The Personal Finance Project

In this episode of The Personal Finance Project, Greg Ashcroft and Scott Bartosh break down the essential year-end tax moves for 2025—and the big changes coming in 2026. They cover: • How to handle your first RMD at age 73 • Using year-end IRA withholding instead of quarterly estimates • Safe harbor rules and avoiding penalties • Qualified Charitable Distributions (QCDs) and why they can lower your AGI • Charitable bunching and donor-advised funds ahead of 2026 rule changes • New 2026 contribution limits for 401(k)s, IRAs, and HSAs • How changing brackets affect Roth conversions, Social Security timing, and retirement income planning If you want to minimize taxes and make smart year-end decisions, this episode is packed with practical guidance and clear explanations. For educational purposes only. Not tax or legal advice.

In this episode of The Personal Finance Project, Greg and Scott sit down with Joe Hodes, Director of Research on Baird's Specialized Asset Management (SAM) team. With a decade of experience as a research analyst and his CFA designation, Joe brings a deep and practical perspective on how portfolios are built, how companies are evaluated, and what investors should understand about today's market environment.  SAMTEAM Together, the group unpacks: Why active management still matters after 15 years of "S&P 500 dominance" How the SAM team builds customized large-cap portfolios around client needs Why the S&P 500 today looks nothing like the index of decades past — and why that matters How to think about valuation, earnings growth, and multiples in a market heavily influenced by a small group of mega-cap companies The growing role of AI, where expectations may be too high (or too low), and how active managers navigate the hype cycle Why focusing on your personal financial plan beats chasing benchmarks How seasoned investors should think about risk, diversification, and protecting their nest egg in retirement Joe also shares insights on today's economic backdrop — from inflation and consumer behavior to global trends and the rise of a worldwide middle class. Whether you're a retiree managing distribution risk or an investor curious about today's market dynamics, this episode offers a clear, practical look into how disciplined portfolio management really works.

In this episode of The Personal Finance Project, Scott and Greg welcome back Justin Nichols, a nearly 30-year industry veteran, for a timely and expansive discussion on the economy, AI, and the future of financial advice. We begin with today's economic backdrop—from tariffs and inflation to interest-rate strategy and the growing importance of U.S. energy. Justin explains why tariff revenues are increasing, how energy markets intersect with AI and data-center growth, and why the economy has remained more resilient than many expected. We then explore the promises and limitations of artificial intelligence. Justin shares where AI is improving productivity, where it still falls short, and why over-reliance may leave the next generation of professionals under-trained. We also discuss the irreplaceable role of human judgment, especially in emotionally charged financial decisions. Finally, we dive into a crucial topic for investors: succession planning. Justin explains what clients should look for in an advisory team, why mentorship and continuity matter, how ownership structure shapes incentives, and why multigenerational teams are becoming essential to long-term client success. Episode Highlights: • Why the economy has remained resilient despite tariff pressures • How AI is reshaping productivity and corporate decision-making • The risk of losing skills when professionals rely too heavily on technology • Why human emotion still drives real-life investing decisions • What succession planning means for clients—today and decades from now • The benefits of team-based planning and shared incentives • How multigenerational advisory teams support continuity and trust Thank you for listening—and be sure to follow the show for future episodes.

What if you could retire right now? In this episode of The Personal Finance Project, Scott Bartosch and Hannah Gowdy dive into the fascinating world of FIRE — Financial Independence, Retire Early — and unpack what it takes to make early retirement work (and when it doesn't). From "lean FIRE" minimalism to "barista FIRE" side gigs, Scott and Hannah explore how people are redefining work, wealth, and freedom. They discuss the math behind sustaining a 50-year retirement, the tradeoffs between aggressive saving and quality of life, and the practical realities of insurance, taxes, and long-term fulfillment. Topics covered include: The origins and popularity of the FIRE movement "Lean FIRE" vs. "Barista FIRE" and which might fit your lifestyle The risks of speculative investing and running out of money too soon What early retirees often get wrong — and how to plan smarter How to find purpose after financial independence Whether you're dreaming of quitting the 9-to-5 or just curious about the hype, this episode offers a grounded look at what "retiring early" really means — and why fulfillment might matter more than freedom itself. Listen now on Apple Podcasts, Spotify, or YouTube, and subscribe for more thoughtful conversations about money, meaning, and retirement.

We turn tax complexity into action: marginal vs. effective rates, bucket logic, IRMAA and the widow(er)'s penalty, inherited IRA rules, and when Roth conversions actually make sense. Plus, asset location (Roth/traditional/taxable) and the early-retirement access rules most people get wrong.

In this Book Club installment of The Personal Finance Project, we dive into Christine Benz's How to Retire—specifically her interview with retirement researcher Wade Pfau. We translate the theory into plain-English decisions: how to turn your portfolio into reliable income you'll actually feel comfortable spending. We break down Pfau's framework across two key preferences—Safety-First vs. Probability-Based and Commitment vs. Optionality—and map them to four retirement income styles: Total Return, Time Segmentation (Buckets), Income Protection (Annuities & flooring), and Risk Wrap (variable annuities with income benefits). Along the way, we unpack sequence-of-returns risk, why spending rules matter more than most people think, how cash buffers can help in bad years, and the surprisingly pro-behavioral case for annuities when they're vetted and used for the right job. Whether you want market upside, contractual guarantees, or a blend, this episode helps you identify the style that fits your temperament—so you can spend confidently without second-guessing every market headline. What You'll Learn The two preference axes that define your income style: Safety-First vs. Probability-Based and Commitment vs. Optionality The four retirement income styles and who they're for: Total Return: diversified portfolio + systematic withdrawals Time Segmentation (Buckets): matching near-, mid-, and long-term spending to cash/bonds/equities Income Protection: building a secure "floor" (Social Security + fixed annuities) Risk Wrap: market participation plus a protected lifetime income benefit Sequence risk explained (and four ways to mitigate it): conservative starting spend, flexible spending, bucketing/glidepaths, and buffer assets (cash) The behavioral case for annuities: why some retirees spend more comfortably when core expenses are covered by guarantees Inflation reality check: use stocks/real assets as your inflation hedge; use annuities for longevity income, not CPI-matching

