The Stacking Benjamins Show

Everyone has made mistakes during their life. Lord knows, we've made our share. While we thankfully forget about a lot of the smaller mistakes we make, the larger mistakes tend to stay with us as lessons we can use to help us in the future. Learning from your own mistakes is great, but being able to learn from another person's mistakes and saving yourself some heartache is even better. Today we're giving you a free "head directly to Go and collect $200" card by sharing with you some of the WORST investing decisions of all time, as shared by one publication.Halfway through the show, our roundtable discussion will take a break for our Fintech segment. With colleges opening up their doors for the fall semester soon, we'll focus on one company that's striving to improve student grades AND earn them some extra cash while doing it. Joe will sit down with Jerry Zheng from One Class, and get some detailed bullet points on just how the note-taking company works.Plus, we'll answer a voicemail from K during our Magnify Money segment. K wants to get into real estate and is looking for ways to save for a down payment. While lowering her contributions to her retirement accounts make the most sense to her the idea still makes her cringe. What if she never finds a buying opportunity and misses out on money she could have been earning? Thoughts?Looking for something deeper than what we give you on the show? Three days a week not enough? Subscribe to our weekly newsletter: The Stacker. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Being a good communicator is a crucial skill we don't pay enough attention to. It's easy for us money nerds financially-minded individuals to learn the intricacies between different financial plans, study market fluctuations, and keep up-to-date on the best interest rates, but why is it so hard to focus on soft skills? Chief among them is communication. That being said, we're money nerds at the end of the day. That's why today we're sitting down with Jason Hanson, a man who's had to communicate professionally day-in and day-out as a former CIA officer.And in our headlines segment, is Wells Fargo catching the last few years of turmoil? We'll discuss the reasons behind why the number of financial advisors saying "sayonara" to bank is finally leveling out, and the lessons you can learn when it's time to leave your job behind. Plus, in our second headline, what's the big reason behind the record number of CFOs retiring from their companies? What are they seeing on the horizon that the rest of us aren't?Later, after we hand the mics over so Doug can dish our some of his trivia, we'll answer a voicemail from an anonymous caller who says he's "new" to money. He's 34, isn't in debt, and has $300,000 in the bank. What should he do with the money? Learn more about your ad choices. Visit podcastchoices.com/adchoices

We have two exciting announcements that mom wanted us to share with you about today's show:One - We're answering your letters, including a BUNCH of them about the Roth IRA, named after a Congressman whose birthday happens to be this very date. In celebration, we're cracking open the mailbag with our friend Scott Rieckens from the Playing With Fire documentary. He stopped by the basement while here for a sold-out screening, and while he was here we put him to work because OG and Joe...well, you know.On the topic of letters...if you'd like to ask us a question, remember now to use the Haven Life line (StackingBenjamins.com/voicemail). We stopped accepting new letters months ago and we are just now seeing the light at the end of the tunnel on letters! Hurrah!Two - Mom wanted us to remind you to take off your shoes when you walk inside the house. She works hard to keep the rugs clean, and you'll just mess them up.That's all. Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

With debt piling up, savings gone, and your credit cards maxed out, how do you pull yourself out of the hole and get on the right financial path? The first step, of course, is to stop digging, which is what one Reddit user did after racking up over $16,000 in credit card debt. They also posted a list of things they did to make their debt go bye-bye and their Benjamins start to pile up. While it may not be quick or easy to get yourself back to being debt-free, there are definite steps you can take to get yourself into the world of financial freedom - and we'll walk through one piece which reported on the Reddit forum, adding in experts and other information. How much of it is helpful and what isn't? Depends on what section of the piece we're talking about. Today, helping us dig in today is a crack team of internet stars. First, making her return trip to the basement is Chelsea Brennan (Smart Money Mamas), second, we'll welcome Len Penzo (LenPenzo.com), and then we'll say hello to the guy from our own podcast, OG.How would you like to earn stock rewards from companies where you already shop? While you shouldn't shop more to get rich (that won't end pretty), it would be nice to get some extra stock just for buying pillowcases, right? We thought so too, and that's why halfway through the show we'll take a little break from our discussion while Joe rings up and chats with founder David Nelsen from Bumped.Plus, after we subject entertain our roundtable with a round of Doug's trivia we'll break out the Magnifying Glass and answer a listener voicemail from Tyler. His 401k plan is expensive. How does he control his costs of investing for retirement? Learn more about your ad choices. Visit podcastchoices.com/adchoices

