Long Story Short

Andy dresses up as an index fund for Halloween (yes, really). The costume sparks a conversation about what index funds actually are, why they've dominated recent returns, and what happens when mega-cap stocks stop outperforming.Plus, Adam breaks down three approaches to retirement spending - from detailed spreadsheets to the famous 4% rule to a more flexible guardrails method. They also discuss what rising bear market experience means for different generations of investors.We cover:Why index funds are mostly just the biggest stocks in different sizesThe performance chasing problem with yesterday's winnersSmall cap and value stocks historically outperforming over long periodsThree ways to figure out retirement spending (and why flexibility matters)What the 4% rule actually assumes (and what it misses)The guardrails approach to retirement withdrawalsHow many bear markets different generations have experiencedGifting Roth IRA contributions to young family members⏱️ Timestamps: (00:00) Andy's index fund Halloween costume(02:38) Why index funds have been such a big win for investors(04:45) The concentration problem - when the biggest stocks dominate(06:09) Performance chasing and what happens when mega caps slow down(08:08) Small cap and value premiums over the long run(14:20) Three approaches to retirement spending budgets(16:50) Why detailed budgets never play out exactly as planned(18:50) The 4% rule and what it misses(22:00) The guardrails approach to retirement spending(28:30) Bear markets by generation - experience shapes perspective(33:40) Gifting Roth IRA contributions to kids and grandkids(36:05) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ #IndexFunds #RetirementPlanning #RetirementSpending #WealthManagement #InvestingStrategyThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Open enrollment season is here, which means it's time to review your Medicare coverage. Adam walks through the ABCs of Medicare, explains the difference between original Medicare and Medicare Advantage, and shares why even if you're happy with your plan, an annual review matters.Plus, Andy and Adam tackle two common retirement questions: how to reduce those dreaded required minimum distributions, and whether you should pay off your mortgage before retirement (spoiler: the math answer and the peace of mind answer might be different).We cover:Why you should review your Medicare plan every yearOriginal Medicare vs. Medicare Advantage: pros, cons, and who each works best forThe actual costs of Parts A, B, D, and Medigap plansTax diversification strategies to reduce future RMDsRoth conversions and the retirement window of opportunityQualified charitable distributions as an RMD strategyThe mortgage payoff question: when the numbers say one thing but your gut says anotherWhy 2-3% mortgage rates change the math entirely⏱️ Timestamps: (00:34) Episode 19 and keeping track of topics(01:52) Medicare open enrollment: why annual reviews matter(02:58) Status quo bias and Medicare plan reviews(04:27) Original Medicare: Parts A, B, D, and Medigap explained(07:22) Medicare Advantage: lower premiums, more perks, less flexibility(11:05) Who should consider each type of plan(12:19) Healthcare costs in retirement(13:27) RMDs: the required minimum distribution problem(15:02) When RMDs exceed your peak earning years(16:21) Tax diversification: planning ahead to reduce RMDs(20:40) The retirement window for Roth conversions(23:00) Qualified charitable distributions (QCDs)(27:27) The mortgage payoff debate begins(29:44) When debt feels divisive(32:33) The math vs. peace of mind calculation(35:05) Risk tolerance and generational perspectives on debt(37:41) Maintaining flexibility even after payoff(39:15) Don't over-optimize your life(39:00) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ Move Health: Medicare plan review partner | https://movehealth.io/ Ep. #16: The Psychology of Investing | burneywealth.com/blog/behavioral-biases-investing-psychology-episode-16 #Medicare #OpenEnrollment #RMDs #RetirementPlanning #MortgagePayoff #TaxPlanningThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Markets dropped 1% and the headlines went wild. Andy and Adam cut through the noise to explain why this is completely normal, what the recent data tells us about stock picking versus index investing, and why all-time highs aren't something to fear.They also tackle a critical retirement question: how do you know when you've saved enough to actually spend your money? Plus, Adam shares why a simple calendar exercise can show more about retirement readiness than most financial calculations.We cover:Why 31 down days per year is totally normal for marketsThe surprising data on stock pickers beating the S&P 500Why market concentration doesn't mean what you think it meansThe psychology behind fearing all-time highsHow to know when you've accumulated enough wealthThe retirement planning exercise most people skipWhy spending decisions are art, not science⏱️ Timestamps: (00:32) Welcome(02:14) Market volatility: what's actually normal?(04:43) The surprising frequency of 1% down days(06:22) Stock picker performance versus the S&P 500(09:00) Why "stock picking" is too broad a category(11:47) Understanding market concentration(14:40) The psychology of fearing market tops(18:22) Recency bias and the "Big Long" versus the "Big Short"(20:43) When is the market ever calm enough?(22:47) Book recommendation: The Art of Spending(24:14) Retirement planning: the calendar exercise(26:39) Next week: Medicare and ACA tax credits(27:21) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ Episode #16: The Psychology of Investing: Why We Make Bad Money Decisions | https://burneywealth.com/blog/behavioral-biases-investing-psychology-episode-16 Book recommendation: The Art of Spending Money: Simple Choices for a Richer Life by Morgan Housel | https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620 #MarketVolatility #StockPicking #RetirementPlanning #WealthManagement #InvestingPsychologyThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation. 

