Thoughts On Money [TOM]

Trevor Cummings
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THOUGHTS ON MONEY [TOM] is a podcast looking at simple truths on money. Everything from budgeting to investing to decision making. A great place to come for answers to your personal financial questions or to spark thought on how to improve your financial life.

  1. 1D AGO

    Financial Framework for Graduates

    This week's blogpost - https://bahnsen.co/4nx56TO Trevor Cummings hosts the Thoughts on Money podcast with Blaine Carver and Brett Bonecutter to discuss Blaine’s blog “Financial Framework for Graduates”) and the challenges of “launching” into adulthood amid high costs of living and shifting cultural expectations. They debate when and how young adults should become independent, including the “boomerang” move back home, and stress building responsibility through paying bills, doing taxes, and maintaining an emergency fund, while balancing parental support without “handicapping” kids. Blaine outlines key principles: learn to say no to social-pressure spending, focus on fundamentals (spending tracking, pay stubs, credit scores, benefits, time value of money), prioritize liquidity in your 20s, avoid social-media financial advice, begin giving at any level, and seek wise counsel. They invite TBG clients’ children to meet with their advisors. 00:00 Podcast Introductions 00:41 Graduation Season Vibes 02:25 Maycember And Milestones 04:21 Credit Card Cutoff Story 08:43 Launch And Responsibility 11:17 Boomerang Kids Debate 14:17 Subsidies And Tough Love 20:27 Affordability Vs Expectations 23:44 Parenting Adult Children 26:04 Culture Marriage And Money 28:04 Delayed Adulthood Trends 29:10 Water Bottle Lesson 30:48 Say No Pressure 32:29 Credit Cards Trap 34:01 Master Money Basics 37:35 Cash And Liquidity 41:24 Ignore Social Media Gurus 47:41 Start Giving Today 50:07 Seek Wise Mentors 54:46 Wrap Up And Next Steps Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    59 min

  2. MAY 8

    Not an Exact Science

    This week's blogpost - https://bahnsen.co/48QRb50 Trevor Cummings and Brett Bonecutter discuss Trevor’s “Not an Exact Science” blog post, prompted by a prospective client who achieved strong decade-long returns largely because nearly half his portfolio was concentrated in two top-performing stocks, leading to a conversation about diversification and how investors often blur skill and luck. They explore overconfidence, FOMO, and the “exception not the rule” mindset that causes people to discount risk, emphasizing that risk cannot be eliminated and must be respected. Trevor explains Monte Carlo simulations, their usefulness for testing plan viability, and their limitations given unforeseeable life events. They reference Long-Term Capital Management and “When Genius Failed” as a caution about arrogance in modeling. The episode highlights managing mitigatable risks (insurance, emergency funds), avoiding unnecessary concentration, and building flexibility—“the power of the pivot”—through planning, liquidity, and long-term compounding. 00:00 Welcome to TOM 00:26 Client Concentration Shock 02:17 Skill Versus Luck 04:59 Risk Always Exists 06:44 Exception Not Rule 09:00 Monte Carlo Reality Check 11:28 When Genius Failed 15:45 Mitigate What You Can 20:14 Power of the Pivot 23:11 Advice for Catching Up 26:52 Back to the Basics 27:29 Wrap Up and Contact Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    30 min

  3. MAY 1

    Ten-Dollar Finance Words

    This week's blogpost - https://bahnsen.co/4tJyhFD Trevor Cummings hosts a “Thoughts on Money” podcast episode with Blaine Carver and Brett Bonecutter, discussing Brett’s lighthearted blog post “$10 Finance Words” and how financial jargon can confuse or impress audiences. They contrast unavoidable shorthand with performative buzzwords, share pet peeves (like “curated,” “circle back,” and “HBD”), and emphasize knowing your audience and translating terms for clients. Brett explains meanings and pitfalls of terms such as EBITDA (including WeWork’s “community adjusted EBITDA”), fungible vs. non-fungible, and deal jargon like cap stack, mezzanine financing, and waterfalls, plus corporate euphemisms like “right-sizing” and the sometimes-deceptive use of “leverage.” They close with jokes about pop-culture references, slang, and invite listener emails and podcast ratings. 00:00 Welcome And Setup 01:26 Why Finance Jargon 06:39 Words And Pet Peeves 10:25 EBITDA Explained 17:30 Snooty Language Signals 18:34 Gray Poupon Reference 20:16 Fungible And NFTs 23:22 Capital Stack Basics 26:05 Euphemisms That Stick 26:26 Right Sizing Explained 27:17 Idioms Across Cultures 28:43 Leverage Versus Debt 31:29 Leverage In Real Markets 33:01 BDCs And Private Credit 35:15 Optionality Word Nerds 36:32 Cosplay And Meme Slang 38:49 Pop Culture Blind Spots 41:47 Closing Thoughts And Feedback Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    45 min