Gold has fans, critics, and a whole lot of marketing. In this Financial Mythbusters-style episode, we unpack when (and if) gold earns a seat in a long-term portfolio. We cover how gold really behaves across market cycles, why "true believer" doomsday cases fall apart in practice, the overlooked tax trap on ETFs and bullion (hello, 28% collectible rate), and the messy realities of storage, insurance, and selling physical bars and coins. We also compare owning bullion/ETFs vs. gold-miner stocks, where dividends and capital-gains treatment may help—but bring new risks. If you've ever wondered whether 2–5% "permanent gold" allocations make sense—or you're tempted by those late-night gold IRA ads—this one's for you. Key Takeaways Gold's performance comes in tight bursts; long doldrums are common. Behavioral trap: it often feels worst to sell when everyone else is buying. Tax surprise: bullion and gold-backed ETFs are taxed as collectibles (up to 28%). "Gold IRA" popularity often masks that tax issue—not a free lunch. Miners ≠ gold: different drivers, sometimes dividends, standard cap-gains—but country/operational risks. Physical gold has friction: storage, insurance, purity checks, dealer spreads, logistics. A small, rules-based "speculation sleeve" can be a cleaner way to scratch the itch.

Net Unrealized Appreciation (NUA) can turn decades of company-stock growth inside a 401(k) into long-term capital gains outside the plan—often at lower tax rates and without the 10% early-withdrawal penalty. Greg and Scott break down how NUA works, who qualifies, the "final liquidating distribution" rule, hybrid holding periods, the NIIT carve-out, IRD/step-up considerations, and why ExxonMobil retirees often have unique opportunities. They also cover pitfalls (over-trading, partial distributions at 59½) and when after-tax ("post-'86") balances may supercharge an NUA strategy—or be better used for a mega backdoor Roth. Educational only. Not tax advice.

Scott and Greg wade into the shadowy corner of TikTok known as FinTok to separate confident-but-wrong money takes from durable, real-world planning. They react to three viral clips—"Three Things Women Need to Know About Money," "Retire in 5 Years with Amazon Dropshipping," and an "income for life" annuity pitch—then close with a listener question on the best place to keep an emergency fund. What you'll hear: Why "earn it, store it, multiply it" is incomplete—and how everyday savers can build wealth without a liquidity event. The passive-income trap: why dropshipping "arbitrage" rarely survives contact with fees, competition, tariffs, and reality. Annuities decoded: bonuses, "guaranteed" growth rates, income bases vs. surrender values, and what you're giving up for a lifetime paycheck. Emergency fund 101: checking vs. high-yield savings vs. money market funds—and how to add just enough "friction" to avoid dipping in. Chapter guide: Open: Why FinTok is often confident…and often wrong Clip #1 — "Three Things Women Need to Know About Money" Clip #2 — "Retire in 5 Years" (Alibaba → Amazon) Clip #3 — "Guaranteed Income for Life" annuity pitch Listener Q: Where should your emergency fund live? Key takeaways: Wealth is personal: define your own future spending goals, then align earnings, savings rate, and investing accordingly. Be skeptical of "income-producing asset" hype—current yield isn't the same as total return, and taxes matter. If an annuity's growth sounds too good to be true, you're probably looking at an income base illustration, not walk-away value. Park emergency cash where it's safe, liquid, and out of sight enough to avoid temptation (often a separate high-yield savings or a brokerage money market fund). Listen on: Apple Podcasts • Spotify • YouTube Disclaimer: This episode is for informational purposes only and not investment, tax, or legal advice. See full disclosures in-episode.

What happens when speculation collides with investing? In this episode of The Personal Finance Project, Scott Bartosch takes a solo dive into the world of Reddit's infamous WallStreetBets community. From the GameStop frenzy to zero-day call options and viral market memes, Scott reacts to some of the internet's spiciest takes on trading. But beyond the laughs and satire, this episode highlights a serious contrast: the high-risk world of short-term speculation versus the long-term discipline of dollar-cost averaging and diversified investing. Scott shares lessons from past market bubbles, explores why chasing hype often ends badly, and reminds us why patience, allocation, and consistency still win in the end. If you've ever wondered what meme-stock traders are talking about—or needed a reminder of why your retirement plan doesn't belong on Reddit—this episode is for you. Listen now on Spotify, Apple Podcasts, or YouTube.

Today's Book Club installment explores Maria Bruno's lesson from Christine Benz's How to Retire: focus on what you can control. We translate that into a concrete retirement playbook—how to define your lifestyle and purpose, set realistic spending, and use tax and withdrawal strategy to your advantage. We discuss what to ignore (short-term market moves, election cycles, interest-rate guessing, single-stock drama) and what to prioritize (goals, cash-flow math, tax planning, and documents). We also cover Social Security timing, 75% income-replacement starting points, the 4% rule nuance, sequencing withdrawals across IRA/Roth/HSA/taxable, RMD surprises, IRMAA, account consolidation, QCDs, aging-in-place vs. moving, and protecting a spouse from cognitive-decline risk. The result: more confidence and a plan you'll actually follow. Key Takeaways: Define a clear retirement vision and daily rhythm; align with your spouse. Control > prediction: build a plan resilient to markets, rates, and elections. Use 75% income-replacement and ~4% starting withdrawal as baselines—then tailor. Social Security: run the numbers before claiming; consider survivor benefits. Tax strategy window between retirement and RMDs: evaluate Roth conversions. Watch IRMAA, RMD timing, and leverage QCDs (from IRAs) for giving. Consolidate accounts; maintain POA, wills, beneficiaries, and directives. Plan for go-go / slow-go / no-go phases; decide on aging-in-place vs. communities. Consider professional advice for planning, error avoidance, and accountability. Suggested Chapters: 00:00 Intro & Book Club context (Christine Benz / Maria Bruno) 03:00 Control vs. noise: what to ignore in retirement 08:00 Building a retirement vision & purpose 13:00 Phases: go-go, slow-go, no-go 18:00 Running the numbers: income, spending, cash-flow 23:00 Social Security timing & survivor considerations 27:00 Tax strategy: brackets, IRMAA, RMDs, Roth conversions 33:00 Accounts: IRA vs. 401(k), QCDs, consolidation 38:00 Estate docs & cognitive-decline risk management