What if life weren't so complicated? What if you could stop worrying about lower expense ratios, cheaper insurances, bigger spreadsheets, or trying to perfectly plan out your retirement account so things are perfect decades down the road? On today's show, the guy who is better at taking financial decisions and distilling them to their essence joins us. Today we welcome New York Times columnist Carl Richards, an expert in distilling complicated issues into bite-sized pieces.Plus, in our headlines segment, we'll cover one piece about Suze Orman and her love of cannabis stocks and blockchain. Copying celebrity stock picks aren't always a good idea, and we'll discuss why. In our second headline, we'll turn our attention to one problem in the investing and savings world: women whose spouses are in control of the finances. A recent study shows that lots of women delegate investing to their spouse. We'll discuss why this might not be a good idea.Later on, after we take a break for some of Doug's trivia, we'll take a Haven Life Line from Tyson, whose current 401k with his employer has fees higher than he would like. What can he do to save on fees. And as we finish out letters bag, Leo writes in asking about 529 plans. With FAFSA including 529 plans in the financial eligibility of students, would it be a good idea to NOT contribute to the plan?Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Clutter is everywhere. We buy more stuff to make us happy and all it does is makes us miserable and broke. How do we get out of the cycle? On today's show we'll talk to Tracy McCubbin, founder of cleaning and organizing company dClutterfly. On today's show we'll Declutter your stuff by getting behind the emotions of clutter and dispelling some long-held myths.Plus, during our headlines segment, we'll cover one shocking piece by InvestmentNews, claiming that retirees are going to miss out on $3.4 trillion by claiming their Social Security too early. Is this a case of needing more cash for basic living expenses, or just ill informed retirees cashing in a few years too early? In our second headline we'll erxamine one trend that's gaining a bit of traction: financial apps that charge users to save money. Is it worth paying money to save more?After a little dose of Doug's trivia, we'll turn our attention to the Haven Life Line. Mike calls in today asking about 529 plans. His parents want to contribute to Mike's son's 592 plan. Can Mike use the interest from the account to invest in another account he owns?And as we finish out our letters bag, we'll tear open some mail from Brian, who has some questions about Roth conversions and the pro-rata rule. Can Brian and his wife avoid the tax hit if the conversion is done in his wife's name?Thanks to Skillshare for supporting Stacking Benjamins. Get TWO months of courses for free at Skillshare.com/SB. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Picture this: You and your friends are taking a road trip. You get off the highway and pull up to the third gas station of the day. You cut the ignition, take a look around the car and everyone avoids your gaze. You've paid for gas during the last two stops and no one is jumping up at the grand opportunity to fill the tank the third time around. What's your next move? Answering questions presented by one financial story which shines a light on situations like this and more today is our originals roundtable group: Paula Pant of Afford Anything, Len Penzo of LenPenzo.com, and OG from our very own Stacking Benjamins podcast.Halfway through the show, we'll take a break from our discussion on all things awkward while Joe sits down with Zohar Steinberg from Token. With privacy concerns and stolen credit card information constantly in the news, Zohar came up with a solution: unique credit card numbers for each transaction or service. Something goes wrong with one of your transactions or services? You'll have the peace of mind that the rest of your account is safe. Interested in knowing more? Joe will dive into the product with Zohar and learn all the ins-and-outs of Token.Plus, after we get through with Doug's trivia gameshow, we'll answer a voicemail from Lynn during our Magnify Money segment. Lynn will have about $5-7k left over after she pays off her travel expenses from long-term work trips. What should she do with the money? Should she focus on debt or investing? Our roundtable will give their 2 cents and provide Lynn some solid options on what to do with her money. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Worried about fighting with the people in your life about money? Here's the way to end it. Even if you're just struggling to talk to other people in your life about money...maybe it's not you. People don't talk in one financial language. According to Tarra Jackson, today's guest, there are actually FOUR different languages. We'll sit down with Tarra today to learn just what those four languages are, and how we can best communicate with people speaking in a different tongue. Worried about fighting with the people in your life about money? Here's the way to end it.In our headlines segment, we'll discuss weddings. Should we have a small wedding and invest the rest to ensure that we retire rich? Is it possible to do both (have a big wedding AND be rich)? We'll cover that plus another headline about employers seeking permission to send uncashed pension checks to the unclaimed proper funds. Should employers have fiduciary liability for former employees who refuse to cash their checks?Plus, after we take some time for Doug's trivia, we'll answer a question from Russell. Russell wants to know what's the point of being an accredited investor? Why should someone become an accredited investor?And as we finish up our letters segment, we're tearing open a letter from Jacob, who wants to move out of his parent's basement soon. Jacob and his girlfriend are currently living in the basement rent-free and are getting their finances ready to be on their own. Jacob sent in some info on their situation and want some input from fellow basement-dwellers. Are they going to be ready to move out? Learn more about your ad choices. Visit podcastchoices.com/adchoices

