Episode 52: People in their 20s, 30s, and 40s don't have it easy when trying to figure out the best ways to spend, save, and protect their money.

Life often comes at you fast. New relationships, new jobs, new family members, new homes, new bank accounts, all wrapped up in new worries.

Kelly Klingaman, Founder and CEO of Kelly Klingaman Financial Planning in Austin, Texas, has some advice. A lot, actually.

While Klingaman specializes in advisory services for high-achieving professional women and their families, she believes most young people can benefit from straightforward financial strategies that can help you take control and gain financial peace of mind.

When it comes to spending, she recommends a three-bucket system: one for fixed expenses like rent, one for flexible weekly expenses like groceries, and one for nonmonthly spending like vacations. Then, each bucket should get its own bank account so bucket income and outlays can be tracked, and preferably by both partners if you're in a relationship.

On the saving front, Klingaman recommends that Gen Z, Millennials, and Gen X should try to put away 10%–20% of their income, both for meeting nonmonthly spending needs and for retirement planning. The money, she says, should be invested in a combination of tax-advantaged 401(k), HSA, and Roth accounts as well as taxable brokerage accounts, depending on one's assets and cash flow needs.

And this advice just scratches the surface. Klingaman also weighs in on insurance, estate planning (yes, even young people should get that started), owning versus renting, and much more.

In Episode 52 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, asks Klingaman all the "must do" money questions on the minds of Gen Z, Millennials, and Gen X (and maybe the parents of all three).

LINKS FROM TODAY'S EPISODE:

Preorder "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" https://www.staycalminvesting.com/preorder

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Kelly Klingaman on LinkedIn https://www.linkedin.com/in/kelly-klingaman/

Learn more at https://www.dimensional.com/

Episode 51: Why do many investors pull their hair out worrying about where the stock market is headed?

Dimensional Founder and Chairman David Booth knows it's an ongoing problem. He also believes it's unnecessary.

In his new book, "Stay Calm: Learn to Embrace Uncertainty in Investing and Life," Booth points out that most people already know more about investing than they think. So worrying about it doesn't make much sense. The book will be available September 1, 2026.

"Investing is about making decisions under uncertainty. That's most of what life is. You've been doing it since before you can remember with every job change and every move," Booth says.

Writing the book is Booth's attempt to share what he has spent 50 years learning. "There are people losing sleep over their financial future who've never had access to these ideas. That's what I'm trying to fix," he says.

One of those ideas is letting the market work for you. That means relying on what capital markets can deliver—in the past 100 years, for instance, the S&P 500 gained roughly +10% per year on an annualized basis—instead of trying to predict where they're going. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.)

In Episode 51 of The Informed Investor podcast, David Booth joins Dimensional's Jake DeKinder, Head of Client Communications, to discuss "Stay Calm" and the power of its "stress-less" approach to investing.

Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

LINKS FROM TODAY'S EPISODE:

Preorder "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" https://www.staycalminvesting.com/preorder

Subscribe to the Stay Calm Investing Newsletter

https://www.staycalminvesting.com/newsletter

The Informed Investor: Feedback Survey

https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

David Booth on LinkedIn https://www.linkedin.com/in/david-g-booth/

Learn more at https://www.dimensional.com/

Episode 50: Is investing in exchange-traded funds or mutual funds an either/or choice?

Not anymore.

Thanks to the recent debut of actively managed ETF share classes—which are tacked onto mutual funds—investors will get multiple access points to an increasing number of fund strategies.

Not many funds currently offer an active ETF share class. But that's likely to change in the months and years ahead.

The SEC greenlighted actively managed ETF share classes in 2025, and numerous fund companies have publicly stated that they may offer them.

Traditionally, the choice between an ETF or a mutual fund has largely depended on the use case. For example, assuming the underlying investment propositions and fees were similar, an investor might use mutual funds in their defined contribution retirement plan, such as a 401(k), and ETFs in their personal brokerage accounts. Alternatively, investors who value the ability to trade intraday might go for ETFs, while those who prefer the simplicity of trading at the end-of-day net asset value (NAV) might select the mutual fund.

