• How better planning gives you a “license to spend”

Key Takeaways

• Memories compound over time and are often worth more than the dollars saved.
• You can’t get your health or your kids’ childhood back. Use your money when you have both time and vitality.
• Spending intentionally—especially on experiences—yields long-term happiness.
• A financial plan exists to help you live well, not simply to help you accumulate more.
• Don’t wait until retirement to enjoy life. Balance smart saving with purposeful spending.

Resources Mentioned

• Book: Die with Zero by Bill Perkins
• Article: “6 Ways Money Can Buy Happiness” — Ronald Sier on Kitces.com
• Podcast inspiration: Tim Ferriss Show (question on most-gifted book)
• Concept: “Sharpen the Saw” — Stephen Covey, The 7 Habits of Highly Effective People

Six Research-Backed Ways Money Can Buy Happiness

1. Spend on others, not just yourself
2. Spend to buy time and reduce stress
3. Spend now, enjoy later — the power of anticipation
4. Spend on experiences, not things
5. Spend on small pleasures more often
6. Spend to support fundamental human needs — growth, connection, purpose

Quotes From This Episode

• “Memories compound better than money.”
• “A financial plan is not just about avoiding running out of money—it’s about avoiding running out of time.”
• “Life is a choice. Choose consciously. Choose wisely. Choose memories.”