The Investing for Beginners Podcast - Your Path to Financial Freedom

Latest Episodes:

AAR71 - Are You a Financial Green Flag or Red Flag? Oct 13, 2026

Show notes

Evan and Andrew take the viral red-flag/green-flag dating game and turn it on your wallet. Eleven money habits get judged — streaming subscriptions, credit card debt, eating out, beat-up cars, family loans, car leases, prenups, paying cash, 5-star hotels, and splitting bills with a partner. Some verdicts are obvious. A few of them got surprisingly deep.

What You Will Learn

Why subscribing to every streaming service is a red flag — and the rotate-and-cancel fix
The brutal math on funding retirement while carrying credit card debt
The leftovers hack that effectively halves your eating-out bill
When a beat-up car on a $100K salary is a green flag (and when "car dandruff" flips it red)
Why leasing is usually a losing game — and the iPhone lease that made Evan snap
The right way to split bills when partners earn very different incomes (plus the app built for it)
Why "faithful in small things" predicts your entire financial life

Timestamps

00:00— Welcome to At Any Rate: how the game works

03:38 — Flag #1: Subscribes to every streaming service (RED)

07:08 — Flag #2: Maxing retirement while carrying credit card debt (RED)

09:57 — Flag #3: Eats out for every meal (RED) + the leftovers hack

14:54 — Flag #4: Beat-up car on a $100K salary (GREEN — unless it's unsafe)

17:41 — Flag #5: Refuses loans with family (BEIGE) — deeper than expected

23:18 — Flag #6: Leases a new car… or a Tesla (RED) + the iPhone lease rant

30:41 — Flag #7: Wants a prenup (IT DEPENDS)

35:53 — Flag #8: Pays cash, avoids credit cards (RED) + the lawn company chargeback story

41:33 — Flag #9: Only stays in 5-star hotels (RED RED RED) + the Sam Walton story

45:31 — Flag #10: Splits bills 50/50 with unequal incomes (RED) + MeetHalfway.app

Resources Mentioned

The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/

Free monthly budgeting spreadsheet:https://einvestingforbeginners.com/budget/

Email Evan:evan@einvestingforbeginners.com

Have questions or want your story featured? Email the show at newsletter@einvestingforbeginners.com or comment below. Your feedback shapes the podcast!

Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Today’s show is sponsored by:

Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your biggest monthly expense into rewards. Bilt lets you earn points on rent payments with no transaction fees, redeemable for travel, fitness classes, and more at joinbilt.com/investing

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

Take your investing up a notch with MooMoo — commission-free trading, pro-level research tools, and real-time market data, all in one app. Get started at start.moomoo.com/BEGINNERS

Sending money across borders? Wise gives you the real exchange rate with low, transparent fees and no hidden markups. Join millions managing money globally at wise.com⁠

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Interested in how your company sponsor the show? Reach us at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠equity@einvestingforbeginners.com⁠⁠⁠⁠⁠

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Tesla: Bullish on the Company, Bearish on the Stock Oct 12, 2026

Show notes

Stephen and Andrew ignore the headlines and the Twitter drama and look at Tesla the company — the EVs, the $30 billion robotaxi bet, the robots, and a balance sheet holding roughly $44 billion in liquid assets. Both are bullish on the business. Neither will touch the stock at $393 with a trailing PE over 300. Along the way: Stephen's biggest investing regret (an Army signing bonus that could have bought Tesla at the IPO), why Andrew isn't shaking his 11% Uber position, and the question hanging over it all — how much of the Tesla bear case is just feelings about Elon?

What You Will Learn

Why letting personal bias about a CEO dictate allocation destroys wealth
The story of Stephen's Tesla IPO miss — and what it taught him about IPOs
What Tesla's $30B in new financing is really funding (robotaxis, semis, robots)
The robotaxi debate: constitutional concerns vs. the unit-economics reality
Why Tesla's balance sheet looks like Apple's — and why Moody's disagrees
Where to draw the line between investing with your conscience and investing on vibes

Timestamps

00:00 – Why we're talking Tesla (and ignoring all the drama)

02:00 – Confession: the Jeep guy loves EVs

06:00 – Stephen's biggest regret: the IPO that got away

10:00 – Tesla today: $30B financing, new mission statement, Megapack

15:00 – Robotaxis: Stephen's concerns vs. Andrew's Uber bull case

25:00 – Valuation check: $393 stock, 331 PE, waiting for $275

37:00 – The $44 billion balance sheet

40:00 – "I'm not looking at him as my friend, I'm looking at him as an ATM"

47:00 – Can legacy automakers catch up?