  4. APR 24

    The Next Bear Market

    This week's blogpost - https://bahnsen.co/42ccBWB In this week's Thoughts on Money, Trevor, Blaine, and Brett discuss Blaine's article, “The Next Bear Market,” which argues that a 20% market decline will happen at some point and that recent, fast recoveries (COVID, 2022, 2023 bank failures, and a short-lived 2025 ~19% drawdown) may be breeding investor complacency. They distinguish corrections (10%) from bear markets (20%), highlight how intra-year drawdowns often fade in annual returns, and emphasize the market’s interconnected participants, leverage-driven selling, and the expectation that the Fed will intervene. The group focuses on preparing through adequate liquidity and safety nets to avoid selling at the wrong time, understanding why you own assets, and emphasizing dividends and income as part of total return. They note risk surveys can misstate real behavior, advisors act as guides to help clients endure volatility, and premium returns require accepting volatility as the price of admission. 00:00 Podcast Intro 00:30 Why Bear Markets Happen 03:05 Drawdowns vs Annual Returns 05:02 Statement Pain Explained 07:19 Too Big to Fail Mindset 10:17 Complacency After Long Runs 18:40 Corrections vs Bear Markets 20:37 Risk Tolerance Reality Check 23:04 Long Horizon Portfolio Buckets 24:15 Focus on Dividends Not Price 25:47 Dividends And Total Return 26:22 Safety Nets And Inflation 27:31 Bear Markets And Labels 28:57 Recession Versus Bear 29:37 Markets Versus Economy 30:40 Why Cash Reserves Matter 32:51 Leverage And Forced Selling 34:24 Liquidity And Buyer Shortages 35:24 Life Transitions And Risk 37:00 Advisor Psychology And Coaching 40:38 Guides Expand Risk Tolerance 41:42 Portfolio Rules Of Thumb 43:38 Volatility Price Of Returns 45:32 Time Horizon Is The Edge 46:35 Wrap Up And Disclosures Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    49 min

  5. APR 17

    If You Could Ask Just One Question

    This week's blogpost - https://bahnsen.co/4mUGiFb Trevor Cummings hosts the Thoughts On Money podcast with Brett Bonecutter to discuss a due diligence hypothetical: if you could ask an advisor or investment manager only one question, it should be “How do you invest your money?” Drawing on Nassim Taleb’s “skin in the game” idea, Trevor argues behavior and portfolio holdings reveal true beliefs more than polished pitches. He recounts meeting a Twitter-famous fund manager whose personal investments didn’t match his fund strategy, reinforcing the “eat your own cooking” rule while noting it isn’t a complete substitute for full due diligence or diversification. The conversation explores aligned incentives versus fiduciary labels, Buffett’s Goldman Sachs deal requiring executives to retain shares (“buying the jockey”), 1929-era disclosure rules on insider trading, and Trevor’s real example of a near-retiree concentrated in two stocks despite claiming high confidence. 00:00 One Question Diligence 01:40 Skin In The Game 02:48 Quitting Social Media 05:31 Fund Manager Test 09:22 Eat Your Cooking 14:34 Buffett Deal Lesson 18:35 Limits Of Skin 19:56 Peace Child Setup 20:26 Judas and the Gospel 21:24 Peace Child Incentives 22:21 Advisor Skin in Game 23:42 Fiduciary vs Incentives 25:09 Taleb Fund Cycle 28:35 Do You Follow Advice 31:41 1929 Insider Reporting 35:06 Eating Own Cooking 35:39 Diversification Wake Up 38:04 Due Diligence Wrap Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    41 min

  6. APR 10

    Room for Life

    This week's blogpost - https://bahnsen.co/4sIiJ3H On the Thoughts On Money Podcast, hosts Blaine Carver and Brett Bone Cutter talk with Director of Financial Planning Matt Gregory about his article “Room for Life,” inspired by running in New York City and Morgan Housel’s The Psychology of Money. Gregory explains the need to balance detailed modeling with the reality of uncertainty, using conservative assumptions (often planning to age 100) to create flexibility so plans can absorb pivots without falling apart. He shares his personal pivots from musical theater at NYU into finance, emphasizing that planning is both technical and relational storytelling. The discussion covers helping both technical and narrative-minded clients, avoiding “Armageddon” planning while building margin, using scenario ranges to provide clarity, and viewing the financial plan as a launchpad for tax, savings, and other decisions. They also stress estate planning as completing the picture—aligning assets with family and charitable goals and updating plans as life changes. 00:00 Podcast Welcome 00:37 Room for Life Origins 03:12 Matt’s Career Pivot 06:06 Storytelling in Planning 08:40 Different Client Mindsets 10:01 Room for Life Reframed 11:42 Expect the Unexpected 13:36 Optimism vs Pessimism 15:36 Three Scenario Planning 17:14 Clarity and Client Questions 19:29 Puzzle Framework for Plans 21:23 When Clients Resist Planning 22:32 Plans Spark Motivation 23:01 Planning Launchpad Topics 24:24 Fixing Fragile Plans 26:39 Budgeting Styles That Fit 28:05 False Precision Reality 30:30 Golf Shot Planning Analogy 31:47 Estate Planning Completes Plan 35:34 Evolving Estate Plans 39:05 Mortgage Planning Perspective 40:48 Advice Over Transactions 42:46 Final Takeaways Wrap Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    46 min

