Money For the Rest of Us
Money for the Rest of Us is a personal finance and investing podcast on how money works, how to invest it, and how to live without worrying about it.Host J. David Stein spent 17 years at FEG Investment Advisors, where he was Chief Investment Strategist for a firm overseeing $15 billion. Since 2014, he has focused on helping individuals understand investing through podcasting, video, and writing. Episodes cover stocks, bonds, alternative investments, asset allocation, expected returns, retirement income, asset location, inflation, interest rates, and the economic forces that drive financial markets. David explains how each investment works, what the risks are, and h...
U.S. Stocks Might Not Be as Expensive as You Think
In this off-week bonus episode of Money for the Rest of Us, we look at the possibility that current U.S. stock valuations are justified and the market is not overvalued.
Topics covered include:
Two ways to measure P/E ratios and which is more accurateHow record profit margins are affecting P/E ratiosHow concentration risk is at an all-time high for U.S. stocksHow the stock market's direction will depend on whether profit margins expand, contract, or stay the same.Where to invest to reduce an overconcentration in U.S. stocks.ÂE...
What If You Only Invested at Stock Market Peaks?
We analyze long-term stock returns when investing at market peaks and bottoms, and when stocks are cheap or expensive.
We also share what we think stocks will return over the next decade and why.
Finally, we simulate the investment outcomes for someone who invests $50 per week.
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...Money for the Rest of Us Update and Survey
I provide a short update on Money for the Rest of Us and introduce our listener survey. All survey participants will get access to an exclusive podcast episode on my worst investing mistakes and what I learned.
Take the Money for the Rest of Us Listener Survey
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Small Gains, Big Losses: The Hidden Risk in Steady Income
In this episode, we explore why the income we earn isn't the same as the return. We show how option income strategies work, what their historical returns have been, what drives the return, and what reasonable return expectations are.
We show why option income strategies have a positive expected return while sports betting has a negative expected return.
Finally, we look at other areas where we confuse income with the total return.
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The Financial System Will Be Hacked and How to Prepare For It
Bad actors will use AI to disrupt the financial system, transportation networks, and utilities. We should prepare now for this inevitability. We share how in this episode. We also explain why the bull market in gold will likely continue.
Topics covered include:
Why the OpenAI agentic AI breach is so disturbingHow do we prepare for cyberattacksWhy gold should be one of the assets we hold apart from the financial systemHow the historical relationship between gold and real interest rates has broken downTo what extent are central banks selling dollars to buy goldHow gold ETF flows influence...Bond Market Chaos: Why Interest Rates Keep Rising and What to Do About It
The national debt exceeds $40 trillion, U.S. long-term Treasury yields are at 19-year highs, the U.S. Treasury Department is intervening in currency and bond markets. We unpack it all in this episode and show you how to position your investment portfolio to lock in higher yields and protect yourself from falling bond prices.
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Show Notes
Episode 563 Slide De...
5 Steps to Simplify Your Investment Portfolio
What are the steps to simplify your portfolio, given that it is likely spread across multiple accounts? We focus particularly on retirees, who have to weigh additional considerations like withdrawals, Roth conversions, and required minimum distributions.
We also explore which areas of the stock and bond markets are attractive right now as you seek to simplify and/or rebalance your portfolio.
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Show Notes and Related Content
A Complete Guide to Investing in I Bonds an...
How to Navigate the AI Debt Bubble
We explore the expected size of AI-related debt, which vehicles hold it, what could go wrong, and how to protect yourself.
Topics covered include:
How AI capex boom compares to other large booms and bustsWhat fixed income vehicles hold AI-linked debtWhat mechanisms are being used to transfer AI-debt risk.How circular finance is contributing to the AI infrastructure buildoutWhat could go wrong with the AI infrastructure buildout that could lead to losses on AI-related debtHow to tell what exposure you have to AI debtSponsors
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Is Inflation Manipulated? If So, What to Do About It
How inflation numbers are manipulated to appear lower. How to change your mindset about inflation to get ahead of it.