51:00 – Robots building robots, and why optimism wins

Resources Mentioned

The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/

Have questions or want your story featured? Email the show at ⁠newsletter@einvestingforbeginners.com⁠ or comment below. Your feedback shapes the podcast!

Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your biggest monthly expense into rewards. Bilt lets you earn points on rent payments with no transaction fees, redeemable for travel, fitness classes, and more at joinbilt.com/investing

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

Take your investing up a notch with MooMoo — commission-free trading, pro-level research tools, and real-time market data, all in one app. Get started at start.moomoo.com/BEGINNERS

Sending money across borders? Wise gives you the real exchange rate with low, transparent fees and no hidden markups. Join millions managing money globally at wise.com

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Interested in how your company sponsor the show? Reach us at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠equity@einvestingforbeginners.com⁠⁠⁠⁠⁠

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Path to Confidence: Stop Checking Your Stocks Every Day Oct 08, 2026

Show notes

If your definition of success is "my account was green today," you're letting the market control your emotions — and that's not investing, that's stress. Stephen opens up about his old habit of living and dying by red and green days, and why that rollercoaster is the fastest way to kill your motivation and quit. Andrew admits the emotions never fully disappear, even after years of doing this — but shares the reframe that changed everything for him: if you're in the wealth-building stage, you should be cheering when the market drops, because you're buying assets, not harvesting them.

From there, it's all about replacement yardsticks. Stephen lays out his three: the accumulation yardstick (rate your conviction 1–10 and don't own anything below a 7), the income yardstick (track your dividends compounding upward), and the business performance yardstick (is the company still executing your original thesis?). Andrew counters with his fundamentals dashboard and a process-based measure — hours spent studying businesses, not tickers watched. Plus the stat that should haunt every investor: 90% fail the 2.5-year holding test. It closes with the simplest possible starting point: three yes-or-no questions anyone can ask tonight.

What You Will Learn

Why daily price-checking creates a dopamine/anxiety cycle that destroys motivation
How to reframe red days as opportunity when you're still in the wealth-building stage
Stephen's 3 yardsticks: conviction, dividend income, and business performance vs. thesis
Why Andrew measures fundamentals on a dashboard instead of watching stock prices
The 2.5-year test — and using portfolio turnover rate as a reality check
Process yardsticks: measuring the work you put in, not the market's mood
3 yes/no questions any beginner can use to measure progress tonight

Timestamps

0:00 Stephen's old habit: living and dying by green/red days

2:00 Andrew: the emotions are real — brainwash yourself to like red

6:25 Proactive shields: monthly check-ins + killing brokerage notifications

10:20 Yardstick #1: the accumulation yardstick (conviction ratings + Casey's)

14:25 Andrew's dashboard: measuring fundamentals, not prices

15:30 Yardstick #2: the income/dividend yardstick

18:45 Yardstick #3: business performance vs. your original thesis

22:05 Time-in-market + the 2.5-year test most investors fail

25:25 Andrew's process yardstick: hours studying, not companies covered

30:30 The 3 yes-or-no questions for anyone starting from zero

31:50 Andrew's one thing: the checklist that forces you to zoom out

32:35 Buffett's 12D chess + the weight-loss analogy

Resources Mentioned

The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/

Have questions or want your story featured? Email the show at ⁠newsletter@einvestingforbeginners.com⁠ or comment below. Your feedback shapes the podcast!

Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your biggest monthly expense into rewards. Bilt lets you earn points on rent payments with no transaction fees, redeemable for travel, fitness classes, and more at joinbilt.com/investing

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

Take your investing up a notch with MooMoo — commission-free trading, pro-level research tools, and real-time market data, all in one app. Get started at start.moomoo.com/BEGINNERS

Sending money across borders? Wise gives you the real exchange rate with low, transparent fees and no hidden markups. Join millions managing money globally at wise.com

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠

Learn more about your ad choices. Visit megaphone.fm/adchoices

AAR70 - Money Debates 3: Crypto, Renting, College, and more Oct 06, 2026

Show notes

Crypto allocation vs gambling • Starter home vs buying nicer • Renting a room for income • Paying for kids’ college • Car cash vs low-rate financing

In this round of Money Debates, Evan and Andrew go rapid-fire through some of the spiciest personal finance arguments—starting with crypto and ending with the “cash vs cheap financing” car question. The through-line is simple: you can make a lot of different choices work if you’re honest about risk, incentives, and your own behavior.

