The Long View

Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, was a best-seller. A new edition of the book came out last year. Ramit is the founder of Iwillteachyoutoberich.com and Earnable, an online course created to help entrepreneurs start and accelerate their businesses. He received his bachelor's and master's degrees from Stanford.Ramit Sethi's BackgroundBioRamit Sethi’s booksIwillteachyoutoberich.comEarnableFinancial Decision-Making and Wellness“Self-Made Millionaire Ramit Sethi: This Is the Mindset you Need to Be Rich,” by Ali Montag, cnbc.com, Sept. 18, 2018.“Money Dials: Why you Spend the Way you Do,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“How to Get out of Debt Fast (…Even if You’re Dead Broke),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 8, 2019.“I’ve Been Writing About Money for 15 Years, and I Can Tell you too Many Couples Talk About Money all Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.“Emergency Fund: How a few Thousand Dollars Can Save Your Life,” by Ramit Sethi, iwillteachyoutoberich.com.“How Much Do I Need to Retire?” by Ramit Sethi, iwillteachyoutoberich.com.“The World’s Easiest Guide to Understanding Retirement,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“Self-Made Millionaire Ramit Sethi Shares his No. 1 Piece of Advice to Invest for Retirement,” by Tom Huddleston, Jr., cnbc.com, Oct. 31, 2018.“I Always Thought People who Flew First Class Were Suckers, Until I Realized They Knew Something About Spending Money it Took me Years to Figure Out,” by Ramit Sethi, businessinsider.com, Feb. 19, 2019.“Economic Class in America: A new Framework,” by Ramit Sethi, iwillteachyoutoberich.The Pandemic“Ramit Sethi: Here’s What to Do if You’re Short on Cash Right Now,” by Megan Leonhardt, cnbc.com, June 24, 2020.“Coronavirus: Panic Is bad, but Overreaction is Good,” by Ramit Sethi, iwillteachyoutoberich.com, March 11, 2020.“Money & Coronavirus: How to Save for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com. “The 3 Most Important Money Rules for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com.Advice and Investing“Why Personal Finance ‘Experts’ Continue Giving Worthless Advice,” by Ramit Sethi, iwillteachyoutoberich.com.“Betterment Versus Wealthfront: Which Is the Better Robo-advisor?” by Marquette Carney, iwillteachyoutoberich.com.“A Financial Expert and Best-Selling Author Says for Building Wealth in the Long Term, ‘Average’ Is More Than Enough,” by Tanza Loudenback, businessinsider.com, May 21, 2019.“Money Expert Ramit Sethi Shares his 3-Step Strategy to Save Money While Eliminating Debt,” by Anna Hecht, cnbc.com, March 26, 2020.“Investing for Beginners: How to Save Millions for the Future,” by Ramit Sethi, iwillteachyoutoberich.com, March 2, 2020.“How to Help Clients Choose Between Funding Retirement and a Child’s College Education,” by Samantha Lamas, Morningstar.com, Oct. 11, 2019.Housing“Don’t Buy a House (+ How to Ignore Dumb Propaganda),” by Ramit Sethi, iwillteachyoutoberich.  “Buying Vs. Renting: Which Is the Best Option for You?” by Marquette Carney, iwillteachyoutoberich.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University. Tim Maurer's BackgroundBioThe Ultimate Financial Plan: Balancing Your Money and Your LifeSimple Money: A No-Nonsense Guide to Personal FinanceFinancial Life Planning"What Is Financial Life Planning?" by Sheiresa Ngo, CheatSheet, May 31, 2015."Beyond Finances: Holistic Life Planning Trends Among Advisors," InvestmentNews, Jan. 23, 2020."How Should Retirees Deal With Crazy Markets When They Don't Have Time to Stay the Course?" by Tim Maurer, timmaurer.com, March 20, 2020."Reconsidering Your Life Because of the Pandemic? You're Not Alone," by Mimi Montgomery, Washingtonian, April 21, 2020."Financial Planner vs. Financial *Life* Planner. Which one