Many people believe their primary residence is their best investment—but is that really true? In this episode of The Personal Finance Project, we challenge common assumptions about homeownership and financial returns. Scott and Greg break down: How most homeowners calculate their "return" incorrectly Why annualized returns matter more than big round numbers The hidden costs of owning a home—maintenance, property taxes, mortgage interest, and renovations How tax deductions really work after the 2017 code changes Why upgrades like kitchens and bathrooms rarely "pay for themselves" The difference between real estate as a lifestyle choice versus as an investment asset How to think about your home in the context of your overall portfolio (yes, it may already be your "alternative investment") We also touch on rent vs. buy, forced savings through mortgages, and why homeownership can still be valuable—even if it's not the wealth-building vehicle many think it is. Listen now to learn how to view your home with the right financial lens—without losing sight of the American dream.

If you're preparing to retire from ExxonMobil, you've probably heard about segment rates—and how they directly impact the value of your pension lump sum. In this episode of The Personal Finance Project, our team at Baird Retirement Management breaks down: How the ExxonMobil pension plan (defined benefit plan) works What segment rates are and how they affect lump sum vs. annuity options Why timing your retirement date by even one month can mean tens of thousands of dollars difference The latest 2025 segment rate updates and what they mean for ExxonMobil retirees Key considerations: taxes, supplemental pension, retirement age, and planning around Social Security Whether you're debating lump sum vs. annuity, wondering if you should delay your retirement, or just trying to understand what segment rates really mean, this episode gives you the clarity you need. Perfect for: ExxonMobil employees preparing to retire Families navigating Exxon's pension system Anyone looking to make smarter, better-timed retirement decisions Subscribe to The Personal Finance Project for more retirement strategies, pension insights, and ExxonMobil updates. Questions or topics you'd like us to cover? Email us at [email protected].

Thinking about buying a business with no money down? Wondering if leveraged crypto trading is safe? Curious whether AI art or TikTok "get rich quick" strategies really work? In this episode of The Personal Finance Project, we react to viral FinTok videos that promise fast millions but leave out the real risks. We cover: The truth about seller-financed business deals Why leveraging debt to invest in crypto can backfire Whether AI-generated art and content are real opportunities or hype The difference between DIY investing and professional financial advice Why long-term success comes from building expertise, not chasing shortcuts  

In Part 6 of our How to Retire series, we unpack Christine Benz's popular "bucket strategy" for retirement income planning. Drawing from her book How to Retire, we explore how cash, bonds, and stocks can be organized into purpose-driven "buckets" to help retirees weather market volatility without sacrificing peace of mind. We break down: Why relying solely on portfolio income can be risky How the total return approach offers flexibility in sourcing retirement cash flow The behavioral benefits of having a dedicated cash bucket Structuring a 3-bucket portfolio to match assets with short-, medium-, and long-term income needs The role of rebalancing, tax efficiency, and account type allocation (traditional IRA, Roth IRA, taxable) Whether you're approaching retirement or advising clients, this episode delivers practical, real-world insights for building resilient retirement portfolios that balance growth, income, and emotional security.

In this episode of The Personal Finance Project, financial advisors Scott and Greg break down some of the most viral personal finance advice circulating on TikTok. From using high-yield investments to cover your streaming subscriptions to the true cost of leasing vs. buying a car, and whether owning a laundromat is a smart passive income strategy—nothing is off the table. What You'll Learn in This Episode: Why mental accounting can derail your investing strategy The real pros and cons of leasing a car vs. buying (feat. Suze Orman commentary) Risks and realities behind laundromats as a "Main Street Millionaire" side hustle How to apply the 50/30/20 budgeting rule instead of falling for online money hacks When viral finance advice is helpful—and when it's dangerously oversimplified Scott and Greg apply real-world experience, behavioral finance insight, and investment fundamentals to help you cut through the noise and make smarter money decisions. Perfect for listeners searching: "Is leasing a car a waste of money?" "Laundromat investing passive income" "TikTok financial advice debunked" "Should I use dividends to pay for subscriptions?" "Is Fintok reliable?" Advisors React is your no-nonsense guide to financial trends, social media myths, and real-world money talk. Subscribe and share if you're ready to build wealth with clarity—not clickbait.

In this episode of The Personal Finance Project, Scott and Greg sit down with Andrew Atkinson, Financial Advisor and Branch Manager of Baird's Houston Memorial City office, to unpack one of the most underutilized tools in financial planning: the Health Savings Account (HSA). Andrew, a Certified Private Wealth Advisor® and Retirement Management Advisor®, explains why the HSA is often referred to as the "stealth IRA" and how its triple tax advantage can play a pivotal role in a comprehensive wealth strategy. They discuss: Why HSAs deserve a top spot in your savings hierarchy The major differences between HSAs and FSAs (and why it matters) How to use your HSA like an investment account, not a spending account Key planning considerations for retirement, estate transfers, and tax efficiency Potential policy changes that could make HSAs even more powerful in the future Whether you're just getting started or want to optimize your HSA strategy, this episode is packed with practical insights to help you avoid common pitfalls and maximize this overlooked retirement tool.  

