Long Story Short

To mark episode 50, Andy recaps a recent lunch with Professor Jeremy Siegel, the Wharton finance professor and author of Stocks for the Long Run, and walks Adam through the highlights live on air.Siegel's argument that Meta now qualifies as a classic value stock opened the conversation. The metaverse write-off left the market skeptical of Meta's big spending calls, and heavy AI capital expenditure has only deepened that discount, even as ad revenue keeps climbing and the forward price-to-earnings ratio remains well below that of the rest of the Magnificent Seven. From there, the episode moves into why the current rally looks different from past bubble environments, how international equities trade relative to U.S. stocks right now, what AI productivity could mean for the national debt, and a point about energy independence that reframes how much oil prices matter in 2026.The episode closes with context on the sharp sell-off on June 5th. Since 1990, the S&P 500 has averaged 31 days per year with declines of 1% or more. Through mid-2026, there have been 12.⏱️ Timestamps: (1:08) Episode 50 reflections and lessons from a year of podcasting(2:40) Andy meets Jeremy Siegel: the Wharton professor behind Stocks for the Long Run(5:54) Why Siegel and WisdomTree call Meta a classic value stock(7:36) AI capital expenditure, ad revenue growth, and Meta's compressed valuation(9:49) The broader market rally: earnings-driven, not speculation-driven(11:50) International equities trading at a 34% discount to U.S. stocks(12:58) Defense spending, drone innovation, and why geopolitical unrest could be a tailwind for European equities(15:17) AI, white-collar jobs, and why Siegel isn't predicting an economic apocalypse(16:53) Half a percent of GDP growth and what it could mean for the national debt(19:03) Consumer sentiment surveys and the political skew in the University of Michigan data(22:31) The Iran conflict and why oil shocks don't land the same way they did in the 1990s(24:32) June 5th sell-off: how it stacks up against 35 years of market history(25:17) Down days as a healthy part of a functioning market(28:21) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Stocks for the Long Run, by Jeremy Siegel | https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/1264269803 #WealthManagement #FinancialPlanning #StockMarket #Investing #JeremySiegelThe 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. 

The headlines around SpaceX's IPO filing are hard to ignore. Andy and Adam open this episode’s discussion with a look at surprisingly consistent data showing that every one of the ten largest IPOs in U.S. history posted a negative return in its first year, with an average decline of around 27%. That track record raises some questions about the timing of buying into that much hype at that valuation.From there, they shift to something that didn't get nearly as much attention as it deserved. April and May 2026 together ranked as the fifth-best two-month stretch for the S&P 500 in 75 years, and unlike most of the moves above it on that list, this one wasn't driven by a snap-back from panic. Earnings growth outpaced price appreciation, meaning the market actually became cheaper on a valuation basis even as prices climbed.The episode closes with a question one client sent in directly: why hire a financial advisor, and how do you find a good one? Adam and Andy walk through the criteria that matter, from fee structure and credentials to how the team around an advisor operates day-to-day.⏱️ Timestamps: (1:23) SpaceX IPO filing and what to expect from the trifecta of big IPOs in 2026(3:55) The one-year performance of the ten largest U.S. IPOs since 2000(5:15) Why mega-cap IPOs aren't exceptions to the underperformance pattern(6:46) How hype outpaces reality once public markets get a closer look(8:00) If you're a long-term believer, why the IPO date probably doesn't matter(9:29) Morningstar's valuation estimate on SpaceX and the case for waiting(11:27) April and May 2026: the fifth-best two-month S&P run since 1950(12:06) Why this rally is different from the panic-recovery moves above it on the list(14:36) Earnings are driving the market higher while valuations actually come down(17:44) Andy pivots to the value of a financial advisor and the Vanguard study(23:05) The four Cs: competency, coaching, convenience, continuity(24:16) What 250,000 people calling themselves advisors actually means(25:11) The three things Adam looks for: fee-only, credentials, team structure(30:32) Trust as the final filter and what it looks like when an advisor is selling fear(32:02) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Vanguard Advisor’s Alpha: Clients and their advisors thriving together for 25 years | https://advisors.vanguard.com/insights/article/celebrating-25-years-of-working-to-improve-outcomes-for-you-and-your-clients #WealthManagement #FinancialPlanning #IPO #StockMarket #FinancialAdvisorThe 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 is recording from a hotel room in Seattle, attending the Basis Northwest Conference, a two-day deep dive into esoteric tax strategies run by Brent Sullivan of Tax Alpha Insider. The episode opens with a walkthrough of what tax-centric wealth management looks like in practice, including asset location, direct indexing, tax-loss harvesting, and the 351 ETF conversion on the investment side, and Roth conversions, charitable giving strategy, and lifetime tax efficiency on the planning side.The second topic is bonds. Interest rates spiked last week, and Adam walks through a chart plotting ten-year Treasury starting yields against forward returns since the early nineties. With last year's starting yield at 4.6%, forward-looking bond returns are projecting just under 6% annualized. Andy's read is that 4.6% sits right in the middle of the historical range. This is a normalization, not a warning sign.Consumer sentiment is near its lowest level on record, driven in part by the U.S.-Iran war and fuel price concerns, while the stock market sits near all-time highs and earnings keep growing. Adam and Andy discuss the K-shaped economy, the politics angle, and why sentiment this low has historically preceded strong forward returns. Andy closes with Ben Carlson's thought experiment - even an investor who bought only at all-time highs throughout history still averaged around 8% annually over the long run.⏱️ Timestamps: (00:49) Intro: Andy live from Seattle at the Basis Northwest Conference(01:35) Asset location and matching investments to account types(04:57) Direct indexing and tax-loss harvesting at scale(06:44) Adam on the planning side: lifetime tax efficiency vs. the single-year bill(10:36) Why CPAs push back on Roth conversions and why that's shortsighted(11:10) The ten-year distribution rule and multi-generational tax planning(13:05) Bond market update and why rates spiked last week(14:02) The ten-year yield chart: starting yield vs. forward return(17:42) Stocks vs. bonds: why equities still win over the long run(19:20) University of Michigan sentiment survey: 44.8, an all-time low(22:06) The K-shaped economy and whether politics explains the gap(26:28) Ben Carlson's all-time highs thought experiment(27:46) Wrap and listener questions(27:28) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Tax Alpha Insider Substack by Brent Sullivan | https://www.taxalphainsider.com/ Ben Carlson / A Wealth of Common Sense | https://awealthofcommonsense.com/CNBC “Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries” | https://www.cnbc.com/2026/05/22/consumer-sentiment-hits-fresh-record-low-in-may-as-iran-war-fuels-inflation-worries.html  University of Michigan Survey of Consumers | https://www.sca.isr.umich.edu/#TaxPlanning #WealthManagement #RothConversion #BondMarket #ConsumerSentiment #Investing #PersonalFinance #LongTermInvestingThe 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.

