In this episode of The Personal Finance Project, Greg and Scott sit down with Joe Hodes, Director of Research on Baird's Specialized Asset Management (SAM) team. With a decade of experience as a research analyst and his CFA designation, Joe brings a deep and practical perspective on how portfolios are built, how companies are evaluated, and what investors should understand about today's market environment.

SAMTEAM

Together, the group unpacks:

• Why active management still matters after 15 years of "S&P 500 dominance"

• How the SAM team builds customized large-cap portfolios around client needs

• Why the S&P 500 today looks nothing like the index of decades past — and why that matters

• How to think about valuation, earnings growth, and multiples in a market heavily influenced by a small group of mega-cap companies

• The growing role of AI, where expectations may be too high (or too low), and how active managers navigate the hype cycle

• Why focusing on your personal financial plan beats chasing benchmarks

• How seasoned investors should think about risk, diversification, and protecting their nest egg in retirement

Joe also shares insights on today's economic backdrop — from inflation and consumer behavior to global trends and the rise of a worldwide middle class.

Whether you're a retiree managing distribution risk or an investor curious about today's market dynamics, this episode offers a clear, practical look into how disciplined portfolio management really works.

In this episode of The Personal Finance Project, Scott and Greg welcome back Justin Nichols, a nearly 30-year industry veteran, for a timely and expansive discussion on the economy, AI, and the future of financial advice.

We begin with today's economic backdrop—from tariffs and inflation to interest-rate strategy and the growing importance of U.S. energy. Justin explains why tariff revenues are increasing, how energy markets intersect with AI and data-center growth, and why the economy has remained more resilient than many expected.

We then explore the promises and limitations of artificial intelligence. Justin shares where AI is improving productivity, where it still falls short, and why over-reliance may leave the next generation of professionals under-trained. We also discuss the irreplaceable role of human judgment, especially in emotionally charged financial decisions.

Finally, we dive into a crucial topic for investors: succession planning. Justin explains what clients should look for in an advisory team, why mentorship and continuity matter, how ownership structure shapes incentives, and why multigenerational teams are becoming essential to long-term client success.

Episode Highlights: • Why the economy has remained resilient despite tariff pressures • How AI is reshaping productivity and corporate decision-making • The risk of losing skills when professionals rely too heavily on technology • Why human emotion still drives real-life investing decisions • What succession planning means for clients—today and decades from now • The benefits of team-based planning and shared incentives • How multigenerational advisory teams support continuity and trust

Thank you for listening—and be sure to follow the show for future episodes.

What if you could retire right now? In this episode of The Personal Finance Project, Scott Bartosch and Hannah Gowdy dive into the fascinating world of FIRE — Financial Independence, Retire Early — and unpack what it takes to make early retirement work (and when it doesn't).

From "lean FIRE" minimalism to "barista FIRE" side gigs, Scott and Hannah explore how people are redefining work, wealth, and freedom. They discuss the math behind sustaining a 50-year retirement, the tradeoffs between aggressive saving and quality of life, and the practical realities of insurance, taxes, and long-term fulfillment.

Topics covered include:

• The origins and popularity of the FIRE movement

• "Lean FIRE" vs. "Barista FIRE" and which might fit your lifestyle

• The risks of speculative investing and running out of money too soon

• What early retirees often get wrong — and how to plan smarter

• How to find purpose after financial independence

Whether you're dreaming of quitting the 9-to-5 or just curious about the hype, this episode offers a grounded look at what "retiring early" really means — and why fulfillment might matter more than freedom itself.

Listen now on Apple Podcasts, Spotify, or YouTube, and subscribe for more thoughtful conversations about money, meaning, and retirement.

We turn tax complexity into action: marginal vs. effective rates, bucket logic, IRMAA and the widow(er)'s penalty, inherited IRA rules, and when Roth conversions actually make sense. Plus, asset location (Roth/traditional/taxable) and the early-retirement access rules most people get wrong.