Topics covered include:
How Inflation (PCE) Calculations Are ChangingWhy the CPE Changes Are SuspiciousThe Biggest Changes Ever to Inflation CalculationsWhat Causes InflationAI Buildout Is Boosting InflationHow Rising Income Can Overcome InflationInflation Is Currency DebasementMost Things Get Cheaper and Better Over TimePersonal Inflation Rate and RetirementWe Can Beat Inflation by Improving Our SkillsInflation Manipulation vs Inflation FabricationHow to Outsmart InflationSponsors
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A Listener's Path from Zero to Millionaire in 10 Years - Nine Lessons to Get You There
David shares nine lessons a listener followed to become a millionaire.
Topics covered include:
The benefit of underspending on housingWhat rate of return and how much would you need to save to grow a portfolio to one million dollarsWhy historical studies of the S&P 500 returns are misleadingDavid's recent portfolio mistakeSponsors
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Will You Be Forced to Own SpaceX and Other AI Stocks?
SpaceX, Anthropic, and OpenAI are all going public. Why now? And what will their weight be in index funds? What other U.S. ETF options are there if you don't want to have such a high concentration in stocks tied to AI. And finally, if you do buy SpaceX, what would need to happen to earn a reasonable return on your investment?
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Don't Fall Into the Dividend Trap. How Investors Misunderstand Covered Call ETFs
We explore the free dividend fallacy and how it applies to option income strategies. We break down the return drivers of covered call ETFs and examine the long-term performance record and volatility. Finally, we explain why it's better to own a single stock than a single-stock covered call ETF, such as MSTY, NVDY, or TSLY, offered by YieldMax.
Show Notes
The Dividend Disconnect - Samuel M. Hartzmark and David H. Solomon
Sam Hartzmark on Dividends - Meb Faber Research
The New American Hustle: Dividends Over Day Jobs - Denitsa Tsekova and...
We Are All Wayfinders
Why we have to navigate investing, business, and life with a compass rather than a GPS. David also provides an update on what he has learned from hosting live portfolio cohorts and letting AI analyze his portfolio trades over the past 12 years.
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Five Practices That Have Shaped My Career
I share five business practices that have carried me through asset bubbles, financial crises, business pivots, and now the rise of AI.
Topics covered include:
Recommended note-taking app and practicesRecommended periodicalsHow to get better ideasWhy we need to understand the probabilities when pursuing a new courseThe latest insights on AI, prediction markets, and other topicsSponsors
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Live Portfolio Cohort - May 2026
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Invitation to Our Live Portfolio Review and Rebalancing Special Webinar
Please attend our live webinar on portfolio construction and rebalancing scheduled for Thursday, April 30th, at 12PM Eastern, 9AM Pacific time. I will cover the five steps to constructing and rebalancing a portfolio. I will also answer your questions.
You can sign up for this special webinar at https://moneyfortherestofus.com/webinar/
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There Is No Perfect Portfolio. Just Good Enough
Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment.
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<...A MFTROU Update, Cognitive Offloading Versus Cognitive Surrender, and Live Portfolio Cohorts
In this mini episode, I share some examples of how I am using Claude Cowork and other tools to boost my productivity and build investment portfolio analysis tools. I also share more details on the live portfolio cohorts we will be holding next month.
You can learn more about our live portfolio cohorts here.
Show Notes
I Saw Something New in San Francisco - Ezra Klein - New York Times
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Is Another Great Financial Crisis Coming? 5 Ways to Prepare
How the Iran conflict and other developments could lead to another major financial crisis. What is different today from 2008? Why trying to seed a revolution is so risky. And finally, what can we do to prepare ourselves for the next financial crisis?
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<...AI Is Changing Me - and the Case for Good Enough
When is good enough actually good enough? AI is reshaping how I work and live. And a member with a portfolio that's beaten an all-in-one Vanguard LifeStrategy fund for ten years asks whether the complexity is worth it — or whether it's time to simplify.
