The Stacking Benjamins Show

On today's show we're mixing the ghoulish past with the horrific NOW. Chuck Jaffe from Money Life with Chuck Jaffe joins us to share how he's scaring his neighborhood kids this year into better money habits AND then we rewind (this is our rewind week!) to Sandy Smith sharing how she spent just under $5000 on her wedding and had the ultimate experience for herself, her husband, and their friends. It's a great now/rewind episode of Stacking Benjamins (plus we share an AWESOME event coming up for all Stackers on 11/10...join us!).

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What's more spooky than an investing story gone wrong? Nothing... if we're discussing your net worth. Today the Fintern brings us back to our time with CFA Rick Ferri, who dropped by the basement and scared us silly with some absolutely HORRIBLE investing stories.

Plus, Nick Clements from MagnifyMoney.com also joined the show to talk about our (then) recent discussions around technology and pricing structures.

Of course, we also had headlines, Doug's trivia, and more.

Enjoy!

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Happy Rewind Week Stackers! We're kicking off Monday strong with a special show that used to be a fan-favorite: a Joe and OG Top 5. Today's topic? How to react to market volatility. It was relevant then, and it's relevant now. There's no featured guest on today's show - but there's also a whole bunch more of Joe and OG banter than you'd normally have. (Some people say that's a good enough trade-off).

You can read the short and sweet original show notes below:

It's another Top 5 episode! Today Joe & OG tell you their top 5 ways to handle bouncing markets.

In headlines we tackle the herd mentality down markets create and signs that it's time for a new advisor.

We also fire up the Quotacy hotline for the first time, where Sam asks about stretch IRA rules.

It's all that and more on today's show!

Thanks to Candid and Netsuite for sponsoring the Stacking Benjamins show!

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Worried it's next to impossible to get your finances in order by this point? What if I told you it could happen by Thanksgiving? (For those of you caught in the infamous 2020 haze, that's a little more than a month away). Today our roundtable crew share their personal tricks of the trade they employ to manage their budget, lower their expenses, and keep charge of their finances. Joining us on our roundtable is the mind behind the Own Your Money brand and Stacking Benjamins' partner in our Making Money Easy course, Belinda Rosenblum; Kevin Payne from the popular Family Money Adventure blog; and basement regular Len Penzo... from the aptly named Len Penzo dot com blog.

After our contributors finish sharing their top finance tips, we'll give them a break while we shine some light on small businesses and what they've been experiencing this year. Helping us shine that spotlight is Kabbage co-founder, Kathryn Petralia. Kabbage was the second biggest PPP loan provider, and Kathryn will share the mistakes she's seen businesses make, what businesses should be doing right now, and what we can maybe expect in the future.

We'll finish out the show with our Magnify Money segment - our caller Jambalaya wants to self-insure his health costs. He breaks his plan for his, and makes sure to let us know that he's otherwise healthy. Jambalaya asks for our seal of approval: is his plan sound, or, in his words, "should I keep it simple stupid?" Our roundtable will share their thoughts on our caller's plan.

Naturally, we'll make some airtime for Doug's Friday trivia game show. This week's question? The original iPod sale price!

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When you make a decision about your money, do you weigh how that plays against your long term goals? Doing so is called considering your "opportunity cost." Today's guest talks about both the process of thinking about opportunities AND discusses how to weigh down markets. Should you move your money? He's been through a ton of down markets and has a world of experience with them. Today we're airing a very special episode with JL Collins, author of The Simple Path to Wealth. Doc G (in an interview originally aired on the Plutus award-winning Earn and Invest podcast) caught up with Collins last year, and asked him many questions, that we'll play for you today.

What's your first response after finding out your online portfolio has been liquidated and cleared of its cash? Okay... so after THAT, you're probably calling your financial advisor until they pick up the phone, right? At the very least, solo investors should call the support line for their online brokerage.. right? What happens when NO ONE is available to help you figure out where the money went....or worse yet, when you do get a reply back it says that you'll need to hold tight for a few weeks? That's exactly what's happening to Robinhood investors... we'll unveil yet another issue at the troubled brokerage during our headlines segment.

In our second headline: day-traders are often ignored by long term investors, but new research indicates these very-same day-traders could be a driving force behind market fluctuations, including the market rebound this year. Don't worry - we'll cover what that means to you and your plan.

We'll finish out the show with a call from Ryan, who wants to know more about family contributions to a 529 plan. Ryan and his wife are expecting their first child, and would like their family members to contribute to their child's 529 plan instead of traditional gifts. Are there any online portals their family can use, or is it up to Ryan and his wife to collect contributions and investing the cash?

Of course, we'll save some time for Doug's trivia. Doug was feeling generous today with his dino-trivia, and opted for multiple choice responses... enjoy!

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Heather Jacks has done it all. She's created a new job to work for Howard Shultz, facilitated wine and bourbon tastings, ferried pigs for a guy, lived in the outback, and slept full-time in a bus named Bubba. Also? She writes travel stories for Fodor's and other outlets, while also keeping a blog. ....and she's modeled. ..and she's been a teacher. ...and....the list goes on, but we're excited today to talk to her about how she's found a way to put together diverse skills and barter her way across the USA. Think you don't have enough money to travel? She'll share tricks she's used and stories from the road on today's wide-ranging (to put it mildly) discussion.

