2034: Ask Farnoosh...About Farnoosh: My Midlife Financial Plan, Unveiled

You’ve been asking for this episode, and today I’m finally pulling back the curtain on my own financial plan.Consider this a very special edition of Ask Farnoosh — except this time, you’re asking the questions about my money.For roughly 15 years, much of my financial life was on cruise control: automate the investing, save for retirement, fund the kids’ accounts, maintain the emergency fund, repeat. But midlife has me asking a different set of questions. Am I still saving the right amount? Could I invest a little less and spend more on my life today? How much do we actually need for retirement? And, gulp…should I consider an annuity?My financial planner Maggie Johndrow of Johndrow Wealth Management joins me to reveal what we discovered after putting my entire financial picture under the microscope — including where I may have been over-saving, why we’re rethinking my SEP IRA strategy, and how we’re balancing retirement security with enjoying life now.Then Maggie’s colleague Colette Ward joins us for an annuities crash course: what they are, why their reputation has changed and when they may—or may not—make sense.It’s my Midlife Money Checkup. And hopefully, it inspires yours.Reach Maggie at [email protected] Colette at [email protected] more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

We're taught our whole working lives to save. Nobody teaches us how to stop.That's the blind spot my guest today has spent the last several years staring down. Jean Chatzky has been one of the most trusted voices in personal finance for as long as I've been in this business, and she just published what she says is the best of her fourteen books, because it's solving a problem she's actually living through herself.Her new book is called The Forever Paycheck, and it's about the moment nobody plans for: the day the direct deposits stop and you're left staring at a lump sum that has to somehow last the rest of your life. Turns out most of us are terrible at this. Even people who did everything right, who saved diligently for forty years, freeze up when it's time to actually spend the money. Jean found that people with guaranteed income streams spend nearly twice as much as people sitting on identical savings, and that confidence to spend is tied to better health and longer life.We get into why our brains treat a shrinking balance like a loss even when it's working exactly as intended, what she's doing with her own money at 61, and the uncomfortable math behind long-term care that almost nobody wants to run. Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

 What does it mean to build wealth when you don't come from money and when getting ahead financially isn't just about you? My guest today is Maria Melchor, founder of FirstGenLiving and author of the new book Always Have Enough: How to Build Wealth When You Don't Come From Money. Maria grew up in a Mexican immigrant family, at one point undocumented in the United States, watching her parents piece together everything from paychecks and government benefits to food bank boxes to make ends meet. As a kid, she saw classmates get cars when they got their driver's licenses while she was waiting for the legal status that would eventually allow her to work, and fully participate in the financial system. Maria would go on to attend Yale, and after graduation found herself earning more at 22 years old than her parents had after decades of incredibly hard work. Which brings to the forefront a complicated question: What do you do when you're the one in the family who suddenly has access to opportunity? ? How much do you owe yourself? How much do you owe the people who helped you get there? And when can you finally say, "I have enough"? Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

Big changes are coming to So Money in 2027. Farnoosh opens the episode with an early preview of what’s ahead, including a more video-forward format and a sharper focus on the intersection of midlife and money — the season when careers, kids, aging parents, health, relationships and financial priorities are all shifting at once.She also reflects on the life and legacy of Gloria Steinem, who died this week at 92, and shares a personal story about once finding herself just a few seats away from Steinem on an Amtrak train — and regretting that she never worked up the courage to say hello.Then, Farnoosh looks at the latest jobs report and weighs in on a debate sparked by Armchair Expert: If one adult child becomes wealthy while another struggles financially, should parents leave them different amounts in their will? Farnoosh shares why she leans toward equal inheritances, with thoughtful exceptions for significant needs.In the Ask Farnoosh mailbag: Jay in Denver recently got married and wants to know how he should rethink his life insurance as he plans for children. Tamara in Los Angeles inherited her mother’s 401(k) and wants to understand her options for transferring, investing and eventually withdrawing the money. And a listener who was recently laid off asks whether COBRA is worth the cost or if shopping for coverage on the health insurance marketplace could be a better move.Plus, Farnoosh shares resources on Trump Accounts and explains why major life changes are often the right time to revisit your entire financial plan.Gloria Steinem — NYT never-before-seen 2008 interview: Watch the New York Times video. The Times released the previously unseen interview on September 3. Trump Accounts — July 10, Episode 2007: Ask Farnoosh: Should I Open a Trump Account? Trump Accounts — August 14, Episode 2022: Trump Account Updates, Money-Maxxing and Stay-at-Home BoyfriendsRobin Wigglesworth — Episode 2029: The Bond Market Explained: What It Means For Your MoneyJoseph Moore — Episode 2030: How to Get Rich: 300 Years of Money LessonsLearn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

