Why Teachers Need to Be Careful | Dan Otter - E92
Personal Finance for Long-Term Investors - The Best Interest
Release Date: 10/23/2024
It’s Not Too Late: Smart Money Moves After 50 | Bill Yount - E105
Personal Finance for Long-Term Investors - The Best Interest
Jesse explores the financial journey of late starters with guest Bill Yount, co-host of Catching Up to FI. In the opening monologue, Jesse shares his “Stupidly Simple Secret Sauce” for personal finance: spend less than you earn, grow income without inflating lifestyle, invest consistently, and prioritize savings. He warns against flashy success stories, consumer culture, and speculation, instead advocating for steady, index-fund investing and disciplined budgeting. The episode also addresses market volatility and debunks the “buy the dip” strategy, showing that long-term consistency...
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Tariffs, Turbulence, and the Harsh Truths We Must Now Face - Bonus Episode
Personal Finance for Long-Term Investors - The Best Interest
Today, Jesse critiques emotional, reactive investing during volatile market conditions—especially in response to tariffs and recession fears—while promoting disciplined, evidence-based strategies. Tariffs, though intended to protect domestic industries, often raise prices and stoke inflation, ultimately harming consumers, businesses, and investor sentiment, with economists warning they may slow growth or trigger stagflation. Market reactions, such as those seen during the Trump-era tariffs, highlight investor uncertainty and the self-inflicted nature of such economic disruptions. Jesse...
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"Tax-Free Retirement" - Smart Strategy or Overhyped Gimmick? And Other Listener Questions | AMA #6 - E104
Personal Finance for Long-Term Investors - The Best Interest
Jesse answers listener questions on financial planning, investment management, and retirement. He discusses the challenges of rising homeowner’s insurance costs in high-risk areas, the differences between Treasuries, CDs, and high-yield savings accounts, and the inefficiencies of using life insurance for tax-free retirement. He advises Casey, a future retiree, on tax-efficient withdrawal strategies and investment choices, and guides Chris, a federal worker, on pension decisions, TSP management, and career changes. Jesse also addresses Rachel’s concerns about bond funds versus individual...
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Life Expectancy, Caregiving Costs, & Retirement Planning | Christine Benz - E103
Personal Finance for Long-Term Investors - The Best Interest
Jesse Cramer speaks with Christine Benz, Director of Personal Finance at Morningstar, about insights from her book How to Retire. Before their discussion, Jesse contrasts gambling with long-term investing, emphasizing the risks of short-term market bets versus the reliability of patient investing. Christine highlights the shift in financial advice toward holistic retirement planning, including the importance of low-cost, diversified portfolios and planning for life transitions. The episode also explores the financial impact of caregiving, particularly on women, and the necessity of proactive...
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The Truth About the U.S. National Debt (And How It Impacts You Personally) - E102
Personal Finance for Long-Term Investors - The Best Interest
Today we take a look at the U.S. national debt, distinguishing it from household debt and analyzing its impact on individuals and investors. Jesse traces the debt’s history and explains its structure, funding through Treasury bonds, and refinancing process. The discussion covers Modern Monetary Theory (MMT), which suggests that as a currency issuer, the U.S. cannot default but must manage inflation through taxation—though critics question the feasibility of this approach. While deficit spending can drive economic growth, excessive money printing may erode investor confidence. Interest...
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Do Long-Term Investors *Need* to Invest in Real Estate? | Chad “Coach” Carson - E101
Personal Finance for Long-Term Investors - The Best Interest
Jesse is joined by Chad Carson, who discusses residential real estate investing as a stable alternative to stocks and bonds. While real estate offers advantages like rental income, property appreciation, and tax benefits, Jesse also highlights challenges such as high costs, tenant issues, liquidity problems, and the time commitment required. Jesse thinks of his Rochester wealth management clients, and what some of them do. Chad emphasizes choosing the right location, focusing on properties with minimal renovation needs, and securing financing that ensures a healthy cash flow. He advises...
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Favorite Moments, Shoutouts, and a Name Change?! …From Our First 100 Episodes - E100
Personal Finance for Long-Term Investors - The Best Interest
Episode 100 of The Best Interest Podcast! This is a celebratory and reflective milestone featuring guest shout-outs, listener-favorite clips, and a discussion on the show's evolution. Jesse shares the podcast's origins, his journey from aerospace engineering to financial planning, and how the podcast nearly faded before finding renewed purpose in 2023. Throughout the episode, Joe Saul Sehy, Brian Feroldi, Paula Pant and other past guests are featured, shouting out The Best Interest and their own work, you’ll certainly want to check out. To celebrate, listeners wrote in with some of...