  7. APR 3

    Was Jesus a Socialist?

    This week's blogpost - https://bahnsen.co/3PHCjiB Host Trevor Cummings, with Brett Bonecutter and Blaine Carver, discusses whether Jesus’ teachings support socialism, prompted by Senator Raphael Warnock citing Matthew 25 in policy debates about poverty and healthcare. Brett argues socialism is often invoked as a moral claim and defines it as collective ownership and cooperative regulation to constrain private self-interest, then contends Jesus’ teachings and biblical law assume private and real property rights, voluntary exchange, merit-based reward, banking, and interest. They debate whether Jesus’ statements address individual heart posture versus prescribing systems, with Brett pointing to parables of landowners/tenants and the talents, and Jesus praising the widow’s offering, as incompatible with socialist ethics. The conversation emphasizes a “free and virtuous” society, personal responsibility and generosity as the Bible’s mechanism for caring for the poor, and invites listener feedback. 00:00 Welcome and premise 00:46 Holy Week motivation 01:32 Socialism in culture 02:36 Morality and Jesus 04:16 Why this matters 06:35 Warnock quote context 09:07 Defining socialism 11:00 Polls and capitalism label 13:19 Heart versus system 17:14 Parable property rights 20:04 Rich ruler nuance 22:29 Systemic assumptions 23:11 Systemic Lens Debate 24:16 Familiar Categories Not Endorsement 25:45 Parable of the Talents 29:50 Morality Envy and Greed 32:55 Acts Church and Coercion 35:54 Widows Mite and Charity 38:08 Was Jesus a Socialist 41:02 Too Big to Fail Tensions 43:41 Final Thoughts and Wrap Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    46 min

  8. MAR 27

    What Kind of Spending Makes Us Happy?

    This week's blogpost - https://bahnsen.co/40YZ2Jj Trevor Cummings hosts the Thoughts and Money Podcast with Brett and Blaine as they discuss Blaine’s article, “What Kind of Spending Makes Us Happy?” using stories about kids choosing purchases, trips to Disneyland and Chuck E. Cheese, and how adult spending often runs on autopilot amid frequent transactions and subscription costs. They contrast “happiness” with more lasting “joy,” describe how budgeting should start with the “why,” and note how recurring payments and social pressure can drive unexamined spending. Drawing on research and client observations, they highlight that giving (often producing a “warm glow”) and spending on experiences and relationships tend to bring more lasting satisfaction than material goods, while buying to impress others (the “man in the car” paradox) can disappoint. The episode ends with a call to reflect on what brings joy and align spending with personal values. 00:00 Podcast kickoff 00:28 Kids and money 01:38 Disney and Chuck E Cheese 02:51 Autopilot spending 03:58 Happiness versus joy 07:41 Budgeting with purpose 08:56 Subscription trap 12:21 Privilege and gratitude 14:16 Spending on experiences 18:11 What research shows 20:19 Joy of giving 22:34 Motives for Giving 23:02 Anonymous Giving Debate 24:42 Warm Glow Study 27:09 Giving as Money Habit 27:58 Spending on Experiences 30:33 Memory Dividends Mindset 32:19 Second Homes and Familiarity 35:22 Man in the Car Paradox 41:23 Hedonic Treadmill Trap 42:28 Align Spending with Values 44:24 Final Wrap and Call In Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

    47 min
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5
out of 5
35 Ratings

About

THOUGHTS ON MONEY [TOM] is a podcast looking at simple truths on money. Everything from budgeting to investing to decision making. A great place to come for answers to your personal financial questions or to spark thought on how to improve your financial life.

Information

  • Creator
    Trevor Cummings
  • Years Active
    2019 - 2026
  • Episodes
    271
  • Rating
    Clean
  • Copyright
    © Trevor Cummings All Rights Reserved
  • Show Website
    Thoughts On Money [TOM]

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