Despite months of pessimistic headlines, a thread from Ryan Detrick at the Carson Group shows American consumers in solid shape. Credit card delinquencies are back to pre-COVID levels, foreclosures and bankruptcies are flat, and home equity has climbed alongside equity markets. Andy adds the Costco recession indicator to the mix, which flags a shift from steaks to canned tuna as a warning sign. Adam's take is that maybe people just want tuna salad in the summer.From there, the episode turns to long-term care costs, one of the most underplanned-for expenses in retirement. A Business Insider article about a family navigating memory care for an aging parent put a number to it - $17,000 a month, with over $200,000 spent in 18 months. Adam walks through state-by-state cost ranges using the Genworth cost of care calculator, the case for and against long-term care insurance, and why starting the conversation early is the most important move regardless of what you decide.The episode closes with the second installment of Burney's factor deep dive series. Andy covers the value factor, tracing the Fama-French research showing cheaply priced stocks have historically outperformed expensive ones by 3 to 5% annually, why price-to-book value has lost its usefulness, and why value investors have to be prepared to sit through extended stretches where growth dominates.⏱️ Timestamps: (00:45) Intro from Hilton Head and Memorial Day weekend(02:06) Ryan Detrick's consumer data: credit cards, delinquencies, and household balance sheets(04:46) The Costco recession indicator(06:32) Cost of long-term care: a Business Insider story about memory care at $17K a month(08:10) What Burney walks clients through when planning for care costs(09:25) The Genworth cost of care calculator and state-by-state ranges(12:48) Long-term care insurance: the decision window, the history, and who actually needs it(19:13) Why most clients end up choosing to self-insure(20:00) Factor deep dive: the value factor and the Fama-French research(21:47) Why price-to-book no longer works and what's replaced it(23:04) Price-to-earnings as the most practical value measure(24:26) Why value has underperformed growth for a decade, and why that doesn't kill the thesis(26:48) How Burney's models track which value metrics are working now(27:41) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Business Insider Article, “My dad's dementia care cost $17,000 a month. It wiped out his life savings in 16 months” | https://www.businessinsider.com/dads-dementia-care-cost-life-savings-2026-5 Genworth Cost of Care Calculator | https://www.carescout.com/cost-of-careCostco Recession Indicator | https://finance.yahoo.com/economy/articles/costco-recession-signal-goes-viral-114424970.html #LongTermCare #RetirementPlanning #PersonalFinance #ValueInvesting #StockMarket #WealthManagement #FactorInvesting #ConsumerHealthThe 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 opens with a pop quiz on how many trillion-dollar market cap companies exist in the US right now. The answer is ten, led by NVIDIA at $4.8 trillion. He traces prior melt-up periods from the Roaring Twenties through the Nifty Fifty, the Japanese market in the '80s, and the Nasdaq bubble of the '90s to put the Nasdaq 100's 643% climb over the past decade in context. Andy adds the labor market data. Payrolls grew above expectations in the most recent report, and despite fears that AI-driven tech layoffs would hollow out white-collar employment, companies are still hiring. Adam then turns to Social Security, where stickier inflation has a silver lining. With CPI at 3.8% and running sticky, early projections put the 2027 cost-of-living adjustment (COLA) at 4-5%. He walks through the COLA history and explains why delaying your claim matters so much when those adjustments stack on top of 8% annual delay credits.The episode closes on the great wealth transfer, a topic Adam says he's been hearing about for twenty years. Baby boomers hold $90 trillion in wealth, but Andy and Adam both question whether the anticipated handoff to millennials and Gen Z will play out as expected. Boomers are spending more aggressively than prior generations, living longer into their go-go years, and, in many cases, intentionally holding off on passing down wealth.⏱️ Timestamps(00:44) Pop quiz: how many trillion-dollar companies are there?(01:15) NVIDIA at $4.8 trillion and the full list(02:19) Melt-ups throughout history: the '20s, Nifty Fifty, Japan, the Nasdaq(05:11) What's supporting the run: the latest jobs report(06:27) AI layoff fears and why the data tells a different story(07:52) Social Security COLAs and what stickier inflation means for 2027(08:17) COLA history: near-zero for a decade, then 6%, then almost 9%(09:40) Why delaying your Social Security claim compounds the benefit(12:12) The great wealth transfer: $90 trillion in boomer wealth(13:59) Why boomers are spending it rather than passing it on(14:23) Longevity, health span, and the go-go years stretching longer(18:18) Planning for a life that might run to 100 or beyond(20:07) Upcoming guests: estate planning, P&C insurance, trust administration(21:14) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Wall Street Journal: The Great $110 Trillion Wealth Transfer Won’t Happen Any Time Soon | https://www.wsj.com/articles/the-great-110-trillion-wealth-transfer-wont-happen-any-time-soon-e8b2ef31]#SocialSecurity #WealthTransfer #StockMarket #RetirementPlanning #PersonalFinance #WealthManagement #LongTermInvesting #LongevityThe 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.

Health insurance has long been treated as non-negotiable, but Adam and Andy are getting more questions than ever from clients wondering whether it's worth the cost. A Bloomberg article on healthy workers dropping employer coverage to save over $1,000 a month captured something they've both been noticing in client conversations for years, and the two walk through why opting out, whether through self-pay, religious health pools, or exchange plans, tends to look better on paper than it plays out in practice. Their advice stays consistent regardless of income level. You're in a "don't screw it up" phase, and a catastrophic health event paid fully out of pocket can undo years of careful planning.That framing carries into the economic conversation. Andy has been getting questions about Iran, oil prices, and whether the stock market can really be at all-time highs while all of this is happening. The hard data keeps coming back strong. The US economy grew 2% in early 2026, the Atlanta Fed has since updated its Q2 real growth forecast to 3.5%, and jobless claims are declining while retail spending is climbing. Consumer sentiment has been negative for months, but Andy makes the point that it tends to be a contrarian indicator. When sentiment is low and the hard numbers are healthy, that tends to be when staying invested pays off.The episode closes with the first installment of a recurring segment on Burney's active management process. Andy introduces momentum, explaining how the same instincts behind "let your winners run" and "never catch a falling knife" show up in the academic data, and why the momentum factor has provided very strong returns on a market-neutral basis over the past year.⏱️ Timestamps: (00:00) The Bloomberg health insurance article and why people are questioning employer coverage(01:15) Alternatives people are considering and why they tend to fall short(03:57) The "don't screw it up" phase applied to insurance decisions(07:21) Is the economy in its own "don't screw it up" moment?(08:18) US GDP, the Atlanta Fed's Q2 forecast, and the labor market(10:39) Consumer sentiment as a contrarian indicator(13:24) Burney's stock selection process and the factor deep dive series(15:09) Momentum explained: bull signals, bear signals, and why it works(21:15) 5,000 factors, 25 to 50 per model, and why momentum is leading right now(23:36) Behavioral investing and knowing when to cut your losses(25:44) Wrap and listener questions(26:36) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Bloomberg Article: Healthy Workers Ditching Company Insurance to Save $1,000 a Month | https://www.bloomberg.com/news/features/2026-04-29/as-health-insurance-costs-rise-workers-leave-employer-plans Atlanta Fed GDPNow Q2 2026 forecast | https://www.atlantafed.org/-/media/Project/Atlanta/FRBA/Documents/cqer/researchcq/gdpnow/RealGDPTrackingSlides.pdf #HealthInsurance #PersonalFinance #StockMarket #ActiveManagement #InvestingStrategy #WealthManagement #LongTermInvesting #FactorInvestingThe 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.

A Goldman Sachs research report from October 2025 found that 40% of households earning over $500,000 a year report living paycheck to paycheck. Adam and Andy dig into that number, what it tells us about how people relate to money as their income climbs, and why the gap between being rich and being wealthy matters more than most people realize. The conversation moves into earnings season, where 139 S&P 500 companies have already reported double-digit earnings growth and nearly double-digit revenue growth, despite all the headlines about tariffs, geopolitical risk, and economic uncertainty. Andy explains why staying invested tends to beat reacting to the noise, and shares a stat from Ben Carlson's A Wealth of Common Sense: the S&P 500 has returned 17% annually for the past 17 years.The episode closes with the same throughline that runs under both conversations. Whether you're building wealth or learning to spend it, patience and discipline tend to get you further than any single financial move.⏱️ Timestamps: (00:42) Intro and Andy's weekend at Dominion Raceway(02:36) Goldman Sachs data on paycheck-to-paycheck living across income levels(05:12) Lifestyle creep and why income growth doesn't guarantee wealth(12:11) The distinction between being rich and being wealthy (14:24) Morgan Housel's definition of wealth and the savings creep strategy(17:09) Earnings season update and double-digit growth despite the headlines(19:56) Why fear sells and how to filter market noise(20:28) The S&P's 17% annualized return over 17 years(23:13) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Goldman Sachs Asset Management Retirement Survey and Insights Report, October 2025 | https://am.gs.com/en-us/advisors/news/press-release/2025/retirement-survey-press-release Paycheck to paycheck graph | https://x.com/fintechfrank/status/2048544546053648608/photo/1 A Wealth of Common Sense, Ben Carlson | https://awealthofcommonsense.com/ The Psychology of Money, Morgan Housel | https://www.amazon.com/Psychology-Money-Morgan-Housel/dp/B09Q68BXWL #LifestyleCreep #WealthBuilding #PersonalFinance #StockMarket #RetirementPlanning #WealthManagement #LongTermInvestingThe 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 recently earned his CEPA designation through the Exit Planning Institute, and this episode starts with what that means in practice. Selling a business is not a single event. It is a planning process that most owners start far too late. Adam covers the three areas that trip people up most often and why getting a financial advisor involved well before the transaction is more important than most people realize.From there, Adam and Andy turn to the market hitting all-time highs again, recovering from a 9% peak-to-trough drop in just 11 trading days. With conflict in the Middle East dominating the headlines, clients have been asking how the market can keep going up. Adam and Andy explain what really drives stock prices over time and why the day-to-day noise, as unsettling as it can feel, tends to be just that.The episode closes with a conversation that comes up regularly with clients who are newly retired or nearing retirement. Should you shift heavily into bonds once you stop working? Andy pushes back on the conventional wisdom, makes the case why stocks still belong in a retirement portfolio over a 20 or 30-year time horizon, and reframes what "income" in retirement means.⏱️ Timestamps: (00:46) Welcome and intro: Adam's CEPA designation(02:39) Why exit planning matters(04:27) Three areas where business owners get tripped up before a sale(09:31) Common pitfalls and why your advisor should be involved early(12:28) The market hits all-time highs in 11 trading days(13:29) All-time highs tend to cluster: what the historical data shows(14:49) What's actually driving the stock market right now(19:27) Clients retiring into a volatile market: should you dial back risk?(21:08) The problem with overweighting bonds in retirement(23:18) Inflation as the real long-term risk for retirees(25:22) Rethinking "income" in retirement: the total return approach(27:27) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Exit Planning Institute | exit-planning-institute.org #ExitPlanning #BusinessOwners #RetirementPlanning #Investing #StockMarket #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.