Is the 'Right One' for Me?" by Cristina Livadary, Mana, Jan. 24, 2020."'The Whole Financial Planning Process Is Wrong,' Expert Says,” by Tim Maurer, Forbes, July 28, 2017.Financial Planning AssociationNAPFA: The National Association of Personal Financial AdvisorsKinder Institute of Life Planning"George Kinder: Three Questions About Life Planning," by J.D. Roth, Get Rich Slowly, Aug. 1, 2019.Money QuotientYour Mental Wealth, Drs. Ted Klontz and Brad KlontzKahler Financial GroupThe Future of Financial AdviceBuckingham Strategic WealthDrive: The Surprising Truth About What Motivates Us, by Daniel Pink."Simple Money Portfolio," by Tim Maurer, timmaurer.com. "Tim Maurer Simple Money Portfolio Review and ETFs to Use," by Tim Maurer, Optimized Portfolio, Oct. 7, 2020."Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model," by Jeff Berman, ThinkAdvisor, May 7, 2020."ESG Index Funds Hit $250 billion as Pandemic Accelerates Impact Investing Boom," by Pippa Stevens, CNBC, Sept. 2, 2020.College Planning"Is COVID-19 Creating an Education Planning Crisis?" by Tim Maurer, The Bam Alliance, June 3, 2020."The Non-Conformist's 4-Step Education Savings Plan," by Tim Maurer, Forbes, May 31, 2012. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.BackgroundPeter Hayes BioThe Big Picture“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.“Muni Investors Scale Back,” by Peter Hayes, blackrock.com, Oct. 7, 2020.“How Much Is COVID-19 Hurting State and Local Revenues?” by Louise Sheiner and Sophia Campbell, brookings.edu, Sept. 24, 2020.“Record Increases of new Covid-19 Cases in 3 U.S. States With the Most Population,” by Jay Croft, Christina Maxouris, and Douglas Wood, cnn.com, June 24, 2020.Stimulus“Second Stimulus Checks (10/1/20): What Will the Next Stimulus Package Look Like?” by Claudia Dimuro, pennlive.com, Oct. 2, 2020.“CARES Act Includes Essential Measures to Respond to Public Health, Economic Crises, But More Will Be Needed,” by Sharon Parrott and others, cbpp.org, March 27, 2020.Municipal Liquidity Facility definition“The Fed Says It Is Expanding its Municipal Bond Buying Program,” by Jeff Cox, cnbc.com, April 27, 2020. “U.S. Municipal Market Activity Witnessing Positive Momentum Post Fed’s Intervention,” by Nikhil Francis and Saswata Mohanty, acuitykp.com, Sept. 18, 2020.“Lawmakers Tangle Over Fed’s Muni-Market Rescue,” by Heather Gillers, morningstar.com, Sept. 17, 2020.“Riskier Fixed-Income Sectors Bounce Back in the Second Quarter,” by Gabriel Denis, Morningstar.com, July 6, 2020.Credit“Municipal Bond Perspective: Where We Go From Here,” beyondbullsandbears.com, April 24, 2020.“How Is the Coronavirus Crisis Affecting the Municipal Bond Market?” by Daniel Bergstresser, econofact.org, April 8, 2020.“Bond Insurance Returns to the Muni Market in a Big Way,” by Heather Gillers, wsj.com, Oct. 22, 2020.“Muni Bond Insurers See Demand Grow Amid Pandemic Worries,” by Liz Kiesche, seekingalpha.com, Oct. 22, 2020.Supply and Demand“Municipal Bond Market Update—September Edition,” by Corey Boller, dividend.com, Sept. 10, 2020.“Supply and demand shocks in the COVID-19 pandemic: an industry and occupation perspective,” by R Maria del Rio-Chanona and others, academic.oup.com, Aug. 29, 2020. “Will Supply-Chain Disruptions and Delayed Capital Spending Be Material,” by Brian Bernard, Morningstar.com, March 25, 2020.“Munis in Focus: 2020 Municipal Market Update,” by David Hammer, pimco.com, Sept. 11, 2020.“Global Supply Chains in a Post-Pandemic World,” by Willy C. Shih, hbr.org, Sept.-Oct. 2020.“Reviving States, Cities and the Munibond Market Amid COVID-19,” by Brian Wynne, morganstanley.com, April 27, 2020.“Revenue Streams Drying Up? Municipal Bonds in the Pandemic,” by Dennis DiCicco, jhinvestments.com, Aug. 20, 2020.Taxes“Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You?” by Thomas Kenny, thebalance.com, May 11, 2020.