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Will They Claw Back My Tax Breaks? Should I “Buy, Borrow, and Die?” And More - AMA #5 - E99
Personal Finance for Long-Term Investors - The Best Interest
Time for another AMA with Jesse! First, Randy asks what it means to be rich, leading to an interesting evaluation of personal values, goals, and circumstances. Jesse explores relativity, “keeping up with the Joneses”, and what it means to have “enough”. Then, Bob asks about the potential tax burdens on beneficiaries and heirs, and Tom wonders whether some tax savings are worth the effort of logistical complexity. The fourth question comes from regular listener, Yogi, asking about the role of bonds in diversifying a portfolio. Jesse gets into the details of which bonds are which, which...
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What Do You Mean By “little p purpose”?! | Jordan Grumet - E98
Personal Finance for Long-Term Investors - The Best Interest
Jordan Grumet, AKA Doc G, returns to the podcast to share the difference between “Big P Purpose” and “little p purpose” and why you should pursue the seemingly less significant latter. Bringing together his experience in hospice care and finance, Jordan shines light on how we can create our purpose through personal growth and the pursuit of passions, rather than grandiose goals. Jordan calls these activities that bring joy "purpose anchors," which can be discovered through reflection and exploration. By engaging in these meaningful pursuits, individuals create positive ripple effects,...
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The Bad “Money Scripts” Someone Else Wrote for You | Brad Klontz - E97
Personal Finance for Long-Term Investors - The Best Interest
Jesse kicks today’s show off with a monologue on the importance of having the right temperament for investing - it’s not really about intelligence at all. Emotional stability and disciplined decision making outweigh expertise and intelligence when investing. The Dunning-Kruger effect and the paradox of choice are also highlighted, emphasizing the need to prioritize action over perfection in personal finance. For the second half of the show, Dr. Brad Klontz, Co-Founder of the Financial Psychology Institute and author of Start Thinking Rich, joins to discuss “money scripts”, which are...
info_outlineJesse opens the show by sharing a personal anecdote about a former teacher's challenging investment choices, which were burdened with high fees from their financial advisor. He emphasizes the predatory nature of the financial advice teachers receive, encouraging teachers to seek better investment options from reputable firms like Vanguard and Fidelity. Finally, Jesse underscores the importance of being informed against the systemic issues in the retirement planning landscape for educators.
Dan Otter joins for the second half of the show. Dan is the co-founder of 403(b)Wise, which aims to make information about the 403(b) readily available to educators. Together, Dan and Jesse delve into the complexities and challenges of 403(b) retirement plans for public school teachers. They address the absence of Federal fiduciary protections, the prevalence of predatory financial options, and the stark differences between high-cost and low-cost providers. This episode features valuable resources, including Otter's book Teach and Retire Rich and the 403(b)wise website, offering practical advice on avoiding high fees and poor investment choices.
Whether or not you are a teacher, you’ll find this episode full of valuable education. And, be sure to share this with friends and family members who are teachers.
Key Takeaways:
• Be on the lookout for financial predators who’ll lure you into high fee accounts.
• The 403(b) is a great tool for your retirement.
• There’s a lack of federal fiduciary protections which allows for school teachers to be taken advantage of.
• How 403(b)wise is helping educate teachers on their best financial options.
• What to do if you’ve already invested your money in a high fee account.
• How sales agents are incentivized to harm teachers.
Key Timestamps:
(02:17) Jesse’s Monologue: Teachers Are Getting Taken Advantage Of
(03:51) Advice for Teachers
(09:24) Introducing Dan Otter and 403(b)wise
(11:51) The Problem with 403(b) Vendors
(18:03) Annuities in 403(b) Plans
(24:12) Wise Consumer Tips for Financial Products
(25:28) Understanding Fixed Income and Annuities for Teachers
(27:46) The Ethical Dilemma of Financial Advisors
(31:48) Advocacy and Resources for Teachers
(37:11) Navigating 403b and 457(b) Plans
(42:47) Conclusion and Final Thoughts
Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, teachers, teacher finances, 403(b), 403b, 457(b), 403(b)wise
Mentions:
Website: https://403bwise.org/
LinkedIn: https://www.linkedin.com/in/daniel-otter-ph-d-0380a61/
Mentions:
Teach and Retire Rich: https://amzn.to/4dQloRi
Ten Rules for Retirement Investing: https://www.youtube.com/watch?v=_ewjha6cu1M https://www.nytimes.com/2016/10/23/your-money/403-b-retirement-plans-fees-teachers.html https://www.nytimes.com/2018/03/16/your-money/403b-annuities.html
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at [email protected]
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.