Recorded the day before Tax Day from Burney's new Nashville office, this episode starts with a habit most people skip once they hit submit on their taxes. Most people never go back and actually read the return, and Adam explains why a few minutes with those pages can be very useful. He walks through what to look for on the first two pages of a Form 1040, why understanding your marginal bracket matters, and how a big income year can quietly set you up to overpay the following year if nobody runs a projection.From there, Adam and Andy turn to IPOs. With SpaceX, OpenAI, and Anthropic potentially going public, clients have been asking whether they should try to get in. Andy makes the case that missing out on a high-profile IPO is usually fine, and that the most exciting companies to invest in at IPO time are often the worst performers in the years that follow.⏱️ Timestamps: (01:35) Welcome from the new Nashville office(02:50) Tax Day tomorrow, and what to do with your return(06:30) Marginal tax brackets and why yours matters for planning (08:10) Starting with the Form 1040 and the first two pages (09:50) Standard deduction vs. itemizing and bunching deductions(11:40) Credits, refunds, and avoiding overpayment the following year(13:55) Tax projections and the opposite of the ostrich strategy(17:35) IPOs are back in the headlines: SpaceX, OpenAI, Anthropic(18:28) A list of famous IPOs and what they have in common(20:14) Why retail investors rarely get real access anyway(24:50) How much would an IPO move the needle in your portfolio? (25:30) By IPO time, most of the growth has already happened (27:50) Wrap-up(28:35) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Blog Post: Understanding the One Big Beautiful Bill Act | https://burneywealth.com/blog/understanding-the-one-big-beautiful-bill-act Have questions you want answered on the podcast? Email [email protected]#TaxPlanning #TaxReturn #IPO #Investing #WealthManagement #SpaceXThe 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.

Should you open a 529 before your child is born? A Wall Street Journal piece about a retirement researcher who won't fund 529s for his own kids got Adam and Andy talking about a debate that comes up often with clients. Two brothers, similar incomes, completely opposite approaches. They walk through the real trade-offs and why the most important question has nothing to do with which account you pick.From there, the conversation turns to concentrated stock positions. When a single stock has grown into a huge chunk of a portfolio, most people know they have a problem but don't want to deal with the tax bill. Adam and Andy cover three strategies that come up regularly in those conversations, including the real costs and limits each one carries.They close with something clients have been asking about. Burney has been building individual stock models since 1974 and actually experimented with neural network technology in the late 1990s. Andy shares what that early attempt revealed, and what separates a genuinely useful AI application from what he calls "AI washing."⏱️ Timestamps: (00:43) Intro: funding a 529 before your child is born(02:09) The Wall Street Journal 529 debate: two brothers, two opposing views(06:03) Where most families land on college savings(07:53) Recent changes to 529s: K-12, trade school, and the Roth IRA rollover(09:02) The key quote: what actually matters most(10:13) Concentrated stock positions and the $40M Nvidia example(12:09) First question to ask before any tax strategy(15:11) Tax-aware long/short, 351 exchange, and exchange funds(22:00) When simpler is smarter(23:54) Gifting appreciated stock to family or charity(24:37) Burney's history with AI and neural networks(28:25) What makes an AI application in investing actually work(32:22) Wrap-up(33:14) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ The Wall Street Journal Article: The Financial Planning Expert Who’s Boycotting 529s for His Kids | https://www.wsj.com/personal-finance/the-financial-planning-expert-whos-boycotting-529s-for-his-kids-6c3e32fc Have questions you want answered on the podcast? Email [email protected] #529s #CollegeSavings #TaxPlanning #ConcentratedStock #WealthManagement #InvestingThe 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.

Spring break had Andy thinking about something that comes up often with clients who have accumulated wealth: the value of spending on experiences over things. Adam connects this to a broader shift toward the experience and convenience economies, and Andy shares a personal story about his grandmother sponsoring family trips that still shape how he thinks about money and memory.That leads into a practical conversation about the flaws of Monte Carlo analysis, and what should replace it. Adam lays out why Monte Carlo, despite its popularity, tends to push clients toward underspending, ignores realistic adjustments people would naturally make in a downturn, and uses return assumptions that may not match your actual portfolio. The better approach combines a conservative linear plan with dynamic spending guardrails that tell you exactly when to give yourself a raise and when to cut back.They close on market valuations and forward return expectations. Vanguard and Goldman Sachs are both forecasting roughly 3% annual returns from the S&P 500 over the next decade, well below historical averages. Adam and Andy explain what that means for retirement planning and why the current pullback toward correction territory may actually improve the picture for people with cash on the sidelines.⏱️ Timestamps: (0:51) Intro: Andy's spring break and the experience economy(2:43) Spending on experiences vs. things: why it matters in retirement planning(6:18) Why diligent savers often need permission to spend(7:54) Andy's grandmother, family trips, and what actually gets remembered(9:41) Monte Carlo analysis explained: running your plan a thousand times(10:55) Linear planning vs. Monte Carlo: what each one does well and poorly(15:08) The problem with aiming for a 90% Monte Carlo score(16:28) It doesn't account for natural spending adjustments in downturns(19:48) A preferred approach: conservative linear plan plus dynamic spending guardrails(23:17) The GPS analogy: dynamic planning vs. a paper map(25:13) Vanguard and Goldman Sachs are forecasting roughly 3% annual returns for the next decade(27:06) Goldman's sentiment indicator and why low sentiment tends to precede better returns(28:44) The lost decade of the 2000s and why diversification paid off then(34:26) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Have questions you want answered on the podcast? Email [email protected] #RetirementPlanning #FinancialPlanning #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. 

The bond market is bigger than the stock market at $130 trillion globally, and a lot of investors treat it like a fortune teller. Adam and Andy dig into what bond market moves actually signal, why rising yields don't always mean bad news, and how the recent spike tied to oil prices fits into the bigger picture.Adam walks through a surprisingly consistent story in US tax history. Despite top marginal rates that once hit 90%, effective tax rates have hovered between 20 and 30% for decades. Individual income taxes and payroll taxes fund the overwhelming majority of the federal government, and the estate tax, despite all its political attention, has never broken 5% of federal revenue.They close with news that Burney's Nashville office is officially open.⏱️ Timestamps: (0:55) Intro: Episode 39 and the "smart money" debate(3:17) The bond market is $130 trillion globally, bigger than stocks(4:47) What bond investors actually care about: inflation, growth, creditworthiness(7:36) What rising yields actually signal vs. what people fear they mean(11:32) Conflicting signals: rising rates have historically been a positive for equities(13:02) How taxation has changed over decades: estate tax, income tax, payroll tax(15:38) Individual income taxes and FICA fund the overwhelming majority of federal revenue(18:48) The effective tax rate has stayed between 20-30% despite dramatic rate changes(20:18) Nashville office is open(23:40) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ #TaxPlanning #InvestingStrategy #BondMarket #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.

The average IRS tax refund is up 10.6% this year, and Adam explains why: the new tax bill reduced liability, but withholding tables on paychecks never got updated, so millions of people over-withheld through the back half of 2025. A good surprise this year, but a reason to revisit your withholding now.Adam and Andy open with listener feedback on fraud and financial conversations with adult children, including a real story from a highly educated listener who got targeted by a scam. The takeaway is uncomfortable but important: it can happen to anyone.Then Andy walks through how Burney builds portfolios beyond US stocks, explaining the asset allocation process, how correlation drives diversification decisions, and why the classic 60/40 portfolio broke down in 2022.They close on the decumulation dilemma, a concept from retirement researcher David Blanchett that captures something Adam sees constantly with clients: people who spent decades saving end up too afraid to spend in retirement, and their portfolios flatline when they should be funding the lives they planned for.⏱️ Timestamps:(0:45) Intro: Listener engagement and episode 38(1:45) Fraud follow-up: a highly educated listener shares how they were targeted(3:47) Password reuse: how it opens the door to fraud(5:13) Talking to adult children about money and the fear of creating dependency(11:00) Listener question: how does Burney build a full portfolio beyond US stocks?(12:27) What diversification actually means: low correlation, not just different labels(13:45) International stocks: 35% of global market cap, and why that matters(14:56) Bonds, alternatives, and what to do when correlations break down(17:00) This is not a static process: asset allocation evolves(19:10) ETFs vs. direct investing: where Burney uses each(22:20) Tax refunds up 10.6%: what's driving it and what to do now(24:37) Adjusting your withholding for the rest of 2026(28:47) The decumulation dilemma: why retirees underspend(32:00) The fear of outliving your money and how planning addresses it(33:53) Defining what your own retirement mountain actually looks like(35:37) Podcast disclosuresResources:Long Story Short websiteFollow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn David Blanchett’s Post: “The Decumulation Dilemma”Ep 26: Cybersecurity Episode with Max Alles #RetirementPlanning #TaxPlanning #PortfolioManagement #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.

