Your Money Guide on the Side

This week’s guest is Andy Hill, a personal finance writer and podcaster known for his work on 'Marriage, Kids, and Money.' He shares his journey to achieving a 20–25 hour workweek while maintaining financial security. Andy discusses the importance of setting shared goals with partners and the balance between growing income and cutting expenses. He also critiques extreme FIRE strategies and introduces the concept of Coast FIRE. Finally, he emphasizes the value of support networks and identity diversification in creating a fulfilling, time-rich life.

This discussion dives into the concept of rebalancing portfolios, revealing why common age-based formulas can be misleading. Learn about the mechanics of DIY rebalancing and discover the benefits of tax-advantaged accounts in this process. The conversation emphasizes making smart decisions despite potential tax complications, showcasing strategies like switching to lower-fee funds and redirecting new contributions. Ultimately, listeners are encouraged to prioritize alignment with their financial goals over tax concerns.

Explore the intriguing world of investing psychology and market behavior. Discover why buying stocks at all-time highs can yield better returns than waiting on the sidelines. Statistics show timing the market is a risky game, while staying invested through volatility is key. Learn about the perils of panic selling and the cost of doing nothing. Hear cautionary tales and find out how a buy-and-hold strategy often outperforms active trading. Embrace the idea that today's investment is the best way to secure your financial future.

Explore the art of account placement strategy to maximize your investment returns and save on taxes. Discover the distinct functions of tax-deferred, tax-free, and taxable brokerage accounts. Uncover how to position tax-inefficient assets in advantageous accounts. Delve into examples that demonstrate real-world tax savings and the psychology behind investment decisions during market volatility. Learn tailored strategies for different age groups, ensuring your financial future aligns with your personal goals.

This episode dives into five lesser-known behavioral biases that can undermine investment success. Discover the Disposition Effect, where investors prematurely sell winning stocks while clinging to losers. Learn about the Ostrich Effect, which illustrates how avoiding bad news can sabotage financial strategies. Mental Accounting reveals how treating money differently can cost you returns. Plus, explore the Gambler's Fallacy, highlighting the risks of pattern-seeking in trading. Equip yourself with strategies to combat these biases and enhance your financial decisions!

This discussion dives deep into the fascinating world of behavioral economics and how our minds sabotage our investments. Overconfidence can lead to costly trading, while recency bias makes us think recent trends will always continue. Listeners learn about the endowment effect, which causes us to overvalue what we own, and how loss aversion clouds our judgment during market volatility. The episode wraps up with practical solutions to defend against these biases, emphasizing the importance of a disciplined investment strategy.

Discover why keeping a mortgage might actually be a smarter money move than paying it off early. Learn why high-yield savings accounts aren’t as reliable as they seem and explore alternatives like money markets. Tyler emphasizes the importance of purposeful investing over saving just to feel responsible. He also warns about the pitfalls of spending merely for tax deductions. Plus, he advocates for a simple investment portfolio, sticking to low-cost index funds. Sometimes, doing less is the best financial strategy!

Curious about investing $2 million without stress? Discover a straightforward 90/10 stock-to-money market strategy that balances growth and stability. Challenge outdated withdrawal rules—$120k to $200k annually is feasible and can fund meaningful life experiences. Explore how retirees often underspend due to anxiety and why spending for experiences can lead to lasting happiness. Learn the importance of a cash buffer during market downturns and how to confidently navigate your portfolio for a fulfilled retirement.

Delve into the surprising world of retirement states, where Iowa, Pennsylvania, and even New Jersey shine bright for tax efficiency. Beware of picturesque but pricey locales like Oregon and Hawaii that can drain your savings. Learn how marriage can lower taxes significantly, and discover why the effective tax rate is the real MVP. Beyond numbers, the podcast emphasizes the importance of community and happiness in retirement choices. Choosing a state isn't just about dollars; it's about your overall quality of life!

Retiring in popular no-income-tax states isn't always financially ideal. Some high-tax states can actually leave you with more money due to their effective tax rates. For instance, Iowa's effective tax rate can be significantly lower than Oregon's. The power of marriage in tax strategy can save couples thousands. It's critical to consider total tax burdens and not just income tax when making retirement plans. Context is key; the best state for retirement varies based on personal circumstances.