Andy lives right outside DC, where government shutdowns actually matter. For the rest of the country? Not so much.Markets barely react to these political theatrics anymore. Seven out of ten shutdowns since 1980 saw positive stock returns. The worst decline was 2% back in 1990.But there's a tax change coming in 2026 that does matter: if you make over $145,000 and contribute catch-up dollars to your 401(k), those contributions will now have to be made through a Roth account, rather than a 401(k). No more deferring taxes on that extra $7,500.Adam and Andy discuss what this means, why it's confusing, and whether it might actually be good for you long-term. Plus, they tackle the perennial question: do I need a trust?We cover:Why government shutdowns don't move markets (even 35-day ones)Markets expecting dysfunction as the new normalThe 2026 catch-up contribution rule change explainedIncome thresholds, look-back periods, and per-employer limitsWhy forced Roth contributions might help you despite the tax hitRevocable vs. irrevocable trustsWhen trusts make sense beyond estate tax planningThe probate problem nobody thinks aboutHow wills and trusts work together (not against each other)⏱️ Timestamps: (00:32) Living in the DC shutdown zone(01:55) Government shutdown history and market returns(03:51) Debt ceiling vs. shutdown drama(06:46) Markets pricing in permanent dysfunction(09:22) The 2026 401(k) catch-up contribution change(11:48) Those oddly specific age brackets (60-63)(13:38) Roth catch-up requirements starting 2026(16:41) Per-employer loopholes(18:49) Silver lining: forced tax diversification(22:39) Trust fundamentals: revocable vs. irrevocable(26:13) Control beyond the grave(29:25) The probate nightmare(33:25) Wills complement trusts, don't replace them(38:01) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn#RetirementPlanning #401k #EstatePlanning #Trusts #TaxPlanning #WealthManagementThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Andy opens with a confession: industrial psychology taught him that job interviews are terrible predictors of success. That same human irrationality shows up everywhere, especially in investing.The hosts walk through seven behavioral biases that trip up even professional investors. From overconfidence after hitting it big on Nvidia to confirmation bias keeping us stuck in echo chambers, these mental shortcuts cost real money.Plus, they tease next week's estate planning episode on trusts.We cover:Why overconfidence peaks when you know just enough to be dangerousHow confirmation bias creates cognitive dissonance with market realitiesLoss aversion and why losses hurt 2.5x more than gains feel goodRecency bias making inflation feel scarier than it actually isThe anchoring trap of waiting for stocks to "get back" to your purchase priceFOMO and herd mentality driving meme stock maniaHome country bias leaving 35% of global opportunities on the tablePractical strategies to counteract each bias⏱️ Timestamps: (00:32) Why interviews predict job success poorly(05:02) Behavioral finance 1.0 vs 2.0(07:48) Overconfidence bias and the knowledge curve(12:22) Confirmation bias and political echo chambers(17:00) Loss aversion: why losses hurt 2.5x more(19:56) The Yellowstone bear attack and recency bias(24:07) Anchoring to purchase prices(26:25) FOMO and meme stock mania(29:03) Home country bias: missing 35% of opportunities(33:52) Next week: When should you open a trust?(34:20) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #BehavioralFinance #InvestmentPsychology #InvestorBiases #WealthManagement #FinancialPlanningThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Halloween decorations are acceptable, but $7 trillion in "cash on the sidelines"? Andy explains why this bullish talking point might be overblown when you examine the actual numbers relative to market size.Plus, Andy & Adam discuss the complex world of 351 conversions - a 100+ year old tax code provision that's suddenly relevant for modern ETF launches. From charitable remainder trust optimization to why your Halloween costume might be more strategic than your investment allocation.We cover:Why $7 trillion in cash sounds scary until you do the math per personThe real story behind "cash on the sidelines" market predictionsFed rate cuts already dropping money market yields in real time351 conversions: turning individual stock portfolios into tax-efficient ETFsHow ETF structures avoid capital gains through creative rebalancingCharitable remainder trust investing: why asset location matters more than allocationThe distribution hierarchy that determines your tax billGolden Girls Halloween costume coordination (non-financial advice)⏱️ Timestamps: (00:34) Halloween decoration timing and market forecast season(03:05) $7 trillion cash myth: sounds big until you see the context(04:44) Why cash builds during downturns and what it really signals(05:49) Price makers vs. price takers in market dynamics(06:54) Cash as percentage of market cap tells the real story(10:00) Fed cuts already dropping money market rates(12:20) Why staying invested beat chasing 5% cash in 2022(15:55) 351 conversions: 100-year-old tax law meets modern ETFs(19:20) ETF tax efficiency: swapping Apple for Exxon without capital gains(28:40) CRT listener feedback: why two trusts performed so differently(29:25) Asset location vs. asset allocation in tax