Oil jumped above $100 a barrel after last week's Iran episode podcast aired. Markets stayed choppy through the back half of the week, and Adam and Andy open episode 37 by following up with data that might surprise you. When oil prices are rising, average annual S&P 500 returns have historically been higher than when oil prices are falling.Then Andy pulls back the curtain on how Burney actually selects stocks. The process starts with size and style positioning, runs through a quantitative model that scores over 3,000 stocks across nine sector-specific frameworks, and gets a human check before anything goes into client portfolios. The investment committee meets monthly. Headlines about Iran don't drive the decisions.They close on a topic that's more personal than financial. Fraud targeting adults over 60 hit $700 million in reported losses in 2024, five times the 2020 amount. Adam and Andy cover the warning signs to watch for in family members and the protective measures to put in place before something goes wrong.⏱️ Timestamps: (0:00) Intro: Markets stayed choppy after last week's Iran episode(1:33) Oil jumped above $100 a barrel over the weekend(2:44) Ben Carlson's data: S&P returns are actually higher when oil prices rise(4:28) Volatility cuts both ways: biggest up days cluster near biggest down days(7:39) Listener question: how does Burney pick stocks?(9:19) Start with size and style: tilting toward where momentum is(11:42) The quantitative model: 3,000+ stocks, nine sector-specific frameworks(13:24) Where the human sanity check comes in(19:32) Fraud targeting adults over 60: $700M stolen in 2024(21:30) Impersonation scams up fivefold since 2020(22:09) Warning signs to watch for in family members(23:33) Protective steps: trusted contacts, power of attorney, transaction alerts(25:06) How to approach a family member you suspect has been targeted(39:00) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Ben Carlson’s Article “How Do Higher Oil Prices Impact Stock Market Returns?” | https://awealthofcommonsense.com/2026/03/how-do-higher-oil-prices-impact-stock-market-returns/ Vanguard Article “Protecting your inner circle from financial fraud” | https://investor.vanguard.com/investor-resources-education/article/protecting-your-inner-circle-from-financial-fraud Ep 26: Cybersecurity Episode with Max Alles | https://burneywealth.com/podcast/cybersecurity-guide-max-alles-long-story-short-episode-26 #WealthManagement #InvestingProcess #FraudPrevention #RetirementPlanningThe 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 opened down Sunday night after the US launched a full-scale military operation in Iran. By Monday afternoon, all major indexes were in the green. Since that initial reaction, the market has moved down for the week. Adam and Andy dig into what history actually shows about how markets respond to geopolitical events and why the phones have been quiet.Then they answer two listener questions. First, should you borrow from your 401(k)? Adam walks through how the loan works, who it might make sense for, and when it becomes a red flag. Second, what happens with Medicare when you turn 65 but you're still working? The answer depends almost entirely on how many employees your company has.They close with a ranking of overused finance buzzwords: stagflation, inverted yield curve, and the Strait of Hormuz.⏱️ Timestamps:(1:13) Intro: US military operation in Iran(3:07) What does the war in Iran mean for the markets?(4:17) What history shows about markets after geopolitical events(7:03) Why global events often don’t impact markets as much as you might expect(10:30) Listener Q: Should you borrow from your 401(k)?(11:07) How a 401(k) loan works: limits, interest rate, repayment(13:13) The big risk: what happens if you leave your job(14:47) Who it makes sense for and who should avoid it(18:12) Listener Q: Medicare at 65 while still working(19:37) The key question: does your employer have fewer or more than 20 employees?(23:26) HSA nuance: what changes once you enroll in Medicare(25:21) Finance buzzword ranking: Strait of Hormuz, inverted yield curve, stagflation(27:50) Podcast disclosuresResources:Long Story Short websiteFollow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn#retirementplanning #medicare #personalfinance #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.

The US men's hockey team won gold for the first time in 40 years. Private credit is making headlines as the next 2008 crisis. And the Rule of 55 might help early retirees access their 401(k)s penalty-free.Adam and Andy start with the miracle on ice moment, then get into the private credit panic sweeping financial media. Blue Owl's pricing shock revealed a 16% discount between stated value and market value, triggering fears about what's really inside private debt funds. Data from Cliffwater tells a different story: defaults below historical averages, yields hovering around 9%.Then they explain the Rule of 55, a break-glass-in-case-of-emergency strategy that lets people access 401(k) funds penalty-free between ages 55 and 59½. Finally, Adam breaks down estimated taxes and why $1.3 billion in underpayment penalties hit high earners in 2024, triple the 2021 amount.⏱️ Timestamps: (1:31) Intro: US Olympic hockey gold after 40 years(3:42) Private credit making headlines as the next crisis(7:12) Blue Owl pricing shock: 16% discount revealed(10:19) Cliffwater data: Yields above 9%, defaults below normal(14:09) Rule of 55 explained: Break glass in case of emergency(18:00) When does using the Rule of 55 actually make sense?(19:35) Downsides: Lost tax-deferred growth and potential higher tax brackets(22:26) Estimated taxes: $1.3 billion in penalties for high earners in 2024(27:45) Two safe harbors: 90% of current year or 100-110% of prior year(29:40) Projecting tax liability with variable income sources(37:37) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Alex Shen’s post about Private Credit | www.linkedin.com/posts/alexshen7_more-cockroaches-dont-hold-your-breath-activity-7431549039994843136-9jpBWall Street Journal Article: “Estimated Taxes Are a Pain. Here's How to Avoid Costly Penalties” | www.wsj.com/personal-finance/taxes/estimated-taxes-are-a-pain-heres-how-to-avoid-costly-penalties-d71cf00dCliffwater: New Private Credit Data Contradicts the Recent Risk Narrative | https://cliffwater.com/ResourceArticle/new-private-credit-data-contradicts-the-recent-risk-narrative?docId=30429 Cliffwater: After Misstep, Blue Owl Gets It Right, Unlike the Press | https://cliffwater.com/ResourceArticle/after-misstep-blue-owl-gets-it-right-unlike-the-press?docId=30427 #PrivateCredit #RetirementPlanning #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.

A viral essay claimed AI is taking over knowledge jobs right now, not in the future. Elon Musk said retirement planning is irrelevant for anyone retiring 10+ years from now. And Trump accounts launched with a free $1,000 for qualified children.Adam and Andy break down the AI panic sweeping through feeds this week, starting with Matt Shumer's "Something Big is Happening" essay that got 50-60 million views. They question whether comparing AI to the internet sets an impossibly high bar, examine why Apple hasn't spent anything on AI CapEx while competitors race to build empires, and discuss whether this is genuine transformation or tech CEO posturing.Then they talk through Elon's claim that AI will make costs drop to nearly zero and work optional. Adam explains why planning is about creating certainty in an uncertain world, not betting on utopian predictions. Finally, they touch on Trump accounts and why (outside the free $1,000 for children born 2025-2028) there are better tools like 529 plans and UTMA accounts for saving for kids.⏱️ Timestamps: (0:00) Intro: Parenting as AI model training(1:26) Snowboarding & Feedback Loops: How kids (and models) learn in the wild(4:12) "Something Big is Happening": Analyzing Matt Shumer’s viral AI essay(6:50) The Great AI Debate: Polar opposite views from the CFA Institute dinner(8:25) The Internet Benchmark: Is AI truly as transformative as the web?(9:19) AI CapEx & The Mag Seven: Why Apple is the notable outlier in spending(11:00) Elon Musk’s Prediction: Is retirement planning officially irrelevant?(12:46) The Strategy of Certainty: Why we plan for the "uncertain world"(15:06) The Musk Track Record: A look at past predictions vs. reality(19:23) Trump Accounts 101: New savings vehicles and the $5,000 limit(23:47) Alternatives to Trump Accounts: What’s the best option?(28:22) The Flexibility Trap: UTMA accounts vs. parental discretionResources:Long Story Short website | burneywealth.com/podcastFollow 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/ Matt Schumer’s Essay “Something Big Is Happening” | https://shumer.dev/something-big-is-happening Ep 22: Teaching Kids About Money, Social Security Strategy & Year-End Giving | https://burneywealth.com/podcast/teaching-kids-money-social-security-strategy-long-story-short-episode-22 #AI #RetirementPlanning #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.

Markets hit all-time highs while major stocks crashed. Bitcoin dropped nearly 50%. And clients are asking a big question: where should I actually withdraw money from in retirement?Adam and Andy break down the bizarre market rotation where the S&P 500 sits less than 1% from all-time highs while Netflix, Coinbase, and Adobe are down 40-60%. They explain why this is healthy, whether the shift from growth to value has staying power, and what AI as a headwind (instead of tailwind) means for software stocks.Then they discuss the withdrawal order puzzle. Should you pull from taxable accounts first, or IRAs to limit RMDs, or Roth because you hate taxes? The answer depends entirely on when you retire, how your assets are distributed across account types, and what flexibility you want to preserve.⏱️ Timestamps: (1:36) Intro: Super Bowl recap and market excitement(4:02) Markets near all-time highs while growth stocks crash(5:24) What's working: the shift from growth to value(7:36) Is this rotation to value a head fake or sustainable?(10:34) Bitcoin down nearly 50% from the peak(11:26) Crypto volatility: it cuts both ways(13:29) The withdrawal order puzzle: where should you pull retirement income from?(15:10) Retiring at 55 vs. retiring at 70: completely different situations(18:18) The importance of flexibility and diversification across tax types(19:36) Customizing your retirement investing strategy over time(23:33) Winter Olympics overconfidence check: what event could you finish?(26:14) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on LinkedinFollow Andy Pratt on LinkedIn#InvestmentStrategy #RetirementPlanning #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.