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What Average Really Looks Like — and Can Managed Futures Help?
How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio.
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Show Notes
2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBO
<...Asset Location: Where You Invest, Where You Live, What You Can Access
In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices.
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<...Why Catastrophe Bonds Yield 12%. Should You Invest?
A new ETF allows individuals to earn income by insuring against natural disasters through investing in catastrophe bonds. We break down the historical returns, risk, fees, and structure of this intriguing investment opportunity.
Topics covered include:
What types of natural disasters are increasingHow insurance companies use reinsurance and cat bonds to protect against extreme lossesWhy home insurance premium increases should be lower in 2026How cat bonds are structured and what makes them a unique fixed income securityWhat to consider in deciding to invest in cat bonds.Sponsors
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What Will Drive Financial Markets in 2026—and How to Make It Your Best Year
We explore the forces likely to shape financial markets in 2026 and how to make better decisions as you pursue your goals this year.
Topics covered include:
The difference between intentions and resolutionsKey behavioral biases and how to overcome themThe cautionary tale of a private real estate fund that went publicIs the affordability crisis real?The big test for AI in 2026The financial and economic outlook for the yearSponsors
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Debt Is For Managing Wealth Not Creating It
Should you borrow money to magnify returns in your 401 (k), IRA, or other tax-deferred retirement account?
We examine Basic Capital, which allows investors to leverage their retirement account investments.
We also explore how the wealthy don't use debt to generate wealth but to manage it.Â
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Do Retiring Baby Boomers Actually Move Markets? And How Much Do Demographics Really Matter
As Baby Boomers continue to retire, some analysts expect financial markets to feel the strain. We examine whether demographic shifts truly shape stock and bond returns, or what other factors matter more.
Topics covered include:
Will retiring baby boomers lead to lower stock prices or higher interest ratesSome earlier demographic predictions and how they worked outHow do natural interest rates reflect the demand and supply of capitalWhy demographics are only one factor that determines economic growth and financial market returnsSponsors
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Burnout, Breaks, and the Courage to Spend with David Bach
David converses with best-selling author David Bach about preventing burnout through sabbaticals, moving to another country, why retirees should take Social Security as early as possible, and Bach's idea of a flat tax on IRA distributions.
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Show Notes
David Bach's IRA Flat Tax Idea
Related Episode
Sports Betting Is Not Investing
Can you really make money sports betting on low-risk, high-probability events?
Topics covered include:
The growing size and influence of the U.S. sports betting marketRecent sports betting scandalsHow sports betting odds workAn intriguing low-risk approach to sports bettingWhy the low-risk sports betting approach is still gambling with a negative expected returnBehavioral biases that encourage sports bettingRevisiting the difference between investing, speculating, and gamblingEpisode Sponsor
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Hoarding, FOMO, and Zcash: A Private Bitcoin
What’s the difference between hoarding and investing? There’s a reason markets built on productive assets—like stocks and bonds—are far larger than hoarding markets such as gold and cryptocurrency. In this episode, David explores why that is, and shares why he recently bought Zcash, and how it’s both similar to and different from Bitcoin.
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Don’t Take Financial Advice from AI
How AI gets simple finance wrong, and how to make it work for you, not mislead you
Topics covered include:
How AI ignores the time value of moneyA detailed example of ChatGPT misleading by making a simple math mistakeSome examples of opportunity costs and sunk costs when making financial decisionsUnderstanding how AI works can help us use it more effectivelySponsors
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Debasement Fears or Meme Fever? What’s Driving the Gold and Silver Rally
Are gold and silver up more than 50% in 2025 because investors fear currency debasement, or is this rally just the latest meme trade? In this episode, we explore the supply and demand forces behind gold and silver, discuss investing strategies, and outline what to watch to see if investors truly are worried about debasement.
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Beyond Munis — New ETFs for Tax-Efficient Bond Investing
How to decide when to invest in municipal bonds versus new tax-efficient bond ETFs that don't invest in munis.