In this special tax planning edition of The Personal Finance Project, Scott and Greg break down the most important takeaways from the newly passed "One Big Beautiful Bill Act"—and how it could reshape your retirement income strategy, charitable giving, and Roth conversions in 2025 and beyond. Whether you're nearing retirement, already drawing from IRAs or Social Security, or just curious about how the latest tax law changes impact estate planning, this episode covers what's new, what's staying the same, and how to avoid costly mistakes during this transition year. Key topics include: Estate tax exemption increases and planning implications The future of Roth conversions and Roth distribution strategies New senior deduction and how to optimize around it Expanded SALT and standard deductions Charitable giving rules, QCDs, and the new AGI floor The impact of tip income, overtime, and "Trump Accounts" 529 changes for K–12 education How new deductions interact with IRMAA and phase-outs If you want to understand how to get the most tax-efficient retirement income possible, this episode is packed with real-world analysis and practical advice.

In this episode of The Personal Finance Project, Scott and Greg sit down with Michael Antonelli—Managing Director, Market Strategist at Baird, and author of the Bull and Baird blog—for a wide-ranging conversation on what it really takes to be a successful investor. From presidential politics and market overreactions to behavioral finance, financial influencers, and the temptation to "do something," Michael shares insights that help investors zoom out and focus on what truly matters. You'll hear why the 60/40 portfolio still works, why complexity isn't always your friend, and how resisting the urge to constantly tinker with your portfolio might be your greatest financial superpower. They also dive into: How political biases can distort market expectations Why doing less often leads to better investment results The real problem with Fintok and social media financial gurus Timeless investing principles in a world of noise Why simplicity and patience remain undefeated Whether you're worried about the headlines or chasing the next big thing online, this conversation is a masterclass in keeping perspective—and staying the course.                                

In this thought-provoking episode of The Personal Finance Project, Scott and Greg sit down with Richard Ashcroft to unpack a lifetime of wisdom—both financial and personal. Known internally as the "RA Principles" and affectionately called the "Pop Principles" by his family, these timeless insights reflect decades of leadership, investing experience, and life philosophy. Richard shares the maxims that have guided his work with clients and his own personal decisions—from asking "What does winning look like?" to the power of "making one decision that makes a thousand." Through real-life stories, client case studies, and even a few laughs, the team explores: The hidden costs of custom portfolios Why simplicity and structure often outperform complexity How to avoid reinforcing bad behavior in high-trust environments The dangers of assuming the obvious is obvious What leaders get wrong about incentives Why incremental change matters more than sweeping overhauls Whether you're a financial advisor, a business leader, or someone striving for better decision-making in everyday life, this episode offers a roadmap for making thoughtful, enduring choices.

In this episode of The Personal Finance Project, Scott and Greg sit down with Richard Ashcroft—Managing Director at Baird and one of the firm's top-ranked financial advisors—for a deep conversation on building lasting wealth through sound financial planning principles rather than short-term market predictions. Richard shares timeless lessons from over four decades in wealth management, emphasizing the importance of having a clear investment philosophy, the value of ownership, and the role that money should play in a fulfilling retirement. He also offers sharp insights into behavioral finance, emotional decision-making, and how technology—especially AI—is transforming the future of financial advice. Key topics include: Long-term financial planning vs. market timing Why ownership mindset leads to better investment outcomes Retirement strategies focused on purpose, not just accumulation Common behavioral traps and how to avoid emotional investing How AI is removing friction and reshaping wealth management Whether you're approaching retirement or looking to refine your investment strategy, this episode will help you focus on what truly matters: principles that stand the test of time.

In this episode of The Personal Finance Project, we continue our series exploring Christine Benz's book How to Retire by focusing on her conversation with Jamie Hopkins. Their conversation delves into the complexities of retirement planning, emphasizing the need for adaptabulity as circumstances change. We cover: The psychological challenges of transitioning from saving to spending The role of guaranteed income sources How simplifying retirement goals can lead to a more fulfilling experience How phased retirement cna ease the transition into retirement Having a purpose is essential for happiness in retirement  Throughout the conversation, we highlight the necessity of being proactive in managing income sources and tax strategies, and redefine success in retirement beyond mere financial metrics.

In this episode of The Personal Finance Project, Greg and Scott return with another installment of Financial Mythbusters, breaking down a viral "FinTok" video where a 33-year-old offers early retirement advice—including dividend ETFs, REITs, and so-called passive income strategies. They analyze each of her six investment tips and explain where the logic holds up—and where it falls apart. Along the way, they cover key financial planning concepts like income vs. growth investing, liquidity risk, mortgage-backed securities, and the true meaning of passive income (hint: it's not what you think). Whether you're on the path to early retirement or just trying to avoid common TikTok finance traps, this episode brings real-world context to the most overused investment buzzwords online. Topics Covered: What REITs can and can't do for early retirees Are dividend ETFs really "passive income"? Why private REITs may hide risk—not reduce it Liquidity, leverage, and the FIRE movement How U.S. and Canadian tax rules differ in practice The importance of aligning your investment strategy with your human capital Listen now on Spotify, Apple Podcasts, YouTube, or Libsyn.

What actually drives mortgage rates—and why doesn't the Fed have as much control as people think? In this episode of The Personal Finance Project, Scott and Greg break down one of the most misunderstood topics in personal finance: how mortgage rates are really set. From the role of the 10-year Treasury to the impact of mortgage-backed securities, they unpack the mechanics behind your rate—and why it's stayed high even after recent Fed rate cuts. Whether you're a first-time homebuyer, a homeowner locked into a low rate, or just curious about why the real estate market feels so frozen, this episode offers clear, practical insight. They also explore the effects of inflation expectations, prepayment risk, quantitative easing, and the surprising link between Silicon Valley Bank and your mortgage. Key topics covered: Why mortgage rates don't follow Fed rate cuts The link between mortgage rates and the 10-year Treasury What mortgage-backed securities mean for borrowers Prepayment risk, convexity, and the hidden math behind rates What today's rates mean for refinancing and home buying Subscribe for weekly episodes and personal finance insights backed by decades of experience.