“7 Best Tax-Free Municipal Bond Funds,” by Barbara Friedberg, money.usnews.com, Oct. 7, 2020.“Taxable Munis? They’re Worth a Look,” by Jeffrey R. Kosnett, Kiplinger.com, Jan. 2, 2020.“Coronavirus Fears Affect the Municipal Bond Market,” by Cooper Howard, schwab.com, March 18, 2020.“What Is the Muni-Treasury Ratio or M/T Ratio?” by Thomas Kenny, thebalance.com, July 29, 2020.Portfolio/PositioningStrategic Municipals Opportunities Fund“Muni Market Tailwinds Turn to Headwinds,” by Peter Hayes and Sean Carney, blackrock.com, April 2, 2020.“Short Term Treasuries Are ‘Overvalued’: BlackRock Muni Bonds Head,” Peter Hayes on “On the Move” video panel, finance.yahoo.com, Sept. 18, 2020.“Stay the Course Amid Market Volatility,” blackrock.com.“Volatility, the Vote and Taking the Long View,” by Tony DeSpirito, blackrock.com, Oct. 12, 2020. Issue Selection“How Munis Can Boost Your Investment Health,” gsam.com, Oct. 5, 2020.“How to Invest in Municipal Bonds,” by Miranda Marquit, forbes.com, July 9, 2020.“Small Investors Ruled the Municipal-Bond World for a few Days in March,” by Heather Gillers, wsj.com, May 7, 2020.“How and Why to Build a Bond Ladder,” fidelity.com, Sept. 17, 2020.“Rising Rates Series: The Ups and Downs of Bond Ladders,” by Karen Schenone, fundsociety.com, June 4, 2018.“2011: The Year 60 Minutes Misled Americans About Municipal Bonds,” by Janet Tavakoli, businessinsider.com, Dec. 30, 2011. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Your Complete Guide to Working from Home. She is also a regular contributor to The New York Times, MarketWatch, and Forbes and is the personal finance and entrepreneurship expert on the PBS website NextAvenue.org. Hannon's work focuses on career, financial, and life guidance for midlife workers. She has also written extensively about how women can take charge of their own financial planning. Hannon is a former National Press Foundation Fellow and a former Fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center's Age Boom Academy. She is also a former MetLife Foundation and New America Media Fellow on Aging. She received a bachelor's degree from Duke University.BackgroundKerry Hannon bio Kerry Hannon books Remote Work"10 Tips To Be a Successful Remote Worker," by Kerry Hannon, kerryhannon.com, Oct. 3, 2020."Coronavirus Suddenly Transformed the Workplace," by Kerry Hannon, kerryhannon.com, May 31, 2020."ProBoomer Interview: Work From Home Tips," by Kerry Hannon, kerryhannon.com, May 24, 2020."Is Working Remote a Blessing or Burden? Weighing the Pros and the Cons," by Bryan Robinson, Forbes, June 19, 2020."These Simple Habits Can Stop Work-From-Home Burnout," by Kerry Hannon, MarketWatch, Sept. 10, 2020."I've Been Working From Home for Years--This Is How to Do It Successfully," by Kerry Hannon, MarketWatch, March 21, 2020."Work From Home Is Here to Stay, but It May Put Younger Workers at a Disadvantage," by Juliana Kaplan and Hillary Hoffower, Business Insider, May 29, 2020. Midlife and Older Workers"Tips for Finding a Job When You're Over 50," by Kerry Hannon, kerryhannon.com, Oct. 18, 2020."Why Working From Home Benefits Older Workers--and Their Employers," by Kerry Hannon, kerryhannon.com, July 12, 2020."Prepare Yourself for the New Job Market," by Kerry Hannon, kerryhannon.com, June 6, 2020."Sorry, 'OK, Boomer'--Workplaces of the Future Will Be Multigenerational," by Kerry Hannon, kerryhannon.com, Feb. 19, 2020. "Here's Why the Workplace of the Future Must Include Older Workers," by Kerry Hannon, kerryhannon.com, Dec. 29, 2019."Why Are People Working Longer? It's Not What You Think," by Kerry Hannon, MarketWatch, Sept. 18, 2020."5 Ways to Help Your Aging Workforce Embrace Digital Transformation," by Nick Candito, Entrepreneur, July 12, 2017."How to Combat