What happens when someone who actually worked at the Fed joins the podcast? We brought in Hannah Sheldon, our firm’s newest research analyst and former Fed policy analyst, to break down Kevin Warsh's nomination as the next Fed chair.Hannah explains what Warsh's inflation hawk history means for interest rates, why shrinking the Fed's balance sheet could shake things up, and how his views on AI as disinflationary might give him room to cut rates. Then Adam and Andy discuss silver's sudden crater (classic bubble behavior) and finish with a deep dive into stress testing your retirement plan.⏱️ Timestamps: (1:14) Intro: Big news on the Fed chair nomination(2:18) Welcoming Hannah Sheldon, former Fed policy analyst(3:38) What should we make of Kevin Warsh as Fed chair?(4:46) Changes we might expect: shrinking the Fed's balance sheet(6:14) Why reducing the balance sheet contradicts cutting rates(7:29) Squaring Warsh's inflation hawk history with pledges to cut rates(9:03) The Fed's core job: dual mandate explained(10:13) What Warsh thinks about unemployment and AI's impact(11:23) Hannah's take: expect strong market performance(13:07) Pivoting to silver's big collapse & the nature of commodities(17:04) How to decide if you should take part in the latest hot investment trend(18:22) Tier one money and avoiding speculation with essential capital(19:33) How to stress test your tier one bucket(22:20) Planning for healthcare: the quarter million per spouse rule(24:31) Conservative assumptions: lower returns, higher inflation(25:28) Sequence of return risk & asset allocation as a tool against it(29:38) Preview: Trump accounts coming next week(30:46) 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/ Follow Hannah Sheldon on Linkedin | https://www.linkedin.com/in/hannah-sheldon-311a31130/ Ep #31: Social Security, AI Investing & When Growth Shifts to Protection | https://burneywealth.com/blog/ss-ai-investing-protection-long-story-short-episode-31  #FederalReserve #RetirementPlanning #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.

Social Security going broke? AI stocks too hot to handle? Wondering when you should stop chasing growth and start protecting what you've built?Adam and Andy discuss three questions they're hearing frequently from clients right now. First, they break down what "going broke" actually means for Social Security (it's not as dire as the headlines make it sound). Then they throw cold water on the AI investment frenzy and explain why you're probably already more exposed than you think. Finally, they introduce a framework for thinking about when your portfolio should shift from growth mode to protection mode.⏱️ Timestamps: (1:09) Intro: Three client questions about Social Security, AI, and portfolio protection(1:32) Will Social Security run out of money?(5:25) Three solutions Congress might consider to fix the funding gap(10:38) Should you invest more heavily in AI right now?(17:32) When should protecting wealth become more important than growing it?(20:08) Defining tier one capital: your "don't screw it up" money(22:15) What tier two capital is and how to think about it differently(30:00) 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/ #RetirementPlanning #SocialSecurity #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.

The quarterly webinar live Q&A session covered the topics clients care about most right now. Adam and Andy spent 30 minutes answering questions on international investing, market volatility, tariffs, Bitcoin, gold, and what to expect in 2026.International stocks dominated the questions. Clients wanted to know how Burney accesses these markets (through funds with on-the-ground analysts), whether the 20-30% allocation still makes sense (yes), and how tariffs affect international performance (April's selloff showed international stocks held up better than U.S. markets).Volatility questions came next, triggered by the week's 2% down day. Andy provided benchmarks: expect dozens of 1-2% down days yearly, one 10% correction per year, and a 20% bear market every four to five years. Volatility isn't a warning sign. It's the cost of stock returns.Bitcoin and gold both came up. Andy explained why crypto remains speculative despite the recent drop from $130,000 to $90,000 (multiple 90% drawdowns in its history). Gold's strong 2025 performance looks tempting, but it still fails portfolio optimization tests.Adam tackled AI investment concerns, noting the strong earnings growth happening outside AI stocks. Tax changes from the Big Beautiful Bill got attention too. The new SALT caps and senior deductions are creating stimulus most people haven't noticed yet.⏱️ Timestamps: (00:35) Introduction to webinar Q&A format(01:35) International investing strategies: Funds vs. individual stocks(04:52) Are developed foreign markets better short-term investments?(06:30) Tariffs and international performance: The April lesson(08:38) Trump's Greenland threats: Distraction or market mover?(10:29) Economic slowdowns in Russia & Iran(11:46) Best way to access international stocks for 2026(14:55) What to make of market volatility(17:24) Yesterday's 2% selloff in perspective(18:52) Is now a good time to invest in Bitcoin?(20:52) Gold stocks soaring: Should you chase the trend?(24:16) Tax changes in 2026 and market impact(27:56) Why small caps lag large caps(29:39) AI investment slowdown concerns(33:13) First quarter 2026 expectations(35:43) 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/ Understanding the One Big Beautiful Bill Act (OBBBA): What High Net Worth Families Need to Know | https://burneywealth.com/blog/understanding-the-one-big-beautiful-bill-act Have questions you want answered on the podcast? Email [email protected].#InternationalInvesting #MarketVolatility #TaxPlanning #Bitcoin #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.

The headlines around Morningstar's updated safe withdrawal rate study sent many retirees into a panic. The so-called "4% rule" just became the "3.9% rule," which sounds like a rounding error worth ignoring. But Adam breaks down why the assumptions behind that number matter much more than the headline itself.The conversation moves to estate planning and an interesting Wall Street Journal piece about a billionaire who holds quarterly family meetings to review finances and estate plans. That level of transparency might not work for everyone, but the principle applies across wealth levels: communication prevents chaos. Nobody wants their family scrambling to piece together accounts and passwords after a loss.The discussion wraps with the Federal Reserve drama that dominated headlines over the weekend. While the DOJ investigation into Jerome Powell grabbed attention, markets barely flinched. Sometimes the most dramatic headlines deliver the least market impact.We cover:Why Morningstar's 3.9% withdrawal rate assumes things most retirees don't actually doThe hidden assumptions: 30-50% equity allocation and linear spending for 30 yearsHow spending flexibility could push safe withdrawal rates closer to 5.5-6%Why quarterly family money meetings (billionaire style) might be overkill, but annual estate plan reviews aren'tThe minimum conversation every couple needs to have about where things areFederal Reserve independence, DOJ investigations, and why markets yawnedAndy’s basement renovation indicator as a bear market predictor⏱️ Timestamps: (01:06) Kindergarten milestones and birthday party economics(02:36) Safe retirement withdrawal rates: Unpacking Morningstar's study(12:33) Estate planning lessons: The billionaire's quarterly family money meeting(20:24) Federal Reserve drama: DOJ, Jerome Powell, and Fed independence(29:21) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn Morningstar: The State of Retirement Income for 2026Wall Street Journal Article: Why This Billionaire Holds a Family Meeting About Money Once a Quarter?#RetirementPlanning #WithdrawalRates #EstatePlanning #FederalReserve #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.

In this look back at 2025, Adam and Andy break down the charts and trends that defined the year. From international equities quietly outperforming U.S. stocks by nearly double, to gold unexpectedly beating Bitcoin, the year delivered some surprises most investors missed.They discuss why bonds finally delivered the returns investors have been waiting for since 2022, what drove the massive AI infrastructure spending boom, and why India's exceptional 2024 performance turned into a flat 2025. The conversation also covers the resiliency of the U.S. economy, including Q3's decade-high GDP growth that caught everyone off guard.We cover:Why international equities pushed 30% while getting little attentionGold outperforming Bitcoin (who had that on their bingo card?)The cautionary tale of India's performance flip from 2024 to 2025How bonds normalized after the brutal 2022 selloffRecord GDP growth in Q3 2025 and what it meansThe staggering AI infrastructure spending numbers from Big TechTax cuts creating stimulus most people haven't fully appreciatedBiggest risks for 2026: AI expectations and cybersecurity threats⏱️ Timestamps: ((01:26) Happy New Year and personal highlights from 2025(02:20) Market recap: The round trip year with near-bear market drama(04:25) International equities quietly dominated 2025(05:40) Gold beats Bitcoin: The commodity surprise of the year(10:51) India's cautionary tale: From hero to zero(12:17) The bond market comeback story(17:20) U.S. economy resilience: Q3's decade-high GDP growth(18:49) AI infrastructure spending reaches staggering levels(20:52) Tax cuts creating underappreciated stimulus for 2026(25:36) Biggest risks for 2026: AI payoff and cybersecurity(29:49) Closing thoughts(30:13) 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/ Understanding the One Big Beautiful Bill Act (OBBBA): What High Net Worth Families Need to Know | https://burneywealth.com/blog/understanding-the-one-big-beautiful-bill-act Ep #26: Protecting Your Wealth: A Cybersecurity Guide with Max Alles | https://burneywealth.com/blog/cybersecurity-guide-max-alles-long-story-short-episode-26 #2025Review #MarketRecap #InternationalStocks #BondMarket #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.