In this episode of The Personal Finance Project, Scott, Greg, and returning guest Moe Allain tackle an essential—but often overlooked—topic: what parents should discuss with their adult children before they pass away. This candid conversation moves beyond technical estate planning and dives into the heart of family wealth discussions, covering practical strategies, emotional considerations, and the importance of communication. The team explores how parents can help ease the burden for their children by organizing documents, clarifying roles, and setting expectations. They also discuss why a "fair" estate doesn't always mean an "equal" estate, how to handle unequal distributions, and the importance of gifting while living. Key takeaways include: Why everyone—regardless of net worth—needs an estate plan The importance of discussing executor, trustee, and power of attorney roles How to organize and update key documents: wills, trusts, account information, passwords, and more The value of sharing life wisdom, investment philosophy, and family values—not just financial assets Why "giving with a warm hand" can create deeper family connections Common mistakes to avoid: over-planning, under-communicating, and ignoring the emotional side of estate planning Whether you're a parent thinking about your legacy or an adult child navigating these conversations, this episode offers practical tips and thoughtful insights to guide your family through the complexities of estate planning with empathy and clarity.

In this episode of The Personal Finance Project, Scott, Greg, and special guest Justin Nichols—financial advisor with 27 years of industry experience—sit down for an honest, wide-ranging conversation about the evolution of financial advice, the lessons learned from market cycles, and the enduring value of staying the course. From the days of "stock pickers" and mutual fund sales to modern portfolio management and comprehensive wealth planning, Justin shares candid insights on what has (and hasn't) changed in the financial advisory landscape. You'll hear stories about navigating market crises like 9/11, 2008, and COVID-19, the importance of humility in managing wealth, and why keeping clients "in the fairway" is the key to long-term success. This episode covers: The transition from transactional advice to relationship-based wealth management Why avoiding concentration risk and market timing traps is crucial How to manage client emotions during volatility The real "fees" investors pay: emotional costs and opportunity risks The value of working with an advisor who can coach you through tough times Whether you're a young professional just starting out, a retiree navigating income planning, or a seasoned investor seeking perspective, this conversation offers timeless wisdom on building wealth with discipline, patience, and a steady hand.

Episode Description: Are 529 college savings plans still the best way to fund education? In this episode of The Personal Finance Project, financial advisor Matt Leatherwood, CFP®, CPWA®, joins hosts Scott Bartosh and Greg Ashcroft to take a critical look at the benefits—and potential drawbacks—of 529 plans. Together, they serve Chevron employees and retirees through personalized financial planning, and today they tackle one of the most commonly misunderstood tools in education funding. Key topics covered include: What a 529 plan is and how it works Common 529 plan mistakes, including overfunding and poor timing Why starting a 529 early matters—and when it might be too late The truth about 529 investment limitations and tax rules Alternatives to 529s: Roth IRAs, appreciated assets, and direct tuition payments How scholarships impact 529 withdrawals What the new 529-to-Roth rollover rules really mean (and why they fall short) Whether you're a parent, grandparent, or advisor, this episode will help you understand how to use 529 plans effectively—or when to consider other tax-efficient college savings strategies.

In this deep-dive episode of The Personal Finance Project, Scott and Greg tackle one of the most complex—and misunderstood—topics in economics: global trade. From tariffs and trade deficits to the surprising value of the Panama Canal and the curious case of America's largest trade surplus (hint: it's not with Canada), they unpack what trade really means for the U.S. economy and your investment portfolio. Along the way, they explore how innovation, efficiency, and even AI may shape the future of manufacturing—and debate whether tariffs are a necessary evil or an outdated strategy. Stick around for economic trivia, a $1,500 sandwich, and why your Costco bill says more about global economics than you'd think.

As the 2025 estate tax exemption sunset approaches, estate planners and high-net-worth families are preparing for potential changes. In this episode, Greg and Scott welcome Darrian Hornedo, Vice President and Estate Planner at Baird, to break down one of the most talked-about estate planning strategies today—the Spousal Lifetime Access Trust (SLAT). Darrian explains how SLATs work, when and why to consider them, and the critical legal and emotional trade-offs involved. They explore: Why SLATs are gaining popularity ahead of the 2025 exemption drop How to preserve indirect benefit while removing assets from your taxable estate Community property complications and partitioning strategies Key pitfalls—like reciprocal trust doctrine violations and divorce risks When to pair SLATs with other planning tools like ILITs and FLPs Whether you're sitting just under the estate tax threshold or well above it, this episode will help you weigh the pros, cons, and real-world implications of locking in today's historic exemption.

In this episode of the Baird Retirement Management Show, we continue our series exploring Christine Benz's book How to Retire by focusing on her conversation with Mike Piper, CPA and author of the Oblivious Investor blog. Known for making complex financial topics simple and practical, Mike shares critical insights on how to approach tax planning before and throughout retirement. We cover: Why lifetime tax planning matters more than minimizing taxes year-by-year How to strategically use 401(k)s, IRAs, Roth accounts, HSAs, and taxable brokerage accounts The powerful but often overlooked role of HSAs in retirement and estate planning Why Roth conversions deserve careful, customized planning The best practices for sequencing withdrawals across account types to manage future tax bills How to maximize the benefits of Qualified Charitable Distributions (QCDs) starting at age 70½ Strategies for managing Social Security taxation and Medicare IRMAA surcharges The benefits of giving financial gifts to loved ones during your lifetime instead of through your estate Throughout the conversation, we highlight the balance between minimizing taxes today and avoiding bigger tax issues down the road—especially as new rules for inherited IRAs and RMDs change the retirement landscape. If you're preparing for retirement or helping clients navigate these decisions, this episode offers "terribly useful" advice you won't want to miss.