My guest today owns land on the moon.And somehow, that is not even the most interesting thing about his approach to money.Joseph Moore is a historian and professor who spent years studying how Americans have tried to get rich over the last 300 years — from land speculation and market bubbles to stocks, crypto and today’s biggest investment trends.And after all that research, he came to a pretty provocative conclusion: a lot of the financial advice we hear over and over again may not actually be the best way to build wealth.So Joseph decided to test history for himself. He created a cryptocurrency. He systematically shorted Jim Cramer’s stock picks. He studied how investors behaved through centuries of booms and busts — and used some of those lessons in his own portfolio.Along the way, he became a millionaire.His new book is How to Get Rich in American History: 300 Years of Financial Advice That Worked (and Didn’t).Today, we’re talking about what 300 years of history can teach us about getting rich, why he says diversification alone won’t make you wealthy, how to recognize hype before it’s too late, and the money advice he thinks far too many of us blindly follow.Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

If you’ve been following the financial news lately, you may have noticed something unusual: the bond market is getting a lot of attention.After a year of tariff shocks, interest-rate whiplash, tax policy changes and persistent questions about inflation and the national debt, bonds have moved from the financial pages into the broader economic conversation. And whenever markets get nervous about where the economy, inflation or government borrowing may be headed, attention tends to turn pretty quickly to the bond market.Because this isn’t just Wall Street inside baseball.The bond market influences the interest rate on your mortgage. It influences how much the federal government pays to borrow money. It affects companies trying to finance everything from infrastructure to AI data centers. And it can offer some important clues about how investors are feeling about inflation, growth, recession risk and even the creditworthiness of the United States.So perhaps it’s time we understood bonds a little better.And I have to admit, after more than a decade of hosting So Money, I don’t think we’ve ever dedicated an entire episode to them.Today, we are fixing that.My guest is Robin Wigglesworth, one of the financial journalists who has been covering these markets up close for years. Robin is an editor at the Financial Times, where he leads FT Alphaville, its influential markets and finance blog. He’s also the author of Trillions, his acclaimed history of the index-fund revolution and the rise of passive investing and ETFs.His new book is called A Fabulous Debt: The Epic Story of How Bonds Built the Modern World, and it comes out September 22.And I should emphasize: this is not a book about how to build a bond portfolio.Robin has written essentially a people’s history of the bond market — and somehow made bonds genuinely entertaining. The story begins in Venice in 1171, takes us through Amsterdam and the development of modern finance, and brings us to America and Alexander Hamilton, whose decisions about government debt helped establish the creditworthiness of the young United States.Robin’s larger argument is that we tend to think the stock market is the star of the financial system, when really the bond market is the foundation underneath it. In fact, as he tells me in our conversation, bonds are the “bedrock that the entire house rests upon.”We talk about what the 10-year Treasury yield can tell you about the economy — and why it matters more to mortgage rates than many people realize. We talk about America’s nearly $40 trillion national debt and the big question: At what point does all of this borrowing actually become a problem?We also get into something I found fascinating: bonds have quietly financed some of the biggest transformations in modern history. Railroads. Canals. Telecommunications. The internet. And now, potentially, the enormous buildout of artificial intelligence.There are also fraudsters, scoundrels and some truly wild financial schemes along the way — including one man who essentially invented an entire country so he could sell its bondsLearn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