age Discrimination," by Kerry Hannon, kerryhannon.com, Oct. 2, 2016."Are You Ready for Your Encore Career?" by Kerry Hannon, kerryhannon.com, Feb. 25, 2018."The Impact of the Coronavirus Recession on Older Workers," by Congressman Don Beyer, Vice Chair of the Joint Economic Committee, August 2020. Entrepreneurship for Older Adults"Seven Tips for Starting Your Own Business," by Kerry Hannon, kerryhannon.com, July 14, 2019."At Last, a Co-Working Space for Midlife Entrepreneurs," by Kerry Hannon, kerryhannon.com, Jan. 5, 2020.Financial Advice for Women"What Women 50+ Want From Financial Advisers--Much More Than Men," by Kerry Hannon, Forbes, May 21, 2020."Why It's Hard for Women to Save for Retirement," by Kerry Hannon, kerryhannon.com, Dec. 7, 2019."Four Ways Women Can Get Smarter About Money," by Kerry Hannon, kerryhannon.com, Aug. 6, 2017."Facing the Financial Shocks of Widowhood," by Kerry Hannon, kerryhannon.com, Nov. 12, 2018."Women Facing Financial Challenges for Retirement," by Kerry Hannon, kerryhannon.com, March 3, 2019.Long-Term Care/Caring for Aging Parents"Love You, Dad. Alzheimer's Care and My Family's Story," by Kerry Hannon, Forbes, June 17, 2012. "The 5 Money Lessons I Learned From My Father," by Kerry Hannon, kerryhannon.com, June 16, 2013."Women and Long-Term Care Insurance," by Kerry Hannon, kerryhannon.com, March 4, 2014."Must-Know Statistics About Long-Term Care: 2019 Edition," by Christine Benz, morningstar.com, Nov. 25, 2019.“4 Ways the Pandemic Is Affecting Long-Term Care," by Christine Benz, morningstar.com, Aug. 7, 2020. "How Does a Pandemic Change Everything?" by Hannah Wolfson, HomeCare, Aug. 4, 2020."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of the Financial Independence, Retire Early (FIRE) community. In 2018, Karsten retired in his early 40s, after a career in the financial world. He served as Director of Asset Allocation Research for Mellon Capital Management from 2008 through 2018, and before that, was a research economist at the Federal Reserve Bank of Atlanta for a decade. Karsten has his PhD in economics from the University of Minnesota and has taught undergraduate and PhD-level economics at Emory University. He's also a chartered financial analyst.BackgroundKarsten Jeske BioEarly Retirement NowFIRE DefinitionThe Pandemic’s Impact on the FIRE Movement“The Shortest Recession Ever? My Thoughts on the State of the Economy,” by Karsten Jenke, EarlyRetirementNow.com, Aug. 25, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” by Christine Benz and Jeffrey Ptak, The Long View, June 3, 2020. “The Coronavirus Pandemic and Retirement Security,” by Mark Miller, Morningstar.com, Aug. 24, 2020.“Retiring During a Pandemic,” by Christine Benz and Maria Bruno, Morningstar.com, Aug. 14, 2020. “Can You Retire Early? Should You?” by Christine Benz and Susan Dziubinski, Aug. 7, 2020. Early Withdrawal Rates for Early RetireesThe Trinity StudyThe Safe Withdrawal Rate Series--A Guide for First-Time Readers“Do We Really Have to Lower our Safe Withdrawal Rate to 0.5% Now?” by Karsten Jeske, EarlyRetirementNow.com, Aug. 31, 2020.Shiller P/E Ratio Definition“Who’s Afraid of a Bear Market?” by Karsten Jeske, EarlyRetirementNow.com, Oct. 30, 2019. Low Bond Yields and Withdrawal Rates“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” by Christine Benz and Jeffrey Ptak, The Long View, July 14, 2020. “Wade Pfau: The 4% Rule is No Longer Safe,” by Christine Benz and Jeffrey Ptak, The Long View, April 29, 2020. “What Ultralow Yields Mean for Your Financial and Retirement Plan,” by Christine Benz, Morningstar.com, May 4, 2020. “Low Rates Aren’t Going Anywhere. Here’s What That Means for Retirement Planning,” by David Blanchett, ThinkAdvisor.com, Aug. 14, 2020.IRA Required Minimum Distribution Worksheet Bogleheads’ Variable Percentage WithdrawalSequence of Return Risk/Asset AllocationSequence Risk Definition “The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019. “The Pros and Cons of Rising Equity Glide Paths in Retirement,” by Wade Pfau, forbes.com, May 4, 2017.