We analyze several newer ETFs that earn bond-like returns while avoiding paying taxable income distributions.
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Investments Mentioned
Vanguard Tax-Exempt Bond ETF (VTEB)
iShares 7-10 Year Treasury Bond ETF (IEF)
JPMorgan Ultra-Short Municipal Income ETFÂ (JMST)
Alpha Architect 1-3 Month Box ETF...
Money for the Rest of Us Update
This week there isn’t a regular Money for the Rest of Us episode, but David shares an update on what’s happening behind the scenes. He previews an exclusive Plus member livestream on the forces shaping the next decade, explains why there won’t be a new episode next week, and highlights fresh content available on YouTube, Instagram, LinkedIn, and Substack. David also reflects on consistency, community, and the process of writing his second book. Regular episodes return in October.
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Resilient Wealth in an Era of Infinite Money
What happens when the money supply grows too slowly or too quickly? From gold-standard deflation to QE-driven inflation and inequality, we trace the lessons of monetary history, and what we can do today to protect ourselves in an age of infinite money.
Topics covered include:
How is the money supply measured, and why is it a subjective exerciseWhat is an example of a negative money shockWhy an optimal monetary policy would lead to deflation, and why that is a good thingWhat causes inflationHow quantitative easing contributed to wealth inequalityWhat is demurrage currencyThe unorthodox way Richard Nixon s...Forests, Fakes, and the Fight for the Real
From salmon leaping along the Vancouver Island coast to fake bands on Spotify, this episode explores the divide between the physical and digital economy, and what lumber markets, managed forests, and everyday life teach us about staying connected to the real.
Topics covered include:
How timber investing works and why it is reflective of how industries evolveWhat percent of economic output is physical versus digital, and how has that changed over the past fifty yearsHow households spend their leisure timeWhy live events stand out in an AI-infested worldDoes it matter if ad images, videos, and podcasts...Why Central Banking Is So Hard and Why Fed Independence Matters
Central bankers set policy with incomplete information, unobservable targets, and constant trade-offs between growth, inflation, and employment. In this episode, we delve into how the fight for Federal Reserve independence could impact markets, interest rates, and your financial future.
Topics covered include:
What Federal Reserve Chair Powell said at the Fed's annual Jackson Hole SymposiumWhat is the Federal Reserve's mission statementWhy is it normal for U.S. presidents to disagree with the Federal Reserve's policy stance?Why attacking the Fed's independence is harmful and could lead to higher interest rates and a weakening dollarWhat causes inflation...How To Invest During a Bubble
From the dot-com boom to today’s AI frenzy, bubbles follow a familiar script. This episode explores how to recognize them, what sustains them, and how to position your portfolio without getting swept up in the hype.
Topics covered:
How U.S. stock markets are the most concentrated and most expensive of all timeWhat constitutes a bubble and what sustains itHow to invest during a bubbleChanges David recently made in his portfolio in response to the AI bubbleSponsor
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Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite
A practical framework for making better decisions, managing risk, and finding opportunity in unpredictable environments. We contrast these principles with the massive $2.9 trillion AI data center build-out by Big Tech, which is betting big on a single superintelligence future.Â
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Why Most Hedge Funds Fail but This One Didn’t with Dave Thomas
Dave Thomas, CIO and Founder of long/short hedge fund, Atalan Capital Partners, shares why most hedge funds fail and the keys to being a long-term successful investor.
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Show Notes
FEG Insight Bridge episode page
<...How To Better Navigate Money, Risk, Time, and Uncertainty with Carl Richards
David converses with renowned illustrator and financial philosopher Carl Richards on the abstraction of money, attention capital, distinguishing risk from uncertainty, and the importance of taking microactions.
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Show Notes
Carl Richard's website, Behavior Gap
Your Money: Reimagining Wealth in 97 Simple Sketches by Carl Richards
Related E...
Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans?
A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter.
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Show Notes