On this week's Ask Farnoosh Friday, we're tackling five thoughtful listener questions that touch on everything from career transitions and combining finances as a couple to insurance, retirement accounts, and planning for the future.Before we dive into the mailbag, I also share a few headlines that caught my attention this week—including a fascinating new trend in prenups designed to protect stay-at-home parents, California's latest move to make personal finance a graduation requirement, and a New York Times article about the money frustrations that seem uniquely American (plus a few of my own!). And yes...So Money is officially on YouTube.In this episode:•Why you shouldn't feel guilty quietly job hunting before you have an offer•The best way to leave an employer professionally while protecting your own career•How couples can combine finances without sacrificing independence•Why "fair" doesn't always mean splitting expenses 50/50•My favorite three-account system for couples•The insurance policies every young professional should prioritize—and which ones can probably wait•Why your ability to earn an income may be your greatest financial asset•When to start thinking seriously about long-term care insurance•How to prepare for future caregiving conversations with your parents•What to do with an old, empty 401(k) account after your employer changes retirement providers•Why cybersecurity deserves a place in every annual financial checkupAlso in the news:•A new prenup trend: More couples are adding "leave the workforce" clauses to protect spouses who pause their careers to raise children or provide care, recognizing the real financial cost of unpaid caregiving.•Money annoyances in America: Inspired by a New York Times article from Ron Lieber and Tara Siegel Bernard, I share my own biggest financial pet peeves—from managing kids' allowance to credit card surcharges and New Jersey property taxes.•Financial literacy gains momentum: California becomes the 26th state to require a standalone personal finance course for high school graduation, signaling a major shift in how we prepare young people for adulthood.Resources & Mentions•So Money is now on YouTube•Columbia Journalism Review's feature on The Montclair Pod•Wall Street Journal reporting on caregiving clauses in prenups•New York Times article: "6 Things That Drive Us Crazy About Money in America" by Ron Lieber and Tara Siegel BernardHave a question for the show?Send your question for a future Ask Farnoosh Friday! If it's on your mind, chances are thousands of other listeners are wondering the same thing. You can email me, leave a voicemail, or connect with me on Instagram.If you enjoyed this episode, please subscribe, leave a review, and share it with a friend. It helps more people discover the show—and build richer, more confident financial lives.Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open!This episode aired originally on July 17.Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

Anthony O'Neal, had $6.32 to his name on a Wednesday night. He needed gas. He was hungry. He ended up cutting two McDonald's double cheeseburgers in half — that was his food for the next two days. He diluted his sweet tea with water to stretch it. And in that moment, eating a cold half-burger in his apartment, something shifted in him. He thought: there has to be a better way.Fast forward to his fortieth birthday. Anthony is on a private yacht off the coast of Italy. The chef comes out mid-dinner, not just to ask how the fish is — but to offer to catch that same fish again for him tomorrow. And Anthony thought back to that Wednesday night, that half-burger, that $6.32 — and he realized: he had found the better way.Anthony O'Neal is a bestselling author, speaker, and host of The Table with AO. His new book, Stop Living Paycheck to Paycheck: The Proven Path to Break Free from Debt, Build Real Wealth, and Live Free on Any Income, is out in August.This episode aired originally on July 20.Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

This episode aired originally on October 21, 2024.Seth Godin, bestselling author, entrepreneur, and one of the most influential thinkers in marketing and leadership, joins the show. He discusses his latest book, This Is Strategy: Make Better Plans, and how to create more meaningful and effective strategies in all areas of life, from career growth and personal development to financial success.Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

Are we headed for another housing crash — or is today’s market fundamentally different from 2008?On this Ask Farnoosh Friday, Farnoosh digs into the state of the housing market with insights from real estate economist Dr. Joshua Harris, Academic Director of the Fordham Real Estate Institute. While some overheated markets are already seeing prices decline, Harris explains why today’s housing landscape looks very different from the run-up to the Great Financial Crisis — particularly when it comes to housing supply, lending standards and homeowner equity.Farnoosh also examines the explosive growth of Buy Now, Pay Later, which is increasingly being used not just for clothes and electronics, but for groceries, rent, utilities, medical bills and even taxes. The question she wants consumers to ask: Are you using BNPL to solve a timing problem — or an affordability problem? Because those are two very different financial challenges.Plus, shopping scams are getting dramatically harder to spot thanks to artificial intelligence. The old advice — look for typos, awkward emails and suspicious-looking websites — isn’t enough anymore. Farnoosh shares the new safeguards consumers should be using to protect their accounts, passwords, loyalty points and credit cards.Then, two excellent listener questions.First, Anne is in her 40s after spending two decades moving between employers and has accumulated a collection of 401(k)s, 401(a)s, 403(b)s and a rollover IRA. Should she consolidate everything? And is it actually safer to keep retirement money spread across multiple institutions in case one brokerage fails?Farnoosh explains the important difference between diversifying your investments and diversifying your custodians, how protections such as SIPC work, and why simplifying your retirement accounts can make sense — but only after checking fees, investment choices and plan-specific benefits.Finally, a listener follows up on the new Trump Accounts for children: Why is Robinhood the sole initial brokerage and trustee? Why can’t families simply choose Vanguard, Fidelity or another provider from day one? And did Robinhood somehow pay for exclusive access?Farnoosh went digging. She explains the relationship between the U.S. Treasury, BNY Mellon and Robinhood, why Robinhood’s role is described as initial rather than permanent, and why families should eventually be able to transfer Trump Account assets to another eligible provider. She also examines why questions about transparency are reasonable given the enormous customer-acquisition opportunity the program represents for Robinhood.Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.