In this week’s Ask Farnoosh, we’re diving into your money questions and breaking down the big headlines.

First up: What the Trump-backed budget bill could mean for your wallet. Farnoosh unpacks the Congressional Budget Office’s $2.4 trillion deficit projection and explains how the proposed tax cuts and spending reductions may impact interest rates, government programs, and your future taxes.

Then, in the mailbag:

• Is the FIRE (Financial Independence, Retire Early) movement right for you? Farnoosh shares her personal take and how she’s pursued financial freedom—without traditional retirement.
• How to create a gift-giving strategy that feels generous and sustainable, plus tips for teaching kids to be kind and money-wise.
• And: Adding bonds to your investment portfolio—why they matter, how to buy them, and how to hold them in your retirement account.

For further reading on the Republican Budget Bill, check out NPR's coverage.

Today we're exploring how financial literacy changed a person's life. Our guest is Elizabeth Cronise McLaughlin — former Wall Street lawyer, leadership consultant, single mom, and founder of The Gaia Leadership Project. From the outside, her life looked picture-perfect: elite career, national media appearances, a thriving business. But behind the scenes, Elizabeth was battling deep financial insecurity, credit card debt, and the emotional weight of divorce and single motherhood — all while running a nearly 7-figure company.

In this deeply personal and powerful conversation, Elizabeth opens up about hitting financial rock bottom during the pandemic and the mindset shift that pulled her out. She shares how investing in financial education helped her pay off $50,000 in debt in six months, build emergency savings, and teach her children what she was never taught: how to talk about — and take control of — their money.

To learn more about BudgetDog, click here and say you were referred by Elizabeth!

Hannah Cole is back on So Money — and just in time. You may know her as the founder of Sunlight Tax, or from her game-changing workshops that help creatives and freelancers make sense of their money. But today, she's here to share insights from her forthcoming book, Taxes for Humans, which might just be the most approachable — and dare I say, funny — tax book you'll ever read.

In this conversation, Hannah and I dive into the emotional baggage so many of us carry around taxes: shame, intimidation, even fear. She opens up about being dismissed by a traditional accountant early in her career, and how that lit the fire for her to become a voice for those often left out of financial conversations — women, artists, freelancers, anyone who’s ever felt like a “weirdo” in the world of money.

We talk about how to avoid the dreaded tax bill shock, what the IRS really cares about, why freelancers need to understand quarterly taxes, and what you should know if you’re married and your spouse is handling the taxes (spoiler: pay attention!). Plus, Hannah shares the number one thing new business owners should do to feel confident and in control of their taxes.

My guest today is one of the most vibrant and necessary voices in personal finance today. Katie Gatti Tassin is the founder of the wildly popular Money with Katie platform and host of the podcast by the same name. She's back on the show with a brand-new book that is as bold as it is brilliant: Rich Girl Nation.

This isn't your average money guide. Katie weaves sharp analysis, real-world context, and her signature wit into a manifesto for financial independence — especially for women navigating the beauty tax, the motherhood penalty, workplace politics, and a world where financial systems weren’t exactly built with us in mind.

We discuss why the first chapter is called “The Hot Girl Hamster Wheel,” how investing in yourself early can pay off big, and why financial independence isn’t just about retiring early—it’s about having options.

Have you ever felt uncomfortable splitting a dinner bill with friends or hesitated to join a group vacation because of the cost? Maybe you’ve wondered if your friends view money the way you do. Friendships are one of the most rewarding parts of life, yet they come with their own set of challenges—especially when money enters the picture.

Today, we’re diving into this problem with someone who has tackled this topic head-on. Kristin Wong, an award-winning journalist and author, has explored the subtle, often unspoken ways wealth gaps can impact friendships.

Her recent article in The New York Times uncovers the nuances of these situations and how friends navigate the social and emotional dynamics of financial imbalance.

Follow Kristin’s Substack, “Untranslatable.”

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Today’s show offers financial advice for couples. Plus: How to manage savings versus investments?

Download Farnoosh’s free guide to Paris in 4 Days.

We’re joined by Dr. Annie Cole, Ed.D., a money coach and financial educator who specializes in helping women master their finances—from budgeting and debt payoff to investing, building wealth, and retiring early.

Dr. Annie's story is a powerful one. In her 20s, she was a burnt-out social worker earning just $26,000 a year. Fast-forward a decade, and she had climbed the ranks to a Vice President role, invested over $380,000, built a $1 million real estate portfolio, and shaved 20 years off her retirement timeline.

Now the founder of Money Essentials for Women, Annie is on a mission to help women step into financial confidence—and today, she’s sharing the steps that made it possible.

We talk about her four-phase wealth-building plan, how our brains are wired to resist financial change, and why the increasingly popular idea of micro retirement—taking a meaningful, temporary break from work—isn’t just possible, it might be essential.

Grab Dr. Annie's Free Guide: How to Take a Micro-Retirement

Ever wonder why we take on debt knowing it will cost us — or why flashing a credit card can feel like flashing status? It’s not just poor math or bad habits. It’s biology, psychology, and marketing, all tangled together.

In today’s episode, we unpack the psychology of spending with Wright State University professor and author John Dinsmore, whose new book The Marketing of Debt: How They Get You breaks down the subtle — and not-so-subtle — ways marketers capitalize on our optimism, impulsivity, and desire for status.

We talk about:

• Why your brain underestimates the pain of future debt
• How credit card companies brand products to play on our egos
• Why handling money can make us less generous
• The hidden costs of “quiet luxury” and keeping up appearances
• And how Dinsmore’s own research found that just touching $20 bills increased testosterone and reduced charitable giving

Today’s show: The benefits of credit cards, recommended stock portfolio allocations and resources for helping kids learn about money. Plus: How to execute a rollover or backdoor Roth IRA?

(This episode originally aired in 2024)