Making Money Ben Felix: The Problem With Saving 10% of Your Income
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Jan 12, 2026 
In this engaging chat, Ben Felix, Chief Investment Officer at PWL Capital and co-host of the Rational Reminder podcast, shares his journey from engineering to finance. He dives into why people struggle with rational investing, exploring cognitive biases and the parallels between investing and health. Ben discusses the pitfalls of fixed withdrawal rules and challenges common investing norms. His recent cancer diagnosis has reshaped his perspective on money and living well, inspiring him to emphasize holistic planning for a fulfilling life.
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High US Valuations Imply Lower Future Returns
- Recent US outperformance partly reflects valuation expansion, which is non-repeatable.
- High current valuations imply lower expected US returns going forward versus recent history.
Use Flexible Withdrawal Plans
- Avoid rigid fixed withdrawal rules; plan for flexible spending.
- Use variable spending and course-corrections during retirement rather than a strict fixed-percentage withdrawal.
Investing Is A Bias Playground
- Investing amplifies cognitive biases and short-term attention.
- People struggle with compounding and are drawn to sensational, but irrelevant, information.
