The Stacking Benjamins Show

Want to change the world with your donations, but feel powerless? Are you unsure of the best WAY to donate money or time to an organization? Have you ever been burned by the ineffective use of the money you've loaned or gifted? Today we'll talk to someone who knows how to help you become the philanthropist you've always wanted to be. Not only will Kris Putnam-Walkerly share how to find great organizations and evaluate them, she'll also give us tips on using tools like donor-advised funds to make a larger impact (and maybe score some tax relief!).

Don't worry if you like your news a bit on the harder-edged side - today's show has something for everyone: We'll ask how does an investor go from almost netting one million dollars to broke in two weeks? During our headlines, we'll look at how some investors got in over their heads in an attempt to earn huge returns... until the money train came to a screeching halt. In our second piece, we'll ask whether air travelers should expect airlines to raise fees to keep the middle seat open during the pandemic.

Plus, where are the financial resources for people who DON'T want kids? During the Haven Life Line we'll answer a question from Maddie, who has become more interested in saving and planning for retirement. A lot of resources she's found so far have a focus on planning for the expense of children down the road. Maddie asks: what resources can she find for people in her situation? 

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Maybe you've heard of the term "anchoring" when it comes to sales. Most likely you heard it when a fast-talking salesman threw out a couple of high figures for a fancy car just outside of your budget. (But hey! That's okay, we have some more affordable models right over here... and look, you're five dollars under your limit!) But, is it possible to use the power of anchoring to actually help you reach financial goals? In our featured piece today, which is both written AND read on-air by Emily Guy Birken, we'll dive into how you can use the power of anchoring to cut your expenses, save more money, and find financial independence more quickly. Helping us dig into the topic is none other than the co-host of the BiggerPockets Money podcast (and Bigger Pockets CEO), Scott Trench. Of course, we'll also have help from Paula Pant of Afford Anything, and our very own OG.

After we're done with our anchoring discussion we'll give our roundtable a little break while Joe rings up Angelo Poli from MetPro. Did being stuck inside for months on end cause you to pack on a Covid-19 pounds? Angelo will share some great strategies to get your lifestyle back on track.

We mixed things up on our Magnify Money segment this week so we could give Scott Trench a little fun. With some inspiration from a Reddit Real Estate post, we asked this question to the roundtable: What are your real estate buying/selling horror stories?

Of course, we're also carving out some time for Doug's trivia. 

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Do you feel just a little bit lost managing your retirement funds? Don't feel like your alone. A recent study shows that MOST Americans have no clue how to pick investments in their 401k, and worse yet, even more people feel like they're investing poorly for their retirement! If you want to fix your 401k plan (that thing you save into for retirement...), we're coming to the rescue. Today we'll discuss the good, the bad, and the stop doing this before you ruin your retirement.

There are MANY ways to make your 401k grow faster, but today we'll discuss how to pick better investments, save more money, stop making trading mistakes, picking better funds, and more.

Later in the show we'll throw out the Haven Life line to caller AJ, who wants our thoughts on buying a property at a discount to be used as an Airbnb. With the rest of AJ's bills paid, and the 401k and other retirement accounts fully funded, AJ and her husband have put in a $460,000 offer for a $540,000 house. So, is it a good time to make this investment?

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

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Your boss offers you a several thousand dollar raise, do you turn it down? Probably not! Yet, one of California's top real estate agents says that home buyers and sellers both regularly leave thousands of dollars off the table. That's why today we're talking about better real estate transactions with Marin County, California's top real estate pro, Tracy McLaughlin. She'll share strategies from her new book, Real Estate Rescue, for staging, updating, and pricing a house so that it sells both for more money and more quickly.

We're also diving into why financial advisors are losing faith in planning software tools. With plenty of highly-rated software on the market, should you be worried that your advisor is disregarding fintech? We'll jump into the "why" during our headlines AND cover why so many Americans had to dip into their retirement funds during the pandemic.

Plus, could refinancing your home loan actually end up costing you more in the long run? During our Haven Life Line we'll answer a question from Niranjan, who heard on the show that because of the way amortization tables are structured, it might not always be a good idea to refinance a mortgage. He asks us to explain this a bit more in detail, and of course, Joe and OG oblige. During the segment, we'll explain financing, interest rates, amortization tables, and more.

We'll also carve out some time for some of Doug (who seems to be acting a little suspicious today... more on that later) and his trivia.

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Have you had trouble getting the people around you to understand the importance of saving, investing, and planning? Maybe you're having trouble connecting with people on their level or it's difficult to have a meaningful, lasting conversation? Worse yet, and on a much wider scope...maybe you don't understand current events and why things are happening. Today we dive into a piece from the Harvard Business Review that suggests there's a key piece that could be missing in your relationships: curiosity. Our roundtable will help us figure out the why behind your questions about what others are doing...and includes our friend from the financial blog Tread Lightly, Retire Early, Angela Rozmyn; Len Penzo from the LenPenzo.com blog, and our very own OG.

After our awesome (if we don't say so ourselves...) empathy discussion, we'll give our roundtable a break while we chat with the founder of a new money-tracking solution. Between breaking your spending down into searchable categories, automatic bill and subscription detection, and budget capabilities, the Copilot app has a lot going for it. We'll chat with founder Andres Ugarte during our Friday Fintech segment to get the inside scoop.

