Personal Finance for Long-Term Investors - The Best Interest

Peter Lazaroff is the host of The Long Term Investor podcast and serves as the Chief Investment Officer at PlanCorp, a registered investment advisory in St. Louis. On today’s show, Jesse and Peter talk about the cognitive challenge of investing at all-time highs. It’s normal to feel like a crash might be coming; but it always feels that way, and you shouldn’t be worried about it. If you’re a long-term stock market investor and want to think a little more rationally or learn, this is the episode for you!    Key Takeaways: Why you should expect corrections and bear markets,, but shouldn’t worry about them. Why the stock market keeps going up, regardless of the political party in power. Should you continue investing when the market is at an all-time high? Why you shouldn’t be worried about what’s happening in the short run.  How the evidence cuts both ways in investing, and how to simplify it. Why you should diversify into global stocks. How to prepare for a bear market.   Mentions: 🌐 Website: https://peterlazaroff.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/peterlazaroff/  🎙️ The Long Term Investor Podcast: https://peterlazaroff.com/podcast  📚 The Market Crash Is Coming! (…Eventually): https://bestinterest.blog/market-crash/  📚 “Boring” Money Topics That I Find Fun: https://bestinterest.blog/boring-money-topics-that-i-find-fun/  📚 Decades of Zero Return: https://bestinterest.blog/decades-of-zero-return/    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jared Dillian is a former Wall Street trader at Lehman Brothers, an author of 4 books, and daily writer a newsletter for financial professionals called The Daily Dirtnap. He’s sharp, witty, and brings great energy to today’s conversation. In this episode of The Best Interest Podcast, we learn about "The Allegory of the Sandwich" and how you can pay for the small stuff by thinking carefully about the big stuff! If you’re looking to hear unique takes on the FIRE movement and your daily latte, this is the episode for you!   Key Takeaways: How taxes can actually be interesting! The power of waiting (for decades) The foundational importance of cash flow Preparing for life via insurance How being smart about the big decisions will help you not sweat the small stuff. Why Jared doesn’t want to retire (ever). Why you shouldn’t make your own pizza. The Allegory of the Sandwich. Why the goal should be happiness, not a number. When is it worth it to make more money? How financial stress doesn’t necessarily depend on how much you make.   Mentions: 🌐 Website: https://www.jareddillianmoney.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/jared-dillian-411aaa1b/  🎙️ BE SMART Podcast: https://www.jareddillianmoney.com/podcasts  📚 No Worries: How to live a stress-free financial life by Jared Dillian: https://amzn.to/4atCxiz 📚 The FIRE Movement by Jared Dillian: https://wggtb.substack.com/p/the-fire-movement 📚 “Boring” Money Topics That I Find Fun by Jesse Cramer: https://bestinterest.blog/boring-money-topics-that-i-find-fun/    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Paula Pant writes, podcasts, and speaks on financial independence, money management, and financial literacy. As the host of the Afford Anything Podcast, Paula has racked up more than 30 million downloads, ranking the show among the Top 50 Business Podcasts on Apple Podcasts. In this episode we learn how Paula realized she could travel the world on a limited income and eventually go on to financial independence through Afford Anything. If you’re looking for some growth mindset inspiration that will help you broaden your perspective, this is the episode for you!   Key Takeaways: - How to move on (and grow) after financial mistakes. - Why we need reminders and safety measures. - How to afford anything with the power of priorities. - How Paula traveled the world and never got a job again. - What cap rate you should be looking for in a rental property. - Why you should start 10X thinking, rather than penny pinching.   Mentions: 🌐 Afford Anything: https://affordanything.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/paulapant/  🎙️ Afford Anything Podcast: https://affordanything.com/podcast/  📚 Are We In The Best Stock Market Period…Ever? https://bestinterest.blog/the-best-stock-market-period-ever/  📚 Should You Keep Investing At All-Time Highs? https://bestinterest.blog/investing-at-all-time-highs/  📚 The Incredible Power of 10X Thinking https://affordanything.com/any-benefit/    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Brian Feroldi is a prolific creator in the financial education space, having written over 3000 articles for the Motley Fool, published a book, “Why Does The Stock Market Go Up?”, and actively posting to his YouTube Channel. In this episode, Brian breaks down his checklist for what makes a company worth investing in and provides some insight into what we should do before we jump into investing. If you’re interested in personal investing and some great guidelines to go along with it, this is the episode to listen to.   