“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, Kitces.com, Oct. 5, 2016. “Cut Stocks or Add to Them? A Key Dilemma to Your Retirement Plan,” by Christine Benz, morningstar.com, July 25, 2019.“How to Determine Asset Allocation in a Retirement Portfolio,” interview with Christine Benz and David Blanchett, Morningstar.com, April 29, 2015.“The Yield Illusion: How Can a High-Dividend Portfolio Exacerbate Sequence Risk?” by Karsten Jeske, EarlyRetirementNow.com, Feb. 13, 2019.Healthcare and the FIRE Movement“Top 3 Health Insurance Options If You Retire Early,” by Thom Tracy, Investopedia.com, April 14, 2020.“How Does the F.I.R.E Movement Affect Insurance?” by Brianna Slattery, clearsurance.com, Jan. 23, 2020.“The Ten Commandments of Whole Life Insurance,” by Karsten Jeske, EarlyRetirementNow.com, Sept. 26, 2018.Health Care Sharing Ministry Affordable Care Act Social Security “Taxation of Social Security: The Tax Torpedo & Roth Conversion Tightrope,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 13, 2019.“Social Security Benefits: Early or Late Retirement?” ssa.gov. Networking & Socializing in Retirement“Work, Retirement, and Social Networks at Older Ages,” by Eleonora Patacchini and Gary V. Engelhardt, Center for Retirement Research at Boston College, November 2016.“Why It’s Important to Stay Social in Retirement and How to Do It,” by Rob Pascale, forbes.com, Oct. 31, 2019. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner.BackgroundLazetta Rainey Braxton BioRianka R. Dorsainvil2050 Wealth PartnersCBNC Digital Financial Advisory CouncilLaunch of New Firm“Lazetta Braxton and Rianka Dorsainvil target young, diverse clients with ‘fully virtual’ firm,” by Jake Martin, citywireusa.com, Feb. 10, 2020.“Two Investopedia Top 100 Advisors Launch New Firm,” by Irene Huhulea, Investopedia.com, Feb. 12, 2020.Planning During the Pandemic“Coronavirus market plunge is making people question if they should sell stocks and run to cash,” by Sharon Epperson, cnbc.com, March 23, 2020.“Steps You Can Take to Utilize the CARES Act,” by Lazetta Rainey Braxton, 2050wealthpartners.com, April 2, 2020.“Coronavirus Giving You Financial Anxiety? How to Avoid Debt During the Pandemic,” by Sharon Epperson, 2050wealthpartners.com, March 31, 2020.“Financial Pros Offer Smart Investment Tips During the Coronavirus Crisis,” by AJ Horch, cnbc.com, April 21, 2020.Reaching a Diverse Population“It’s Past Time to Advance Black Advisors,” by Lazetta Rainey Braxton, financial-planning.com, May 26, 2020.“An Open Letter to Planners of Color,” by Rianka Dorsainvil, 2050wealthpartners.com, Sept. 17, 2019.“More Black Investors Should Look to Stock Market to Grow Their Wealth,” by Lazetta Rainey Braxton, 2050wealthpartners.com, Feb. 20, 2019.“Helping Underserved Clients Turn Income Into Wealth,” by Jane Wollman Rusoff, thinkadvisor.com, Feb. 14, 2019.Association of African American Financial Advisors“Building a Diverse and Inclusive Culture,” webinar with Lazetta Rainey Braxton, John Mackey, and Anand Sekhar, institutional.fidelity.com, Aug. 31, 2020.“We Asked, Advisors Answered: How Can the Industry Increase Diversity?” by Bernice Napach, thinkadvisor.com, July 1, 2020.“Record growth for black and Latino CFPs; status quo for women,” by Charles Paikert, financial-planning.com, Feb. 28, 2020.Firm Operations and Business Models2050 Wealth Partners’ introduction process2050 Wealth Partners’ comprehensive planning Understanding the Sandwich Generation“Michelle Singletary: ‘You Need Diversity,’” podcast, Morningstar.com, July 1, 2020.  