You’ll hear them land on a few consistent principles: keep speculative bets small (if at all), don’t buy a home you’ll hate living in, be realistic about the messiness of roommates/tenants, and treat big financial “gifts” (like college help) as a mindset/values conversation—not just a money decision.

What You Will Learn

Crypto: It can be a tiny allocation, but most of the ecosystem still rewards hype/greed and makes scams too easy.
Starter homes: Often the only realistic entry point today—but only smart if you can stay long enough and won’t be miserable.
Renting a room: Big upside in monthly cash flow, but the downside risk (drama, damage, squatting/tenant issues) is real.
College help: If you can help without creating entitlement, it can be a huge springboard—plus scholarships/aid are wildly underused.
Car decision: “Math” says low-rate financing can be fine; “behavior” says cash keeps people from overspending. Balance wins.

Timestamps

0:00 — Debate 1: Crypto in your portfolio vs straight-up gambling

1:00 — Pro-crypto case: new funding model + Bitcoin as a hedge (in theory)

3:45 — Anti-crypto case: execution hasn’t matched the promise + pump-and-dump culture

7:55 — Debate 2: Is buying a starter home a smart move?

8:25 — Pro-starter home: often the only affordable way to build equity and options

11:10 — Anti-starter home angle: incentives get messy with roommates/dating + don’t stretch too far

12:40 — The real deciding factor: don’t buy a home you’ll hate, because you can’t exit quickly

14:05 — Debate 3: Renting out a room for extra income (worth it or not?)

16:05 — Pro-renting-a-room: huge monthly upside vs most side gigs + “unused space” argument

19:30 — Debate 4: Pay for your kid’s college vs let them figure it out

20:05 — Pro-paying: 529s + compounding + avoiding life-altering student debt decisions at 18

25:10 — The middle ground: help what you can without raising entitlement; support isn’t only money

28:05 — Debate 5: Buy a car in cash vs low-rate financing (0–3%)

30:05 — Financing case: if the rate is truly low and budget is solid, quality-of-life can justify it

32:20 — Reality check: don’t use financing to “level up” from Camry to Rivian just because you can

33:35 — Two helpful back-catalog references: AAR67 (Ratio Rulebook) + AAR03 (Budgeting)

Resources Mentioned

The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/

Free monthly budgeting spreadsheet:https://einvestingforbeginners.com/budget/

Email Evan:evan@einvestingforbeginners.com

Have questions or want your story featured? Email the show at newsletter@einvestingforbeginners.com or comment below. Your feedback shapes the podcast!

Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting ⁠https://quince.com/beginners⁠

Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at ⁠https://whatnot.com/sell⁠

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn more about your ad choices. Visit megaphone.fm/adchoices

Meta’s AI Spending: Genius Move or Zuck Losing It? Oct 05, 2026

Show notes

Meta is spending aggressively on AI infrastructure—and the big question is whether that’s visionary or reckless. Andrew frames Meta as primarily an advertising business today, while Stephen digs into what Meta’s leadership is signaling about 2026–2027 capex visibility (and how murky “2028 and beyond” still looks). From there, the conversation turns into what investors actually have to believe to own Meta: trust in Zuckerberg’s control and decision-making, plus a belief that AI becomes a durable, monetizable platform shift.

Then you get into the messy parts: trust (AI agents with access to your life), security risk, and the ethical/legal overhang from lawsuits and public perception. The episode closes with Andrew walking through why the numbers look undeniably strong—growth rates that don’t make sense for a company Meta’s size, margin discipline, and shareholder returns—while still admitting the qualitative risks are what keep him on the sidelines.

What You Will Learn

How to think about Meta as an ad business today vs. an AI platform bet tomorrow
What Meta’s capex visibility (2026–2027) implies—and why “2028+” is the scary part
The two big “belief requirements” to invest in Meta: Zuck + AI
Where Meta’s AI strategy could fail: trust, monetization, cost curve, regulation
Why Meta’s financials look so strong even while the narrative stays controversial

Timestamps

0:00 Welcome back + why Meta/AI is the focus today

1:15 “Are you feeling AI fatigue?” + Andrew admits he’s all-in (NVIDIA)

2:05 What is Meta right now? Framing it as an advertising business first

4:10 The core hesitation: you’re still buying ads + confidence in advertiser durability

5:55 The capex quote: Meta confident in 2026–2027 use cases, fuzzy after that

7:20 What investors must believe: Zuckerberg control + belief in AI’s future

9:05 Compute, data, parameters: why Meta is spending like crazy (and the long game)

12:55 Trust + security: AI agents, hard drive access, and “if an ATM can be hacked…”

15:10 Lawsuits + conscience: can you invest if you think the accusations are real?