planning(37:50) Halloween Golden Girls costume reveal(39:00) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedInFollow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #cash #etfs #charitabletrust #taxplanning #assetallocation #moneymarketratesThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Adam and Andy record live from Jackson Lake Lodge in Wyoming. It’s the same scenic backdrop where the Federal Reserve holds its annual retreat. Fitting timing, as they're discussing the Fed rate cut happening that very day and what it really means for your money.They tackle a listener question about cutting through financial media noise to find the truth beneath the headlines. From Paul Volcker's fly fishing habits to practical retirement paycheck automation, this episode discusses how to navigate information overload in today's algorithmic news cycle.We cover:Why the Fed holds meetings at Jackson Lake Lodge (spoiler: Paul Volcker liked to fish)What Fed rate cuts actually mean and why they don't always work as expectedHow to separate fear-mongering headlines from market realityWhy advisors have evolved from information gatekeepers to reality interpretersThe stock market as the ultimate “put your money where your mouth is” truth testPractical retirement tip: automating your paycheck in retirementBulls vs. bears in the wild (literally)⏱️ Timestamps: (00:32) Live from Jackson Lake Lodge where the Fed meets(01:15) Paul Volcker's fly fishing legacy and Fed rate cut expectations(02:50) Why rate cuts don't always lower mortgage rates(04:32) The Fed's dual mandate: inflation vs. employment(06:05) Reader question: How to see past the headlines(07:00) Fear sells: algorithmic news and click-driven content(08:00) Stock market as the ultimate truth arbiter(08:40) How advisors evolved from gatekeepers to interpreters(10:10) COVID market bottom as reality check example(12:00) Practical retirement tip: automate your distributions(14:15) Wildlife report: Bulls vs. bears (market metaphor intended)(15:23) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedInFollow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #FedRateCuts #MediaLiteracy #RetirementPlanning #MarketReality #WealthManagementThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Andy's elaborate NFL betting model, designed to win a family football pool, always loses to his aunt who watches three games a year. This perfectly illustrates the over-optimization trap that plagues everything from fantasy football to financial planning.Adam and Andy explore why the pursuit of perfection in long-term planning often backfires, from clients demanding 12.3% returns to the fatigue that comes with trying to control every variable. Plus, they break down the Warren Buffett often-repeated market indicator that has investors spooked at its current number - 215%, and explain why four major changes since 2001 might make this “best measure” obsolete.We cover:Why over-optimization leads to fatigue and self-destructive decisionsThe analogy of advisors as referees, not perfectionistsWhen 12.3% return requirements lead to dangerous portfolio movesThe Warren Buffett market indicator hitting 215% and why clients are worriedFour reasons why this “best measure” might be outdated in 2025Globalization: 40% of S&P 500 sales occur outside the USIntangible assets and intellectual property not captured by GDPWhy momentum beats valuations in the short term⏱️ Timestamps: (00:34) Andy's NFL betting models vs. his aunt's three-game strategy(02:56) The over-optimization trap in financial planning(04:49) When precise return requirements drive bad decisions(08:57) The playground analogy: staying within the guardrails(11:29) Conservative planning assumptions vs. perfectionist forecasting(16:15) AI tools making over-optimization worse(19:00) Market indicators and the Eagles Super Bowl curse(24:41) The Warren Buffett indicator at 215%: should we panic?(27:44) Four reasons why the indicator might be wrong today(31:09) Magnificent Seven concentration and international alternatives(37:12) Why momentum matters more than valuations(39:32) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedInFollow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #OverOptimization #BuffettIndicator #MarketValuations #FinancialPlanning #InvestmentStrategy #WealthManagementThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Discover why international stocks are unexpectedly outperforming U.S. markets by over 20%. Delve into advanced charitable giving strategies, comparing donor-advised funds with charitable trusts for maximum impact. Learn key insights on Health Savings Accounts, including common missteps to avoid and how to treat them like a Roth IRA. Plus, explore the emotional challenges of retirement through the lens of a legendary football coach. This mix of finance and life lessons offers a fresh perspective on making your money work smarter.

Dive into the complexities of annuities and discover why they often fall short, from pesky fees to flexibility issues. The hosts tackle recession fears while markets soar, exploring the paradox of high valuations. Is the AI trade really fading? They debate this along with a controversial government stake in Intel, weighing the lines between socialism and smart policy. Plus, enjoy some light college football banter, keeping the conversation both engaging and insightful.