The Advice ProfessionNAPFA: The National Association of Personal Financial AdvisorsCFP.netFinancial Planning AssociationXY Planning NetworkYNAB: You Need a Budget AAAA Foundation Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is author Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The Geometry of Wealth. He's also the editor of a forthcoming book of essays about how financial experts invest their own money called How I Invest My Money.Brian is the founder of Shaping Wealth, a financial-wellness platform that works with individuals and organizations to make better money decisions. For more than two decades, Brian has worked in the hedge fund and mutual fund industries as portfolio manager and educator. He was also our colleague at Morningstar in the early 2000s. He's a CFA charterholder and earned his doctorate at the University of Chicago.LinksBrian Portnoy’s bioBrian Portnoy’s books Shaping Wealth“How I Invest My Own Money,” by Joshua Brown, The Reformed Broker blog, July 16, 2019.Robert Seawright blog Dasarte YarnwayMorgan Housel Shirl Penney Efficient frontier definitionHarry Markowitz Fama-French three-factor model Capital Allocators Ted Seides Howard Lindzon“Four ‘Money Scripts’: Four Ways to Feel the Power of Money,” by Ken Eisold, psychologytoday.com, May 15, 2011.Blair duQuesnay Nina O’Neal Ashby Daniels Financial Wellness“Financial Wellness in a Time of Crisis,” speaker Brian Portnoy, Association for Coaching, April 20, 2020Funded ContentmentBehavioral FinanceDaniel Kahneman Amos Tversky Prospect theory “The Two Friends Who Changed How We Think About How We Think,” by Cass R. Sunstein and Richard Thaler, newyorker.com, Dec. 7, 2016Misbehaving: The Making of Behavioral Economics, Richard H. Thaler, June 14, 2016Daniel Crosby Alliance for Decision Education Annie Duke Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans, by Shlomo Benartzi, April 12, 2012.Save More Tomorrow, Shlomobenartzi.com“Governments Are Trying to Nudge Us Into Better Financial Behavior. Is it Working?” by Shlomo Benartzi, John Beshears, Katherine L. Milkman, Cass R. Sunstein, and Richard H. Thaler, Washington Post, Aug. 11, 2017. Financial Literacy“Annamaria Lusardi: ‘Financial Education Works,’ ” Long View Podcast with Christine Benz and Jeffrey Ptak, morningstar.com, Feb. 19, 2020. “John Lynch: Rethinking Financial Education,” Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 11, 2019.The University of Chicago Financial Education Initiative Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.Background Michael Reckmeyer bioMatthew Hand bioWellington Management“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020 Funds Mentioned Vanguard WellingtonVanguard Wellesley IncomeVanguard Equity IncomeHartford Equity IncomeOther ReferencesJack Bogle bio“Gus Sauter: Efficient Markets Are a Good Thing,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 4, 2019.“The Wildly Popular Trades Behind the Market’s Swoon and Surge,” by Gregory Zuckerman and Gunjan Banerji, wsj.com, Sept. 13, 2020Securities Mentioned in the PodcastADP https://www.morningstar.com/stocks/xnas/adp/quoteArcher-Daniels-Midland https://www.morningstar.com/stocks/xetr/adm/quoteCisco https://www.morningstar.com/stocks/xnas/csco/quoteComcast https://www.morningstar.com/stocks/xnas/cmcsa/quoteCrown Castle International https://www.morningstar.com/stocks/xnys/cci/quoteDominion Energy https://www.morningstar.com/stocks/xnys/d/quoteIntel https://www.morningstar.com/stocks/xnas/intc/quoteLockheed Martin https://www.morningstar.com/stocks/xnys/lmt/quoteMedtronic https://www.morningstar.com/stocks/xnys/mdt/quotePhilip Morris https://www.morningstar.com/stocks/xnys/pm/quoteProgressive https://www.morningstar.com/stocks/xnys/pgr/quote Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.BackgroundKaren Andersen's healthcare commentaries