19:40 The numbers case: growth rates, margins, SG&A discipline, buybacks/dividend—“buy on charts, hesitate on story”

Resources Mentioned

The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/

Have questions or want your story featured? Email the show at ⁠newsletter@einvestingforbeginners.com⁠ or comment below. Your feedback shapes the podcast!

Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at ⁠https://whatnot.com/sell⁠

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.

Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more atfunctionhealth.com.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Interested in how your company sponsor the show? Reach us at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠equity@einvestingforbeginners.com⁠⁠⁠⁠⁠⁠

Learn more about your ad choices. Visit megaphone.fm/adchoices

Path to Confidence: Build an Investing Playbook Oct 01, 2026

Show notes

Everybody has a plan until the market punches them in the mouth. In this episode, Stephen and Andrew break down how to remove emotion from investing by building a mechanical “if-then” playbook—rules you decide ahead of time so you don’t improvise when fear hits. They connect the idea to real-world high-stress training (military, first responders, pilots): when things go sideways, you fall back on rehearsed systems, not gut reactions.

They walk through how to write rules per stock (not just for the whole portfolio), why selling rules are rarely discussed, and how to set “eject button” triggers that protect you from sunk cost fallacy and self-justification. The episode closes with a listener's question about receiving a large sum of money—how to slow down, define your time horizon, avoid paying “tuition” with a big lump sum, and choose an investing path you can stick with.

What You Will Learn

How to create if-then rules that reduce panic decisions
Why you should build rules before buying a stock (not during a crisis)
How to think about sell triggers (and why most investors avoid the topic)
How to use “do nothing” as a legitimate strategy when markets get chaotic
What to consider when investing a large lump sum (time horizon, pacing, confidence)

Timestamps

00:00 Why this episode: removing emotion when you “should” be panicking

01:05 Training under stress: why systems beat gut instincts in real life (and investing)

02:10 Hydroplaning analogy: don’t overcorrect when things get scary

04:35 The core tool: building an “if-then plan” (borrowed from trading, adapted to investing)

06:10 Why investors rarely talk about selling—and why that’s a problem

07:05 “Shopping wholesale”: how to think when the market drops hard

09:20 Per-stock rules vs portfolio-wide rules (and why per-stock is safer)

12:50 Real example: Spotify rules—buy dips, avoid sunk cost fallacy, know your eject button

17:50 Hard rules: dividend cuts + capital return as a key part of Andrew’s framework

34:28 Listener question: what to do with a large sum of money (time horizon + pacing + don’t rush)

Resources Mentioned

The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/

Have questions or want your story featured? Email the show at ⁠newsletter@einvestingforbeginners.com⁠ or comment below. Your feedback shapes the podcast!

Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at ⁠https://whatnot.com/sell⁠

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.

Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more atfunctionhealth.com.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠

Learn more about your ad choices. Visit megaphone.fm/adchoices

AAR69 - Behind the Curtain - How Money Actually Moves Sep 29, 2026

Show notes

Most of us don’t handle money directly anymore—we rely on platforms, banks, brokerages, and middlemen. In this episode, Evan and Andrew break down how those businesses actually make money off you, where the hidden costs live, and the practical moves you can use to “stack the deck” back in your favor. From credit card interest and swipe fees, to investing expense ratios, to overdraft traps, to mortgage math and real estate agent incentives—this is a plain-English walkthrough of the stuff nobody explains until it’s too late.

What You Will Learn

Credit cards make money mainly from interest, transaction (swipe) fees, and sometimes annual fees—and they’re designed to make spending feel painless.
In investing, “small” fees (expense ratios, advisor fees, trading friction) can become massive over time because they compound against you.
Banks profit by using your deposits to earn returns while paying you little—plus they rake in fees like overdraft and minimum balance penalties.
Mortgages are interest-front-loaded, so moving too soon can mean you paid mostly interest and built little equity.
Real estate agents are often incentivized to close fast and at higher prices, so you should consider asking for single-party representation or even flat-fee/hourly structures.