Shaan Patel is one of the best examples you'll find of a person who started with some big disadvantages but who never made excuses about his situation. Growing up in a budget motel in Las Vegas, Shaan still found a way to ace the SAT, be valedictorian of his high school class, study medicine, start a company, and land a partnership with Mark Cuban. All of this before he was 30 years old. We can't wait for you to hear his story and use it to motivate yourself to get up, do more, and achieve your dreams.In our headlines segment, we're looking at one bill that will change the way your 401k works. Is it a positive or negative change to your retirement plan? We'll discuss ONE of the many aspects of the bill and come down...well, it depends on what you're looking for from your retirement law. Plus, in our second headline, we'll discuss one piece sent by a listener, which covers the story of one man who's being charged with multiple crimes regarding investing, securities, and exploitation of the elderly. The catch? He doesn't even have a license!After we take some time for Doug's trivia, we'll swing around to the Haven Life Line. Biff and his family don't have any debt, and the college costs for his kids are taken care of. At what point should they stop locking away cash in an IRA?We'll finish up with a letter from Matthew, who has some questions about a fund manager he heard about on the show. They're expenses are a bit higher than he's used to, but they've outperformed the market. Does a well managed fund justify the extra cost?Thanks to Away for supporting Stacking Benjamins. Go to awaytravel.com/sb20 and use the promo code sb20 to get $20 off a suitcase! Learn more about your ad choices. Visit podcastchoices.com/adchoices

What are some of the biggest lies of retirement planning? Today we'll finish off our rewind week with one of our old school roundtable episodes. Back in 2017, we discussed 9 lies we're told about retirement planning. Going through the list with us was Paula Pant, former roundtable regular Greg Mcfarlane, and special guest Rich Jones from the Paychecks and Balances podcast. Plus, long time listeners may remember this old segment: we also had a rousing conversation about a Marketwatch Moneyologist piece. If you had two kids, and one was irresponsible with money, would you disown him? That question spurred some interesting estate planning chatter that may bring up points you may want to address in your own planning. Here is our original show description:On today's podcast we're talking about lying. A recent news piece reports that there are nine lies we're told about retirement planning. We'll break them down with Greg, Paula, and special guest Rich Jones from the hit podcast Paychecks and Balances.We won't stop there, thought. We'll also discuss a recent question to the Moneyologist at MarketWatch. If you had two kids and one was irresponsible, would you disown him? We ask our roundtable that very question and come up with some interesting estate planning themes you may want to address in your own planning.On the Freshbooks FinTech segment we talk to Michael Asare from Fee Belly. Ever feel like the fine print in a contract is completely against you? Fee Belly was designed to show you ALL of the fine print by highlighting it so you can easily see where contracts might not be in your favor. We'll ask him how it works on today's podcast.Thanks to SoFi and MagnifyMoney.com for sponsoring our show! Learn more about your ad choices. Visit podcastchoices.com/adchoices