and analysesVirus Containment and Diagnostics"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020. "Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen Andersen, Morningstar.com, Sept. 1, 2020."Patients Are Waiting Weeks for COVID-19 Test Results. Here's Why That's a Huge Problem," by Jamie Ducharme, Time, July 22, 2020. Contact tracing definition "Treatments for COVID-19," Harvard Health Publishing, Aug. 24, 2020. Vaccine Development and Approval"Vaccine Testing and the Approval Process," Centers for Disease Control and Prevention. "The Drug Development Process," U.S. Food and Drug Administration. "Draft Landscape of COVID-19 Candidate Vaccines," World Health Organization, Sept. 9, 2020."Potential Antiviral Drugs Under Evaluation for the Treatment of COVID-19," National Institutes of Health, Aug. 27, 2020. "A Coronavirus Vaccine, or Three, Could Be Available by Year-End," by Karen Andersen, Morningstar.com, Sept. 4, 2020."Morningstar's Guide to the Development of a Coronavirus Vaccine," by Carole Hodorowicz, July 16, 2020. "Coronavirus Vaccine Progress Accelerates," by Karen Andersen and Debbie Wang, Morningstar.com, May 13, 2020.RNA vaccine definition"Pfizer, BioNTech COVID-19 Vaccines Fast Tracked by FDA," by Anna Baran, Morningstar.com, July 13, 2020. "All Eyes on BioNTech's COVID-19 Vaccine," by Anna Baran, Morningstar.com, June 26, 2020. "AstraZeneca's Pause on Vaccine Raises Uncertainty," by Damien Conover, Morningstar.com, Sept. 9, 2020. Herd immunity definition "What if 'Herd Immunity' Is Closer Than Scientists Thought?" by Apoorva Mandavilli, The New York Times, Aug. 31, 2020.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.BackgroundSteve Vernon bioStanford Center on LongevitySteve Vernon booksForbes columnThe Role of Work"The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020."Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019."How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013."Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015. Encore career definitionSocial Security Program Health"The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020."No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020.Social Security Claiming Strategies"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020."Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020."When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019. "Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher."How the Retirement Estimator Works," Social Security Administration.Open Social Security "How to Calculate the Break-Even Age for Taking Social Security," by Ken Moraif, Kiplinger, April 7, 2020. Retiree Investment Portfolio/Holistic Retirement Income Planning "A Portfolio Approach to Retirement Income Security," by Steve Vernon, Stanford Center on Longevity, July 2015."How Much Should Older Workers and Retirees Invest in the Stock Market?" by Steve Vernon, Forbes, March 3, 2020. "Here's a Foolproof Way To Create Retirement Income for the Rest of Your Life," by Darla Mercado, CNBC.com, June 26, 2020."Stanford Analyzed 292 Retirement Strategies to Determine the Best One--Here's How It Works," by Kathleen Elkins, CNBC.com, Aug. 6, 2019.Housing"Don't Make This Costly Retirement Planning Mistake," by Steve Vernon, Forbes, June 11, 2020."Planning Your Retirement: 10 Ways to Reduce Housing Costs," by Steve Vernon, CBSNews.com, Sept. 4, 2013."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.Longevity/Mitigating Longevity Risk"Rich People Don't Just Live Longer. They Also Get More Healthy Years," by Heather Murphy, The New York Times, Jan. 16, 2020.“The Risk of Outliving Your Assets Is Real And Defending Against It Is No Small Task," by Martin Pelletier, Financial Post, June 17, 2019. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.