LOTS of people are having debt forgiven because of COVID-19, but some are in store for a surprise. We'll share who's showing up with their hand out when you write down debt during our headlines segment. Also, the new Social Security cost of living increase has been announced, and....it's not pretty. We'll talk inflation, the stock market, and setting up your investments to win.

Of course we'll also throw out the Haven Life line to a lucky listener and leave some time for Doug to share some of his mind-bending trivia. Enjoy!

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How's your network of mentors, friends and coaches? Who can you reach out to for help when you really need something? On today's show our roundtable contributors will tackle networking, and how to build a more effective surround sound for your life. We won't talk "networking," which can come across as dirty and slimy. We'll tackle how to effectively and sincerely grow a network so that you're more effective and also more of a help to other people. Our piece today says that your net worth is equal to your network, and we'll ask our roundtable what that means for you.

Speaking of being happy...after our discussion on true friendship, wealth, and cold, hard business decisions - we'll turn our attention to a new site called Happy Money in our Friday FinTech segment. We'll give a break to our panel while Joe talks with the company's Chief Science Officer, Dr. Elizabeth Dunn, who's a behavioral and happiness expert. How do you, as mom says, turn that money frown upside down? She'll share details of what they're working on.

Who's on our roundtable today? We're super happy that today we network with Roger Whitney from the Retirement Answer Man podcast, Paula Pant from Afford Anything, and OG from our very own podcast.

Of course, we'll also save time for Doug's Friday game show trivia. It's too bad Joe isn't in the running for points - today's Disney themed trivia would net him an easy win this week. Enjoy!

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How's your savings plan been? Have you had to abandon ship on your retirement goals during this car wreck of a year? What are the keys to doing well with your money when the world turns on it's head? Today we'll discuss all of those things and T. Rowe Price's newest 401k data with the company's head of thought leadership, Josh Dietch.

Is the stock market a house of cards? In a stunning accusation, one piece says that the stock market is nothing more than a (legal) Ponzi scheme, and a better investment for your money would be real estate, agriculture, and oil. While we're NOT jumping on the train to Ponziville, could there be some logic to the claims? We'll break down whether you should take any stock in opinion pieces with claims like these during our headlines segment of the show. Plus, Cake Boss Buddy Valastro is on his road to recovery after severely injuring his dominant decorating hand in a bowling alley accident. We'll share exactly what happened, and why this might make you change your mind about your insurances.

We'll round out today's show with a letter from Randy during the Haven Life Line. After listening to our Guy Raz episode, Randy wanted to share his experience moving to Columbia. He reports that it was "easier" than he thought it would be, and he saved a lot of money doing it.

Of course, we'll always save some time for Doug's trivia. It's an action packed Wednesday here in the basement, so we hope you enjoy it!

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Do you focus on managing time or money? If you worry about every dollar, do you value your time similarly, spending moments carefully? While many of us know much we expect to save, spend, and invest each month, not as many of us know exactly where our time is going. In her new book, Time Smart, Harvard Global Health fellow Ashley Whillans explains where all your extra time is going, the two different approaches we take with time and work, and why it feels like we have less time in our day than ever before.

Think you don't need a layer of separation between you and your money? After today's headline, you might reconsider how much access you want to your cash. The short and sweet? Under NO circumstances should you cash out $400,000 for your partner's flight school venture. (And maybe watch your checks). In our second headline, we'll cover Kobe's autographed court floor selling for over $600,000. While that's an undeniable nice piece of history to show off to your friends, the average investor (or even a lot of investors who could be considered rich), probably shouldn't even think about spending that kind of cash on a collectible.

Plus, during our Haven Life Line Steve from Arkansas has a thing or two to say about Bauxite. On a recent show Joe and OG dismissed Bauxite a little too quickly for Steve's tastes, and he's laying down some firsthand knowledge.

As always, we'll save some time for Doug's trivia.

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Most of us are frustrated by our paycheck. Are you a Henry? That's "high earner, not rich yet." Maybe you know a Henry and are confused how someone who makes so much money is constantly broke all the time? While our topic today covers money mistakes made by high-earners, workers of all income-levels will find today's advice relevant to their wallets.

Plus, ever dream about owning rare baseball cards, vintage cars, or maybe even a jersey? Halfway through the show we'll dive into the world of investing and collectibles with Rob Petrozzo, co-founder of Rally. While you might not have the cash to buy a classic Aston Martin, you could invest in some shares.

During our Magnify Money segment we have a big question that Brian posted in our Basement Facebook group on behalf of his neighbor. Brian's neighbor has had a rough go financially so far, but he's looking to turn things around. With bad credit, a felony, and a foreclosure on the record where should Brian's neighbor start?

Plus, we'll make some time's for Doug's weekly trivia game show. 

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