Now, one actively managed fund can serve both applications using the same investment process—and all investors can potentially reap significant benefits.

For example, portfolio turnover arising from cash flows into either the mutual fund or ETF share class can be used for strategic rebalancing to increase expected returns across both share classes.

And all shareholders stand to benefit from lower transaction costs and greater tax efficiency through rebalancing from transactions in the ETF share class.

Plus, once the fund industry develops the necessary infrastructure, investors can look forward to nontaxable conversions between traditional share classes and ETF share classes.

In Episode 50 of The Informed Investor, Dimensional's Jake DeKinder, Head of Client Communications, David Kavanaugh, Global Head of Investment Operations, and Isabelle Williams, Deputy Head of Investment Solutions, break down this revolutionary change in the fund industry and discuss the advantageous implications for fund investors.

LINKS FROM TODAY'S EPISODE:

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

David Kavanaugh on LinkedIn https://www.linkedin.com/in/david-kavanaugh-59855a4/

Isabelle Williams on LinkedIn https://www.linkedin.com/in/isabellewilliams/

Learn more at https://www.dimensional.com/

For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

Episode 49: Why is market timing so alluring for so many investors?

Probably because a perfect timing strategy—assuming it's out there and it works—promises huge rewards. In theory.

But there's a huge caveat.

A perfect timing strategy would have required perfect foresight—correctly predicting when stocks will rise or fall.

That's a tall order when you consider that most professional forecasters miss the mark. https://www.dimensional.com/us-en/insights/reality-check-capital-market-assumptions-vs-actual-returns

While perfect foresight isn't necessarily required for all other market-timing strategies, evidence to support their effectiveness is limited.

Fortunately, there is one timing strategy that tends to reward most investors who stick with it, and it's probably the easiest to implement: simply holding a diversified portfolio for the long run.

From 1926 to 2025, the S&P 500, a broad market proxy, delivered positive returns in almost 75% of calendar years while gaining an annualized 10.5% in that 100-year span. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.)

In Episode 49 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Katie Hendrix, Asset Allocation Research Director, and Jake DeKinder, Head of Client Communications, examine both the psychological attraction of market timing and the data for and against it.

LINKS FROM TODAY'S EPISODE:

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Kaitlin Hendrix on LinkedIn https://www.linkedin.com/in/katie-hendrix-57a30226/

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

Learn more at https://www.dimensional.com/

For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

Episode 48: Does "index reconstitution" help or hurt everyday investors?

The phrase refers to periods when stock indexes are rebalanced—when stocks are added to or dropped from an index (like the S&P 500 or Russell 2000 Index), often annually, semiannually, or quarterly.

If you own index funds, which attempt to track the returns of indexes, reconstitution events may take a hidden bite out of your returns.

The problem is that index funds tend to buy and sell the same things when index providers reconstitute their indexes, creating a massive demand for liquidity that can reduce value for investors.

Research by Dimensional shows that average daily trading volume for stocks added or deleted tends to rise 20x to 50x higher over the following days and weeks. https://www.dimensional.com/us-en/insights/measuring-the-costs-of-index-reconstitution-a-global-perspective

This process typically begins when index providers publicly announce changes ahead of time.

Sophisticated traders such as hedge funds will get ahead of these trades, acting as liquidity providers to index funds. This typically pushes prices up before index funds buy and down before they sell. As a result, index fund managers systematically buy high and sell low, cutting into performance for both the index fund and the index itself.

But these trading costs are not reflected in the fund expense ratio, and they affect both your investment and the index, creating a hidden cost for investors.

Another potential cost of reconstitution is what's known as style drift.

This phenomenon occurs when a fund's holdings drift from the targeted objective or asset class—often due to infrequent rebalancing.

While the characteristics of individual stocks evolve every day, holding a stale roster of names due to infrequent rebalancing may lead investors to miss out on opportunities for outperformance.

Fortunately, everyday investors don't have to settle for the hidden costs and the lower return potential tied to index reconstitution.

In Episode 48 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Rob Harvey, Co-Head of Product Specialists, and Jake DeKinder, Head of Client Communications, explain how index reconstitution events impact your investment opportunities and what investors can do to help minimize the potential costs.