Plus, do you remember the first time you had to buy home essentials on your own? ("What??? Bacon cost THAT much!?") During our MagnifyMoney segment, we'll dive into some of the responses to our Twitter poll: What’s something you didn’t realize how expensive it was until you had to start buying it yourself? Here's one from the home team: shredded cheese (more than I thought it would cost anyway), cleaning supplies, and of course... going out to eat multiple times a week. KA-CHING! 

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Are you just beginning your journey toward investing or know someone graduating from high school or college? On today's show we'll field a letter from Jonathan with some help from our friend Christine Benz at Morningstar. What things should graduates and new savers think about first? Where do they make mistakes? What resources and books are great reads? We'll tackle all of those questions during today's episode answering your questions!

We'll also tackle a question about target-date funds. Why do most target date funds stink? We'll explain. Also - have you thrown away your stimulus money accidentally? If it hasn't come yet, there's a good chance you have. We'll explain why there's been such a mix up on today's show. We'll also wonder aloud about the news last week out of Silicon Valley. Has COVID-19 created a new normal for workers which includes working from anywhere? Twitter says "Yes," and Facebook says...."Maybe." We'll explain. 

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Can you actually manufacture "luck"? Have you been hoping for your fortune to change? Do you feel like you've failed often lately? What if we told you that you COULD change your luck? , Today we tackle the recipe on luck with the man who actually co-wrote the book on the topic, Gay Hendricks. Between setting yourself up for success and being ready when opportunity comes knocking, Gay Hendrick has a wealth of information on how you can begin to operate your life, investments, savings, and budget with the power of the world on your side.

Plus, has the current situation left you scrambling to pay rent? Or maybe you're a landlord still waiting on checks from struggling tenants? During our headlines we'll ring up rental real estate expert Justin Pogue for some advice on what you should do if you're stuck in a bad situation either way during these difficult times. In our second piece we'll cover some secondary effects of the troubled economy: teenagers across the country are finding out their usual summer jobs won't be waiting for them this year.

Later, we'll answer the question: does the law of supply and demand mean that stock prices are currently artificially inflated? Caller Jay left a voicemail on the Haven Life Line and notes that the number of publicly traded companies have halved since 1996. Wouldn't supply and demand dictate that these companies stock prices go up (more demand, fewer shares), regardless of their performance?

It's another fun show with much, much more. Enjoy!

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Has goal setting helped your quality-of-life? Today we review a recent blog post where the author decides that goals have possibly ruined much of his life. Today our round table contributors will dive into this post from blogger Alex West, and talk about measurement of goals, a horizon that always seems to be unreachable, the randomness of progress, and more.

After our discussion on goals (or the lack thereof), we'll shift gears to speak with Pam Andrews from The Scholarship Shark. How can you help someone not only get into the school of their dreams but help them get it paid for with scholarships? We'll discuss the problems students face, the important aspects to think about when targetting scholarships AND we're also thrilled to announce our brand-spanking-new partnership with Pam. Looking for more after our discussion? You can find out more at: StackingBenjamins.com/scholarships.

We'll round out our show with sharing the results of a timely and special poll. A few weeks ago we asked our friends on social media what their best "investment" has been so far during this unprecedented quarantine. During today's Magnify Money question we'll ask our contributors to answer this same question and we'll also share some of the answers Twitter shared with us.

One last thing... we'll always save some time for Doug's trivia.

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We all wonder...this big stock market run-up lately...can it continue? Who should you listen to? What should you believe? Today we ring up a man WE believe, Phil Town, author of New York Times bestseller Rule #1, to provide some clarity. We'll ask him about the economy, the market, his strategy, and what he feels is the wrong way to invest in this climate. If you're ready for some straight talk from one of the best investment teachers, you'll enjoy today's discussion.

Plus, are you in the market to purchase a home? Joe and OG roll out 12 great housing markets for first-time buyers. We’ll round out our headline with our second piece on credit cards: why are issuers now giving out lower holder limits, (and does it really matter to you anyway)?

Later, we'll answer a question posted in our Stacking Benjamins Facebook group: Jason asks, what can he do to fix his father's retirement plan? His father is 60 and plans to work until he is forced to retire. At that point he plans to move in with Jason. With there being at least a decade of prep time remaining, Jason pleads asks us: what can he do in preparation?

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How would you like to pay off your mortgage in four years? Heck, many of us would love to pay off a mortgage in 29 years! Four years sounds like the stuff of dreams and make-believe, right? We might not have believed it ourselves if we didn't sit across from him in the basement and listen to his story. Today we're proud to bring you Andy Hill, host of the Marriage, Kids and Money podcast, and long-time friend of all of us in the basement. You may have heard Andy before on the show, but today he's agreed to share his amazing story on the podcast. We hope you can walk away from this one with some new inspiration and focus on your own financial walk.

What kinds of important items have people been spending their stimulus checks on? Well....while many Americans spent their checks on necessities, companies are also reporting some surprising not-so-great results. We'll dive into what people have been spending their cash on, AND save some time to cover why 70% of workers can't save for retirement.

Later in the show, we'll throw out the Haven Life Line to one Dad-To-Be expecting a son in November. Eric and his wife know they can open up a 529 plan for their son, but wonder about other accounts. They both live outside of the U.S., but Eric still makes money from a Colorado-based company. Can he open up a brokerage account for his son?

Plus, Doug will test your nerd-mettle during today's trivia segment with a thundering round of back-to-back fantasy and sci-fi questions. See if you can guess them all!

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