Key Takeaways: What is the index fund bubble? And what are some prominent thoughts on it? Should you be worried about an index fund bubble? How to get a sense of a company worth investing in. What criteria Brian uses when deciding what to invest in? Why you should “never interrupt your compounding unnecessarily.” Why you should take care of the boring before the exciting. Why you should keep your personal life and your investing life separate.   Mentions: 🌐 Brian Feroldi: https://www.brianferoldi.com/  🌐 Long Term Mindset: https://brianferoldi.substack.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/brianferoldi/  📚 Checklist: https://brianferoldi.ck.page/checklist  📚 Why Does The Stock Market Go Up? By Brian Feroldi: https://amzn.to/3Ij1Yax 🌐 Raoul Pal: https://www.youtube.com/@RaoulPalTJM  🌐 Ben Felix: https://www.youtube.com/@BenFelixCSI   🎙️ Odd Lots: Why The Rise of Passive Investing Might Be Distorting The Market: https://omny.fm/shows/odd-lots/why-the-rise-of-passive-investing-might-be-distort  🎙️ Animal Spirits Podcast: https://awealthofcommonsense.com/podcast/  📚 The Motley Fool: https://www.fool.ca/  🌐 More on The Index Fund Bubble:  https://bestinterest.blog/index-fund-bubble/   More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Joe Saul-Sehy is one of the hosts of Stacking Benjamins, which is one of the most listened-to podcasts in the personal finance space. In this episode, we discuss how to find a good financial advisor, how to chase time (not money), and even how to decide what your top priority is in life. If you’re looking for an educational listen with plenty of laughs along the way, then this is the episode for you!   Key Takeaways: What you need to ask any financial advisor you’re considering working with.  How Joe uses storytelling to make money make sense. Who you need to surround yourself with to find success. Before you ask what the cost is, ask what you’re getting in return.  Why you need to chase time, not money.  How to put your goals in an MMA cage match to determine your priorities.   Mentions: 🌐 Website: https://joesaulsehy.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/joe-saul-sehy-b3426b31/  🎙️ Stacking Benjamins: https://www.stackingbenjamins.com/  📚 Stacked: Your Super-Serious Guide to Modern Money Management by Joe Saul-Sehy and Emily Guy Birken https://www.amazon.ca/Stacked-Super-Serious-Guide-Modern-Management-ebook/dp/B092HGBFB5 📚 “I Wouldn’t Know Where to Start” – 16 Questions to Ask A Financial Advisor by Jesse Cramer https://bestinterest.blog/financial-advisor-questions/  📚 The 19 Questions to Ask Your Financial Adviser By  Jason Zweig https://www.wsj.com/articles/the-19-questions-to-ask-your-financial-adviser-1503654013    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Today’s show features Doug Cunnington, one of the hosts of the financial independence podcast Mile High FI. Doug highlights how he took conservative risks along the way to FI, and walks us through his career journey to financial independence. We discuss misconceptions about the FIRE movement, how to prepare for financial emergencies, and why it’s never too late to start your own journey to financial goodness. This episode is a must listen!   Key Takeaways: What is risk, really? And how can you live with it? How to estimate risk in investing, and in yourself. The difference between volatility and risk. Why you need to do “financial fire drills.” How Doug set himself up for financial independence. What people get wrong about FI/RE. How to move on from a financial mess by looking forward. Stoicism and personal finance.   Mentions: 🌐 Website: https://bestinterest.blog/ 👉🏼 LinkedIn: https://www.linkedin.com/in/doug-cunnington-pmp-a850435/  🎙️ The Mile High FI Podcast: https://milehighfi.com/  📚  Youtube Channel: https://www.youtube.com/@DougCunnington  📚 Career Change – Is It A Risk?: https://bestinterest.blog/career-change-risk/  📚 Investing “Fire Drills”:  https://bestinterest.blog/foxes/  📚 Mr. Money Mustache: https://www.mrmoneymustache.com/  📚 Ryan Holiday: https://ryanholiday.net/ryan-holiday-books/ 📚 Smart Passive Income: https://www.smartpassiveincome.com/shows/spi/    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Diania Merriam is the founder of the EconoMe Conference, an exclusive gathering for the FIRE community (financial independence, retire early). Inspired by FIRE, Diania hit an impressive 60% savings rate and retired at 33. Of course, in retirement, you’ve got to stay active; what’s the point of financial freedom if you’ve got nothing to do? Diania joins Jesse today to discuss CoastFI, SlowFI, and the need to enjoy the journey. If you’re saving for retirement, but aren’t sure what to do with that retirement, this episode is for you!   Key Takeaways: What inspired Diania to walk the Camino de Santiago. How to disconnect for your career with purpose. Why you need a vision for what your retirement will look like. Don’t wait for financial independence to change your life. What are SlowFI and CoastFI? How to be an efficient saver, not a deprived saver. Why FI is better with friends.   