LINKS FROM TODAY'S EPISODE:

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube [update with live link]

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Rob Harvey on LinkedIn https://www.linkedin.com/in/robkharvey/

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

Learn more at https://www.dimensional.com/

Episode 47: What should investors do to cope with inflation?

Plenty are probably wondering what to do next now that inflation is rising again.

The first move: Try to understand how inflation impacts investments.

The next move: Determine whether your portfolio is positioned to manage the risks of inflation and still achieve your financial goals.

One key principle to get comfortable with is that expected inflation is incorporated into the expected returns demanded by market participants. The important implication is that market prices adjust to compensate for inflation expectations so that expected returns after accounting for inflation (also known as expected real returns) stay positive.

This principle applies to both stocks and bonds, and it's good news for investors.

When you participate in capital markets, you can potentially increase your purchasing power with growth investments or prevent a loss of purchasing power using strategies that keep up with unexpected inflation.

Dimensional research suggests that simply staying invested helps outpace inflation over the long term for a wide range of asset classes, and the firm's analysis covers periods with double-digit US inflation as well as periods with deflation. https://www.dimensional.com/us-en/insights/are-concerns-about-inflation-inflated

Over the long haul, stocks have beaten inflation by a significant amount. https://www.dimensional.com/us-en/insights/will-inflation-hurt-stock-returns-not-necessarily

Treasury and corporate bonds have also outperformed inflation, although by much smaller margins than stocks. https://www.dimensional.com/us-en/insights/will-inflation-hurt-stock-returns-not-necessarily

Meanwhile, Treasury Inflation-Protected Securities (TIPS) have been a useful tool to "hedge," or track, unexpected spikes in inflation. https://www.dimensional.com/us-en/insights/tips-can-help-investors-when-inflation-spikes And additional tools are available to achieve this goal.

Some investors may wonder whether cryptocurrency, gold, or other commodities can help outpace or hedge inflation. The evidence here is much less convincing.

In Episode 47 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Sooyeon Mirda, Senior Investment Strategist, and Jake DeKinder, Head of Client Communications, dissect the key role that inflation plays in investing and lay out several solutions for investors concerned about the short- and long-run impacts.

LINKS FROM TODAY'S EPISODE:

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube The Informed Investor - YouTube

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

Sooyeon Mirda on LinkedIn https://www.linkedin.com/in/sooyeon-kim-mirda-cfa-1bb99584/

Learn more at https://www.dimensional.com/

Episode 46: Are 30 stocks enough to build a truly diversified portfolio?

We seek to answer one of investing's most debated questions: How many stocks does an investor really need to own to reduce risk and improve long-term outcomes? While traditional financial research once suggested that owning 20 to 30 stocks captured most diversification benefits, today's global markets may tell a very different story.

The discussion dives into the evolution of diversification theory, from the early days of Modern Portfolio Theory and Harry Markowitz to the modern reality of investing across more than 40 countries and thousands of publicly traded companies. We examine why a concentrated portfolio of 30 stocks may expose investors to greater risks tied to countries, sectors, and individual companies—and why broad diversification can provide better flexibility, lower implementation costs, and potentially more reliable outcomes over time.

Using real-world examples, including return differences between countries like Spain and Denmark, as well as performance gaps between companies in the Magnificent 7, the conversation highlights how difficult it can be to consistently "pick the winners." We also touch on concepts like tracking error, sampling strategies in index funds, securities lending, investor discipline, and the trade-offs between concentration and diversification.

Importantly, the discussion goes beyond investing in stocks alone as we explore how diversification applies to fixed income portfolios, including why bond diversification should be aligned with an investor's goals, risk management needs, and time horizon.

In Episode 46 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, take a practical and thought-provoking look at what diversification really means in today's investment landscape, whether you're building a portfolio yourself or working with a financial advisor.

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

The Informed Investor Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

Learn more at https://www.dimensional.com/

Episode 45: Does "market efficiency" sound like investing gobbledygook?

For many people, the phrase is hard to comprehend.

When they see the stock market soar or plunge, they might think prices are out of whack. When they hear about a lucky few making a killing or sad sacks losing their shirt, efficiency probably isn't what comes to mind.