In this episode of The Baird Retirement Management Show, we continue our series on Christine Benz's book How to Retire—this time focusing on her interview with renowned financial author and thinker William Bernstein. Bernstein is well-known for his foundational books like The Four Pillars of Investing and The Intelligent Asset Allocator, and in this chapter, he outlines a methodical, conservative approach to retirement investing—building portfolios to withstand the worst 2% of outcomes, prioritizing TIPS ladders, and emphasizing protection from inflation above all else. But while we respect Bernstein's intellect and his contributions to the field, we don't agree with all of his conclusions. In this episode, we offer a practitioner's perspective on where theory often clashes with real-world experience. We unpack his four key portfolio questions—burn rate, age, risk tolerance, and bequest desire—and contrast them with the way we approach planning: starting with actual client goals and needs, then building portfolios to support those with as little risk as necessary. We also discuss: Why focusing solely on income-producing assets can be misleading The gap between inflation in theory and what retirees actually experience Where annuities can play a helpful role—even if Bernstein disagrees The danger of overrelying on academic models without accounting for human behavior This is a balanced, respectful pushback on some widely respected ideas, and a reminder that financial planning is as much about people as it is about numbers.

In this episode of The Personal Finance Project, Greg and Scott, dive into the financial challenges faced by young adults, particularly in their 20s. The guys discuss the importance of establishing a solid financial foundation, avoiding common pitfalls, and the significance of budgeting and emergency funds.   Key takeaways: It's harder to achieve retirement goals while in debt Investing in yourself can yield significant returns Financial discipline is key to long-term success Enjoying life is an important aspect of financial planning

In this episode of the Personal Finance Project, Greg, Scott, and guest Moe Allain, a seasoned advisor with 25 years of experience, discuss the complexities of long-term care, emphasizing the importance of understanding individual needs, the evolution of insurance policies, and the financial implications of long-term care planning. Together, they explore: The challenges of underwriting The benefits of continuous care retirement communities Changing perceptions of retirement homes Moe covers tax implications, leveraging HSAs and Roth IRAs, and common mistakes to avoid in long-term care planning, highlighting the need for education in this critical area of financial planning. whether you're a retiree, pre-retiree, or advisor, this episode offers valuable insights to help you navigate one of life's most significant transitions.

In this episode of The Personal Finance Project, Greg and Scott delve into the complexities of credit card usage, exploring the polarizing views surround the cons, behavioral impacts, consumer protections, and the importance of financial discipline. They also address common myths about credit card debt and emphasize the potential benefits of responsible credit card use, including building credit history and accessing rewards.   Takeaways: Not everybody carries credit card debt; it's a misconception Discipline in spending is crucial for responsible credit card use Credit cards can help build a credit history for young users

In this episode of The Personal Finance Project, we continue our book club series exploring How to Retire by Christine Benz. This week, we unpack her interview with renowned retirement researcher David Blanchett—diving into what real-world data tells us about how retirees actually spend their money, and how that differs from common assumptions. We discuss the "retirement income smile," why most retirees don't increase their spending in line with inflation, and how understanding your own go-go, slow-go, and no-go years can shape a more realistic—and more enjoyable—retirement plan. We also explore the controversial "A-word" (annuities), the behavioral benefits of guaranteed income, and what Blanchett's research suggests about safe withdrawal rates (spoiler: it might not be 4%). If you're nearing retirement or helping someone who is, this episode is packed with insight on how to align your financial plan with real-life behavior, reduce anxiety about spending, and create a retirement you can actually enjoy.

In this episode of The Personal Finance Project, we continue our "Things You Pretend to Know" series by breaking down the key differences between two of the most common investment vehicles: mutual funds and ETFs. Greg and Scott dig into the structure, taxation, and practical use cases of each, helping you understand not just how they work—but when and where to use them. From tax efficiency and capital gains distributions to the creation/redemption mechanisms behind ETFs, this conversation sheds light on why ETFs have grown in popularity and how mutual funds still serve a valuable purpose in retirement accounts. Whether you're a new investor or looking to fine-tune your asset allocation, this episode will help you make smarter, more strategic investment decisions.

In this episode of The Personal Finance Project, Scott Bartosh and Greg Ashcroft return for another round of financial mythbusting — this time tackling the age-old (pun intended) investing rule: Subtract your age from 100 to determine how much of your portfolio should be in stocks. Is it simple wisdom… or dangerously outdated advice? Scott and Greg break down why this rule might be directionally correct but ultimately falls short in today's complex financial world. They explore: Why the "100 minus your age" formula ignores key personal variables The importance of emergency funds, job stability, and insurance in shaping your investment strategy How human capital and income sources impact asset allocation Why time horizon isn't always tied to your age The role of asset location and tax planning in portfolio construction And how rigidly following this rule could cost you long-term returns Whether you're in your 20s just starting to invest or approaching retirement, this episode will challenge how you think about risk, returns, and what really drives smart asset allocation. 💡 Bottom line: It's time to stop letting your age dictate your portfolio — and start letting your goals lead the way.

In this episode of The Personal Finance Project, we dive into the world of tariffs—what they are, why they exist, and the real-world impact they have on industries, consumers, and the broader economy. Scott Bartosh and Greg Ashcroft from the Ashcroft Pesek Bartosh Group join us to break down the first-order and second-order effects of tariffs, exploring everything from steel and sugar to national security and supply chain resilience. We discuss how tariffs can distort prices, influence inflation, and create ripple effects that are often unseen. Plus, we examine the role of protectionism, the concept of comparative advantage, and how tariffs tie into broader economic policy. As always, we bring it back to what this means for investors and portfolio management—should you be adjusting your bond duration or equity exposure in response to trade policy? Join us for a candid conversation about the economics of tariffs and why, in reality, the law of unintended consequences reigns supreme. 📌 Topics Covered: What is a tariff, and why do governments use them? The winners and losers of tariffs—who benefits and who suffers? How tariffs impact industries like steel, automotive, and confectionery The relationship between tariffs, inflation, and consumer behavior National security, supply chain vulnerabilities, and why some tariffs might make sense Investment implications—how trade policy could affect your portfolio 🎧 Tune in for an insightful discussion on tariffs, economics, and market impacts with Scott, Greg, and the Baird Retirement Management team!