In this Book Club installment of The Personal Finance Project, we dive into Christine Benz's How to Retire—specifically her interview with retirement researcher Wade Pfau. We translate the theory into plain-English decisions: how to turn your portfolio into reliable income you'll actually feel comfortable spending.

We break down Pfau's framework across two key preferences—Safety-First vs. Probability-Based and Commitment vs. Optionality—and map them to four retirement income styles: Total Return, Time Segmentation (Buckets), Income Protection (Annuities & flooring), and Risk Wrap (variable annuities with income benefits). Along the way, we unpack sequence-of-returns risk, why spending rules matter more than most people think, how cash buffers can help in bad years, and the surprisingly pro-behavioral case for annuities when they're vetted and used for the right job.

Whether you want market upside, contractual guarantees, or a blend, this episode helps you identify the style that fits your temperament—so you can spend confidently without second-guessing every market headline.

• The two preference axes that define your income style: Safety-First vs. Probability-Based and Commitment vs. Optionality
• The four retirement income styles and who they're for:
  • Total Return: diversified portfolio + systematic withdrawals
  • Time Segmentation (Buckets): matching near-, mid-, and long-term spending to cash/bonds/equities
  • Income Protection: building a secure "floor" (Social Security + fixed annuities)
  • Risk Wrap: market participation plus a protected lifetime income benefit
• Sequence risk explained (and four ways to mitigate it): conservative starting spend, flexible spending, bucketing/glidepaths, and buffer assets (cash)
• The behavioral case for annuities: why some retirees spend more comfortably when core expenses are covered by guarantees
• Inflation reality check: use stocks/real assets as your inflation hedge; use annuities for longevity income, not CPI-matching

Gold has fans, critics, and a whole lot of marketing. In this Financial Mythbusters-style episode, we unpack when (and if) gold earns a seat in a long-term portfolio. We cover how gold really behaves across market cycles, why "true believer" doomsday cases fall apart in practice, the overlooked tax trap on ETFs and bullion (hello, 28% collectible rate), and the messy realities of storage, insurance, and selling physical bars and coins. We also compare owning bullion/ETFs vs. gold-miner stocks, where dividends and capital-gains treatment may help—but bring new risks. If you've ever wondered whether 2–5% "permanent gold" allocations make sense—or you're tempted by those late-night gold IRA ads—this one's for you.

• Gold's performance comes in tight bursts; long doldrums are common.

• Behavioral trap: it often feels worst to sell when everyone else is buying.

• Tax surprise: bullion and gold-backed ETFs are taxed as collectibles (up to 28%).

• "Gold IRA" popularity often masks that tax issue—not a free lunch.

• Miners ≠ gold: different drivers, sometimes dividends, standard cap-gains—but country/operational risks.

• Physical gold has friction: storage, insurance, purity checks, dealer spreads, logistics.

• A small, rules-based "speculation sleeve" can be a cleaner way to scratch the itch.

Net Unrealized Appreciation (NUA) can turn decades of company-stock growth inside a 401(k) into long-term capital gains outside the plan—often at lower tax rates and without the 10% early-withdrawal penalty. Greg and Scott break down how NUA works, who qualifies, the "final liquidating distribution" rule, hybrid holding periods, the NIIT carve-out, IRD/step-up considerations, and why ExxonMobil retirees often have unique opportunities. They also cover pitfalls (over-trading, partial distributions at 59½) and when after-tax ("post-'86") balances may supercharge an NUA strategy—or be better used for a mega backdoor Roth. Educational only. Not tax advice.

Scott and Greg wade into the shadowy corner of TikTok known as FinTok to separate confident-but-wrong money takes from durable, real-world planning. They react to three viral clips—"Three Things Women Need to Know About Money," "Retire in 5 Years with Amazon Dropshipping," and an "income for life" annuity pitch—then close with a listener question on the best place to keep an emergency fund.

What you'll hear:

• Why "earn it, store it, multiply it" is incomplete—and how everyday savers can build wealth without a liquidity event.

• The passive-income trap: why dropshipping "arbitrage" rarely survives contact with fees, competition, tariffs, and reality.

