The Money with Katie Show

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The Bear Market, Future Returns, and the History of Low-Cost Investing with Eric Balchunas Jun 22, 2022

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Every time the market experiences a drawdown, it feels like the echoing chorus of, “This time, it’s different,” gets more deafening. As the history buffs assure us, that’s very unlikely—but that doesn’t change the fact I want to hedge if it’s true.
For many of us #n00b investors who started in the last decade, we’re experiencing a serious pullback for the first time (I no longer count the 30% COVID drawdown since it was so short-lived). I think it’s a (healthy) reminder that investing in the stock market is not a risk-free proposition, and returns are not guaranteed.
So how do we adjust our expectations and behavior accordingly? I’ll tell you how I’m pivoting in this week’s episode.
I invited Bloomberg ETF analyst Eric Balchunas on the show to talk about the history of low-cost investing, Jack Bogle’s legacy, and Vanguard’s role in changing the industry forever—plus, his spicy take on cryptocurrency. 👀
Resources
Eric's book, The Bogle Effect
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Money Mindset: How the Victim vs. Victor Dynamic Shapes our Financial Outcomes Jun 15, 2022

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One of the single-most impactful determinants of our outcomes in life is our self-concept: Our identity. Whether we see ourselves as the victims of circumstance or victors over our challenges. It plays out in everything from miscommunications at work to compensation conversations.
The victim mindset tells you that you're not in control of your outcomes, while the victor's mindset acknowledges that—while life isn't fair—you have some control over your outcomes and are capable of overcoming the challenges you're presented with. At the crux of it all is a sense of control.
Sometimes, we ascribe to a victim mindset and undermine our own resilience, capacity, and control—and stand in our own way in the process. Making the conversation more complicated? The reality of victimization and privilege.
My guest today, Dominick Quartuccio, gives us a three-step framework to rewire these negative thought patterns, design a future we can "live into," and regain control over our lives and finances.
--
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Dominick Quartuccio: https://www.dominickq.com/
Ayishat Akanbi's book, The Awokening: Clarity, Culture ,and Identity in the Web of Chaos
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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.katiegattitassin.com

Building a Six-Figure Side Hustle, Monetizing Content, & Budgeting with Variable Income Jun 08, 2022

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If you've ever wondered how Money with Katie went from a $0 side hustle to a half-million venture in two years (and if you can do the same!), then this episode is for you.
Today, I'm getting into the weeds and sharing exactly how Money with Katie makes money, all things sponsorships and affiliates, and even ventures I tried that didn't quite pan out. I share real numbers and stories, beyond just the surface-level stuff you've heard before.
And because becoming a creative entrepreneur often means budgeting with variable income, I invited Lauren Anastasio, director of financial advice at Stash, to talk about setting yourself up for financial success from day one of your entrepreneurial journey.
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Inspiration for this show's episode: March 2020 Lessons for 2022 and Beyond
Breaking down the SEP IRA and a Solo 401(k) for those with self-employment income
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To Prenup or Not to Prenup? with the Fiscal Feminist, Kim Davis Jun 01, 2022

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Let’s kick this off with an admission: We don’t have a prenup.
In today’s episode, I’ll tell you why—and why we probably should’ve gotten one.
We also talk with Kim Davis (former Wall Street attorney, present managing director at the Bahnsen Group, and founder of the Fiscal Feminist) about:
How the “stay-at-home” spouse can protect themselves financially
Why the prenup agreement is like an insurance policy for your marriage
What Kim thinks about joint credit cards
How much to budget for a prenup
…and a whole lot more.
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Read Kim's book, The Fiscal Feminist
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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.katiegattitassin.com

Buying Small Businesses: Is Investing in One Worth It? May 25, 2022

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A couple months ago, I got really anxious about income.
Aside from ~lite paranoia~ being one of the core tenets of my personality, my concern was (probably) justified. Rumblings of a recession on the horizon, #stonks going down, and the fact that Money with Katie was my sole source of income started to make me feel a little…vulnerable.
So I started looking into alternative investments. While I deeply considered real estate and passed for the time being, I discovered an amazing world of online content around buying small businesses and began my pursuit.
This episode dives into where I looked, what I found, the two businesses I almost bought, and why I didn’t pull the trigger. Plus, two interviews: One with Sarah Becker, a friend of mine who bought a dilapidated commercial property in her neighborhood when she was 24, and another with Steffany Boldrini, a successful investor in the self-storage space.
Sarah's new course, Independent Retirement Academy, launched on May 23. Listeners of Money with Katie get $50 off with code MWK50.
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How to Start Investing Successfully with Just Two Funds May 18, 2022