Timestamps

0:00 — Credit cards = short-term loans (and why rates are so high)

1:35 — Where card companies profit: interest, swipe fees, annual fees

3:05 — The real “win”: never carry a balance + avoid annual fees

4:25 — Why frictionless spending (tap/phone pay) makes you spend more

6:10 — Annual-fee cards: why the math usually doesn’t work

8:55 — Stock market basics: ownership, raising capital, buybacks, stock comp

13:10 — If commissions are “free,” how do brokers make money now?

17:10 — Practical defense #2: don’t day trade (you’re fighting the machine)

18:00 — Practical defense #3: don’t overpay for advice in wealth-building years

19:20 — Fees stack: advisor fees + fund fees + taxes can crush returns

20:15 — Banks: how they profit from your deposits (and why it matters)

25:10 — Why switching checking accounts is a pain (and banks know it)

28:10 — Mortgage optimization: credit score, shopping rates, extra principal

32:40 — Flat-fee/hourly agents: why it can align incentives better

Resources Mentioned

The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/

Free monthly budgeting spreadsheet:https://einvestingforbeginners.com/budget/

Email Evan:evan@einvestingforbeginners.com

Have questions or want your story featured? Email the show at newsletter@einvestingforbeginners.com or comment below. Your feedback shapes the podcast!

Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting ⁠https://quince.com/beginners⁠

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Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

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Cummins (CMI): Record Quarter, Falling Stock — What Wall Street Sees Sep 28, 2026

Show notes

Cummins just printed a monster quarter—record revenue, raised guidance, and strong-looking headline numbers—yet the stock has been sliding hard. In this episode, Stephen and Andrew walk through why that disconnect happens and how to avoid the “headline trap” where a good quarter gets mistaken for a good stock. The big theme: stop reacting to the press release and start underwriting the business like a lender would—dig into what’s actually driving results and what could break.

They cover Cummins’ segment mix (and why profits can matter more than revenue), what to look for in margins when costs are rising, and how to think about cyclicality without overreacting to once-in-a-generation macro events. The episode wraps with a practical checklist mindset: look for one-time boosts (acquisitions, refunds, accounting noise), sanity-check cash flow, and remember that the learning curve never ends—your job is to catch mistakes early and course-correct.

What You Will Learn

How to separate a great quarter from a great stock
How to use segment revenue vs segment profitability to see what’s really driving results
What margin trends (gross + operating) can tell you about cost pressure vs pricing power
How to evaluate cyclicality using operating margin history (without overfitting one bad year)
A simple framework for spotting one-time boosts that can “fake” strength

Timestamps

00:00 Why Cummins is interesting: record quarter, stock still falling

01:30 The core question: what does Wall Street see that the headlines don’t?

02:15 First step: start with the earnings call + identify the real driver (data centers/power)

04:31 “Destination Zero” + why Cummins is more than “just engines”

05:33 Andrew’s approach: segment revenue vs segment profitability (and why it matters)

07:15 Transformation stories: legacy stability + fast-growing segment upside

10:46 Explaining price drops: using bear cases/analyst reports as clues, not gospel

13:00 Costs rising vs revenue rising: what “good” looks like through margins

17:17 Moat discussion: brand power, supplier presence, and quality as a competitive edge

32:31 Avoiding the trap: acquisitions + one-time items + cash flow as your “metal detector”

Resources Mentioned

The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/

Have questions or want your story featured? Email the show at ⁠newsletter@einvestingforbeginners.com⁠ or comment below. Your feedback shapes the podcast!

Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

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Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at ⁠https://whatnot.com/sell⁠

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.

Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more atfunctionhealth.com.

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Path to Confidence: Why the Best Investors Rarely Swing Sep 24, 2026

Show notes

Every day, mainstream financial media demands that you swing at the latest hot stock, IPO, or macroeconomic tech trend. But the greatest investors in history succeed not by swinging at every pitch, but by ruthlessly defining their "Circle of Competence" and ignoring the rest. In this episode, Stephen and Andrew break down how to map out your unique investing edge, overcome the psychological trap of FOMO, and use the "Scuttlebutt" method to safely expand your knowledge without incinerating your capital.