Welcome to 2026. In this episode, Adam and Andy kick off the new year by breaking down the financial housekeeping tasks you should tackle in January, plus key tax law changes taking effect this year.They also address the question everyone's asking: Can this bull market keep going? Adam walks through historical data showing that the current 38-month, 90% rally is actually quite average compared to past bull markets that lasted 130+ months with gains exceeding 500%.We cover:Financial housekeeping for the new year (savings, spending, risk assessment)New charitable giving deductions for non-itemizersChanges to itemized charitable deductions based on AGIAffordable Care Act subsidy uncertainty heading into 2026Estate tax exemption increase to $15 million per personHistorical bull market data and what it tells us about 2026Key trends to watch: International stocks, AI development, growth vs. value rotationWhy midterm elections shouldn't drive your investment decisions⏱️ Timestamps: (01:30) Happy New Year and financial housekeeping tips(06:47) Changes to charitable giving deductions in 2026(09:50) Affordable Care Act tax subsidy uncertainty(11:28) Estate tax exemption increases to $15 million(13:10) Can the stock market keep going higher?(18:07) Historical bull market data puts 2026 in perspective(20:33) Themes for 2026: AI, international stocks, and value rotation(25:05) How the new Fed chair and midterm elections factor in(28:12) 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/ #2026Outlook #MarketOutlook #TaxPlanning #BullMarket #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.

Adam and Andy tackle an important investment decision: how to divide your portfolio across cash, bonds, stocks, and alternatives.They start by explaining the two factors that actually matter for determining asset allocation: your personal risk tolerance and how much income you need from the portfolio. Age-based rules like "subtract your age from 100" completely miss these critical inputs.Then they walk through each building block. Cash is great for emergencies but terrible for long-term investing because of inflation. Bonds offer stability and income but come with credit risk and interest rate risk that many investors don't fully understand. Stocks provide the best long-term inflation protection but require stomaching significant volatility along the way.They finish with alternatives, cutting through the hype to explain when private equity, private credit, and managed futures actually make sense as diversifiers rather than home run swings.We cover:Why your age doesn't determine your appropriate risk levelHow to think about risk tolerance when markets are calm versus during selloffsCash as an emergency fund versus portfolio holdingWhy inflation is the silent wealth killerCredit risk versus interest rate risk in bondsThe inverse relationship between interest rates and bond pricesStock market volatility: what to actually expect each yearHow volatility decreases over longer time horizonsAlternatives as diversifiers, not performance enhancersWhich alternative strategies we use and why⏱️ Timestamps: (01:05) Introducing asset allocation and why it’s important(03:31) The two inputs that determine your allocation(08:10) Should older individuals avoid risk?(09:58) Pros & cons: Cash(16:07) Pros & cons: Bonds(25:53) Pros & cons: Stocks(32:31) Pros & cons: Alternatives(40:19) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn Ep. #16: The Psychology of Investing: Why We Make Bad Money Decisions Ep. #24: Required Minimum Distributions, The Fear & Greed Index, and Private Equity#AssetAllocation #InvestmentStrategy #PortfolioConstruction #RetirementPlanning #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.

Adam and Andy explain required minimum distributions (RMDs) after fielding countless year-end questions from clients. If you've ever been confused about when RMDs start, how they're calculated, or what happens if you mess them up, this episode covers everything you need to know.The conversation shifts to CNN's Fear & Greed Index hitting "extreme fear" after just a 5% market pullback. They explain why this type of overreaction is exactly why market timing rarely works and how retail investors might actually be getting smarter.They wrap up with a deep dive into private equity: the dispersion between top and bottom managers, why access matters more than most people realize, and when it makes sense as a portfolio diversifier versus a home run swing.We cover:RMD basics: when they start, how to calculate them, and common mistakes to avoidWhy you should consider Roth conversions in the window before RMDs beginQualified charitable distributions as a tax-efficient RMD strategyThe Fear & Greed Index overreacting to normal market volatilityHow Bitcoin's decline is drawing more questions than its rally to $100kPrivate equity's growing accessibility and what that actually meansThe massive performance gap between best and worst PE managersWhy private equity works better as diversification than speculationUnderstanding liquidity constraints in private investments⏱️ Timestamps: (00:57) Andy's Thanksgiving carnitas tradition(02:13) CNN's Fear & Greed Index hits extreme fear on a 5% dip(08:44) RMD mechanics: age requirements and calculation methods(14:21) The spouse age factor and special IRS tables(16:30) Flexibility in RMD timing and withholding strategies(20:22) Qualified charitable distributions explained(21:26) Roth accounts and the pre-RMD conversion window(25:57) Private equity and its role in asset allocation strategies(28:59) The critical importance of manager selection in PE(32:23) Private equity as diversification, not home runs(37:35) Liquidity considerations in private investments(39:15) 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/ CNN Fear & Greed Index | ​​https://www.cnn.com/markets/fear-and-greed #RetirementPlanning #TaxPlanning #PrivateEquity #RMDs #PortfolioDiversification #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.

Adam and Andy dissect a Wall Street Journal article calling for a prolonged bear market to "fix" investor behavior. Spoiler: the argument falls apart under scrutiny, considering we've had five bear markets since 2008.The conversation shifts to Bitcoin's recent decline from all-time highs and why retail investors might actually be getting smarter about crypto volatility. Then they explore bonds' quiet comeback after the painful 2022 selloff, including why the inverted yield curve finally unwinding is good news for balanced portfolios.They wrap up with 2026 retirement contribution limits and a critical change coming for high earners making catch-up contributions.We cover:Why the "we need a long bear market" narrative is irresponsible financial journalismThe difference between normal bear markets and once-in-a-century crises like 2008Bitcoin dropping from recent highs as investors wait to buy the dipWhy bonds are finally playing their traditional portfolio role againThe inverted yield curve unwinding and what it means for duration strategy2026 retirement contribution limits across 401(k)s, IRAs, and QCDsNew Roth requirement for catch-up contributions if you earn over $150,000Why diversification is making a comeback in 2025⏱️ Timestamps: (01:00) Wall Street Journal's irresponsible bear market article(02:45) The reality of bear market frequency since 2008(07:05) Bitcoin falling after hitting $100,000(11:18) Understanding Bitcoin's value proposition (or lack thereof)(12:30) Bonds making a quiet comeback after 2022's pain(16:44) The inverted yield curve and duration strategy(19:50) Why diversification is back in 2025(22:57) 2026 retirement contribution limits(26:17) New Roth catch-up requirement for high earners(28:07) Thanksgiving plans(29:47) 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/ Book mention: “1929” by Andrew Ross Sorkin | https://www.amazon.com/1929-Inside-Greatest-History-Shattered-ebook/dp/B0DXMZWTYM?ref_=ast_author_mpb Sample Financial Plan | https://burneywealth.com/sample-financial-plan?hsLang=en Performance Matters: 7 Steps Toward More Effective Investing | https://burneywealth.com/hubfs/lead-magnets/performance-matters-ebook/Performance%20Matters%20-%207%20Steps%20Toward%20More%20Effective%20Investing%20BWM.pdf?hsLang=en Retirement Readiness Checklist | https://burneywealth.com/retirement-checklist?hsLang=en #RetirementPlanning #Bitcoin #BondInvesting #PortfolioDiversification #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.

As Thanksgiving approaches, Andy and Adam tackle money conversations at every life stage. From teaching kindergarteners about spending, saving, and giving to helping retirees navigate Social Security claiming decisions.Andy shares his new allowance system for his 5-year-old, designed to build lifelong financial habits through three buckets: give, save, and spend. The conversation then shifts to creative giving strategies from grandparents, including 401(k)-style matching programs that encourage adult children to save.The second half digs into Social Security strategy, covering the three biggest claiming mistakes and why delaying benefits often makes sense when you view them as longevity insurance rather than a game to win.We cover:How to introduce money concepts to young children using allowancesThe three-bucket system: give, save, and spendCreative multigenerational wealth transfer strategiesWhy taking Social Security at 62 usually costs you (a lot)The importance of viewing Social Security decisions within your overall financial planSocial Security as longevity insurance, not an investment to beatHow spousal benefits work and planning for survivor benefitsWhether Social Security will actually be there when you need it⏱️ Timestamps: (00:55) Teaching kids about money with allowances(04:00) When to start financial education for children(07:40) Creative giving strategies for adult children(14:23) Top three Social Security claiming mistakes(16:38) The steep cost of claiming at 62(21:14) Looking at Social Security within your full financial picture(24:04) Will Social Security be there when you retire?(28:08) Social Security as longevity insurance(33:19) Planning Social Security for couples and survivor benefits(35:45) 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/ #RetirementPlanning #FinancialLiteracy #SocialSecurity #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.