In this episode of the Baird Retirement Management Show, we're joined once again by Greg Ashcroft and Scott Bartosh to tackle the questions and concerns many people have before their first meeting with a financial advisor. We explore the process of transitioning into retirement, from understanding your timeline and must-haves to sharing sensitive financial details with your advisor. Greg and Scott share practical insights on how working with an advisor can help optimize your financial plan—whether you're well-prepared, on the borderline, or feeling behind. They address common fears about judgment, provide examples of how to adjust your plan when needed, and offer encouragement for those who feel unsure about their retirement readiness. If you've ever wondered what to expect from that first meeting, or if you're hesitant about whether you're "ready" to sit down with a financial advisor, this episode is for you. Listen in to learn why financial planning is less about judgment and more about building confidence for the future you want. Key Topics Covered: Understanding the transition into retirement The three key pieces of information advisors need from you How advisors help alleviate retirement fears and anxieties Realistic approaches for borderline retirement readiness Balancing lifestyle goals with financial discipline Tune in to gain clarity and confidence for your retirement journey!

In this episode of the Baird Retirement Management podcast, we dive into the first lesson from Christine Benz's insightful book, How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. This chapter, featuring Michael Fink, PhD, a professor of wealth management, focuses on the often-overlooked but critical process of visualizing and operationalizing your in-retirement lifestyle. We explore why retirement isn't just about finances—it's about creating a purpose-driven and fulfilling life. From developing the "skill of leisure" and maintaining structure in your daily schedule to investing in your health and relationships, Michael shares thought-provoking insights that challenge traditional ideas about retirement. He also highlights the inevitability of cognitive and physical decline and how recognizing this reality can help us better prepare for later stages of life. Join us as we discuss why financial planning is just the starting point and how crafting a meaningful vision for your day-to-day life is essential for long-term satisfaction. Along the way, we'll touch on Michael's tips for maintaining social connections, the importance of preparing for life's transitions, and why working with professionals is an act of love for your family. Whether you're planning for retirement, already retired, or supporting a loved one through the process, this episode offers actionable advice to help you build the life you want to live. Key Topics Covered: Why retirement is more than just a "long weekend" The importance of structure, purpose, and leisure skills Investing in your health and relationships ahead of retirement Preparing for cognitive and physical changes in later years How to navigate the transition from work to retirement with purpose Tune in for this deep dive into retirement as more than a financial goal but a vision for a fulfilling and joyful life.

In this episode of the Baird Retirement Management Show, hosts Scott Bartosh and Greg Ashcroft dive into one of the most pressing financial topics for retirees: managing debt in retirement. From the age-old question of whether to pay off your mortgage to navigating car loans and high-interest credit card debt, this episode is packed with practical advice and empathetic insights. Scott and Greg discuss the psychological and financial factors at play, the importance of maintaining liquidity, and why a one-size-fits-all approach doesn't work when it comes to retirement planning. Whether you're wrestling with decisions about a second home, considering leasing a car, or feeling burdened by credit card debt, this conversation will provide actionable takeaways to help you enjoy a more secure and fulfilling retirement. Tune in to learn how to make smart financial decisions and embrace the freedom you've worked so hard to achieve.  

In this episode of Baird Retirement Management, Scott Bartosh and Greg Ashcroft explore how retirees can prepare for inflation in an uncertain economic environment. With recent interest rate hikes, strong jobs reports, and shifting market dynamics, they discuss strategies for safeguarding your financial future. Key topics include: Diversifying investments beyond the traditional 60/40 portfolio. The risks and rewards of fixed income investments in a rising rate environment. Why traditional inflation hedges like gold and commodities might not be as effective as you think. The importance of real estate, asset location, and maintaining flexibility in spending during retirement. Practical advice for rebalancing portfolios and planning for 2025. Whether you're nearing retirement or already there, this episode is packed with actionable insights to help you navigate inflationary pressures and protect your portfolio. Tune in for expert advice tailored to the unique challenges of today's retirees!

In this episode of Baird Retirement Management, Scott Bartosh and Greg Ashcroft tackle the burning question: Is the 60/40 portfolio dead? Together, they dive into the history, evolution, and current relevance of this iconic investment strategy. From its academic origins in mean-variance optimization to its behavioral appeal for investors, the team explores why the 60/40 portfolio remains a reliable, if imperfect, tool for many retirees. They also break down the challenges it faced in 2022, the shifting dynamics of interest rates, and the pitfalls of oversimplifying allocation strategies. Learn why "it's not dead, just evolving," and how modern tweaks—like adjusting bond durations and diversifying beyond traditional indexes—can better align portfolios with today's financial environment. Whether you're a long-time investor or just beginning to think about retirement, this episode will help you understand the nuances of portfolio construction and how to avoid common mistakes. Tune in for practical insights, a touch of humor, and a definitive answer to the 60/40 debate.