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The best part about living in 2022 is the fact that you don’t have to know anything about investing to be a successful investor thanks to products like Betterment (and financial technology more broadly).
But what if you do want to manage your own investments? Then what?
Before I learned about Paul Merriman and Chris Pedersen’s Two Funds for Life strategy, I never really knew what to tell people aside from do your research and best of luck to you, madam.
So this week, I’m joined by Chris (who created the Two Funds for Life model) to talk about an amazing 80/20 solution for getting proper, low-cost diversification with only two funds (hence the name). Not only that, but the “rebalancing” is more or less taken care of for you.
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The Myth of the "Dream Job" and Expanding Your Earning Potential May 11, 2022

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Lauren from Career Contessa joins me this week for a revelatory conversation about the myth of the elusive “dream job.” Ironically, it took getting my dream job to realize it’s…still a job. Wait a second, why does this still feel like work sometimes?
So why does acknowledging this myth and moving past it matter? Because the illusion that there’s a “dream job” out there for you (the career version of a soulmate) leads to both expectation hangovers and disappointment when—surprise!—even a job you really like comes with downsides. This episode is an exploration of the idea that maybe the grass isn’t always greener, and the things that make a job “good” are often overlooked in our misguided pursuit of a job that elicits “passion.”
That said, we also discuss the importance of liking what you do (to a healthy extent) and the positive financial outcomes that enjoying your work can bring.
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BONUS: The SHEcession, Childcare, and Modern Motherhood in the US May 08, 2022

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...because who's more qualified to talk about the challenges of being a mother than someone without kids, right?! Right?!
3.5 million women were pushed out of the workforce in March 2020 because of caretaking challenges. Overnight, we dropped to 1988 levels of women’s workforce participation, which confirms the theory that there’s a causal relationship between childcare availability and affordability, and women’s workforce participation.
Hear from your favorite childless woman (yours truly!) and a slew of Rich-Girls-Turned-Rich-Moms about how they've addressed these challenges in their own lives.
One of the Rich Girls (Moms) who called in is also a personal finance writer: Ashley Feinstein Gerstley is the author of Financial Adulting, a guide that breaks down everything you need to be a financially confident and conscious adult. As a trusted money expert, she has appeared on or been quoted in The Financial Times, the TODAY Show, CNBC, Forbes, NBC, Glamour and the The New York Times. Ashley has worked in the financial services industry for over fifteen years: first as an investment banker, then in corporate finance, and most recently running The Fiscal Femme. She graduated with a bachelor's in finance from the Wharton School at the University of Pennsylvania.
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The Most Dangerous Misconceptions about the 4% Safe Withdrawal Rate May 04, 2022

Show notes

So much of personal finance and early retirement #literature is predicated on the 4% safe withdrawal rate that it’s easy to forget that the “rule” was discovered in the 1990s by the original Freak in the Spreadsheets, Bill Bengen.
And man, the financial media loves to splash sensational headlines about the 4% rule all over the place (“The founder of the 4% rule just changed it!”). You know the kind.
But there are a lot of misconceptions about the 4% rule, including the recent criticisms that it’s no longer valid. If you ever want to retire, this episode is a must-listen.
I welcomed Brian Feroldi onto the show to talk about the underlying assumption that makes the 4% rule work—over time, the stock market generally goes up. Brian's new book (aptly named Why Does the Stock Market Go Up?) is out now.
Sources cited
Historical bond returns
You can find Brian at his new site: https://longtermmindset.co/
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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.katiegattitassin.com

Why Owners & Renters Alike Would Benefit from a Housing Market Cooldown Apr 27, 2022

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Today's episode is about the current reality of the US housing market (and stock market, to some degree) and how it's—paradoxically—not actually good for anyone, renters and owners alike. The one group it is benefiting? Investors.
The episode dives into why I think a cooldown is inevitable, and focuses more on why human shelter turning into an inflated asset class is dangerous for everyone who needs a house to live in. Look no further than Canada’s precarious situation and increasing homelessness for a cautionary tale.
My guest this week (Brandon of Mad FIentist fame) lends his perspective as someone who narrowly escaped the bubble burst in 2008 and ended up losing money on his next property—only to be priced out entirely in 2022. For context, Brandon retired a multimillionaire at age 34. He rents.
Cited Sources
Philip Pilkington's dire warning about intergenerational "war" stemming from inflated asset prices
Investor participation in the real estate market reaching new highs (Washington Post)
Americans' inability to pay for a minor emergency
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