Post-Halloween candy rankings lead into two big topics: life insurance strategies and bubble fears.Adam discusses term versus permanent life insurance, explaining why term policies make sense for most people and when permanent policies might actually fit. He covers laddering strategies, the investment component of permanent policies, and why most people just need pure coverage at the lowest cost.Then Andy takes on the bubble question everyone keeps asking. Using charts on market recoveries, earnings growth, and profitability, he explains why current valuations actually make sense and why the current environment doesn't look like the dot-com era.We cover:Why term life insurance is simpler and cheaper than permanent life insuranceLaddering policies to match different financial obligationsThe investment component of permanent life insuranceWhen permanent policies might make sense (special needs planning, estate taxes)Why people keep asking if we're in a bubbleHow this market recovery compares to past correctionsNvidia versus Cisco - profitability changes everythingWhy analyst expectations track with stock prices todayMagnificent Seven earnings and profitability trendsSeasonality patterns and the Santa Rally effect⏱️ Timestamps: (00:00) Halloween candy power rankings (100 Grand wins)(03:15) Life insurance: term versus permanent explained(04:20) Why term insurance makes sense for most people(06:00) Laddering policies to control costs(09:00) Permanent life insurance and the investment component(14:10) Buy term and invest the difference strategy(15:44) Bubble concerns and cognitive dissonance(18:19) Market recovery comparison charts(21:00) Cisco in 2000 versus Nvidia today(23:00) Earnings growth across all sectors(24:10) Magnificent Seven profitability trends(26:00) Sentiment check - fear versus euphoria(29:22) Seasonality and the Santa Rally(34:00) International diversification finally working(36:00) 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/ #LifeInsurance #MarketBubble #InvestingStrategy #RetirementPlanning #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 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.

Bill Belichick coaching UNC proves retirement needs purpose, but the real surprise this year has been international markets. Andy and Adam break down why overseas stocks are quietly crushing US returns, plus advanced strategies for charitable giving and health savings accounts.From Germany leading global markets to donor-advised funds and charitable remainder trusts, this episode covers the sophisticated planning tools that make the biggest impact during income transitions.We cover:Why international stocks are up 20%+ while US markets lagBill Belichick as a cautionary tale about retirement purposeAdvanced charitable giving: donor-advised funds vs. charitable trustsThe HSA strategy most people get wrong (hint: stop using it as a piggy bank)Why you can reimburse yourself from your HSA decades laterHow to front-load charitable tax deductions in high-income years⏱️ Timestamps: (00:00) Bill Belichick's retirement cautionary tale(02:42) International markets crushing US returns in 2025(08:19) Why diversification finally paid off(15:49) Advanced charitable giving strategies(17:12) Donor-advised funds for tax planning transitions(21:09) Charitable remainder trusts for concentrated positions(28:44) The HSA strategy everyone gets wrong(33:12) Why you should treat your HSA like a Roth IRA(36:47) T-ball coaching advice and walkup music(41:11) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #InternationalInvesting #CharitablePlanning #HSAStrategy #RetirementPlanning #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.

College football season is starting, but Adam and Andy are more excited to tackle annuities (sort of). They explain why these "guaranteed income" products usually don't make sense, from hidden costs to lost flexibility to expensive fees.Plus, they address recession fears while markets sit at all-time highs, discuss whether the AI trade is really dead, and debate the government's controversial stake in Intel.We cover:Why annuities are complex, confusing, and expensiveThe hidden opportunity cost of "guaranteed" incomeWhen annuities might actually make sense (spoiler: rarely)Why recession predictions keep missing the markThe stock market as collective wisdom of millions of investorsWhether the AI trade is really losing steamUS government taking a 10% stake in Intel - socialism or smart policy?⏱️ Timestamps: (00:34) College football season and annuities vs. madness(02:21) What annuities actually are and the guaranteed income pitch(06:28) The flexibility problem with handing over your money(08:08) Hidden opportunity costs that annuity salespeople won't mention(12:52) Variable annuities and the "no free lunch" principle(14:40) When annuities might actually make sense(15:50) Recession fears and why betting against the US keeps failing(18:06) What the stock market really represents(24:00) Is the AI trade dead after one week of declines?(29:03) US government takes 10% stake in Intel - good or bad?(36:20) College football stadium bucket lists(38:30) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn AI Episode#Annuities #RetirementPlanning #RecessionFears #AIInvesting #MarketOutlook #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.

A major alternative investment platform just made headlines for all the wrong reasons. Andy and Adam discuss what went wrong with YieldStreet and why “investing like the 1%” isn't as simple as it sounds.Plus, they tackle a listener question about withdrawal strategies during market downturns. When you need money from your portfolio during bear markets, how do you avoid selling stocks at fire-sale prices?We cover:Why YieldStreet's “invest like the 1%” marketing was problematicThe difference between investing in asset classes vs. specific managersHow sophisticated investors lost hundreds of thousands on just two dealsThe bucket strategy for retirement withdrawalsWhy sequence of return risk matters most in early retirementHow to balance inflation protection with downside protectionWhy stocks are actually great long-term inflation hedges⏱️ Timestamps: (00:34) Adam Newman vs. Adam Neumann name confusion(01:38) YieldStreet alternative investment platform failures(08:36) Asset class first, manager second principle(12:50) Listener question on withdrawal strategies during downturns(17:30) Sequence of return risk and the retirement red zone(20:30) Bucket strategy for managing portfolio distributions(28:15) Inflation factors in retirement portfolio allocation(31:50) Why stocks perform well during inflationary periods(36:40) Maintaining optimism about US market outlook(39:50) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn#AlternativeInvestments #RetirementPlanning #WithdrawalStrategies #YieldStreet #WealthManagement #SequenceOfReturnRiskThe 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.

The AI trade is back in full swing, but should you chase it? Andy and Adam discuss why investment themes can be exciting but dangerous, and how to think about hot trends like AI, data centers, and nuclear energy.Plus, Adam walks through the basics of family gifting strategies. From annual exclusions to gifting appreciated stock, they cover practical ways to help family members while potentially saving on taxes.We cover:Why vacation home ownership often disappoints (return on hassle)The AI investment theme and its downstream effectsWhy thematic investing usually ends in disappointmentHow most people already have AI exposure through diversified portfoliosAnnual gift exclusions and lifetime exemptionsCash vs. stock gifting strategiesDirect payments to medical and educational institutionsHow to gift without spoiling younger recipients⏱️ Timestamps: (00:00) Beach vacation and vacation home ownership reality(06:45) The AI trade resurrection and investment themes(10:30) Why 3D printing and innovation stocks crashed(16:00) The risk of overallocating to themes(19:15) Federal gift tax basics and annual exclusions(22:30) Cash vs. appreciated stock gifting strategies(28:10) Direct payments to medical and educational institutions(32:30) Addressing concerns about gifting to younger people(36:30) Balancing gifting with your own retirement planning(39:30) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #AIInvesting #GiftTax #EstatePlanning #WealthManagement #FamilyGiftingThe 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.

Alternative investments are coming to 401(k) plans for the first time. Is this great news for regular investors or a recipe for disaster?Andy and Adam debate whether Main Street should get excited about accessing private equity and private credit, or whether these investments will just be expensive versions of what people already have.Plus, Adam walks through why retirement completely changes your tax situation. When paychecks stop, the entire tax burden shifts back to you. But that actually creates some incredible planning opportunities.We cover:Why alternative investments in 401(k)s could be great or terribleThe quality problem with mainstream alternative investmentsHow retirement shifts your entire tax burden back to youThe different tax treatments of your retirement account bucketsRoth conversion strategies when your income dropsPairing charitable giving with tax planning movesWhy the AI trade is back and tariff fatigue has set in⏱️ Timestamps: (00:00) Alternative investments coming to 401(k) plans(02:50) The exclusivity problem and quality concerns(05:50) Lack of transparency and guardrails in private investments(08:30) How retirement changes your entire tax situation(10:00) The three buckets of retirement money and tax treatment(13:40) Why most people's tax rates drop in retirement(15:55) 3 surprises in the tax and retirement planning process(17:30) Roth conversion arbitrage in low-income years(22:00) Pairing charitable giving with tax moves(23:30) What's exciting about the second half of 2025(25:30) Why the market didn't react to final tariff announcement(28:10) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedInFollow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn #RetirementPlanning #AlternativeInvestments #TaxPlanning #401k #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.