In this episode of the Baird Retirement Management Podcast, we dive into The Invisible Gorilla: How Our Intuitions Deceive Us by Christopher Chabris and Daniel Simons. This fascinating book reveals how six cognitive illusions influence the way we perceive, remember, and navigate the world around us. We explore the famous "gorilla experiment" that demonstrates the illusion of attention, the surprising flaws in our memory, and how overconfidence often leads us astray. You'll hear engaging anecdotes, from Ben Roethlisberger's motorcycle accident to the myths surrounding Mozart's effect on intelligence, as we dissect the illusions of knowledge, cause, and potential. Key takeaways include: Why we don't notice things that are right in front of us. How our memories may not be as reliable as we believe. The pitfalls of mistaking confidence for competence. Why the belief in hidden brain potential might just be a myth. Discover how understanding these illusions can help you make better decisions, avoid common cognitive traps, and see the world more clearly. Whether you're looking to improve your financial planning, enhance your professional decision-making, or simply understand your mind better, this episode offers actionable insights and a fresh perspective. Don't miss this thought-provoking discussion and stay tuned for our next book club episode!

In this episode of the Baird Retirement Management Show, Scott Bartosh and Greg Ashcroft unravel the complexities surrounding inherited IRAs in the wake of the SECURE Act. Together, they explore how the new rules impact beneficiaries, from spouses to adult children, and what it means for your estate plan. Tune in as they discuss: Key changes introduced by the SECURE Act, including the elimination of the lifetime "stretch" for most beneficiaries. The three classes of IRA beneficiaries—eligible designated, non-eligible designated, and non-designated—and the unique rules for each. Why Roth IRAs remain a powerful tool for tax-free growth and how to optimize inherited Roth accounts. The role of trusts in estate planning post-SECURE Act and the tax implications for different trust structures. Practical tax strategies, including charitable giving, to minimize the burden on heirs. Whether you're planning your estate or dealing with the complexities of inheriting an IRA, this episode provides actionable insights and expert guidance to help you navigate these challenging scenarios with confidence. Don't miss this deep dive into one of the most impactful changes to retirement planning in recent years!

In this episode of the Baird Retirement Management Show, Greg Ashcroft dives into the flashy world of social media influencers claiming tax write-offs for private jets, luxury vacations, and extravagant dinners. Are these claims legit, or just a recipe for an IRS audit? Join us as we uncover: What a tax write-off really means (hint: it's not free). The critical differences between hobbies and legitimate businesses in the eyes of the IRS. Safe Harbor rules for proving your business's profit motives. Strict requirements for deducting business-related travel expenses, both domestic and international. Why those viral influencer videos leave out the grueling record-keeping and IRS scrutiny. Whether you're a small business owner, aspiring influencer, or just curious about the truth behind the hype, this episode provides a practical and eye-opening look at the reality of tax write-offs. Learn how to avoid costly mistakes and navigate tax rules with confidence. Don't miss this myth-busting deep dive!

In this episode of the Baird Retirement Management Show, hosts Greg Ashcroft and Scott Bartosh dive into the market and economic implications following the 2024 presidential election. With the dust settling, they discuss how sectors like banking, small caps, and tech initially reacted and why caution is still warranted. Key topics include the Federal Reserve's handling of inflation, the outlook on interest rates, and the challenges of navigating an environment with stretched market valuations. They also explore how AI is shaping market dynamics and whether it's driving innovation or speculative bubbles. Greg and Scott share their thoughts on the new administration's potential impacts on tax policy, deregulation, and government reform, highlighting the need for pragmatic and balanced investment strategies, especially for retirees. If you've been wondering how the election results could influence your portfolio or where markets might be headed, this episode is packed with actionable insights and candid discussions to guide your financial decisions in a post-election world. Tune in to hear why "I don't know" might be the most valuable answer in uncertain times and how staying grounded can help you weather the markets ahead.

This week, Greg explores a book that's changing the way people think about money and life: Bill Perkins' "Die With Zero." This isn't your typical personal finance guide; it's a philosophical exploration of how to maximize life satisfaction by strategically allocating your resources. We break down the book's core principles, including: Optimizing Your Life: Balancing time, health, and money for maximum fulfillment. Investing in Experiences: Creating lasting "memory dividends" rather than accumulating material possessions. Consumption Smoothing: Distributing spending on experiences throughout your life, rather than deferring them all to later years. Confronting Mortality: Acknowledging the finite nature of life and planning accordingly. Giving While Living: Considering gifting assets to loved ones while you're still alive to witness the impact. We also discuss the "annuity puzzle," exploring the potential benefits of these financial tools, and address the challenges faced by those who struggle to "switch off" in retirement. Join us for a practical and thought-provoking discussion about how to apply these principles to your own life and create a more meaningful existence.

Retirement isn't just a financial milestone—it's a complete life transition. In this episode of the Baird Retirement Management Show, Greg, Scott, and guest Moe Allain, a seasoned advisor with 25 years of experience, dive into the complexities of shifting from the accumulation phase to the distribution phase in retirement. Together, they explore: The mindset shift required to move from saving mode to spending mode. Key risks like sequence risk and how to mitigate them. The four essential pillars of retirement: health, social connections, purpose, and finances. Moe shares actionable strategies for maximizing financial flexibility, maintaining control in a volatile environment, and finding purpose in retirement. Plus, he introduces a simple yet transformative exercise to help retirees focus on what truly matters. Whether you're a retiree, pre-retiree, or advisor, this episode offers valuable insights to help you navigate one of life's most significant transitions.

In this episode of the Baird Retirement Management Show, we're diving into another round of financial myth-busting! Greg, Scott, and the team tackle a popular piece of advice circulating in the personal finance world: the idea that you should claim Social Security benefits at age 62 and invest them to outpace the 8% annual increase you'd receive by waiting. Join us as we explore why this strategy is fundamentally flawed, highlighting key factors like risk versus reward, the challenges of behavioral discipline, and the critical role Social Security plays in longevity planning. We also discuss the break-even age, real-life use cases for taking benefits early or delaying them, and the importance of aligning your Social Security claiming strategy with your unique retirement goals. Whether you're gearing up to retire or just curious about optimizing your benefits, this episode delivers actionable insights and a clear takeaway: don't fall for oversimplified advice—work with a professional to craft a strategy that works for you. Tune in now to learn why a personalized approach always wins!