But for most investors, it's helpful to dispense with these knee-jerk conclusions.

Every day, buyers and sellers come to the market and together determine an asset's fair value. This means the prices at which those trades are executed already incorporate all the information available to those buyers and sellers.

The market is an efficient information-processing machine.

No, prices aren't necessarily right, whatever that means. But they are fair, according to the efficient market hypothesis, the idea coined in the 1960s by Nobel laureate Eugene Fama, a professor at the University of Chicago Booth School of Business.

The implication is that anyone who buys or sells thinking they can make a killing based on mispricing is likely to be disappointed. That doesn't mean it's impossible. Just unlikely.

Research going back decades provides ample evidence that money managers can't seem to beat the market consistently.

Are there sensible alternatives? One option is to rely on what capital markets can deliver while modifying your portfolio based on your risk tolerance and investment goals.

In Episode 45 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, dig into the misunderstood concept of market efficiency and show how this elegant idea can help most people have a better investment experience.

LINKS FROM TODAY'S EPISODE:

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey

The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/

Learn more at https://www.dimensional.com/

Episode 44: Are you confused about how to meet saving and spending goals at the same time?

Conflicts between these objectives may seem daunting as you plan for retirement.

If you spend more now while saving less, your financial future may look questionable. If you spend less now to save more for the future, today may seem bleaker than it needs to be.

Enter the Bucket Plan.

Devised by Jason Smith, the founder of Prosperity Capital Advisors and C2P Enterprises, the Bucket Plan splits wealth management into three buckets—Now, Soon, and Later—based on one's investment time horizon, volatility tolerance, and income requirements.

The Now bucket is for safe and liquid assets that can help meet immediate spending needs and, say, build an emergency fund.

The Soon bucket is for preserving wealth with conservative investments that will be needed sooner rather than later but not tomorrow.

The Later bucket is for long-term growth and legacy planning.

It's a system capable of handling financial planning for people at all different stages of life. Each bucket has a purpose and seeks to reduce risks so that investors avoid bad decisions that could hurt their long-term plan.

How you use this system will depend on where you are in the "money cycle"—the accumulation, preservation, or distribution phases of life.

In Episode 44 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, and Jason Smith, a financial professional with more than 30 years of experience, explore how investors can execute their own Bucket Plan as they pursue short- and long-term financial goals.

LINKS FROM TODAY'S EPISODE:

The Informed Investor: Feedback Survey

https://www.dimensional.com/us-en/informed-investor-survey

"The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Jason Smith on LinkedIn https://www.linkedin.com/in/jason-l-smith-cep%C2%AE-bpc-b998ab14/

Learn more at https://www.dimensional.com/

Episode 43: If you're newly divorced or widowed, what should you do about money?

Undoubtedly, you'll have bills to pay immediately, urgent tax issues, estate documents requiring updates, and plenty of other pressing questions.

Like, do you have enough cash? And where are all the passwords?

Evelyn Zohlen, a Regional Director and Senior Financial Planner with Apella Wealth who specializes in helping women in financial transition, says these questions are especially challenging if you're grieving due to a divorce of the death of a partner.

But she adds that addressing urgent financial questions around logistics, taxes, insurance, and actionable advice can help empower newly single women to feel confident about managing their finances.

Zohlen, a former intelligence officer in the US Air Force, founded Inspired Financial, where she spent 20 years supporting women in transition, particularly through divorce and widowhood.

In Episode 43 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, speaks at length with Zohlen about the biggest hurdles facing women going through such transitions and the key action items they should tackle today.

LINKS FROM TODAY'S EPISODE:

Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter

Register for a May 19 Webcast with Dimensional Founder David Booth on his upcoming book Stay Calm: Principles from Life and Investing https://event.webcasts.com/starthere.jsp?ei=1758565&tp_key=0b1a3c07cc

The Informed Investor: Feedback Survey

https://www.dimensional.com/us-en/informed-investor-survey

The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Evelyn Zohlen on LinkedIn https://www.linkedin.com/in/evelynzohlen/

Learn more at https://www.dimensional.com/