The Romans invented retirement in 13 BC for soldiers who served 20 years. Today, you might be retired longer than you actually worked.Andy and Adam explore why traditional retirement investing advice doesn't work when you're looking at a 40-50 year retirement. They discuss the psychology of switching from accumulation to distribution, the real math behind withdrawal rates, and why the old 60/40 portfolio might leave you short.We cover:How retirement evolved from a 2-3 year benefit to potentially half your adult lifeThe sequence of return risk that can derail early retirement yearsWhy your portfolio allocation should change gradually, not all at onceThe bucketing strategy for managing short-term volatilityHow alternatives can reduce portfolio risk when stocks and bonds move togetherThe go-go, slow-go, no-go phases of retirement spending⏱️ Timestamps: (00:35) NFL retirement age leads to retirement history lesson(02:30) From Roman soldiers to modern retirees: how we got here(05:40) Why you might be retired longer than you worked(08:00) The psychology of investing when paychecks stop(12:20) Sequence of return risk and the bucketing approach(16:00) The math behind sustainable withdrawal rates(17:45) Why stocks beat bonds over 20-year periods(22:45) The emotional reality of market volatility in retirement(29:20) Go-go, slow-go, no-go: how retirement phases affect spending(32:20) Alternative investments and portfolio diversification(39:00) Podcast disclosuresResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn Andy’s blog: Why do I own this?!?A Guide to Alternative Investments and Their Place in Your PortfolioHave a question you want answered in a future episode? Email us at [email protected].#RetirementPlanning #RetirementReadiness #PortfolioManagement #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.

Should you spend more or save more? And what's the best way to fund your grandchildren's education?In episode 4 of Long Story Short, Andy Pratt and Adam Newman tackle the financial advice that seems to contradict itself. From "stop buying Starbucks" to "die with zero," they explore how to find the right balance for your situation.Plus, they break down the practical differences between 529 plans and UTMA accounts for education funding, including the pros and cons of each approach.We cover:Why most financial advice swings between extreme frugality and experiential spendingThe psychology behind "die with zero" and when it makes senseHow to invest cash after missing the market bottomWhy dollar cost averaging helps with market timing anxietyUTMA accounts vs. 529 plans: Which is right for your familyThe five-year gifting strategy for 529 accounts⏱️ Timestamps: (0:30) Adam's Starbucks barista days and coffee philosophy(2:30) The tension between saving and spending advice(3:30) "Die with Zero" and investing in memories(7:55) When spending becomes psychologically difficult(12:50) Markets hit new all-time highs: Should you worry?(17:00) The psychology of investing at market peaks(20:40) Dollar cost averaging for nervous investors(29:10) UTMA vs 529 accounts: Education funding strategies(39:10) The five-year 529 gifting rule explained(41:20) When 529 overfunding becomes a problem#WealthManagement #EducationPlanning #InvestmentStrategy #RetirementPlanningResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedInThe 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. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.

Andy and Adam tackle two critical topics every investor should understand: the new tax legislation and why chasing dividend income might be costing you money.Fresh off Adam's solo deep dive into the 900-page tax bill, they break down the key changes that matter most to clients. Then Andy explains why he gets fired up about dividend-focused investing strategies and shares a real client example that illustrates the problem.Adam & Andy close out the episode with a key question around retirement: How do you know when you're ready to retire? Adam breaks down retirement readiness into three essential questions that go far beyond just having enough money saved. Whether you're wondering if you're ready to retire or trying to understand the latest tax changes, this episode provides practical insights for making better financial decisions.We cover:The three biggest tax changes from the new legislationWhy dividend income isn't the same as portfolio incomeThe hidden costs of covered call "premium income" fundsHow to create flexibility in your retirement income strategyThe three-question framework for retirement readiness: Should I, Can I, How do I retire?Why retirement planning goes beyond just having enough money saved⏱️ Timestamps: (00:00) Opening discussion on tax bill complexity(02:42) Main takeaways from the new tax legislation(08:19) Why dividend-focused investing drives Andy crazy(15:49) The math behind dividends vs. price appreciation(17:12) Real example of problematic "premium income" funds(21:09) The flexibility problem with income investing(28:44) Retirement readiness: Should I retire?(33:12) Retirement readiness: Can I retire?(36:47) Retirement readiness: How do I retire?#RetirementPlanning #RetirementReadiness #TaxPlanning #DividendInvesting #WealthManagementResources:Follow Burney Wealth Management on LinkedIn Follow Adam Newman on Linkedin Follow Andy Pratt on LinkedIn Adam’s article about the One Big Beautiful Bill Act The 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. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.

The One Big Beautiful Bill Act just became law, and at 900 pages, it's longer than War and Peace. Adam Newman breaks down the key provisions that matter most to high net worth families.We cover:How the new tax law compares to previous major legislationPermanent extension of 2017 tax cuts and current income bracketsThe expanded SALT deduction limit and income phase-outsNew charitable giving rules for itemizers and non-itemizersThe additional $6,000 deduction for taxpayers over 65Increased estate and gift tax exemptionsWhy annual tax planning is more important than ever⏱️ Timestamps: (0:33) Introduction & New Tax Bill Signed Into Law(2:08) Tax Legislation in Recent History(4:52) Individual Income Tax Brackets Maintained(6:52) Increased SALT Deduction Limit(10:49) Charitable Giving Deduction Changes(15:32) Additional $6,000 Deduction for Taxpayers Over 65(21:22) Larger Lifetime Estate and Gift Tax Exemption(25:07) Next Steps: The Importance of Annual Tax Planning#WealthManagement #TaxPlanning #EstatePlanning #RetirementPlanning #OBBBAThe 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. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.

What's really in the new tax bill making its way through Congress? And should you adjust your portfolio when markets feel "too good to be true"?In episode 3 of Long Story Short, Andy Pratt and Adam Newman break down the tax legislation everyone's talking about and tackle a question they get constantly: When should you actually change your risk level?We cover:Key provisions in the House and Senate tax bills (and what's likely to survive)Why the estate tax exemption is going up, not downThe psychology behind portfolio risk decisionsHow to think about deficits and government debt as an investorWhy market breadth matters more than you thinkIran, Israel, and the latest "crisis" markets are ignoring⏱️ Timestamps: (0:00) Summer songs and small talk (3:30) Why we're starting this podcast (4:00) Tax bill status: House vs Senate versions (7:00) Estate tax exemptions rising to $15 million per person (8:30) State and local tax deduction changes (11:00) Should you worry about government deficits? (16:00) Middle East tensions and market reactions (29:00) The psychology of risk: When to actually adjust your portfolio (34:00) Why stress makes you dumber (literally) (35:00) Summer playlist recommendations#WealthManagement #TaxPlanning #PortfolioRisk #MarketAnalysisThe 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. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.

How should you react when headlines scream about the next market crisis?In episode 2 of Long Story Short, Andy Pratt and Adam Newman tackle the questions they hear most from clients: Should I worry about what's happening in the Middle East? Are tariffs going to tank my portfolio? Is this market rally getting too frothy?Drawing from their daily conversations with investors, Andy and Adam provide historical context and practical perspective for today's headlines.We cover:Why geopolitical events rarely derail markets long-term (with data going back decades)The real story behind the April tariff selloff and recoveryHow investor psychology has changed since the 2008 financial crisisWhy corrections happen as frequently as your birthdayThe difference between trading noise and actual investment signalsWhy pessimism sounds smart but optimism wins in investing⏱️ Timestamps: (0:00) Welcome & favorite TV pilots (yes, really)(2:41) Why we're starting this podcast(6:22) Israel, Iran, and how markets handle geopolitical risk(8:15 Historical data: What happens one year after major world events(11:30) The psychology of buying the dip(16:24) From 350 to 6,000: The S&P's four-decade climb(18:22) Tariffs: From panic to resolution(23:04) Why market timing is nearly impossible(27:25) Invest like an optimist, save like a pessimistThis episode gives you the framework to think clearly about what actually matters for long-term wealth building.#WealthManagement #MarketVolatility #Geopolitics #InvestmentStrategyThe 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. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.

What does it take to build a nearly $3 billion investment firm over four decades?In our very first episode of Long Story Short, we sit down with Lowell Pratt, President of Burney Company, for an intimate conversation about his 40-year journey from IT support to firm leadership.We cover:How Burney Company became a beta firm for Advent Software in the 1980sThe military culture that shaped the firm's foundation and still drives it todayLessons from legendary mentors Jack Burney and Ted RosenbergWhy performance still matters in an industry that's given up on beating the marketThe transition from managing a handful of $50K accounts to overseeing nearly $3 billionHow AI represents both the biggest opportunity and risk facing advisory firms⏱️ Timestamps: (0:00) Welcome & introducing Lowell Pratt(1:35) How Lowell joined Burney as the original IT guy(2:48) First impressions: A firm beating the S&P by 2-to-1(4:48) Mentorship from Jack Burney and Ted Rosenberg(6:06) Military culture and "truly magnificent" leadership(10:14) The transition to owning client relationships(13:24) Advice for younger advisors: Become an owner, keep the passion(15:27) 50 years of change: From paper records to $3 billion(18:55) What clients really want: Peace of mind above all(21:17) Looking ahead: AI as the next great disruption(23:01) Core values that will never change#WealthManagement #InvestmentAdvisors #FinancialPlanning #BurneyWealthThe 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. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.