Mentions: 🌐 EconoMe Conference: https://economeconference.com/  🎙️ Optimal Finance Daily: https://oldpodcast.com/optimal-finance-daily-podcast/  🎙️ ChooseFI Podcast: https://www.choosefi.com/listen/choose-fi-podcast/  📚 Robert Kiyosaki’s Awful Takes:  https://bestinterest.blog/wp-content/uploads/2021/09/Kiyosaki_2-scaled.jpeg 📚 The Fioneers: https://thefioneers.com/  📚 Blowhards, Broken Clocks, and Confirmation Bias: https://bestinterest.blog/confirmation-bias/  📚 Rich Wolf, Poor Sheep: https://bestinterest.blog/rich-wolf-poor-sheep/     More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jeremy is the voice behind Personal Finance Club, a community of champions of the individual investor dedicated to bringing accessible financial education to all. The Personal Finance Club believes financial education improves lives and it should be taught in school. You might have seen Jeremy and Personal Finance Club on Instagram where he posts eye catching financial graphics to almost 600, 000 followers.   In this episode Jesse and Jeremy discuss the 7 Sins of Investing. These simple lessons will give you valuable insight into some habits to avoid, skills to develop, and knowledge to gain for your financial well-being.   Key Takeaways: Your home is a lifestyle choice, but it’s not an investment - more of a hard to upkeep asset. Why you should “rent your fun”, treat money as a tool, and other useful ways to approach finances. How humans evolved to be impressionable and how this has been co-opted by consumerism. Live below your means, and invest early and often. Learn Jeremy’s 7 Sins of Investing. Why you should just stand there and wait. Jeremy’s Nectarine: Advice-Only Financial Advising.   Mentions: 📚 7 Money Mistakes: https://bestinterest.blog/money-mistakes/ 📚 Why’d I Buy a Home With a 6.5% Mortgage?!: https://bestinterest.blog/buy-a-home-high-interest-mortgage/ 🌐 Personal Finance Club: https://www.personalfinanceclub.com/  👉🏼 Instagram: https://www.instagram.com/personalfinanceclub/   🌐 Nectarine: https://hellonectarine.com/    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Sean Mullaney is the FI Tax Guy (FI = Financial Independence). He’s a financial planner and the president of Mullaney Financial and Tax Incorporated which offers fiduciary, fee-only, and advice-only financial planning. In this episode, Jesse dives deep on capital gains taxes, while Sean and Jesse dissect the Roth vs. Traditional debate, the efficacy of 529 Plans, and how to think about changes to the tax code coming in 2026.    Key Takeaways: What are capital gains? How to calculate capital gains, and the taxes on them. The NII tax explained.  10 ways to make the most of your capital gains. What is tax planning and how can you get started? How taking care of your financial future will also take care of your child’s. Which accounts might be “shiny objects” and which ones will serve you well.  What change is coming to the Internal Revenue Code in 2026, and how to prepare.   Mentions: 🌐 Website: https://fitaxguy.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/seanwmullaney/  🌐 YouTube: https://www.youtube.com/@SeanMullaneyVideos  🌐 Twitter: https://twitter.com/seanmoneyandtax  📚 Capital Gains Taxes 101: https://bestinterest.blog/capital-gains-taxes-101/  📚 (Sean’s) Traditional versus Roth: https://fitaxguy.com/traditional-versus-roth-2023/  📚 (Jesse’s) Traditional versus Roth: https://bestinterest.blog/roth-is-better-than-traditional/ 📚 Time to Stop 401(k) Contributions?: https://fitaxguy.com/time-to-stop-401k-contributions/  📚 Traditional 401(k) are Fine for Most Americans (Really!): https://fitaxguy.com/traditional-401k-contributions-are-fine-for-most-americans-really/  📚 Year End Tax Planning: https://fitaxguy.com/2023-year-end-tax-planning/    More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Jesse and The Best Interest Podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. 

Rose Lounsbury is a keynote speaker, an Amazon bestselling author, simplicity coach and the still-sane mom of triplets. She helps overwhelmed people create open spaces in their homes, their workspaces, and more importantly in their minds by letting go of the excess stuff that gets in the way.   In today’s episode, Rose teaches us why towels are a great place to start when we’re looking to simplify our lives. What do we do about gifts? Hobbies? Or everything that occupies our space, energy, or time? These questions (and more) are answered in this conversation between Rose and Jesse.   Key Takeaways: What is bimodal spending? And how can you apply it? Don’t be afraid to spend on the things you really care about (and cut out what you don’t). How to decide what's useful to you and what’s beautiful. How to be a better gift giver and receiver.  How to pay attention to mental patterns that may be cluttering our minds. Start with decluttering the physical space, and then carry on to the mental space.   Mentions: 🌐 Website: https://roselounsbury.com/  👉🏼 LinkedIn: https://www.linkedin.com/in/rose-lounsbury-43554a141/  📚 How Many Towels Do You Need?: https://www.youtube.com/watch?v=VlA7qgySO0I  Bimodal Spending: https://bestinterest.blog/bimodal-spending/ The McDonald’s Test: https://bestinterest.blog/the-mcdonalds-test/   More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.