• Annuities decoded: bonuses, "guaranteed" growth rates, income bases vs. surrender values, and what you're giving up for a lifetime paycheck.

• Emergency fund 101: checking vs. high-yield savings vs. money market funds—and how to add just enough "friction" to avoid dipping in.

Chapter guide:

• Open: Why FinTok is often confident…and often wrong

• Clip #1 — "Three Things Women Need to Know About Money"

• Clip #2 — "Retire in 5 Years" (Alibaba → Amazon)

• Clip #3 — "Guaranteed Income for Life" annuity pitch

• Listener Q: Where should your emergency fund live?

Key takeaways:

• Wealth is personal: define your own future spending goals, then align earnings, savings rate, and investing accordingly.

• Be skeptical of "income-producing asset" hype—current yield isn't the same as total return, and taxes matter.

• If an annuity's growth sounds too good to be true, you're probably looking at an income base illustration, not walk-away value.

• Park emergency cash where it's safe, liquid, and out of sight enough to avoid temptation (often a separate high-yield savings or a brokerage money market fund).

Listen on: Apple Podcasts • Spotify • YouTube Disclaimer: This episode is for informational purposes only and not investment, tax, or legal advice. See full disclosures in-episode.

What happens when speculation collides with investing? In this episode of The Personal Finance Project, Scott Bartosch takes a solo dive into the world of Reddit's infamous WallStreetBets community. From the GameStop frenzy to zero-day call options and viral market memes, Scott reacts to some of the internet's spiciest takes on trading.

But beyond the laughs and satire, this episode highlights a serious contrast: the high-risk world of short-term speculation versus the long-term discipline of dollar-cost averaging and diversified investing. Scott shares lessons from past market bubbles, explores why chasing hype often ends badly, and reminds us why patience, allocation, and consistency still win in the end.

If you've ever wondered what meme-stock traders are talking about—or needed a reminder of why your retirement plan doesn't belong on Reddit—this episode is for you.

Listen now on Spotify, Apple Podcasts, or YouTube.

Today's Book Club installment explores Maria Bruno's lesson from Christine Benz's How to Retire: focus on what you can control. We translate that into a concrete retirement playbook—how to define your lifestyle and purpose, set realistic spending, and use tax and withdrawal strategy to your advantage. We discuss what to ignore (short-term market moves, election cycles, interest-rate guessing, single-stock drama) and what to prioritize (goals, cash-flow math, tax planning, and documents). We also cover Social Security timing, 75% income-replacement starting points, the 4% rule nuance, sequencing withdrawals across IRA/Roth/HSA/taxable, RMD surprises, IRMAA, account consolidation, QCDs, aging-in-place vs. moving, and protecting a spouse from cognitive-decline risk. The result: more confidence and a plan you'll actually follow.

Key Takeaways:

• Define a clear retirement vision and daily rhythm; align with your spouse.
• Control > prediction: build a plan resilient to markets, rates, and elections.
• Use 75% income-replacement and ~4% starting withdrawal as baselines—then tailor.
• Social Security: run the numbers before claiming; consider survivor benefits.
• Tax strategy window between retirement and RMDs: evaluate Roth conversions.
• Watch IRMAA, RMD timing, and leverage QCDs (from IRAs) for giving.
• Consolidate accounts; maintain POA, wills, beneficiaries, and directives.
• Plan for go-go / slow-go / no-go phases; decide on aging-in-place vs. communities.
• Consider professional advice for planning, error avoidance, and accountability.

Suggested Chapters:

00:00 Intro & Book Club context (Christine Benz / Maria Bruno) 03:00 Control vs. noise: what to ignore in retirement 08:00 Building a retirement vision & purpose 13:00 Phases: go-go, slow-go, no-go 18:00 Running the numbers: income, spending, cash-flow 23:00 Social Security timing & survivor considerations 27:00 Tax strategy: brackets, IRMAA, RMDs, Roth conversions 33:00 Accounts: IRA vs. 401(k), QCDs, consolidation 38:00 Estate docs & cognitive-decline risk management