What You Will Learn

The Ted Williams Rule: Why batting .406 in the stock market requires you to map out your exact "grid squares" of knowledge and let the Wall Street meatballs go by.
The Hubris Trap: How deep industry knowledge can trick smart professionals (like surgeons or engineers) into making arrogant, portfolio-killing mistakes.
Philip Fisher’s "Scuttlebutt" Method: How to investigate a company's true moat by interrogating its competitors, suppliers, and customers.
The Anatomy of FOMO: Why missing out on a cultural trend (like GameStop or SpaceX) is mathematically safer than playing a game you don’t understand.
How to Safely Expand Your Edge: Why studying a gas station (Casey's) naturally leads you to evaluate the pizza industry (Domino's)—and how adjacency safely builds your circle.

Timestamps

00:01:57 — Defining the "Circle of Competence" and why stock picking requires qualitative focus.

00:08:50 — Thomas J. Watson Sr. and why staying "smart in spots" beats being a jack-of-all-trades.

00:11:31 — The spice trade, McCormick, and why mature industries eventually stagnate.

00:14:25 — The Hubris Trap: Why industry experts often make the most arrogant investing mistakes.

00:20:42 — Philip Fisher’s "Scuttlebutt" method for investigating competitive advantages.

00:24:01 — FOMO (Fear of Missing Out) and the Ted Williams strike zone methodology.

00:30:20 — The struggle of saying "no" to good companies and establishing 24-hour cooling-off rules.

00:41:06 — How to map your Circle of Competence using the "Three Rings" visual framework.

00:46:40 — Safely expanding your circle through industry adjacencies.

Resources Mentioned

The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/

Have questions or want your story featured? Email the show at ⁠newsletter@einvestingforbeginners.com⁠ or comment below. Your feedback shapes the podcast!

Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Today’s show is sponsored by:

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at ⁠https://whatnot.com/sell⁠

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.

Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more atfunctionhealth.com.

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AAR68 - Correcting for Financial Mistakes Sep 22, 2026

Show notes

Nobody is perfect, and that applies to your budget, too. In this episode of At Any Rate, Evan and Andrew open up about their recent financial slip-ups—from overspending on dining out to completely forgetting about annual expenses like car insurance and birthdays.

Instead of dwelling on the guilt of busting a budget, the guys break down how to properly correct these mistakes without entering a toxic cycle of financial restriction. Plus, they share their favorite everyday "hacks" to save cash and catch up, including the hidden markup trap of food delivery apps, using simple cashback setups, and the psychological trick of over-budgeting.

What You Will Learn

Couples Finance: How to manage joint finances and split bills proportionally without acting as your partner's financial "nanny."
The Catch-Up Trap: Why trying to aggressively cut spending after a minor budget mistake can actually trigger a toxic binge-spending cycle.
The Delivery App Illusion: The massive hidden food markups on Uber Eats and Grubhub, and why ordering ahead on native apps saves you thousands a year.
Passive Sinking Funds: How to use basic store credit cards (like Target or Amazon) to generate guilt-free spending money without complex travel hacking.
Over-Budgeting: The psychological benefit of overestimating variable expenses like gas to create a built-in end-of-month reward.
The 3-to-6 Month Rule: A simple framework to determine if you should cut back to pay for a mistake, or if you need to pull from emergency savings.

Timestamps

02:51 – Main Episode Start: Bouncing Back from Financial Mistakes

05:00 – Evan’s Mistake: Overspending on dining out & adjusting the budget

08:39 – Couples Finance: How to handle joint budgets with separate accounts

16:08 – Andrew’s Mistake: Forgetting annual expenses (holidays & car insurance)

21:54 – Why trying to "catch up" on a busted budget creates a toxic money cycle

26:50 – Hack 1: The Uber Eats & Grubhub hidden markup trap

32:23 – Hack 2: Using simple cashback credit cards as a passive sinking fund

39:00 – Hack 3: Over-budgeting variable expenses for end-of-month rewards

40:40 – Hack 4: Replacing expensive habits with free, healthy challenges

43:30 – The 3-to-6 Month Rule: Knowing when to cut back vs. when to use savings

Resources Mentioned

The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/

Free monthly budgeting spreadsheet:https://einvestingforbeginners.com/budget/

Email Evan:evan@einvestingforbeginners.com

Have questions or want your story featured? Email the show at newsletter@einvestingforbeginners.com or comment below. Your feedback shapes the podcast!

Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Today’s show is sponsored by:

Download the Plynk app today to start building your investing confidence. https://plynkinvest.app.link/IFBpodcast

Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners

Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting ⁠https://quince.com/beginners⁠

Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at ⁠https://whatnot.com/sell⁠

Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at ⁠https://notion.com/investing⁠

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