The Best Interest - Complex Personal Finance Made Easy Jesse Cramer

Jesse starts by sharing two of his blog posts in today’s monologue. 
The first post, “The Answers are Here, But…”, expands on William Gibson’s quote, “The future is already here. It’s just not evenly distributed, yet.” Jesse draws a connection between Gibson’s quote and the distribution of financial literacy, explaining that The Best Interest is part of the distribution effort. Of course, there are those who distribute bad, or even dangerous information, leading into the second half of the monologue, “How to Avoid Frauds and Ponzi Schemes”. Jesse offers 3 ways we can avoid being taken for a ride. 
Today’s guest, Rachael Camp, is a Certified Financial Planner (CFP) specializing in helping solo business owners, offering services with her own business, Camp Wealth, and educating people through YouTube, her blog, social media, and more. 
Their discussion centers around recognizing scams and debunking myths circulated on social media, calling out fearmongers, and offering helpful insight into the financial tools available to solopreneurs. 
Importantly, Rachael notes what an LLC is, why an entrepreneur may - or may not - want to register one, and who they should consult before making that decision. 
 
Key Takeaways:
• How to find the answers you’re looking for.
• Keeping a lookout for scams - and finding people who’ll help you watch!
• Social media and the myths perpetuated thereon.
• What is a stock option?
• What is a solopreneur? And what financial tools are at their disposal?
• Should you register as a corporation? What kind?
 
Key Timestamps:
(01:20) Jesse’s Monologue: The Answers Are Out There
(06:47) Avoiding Financial Frauds and Ponzi Schemes
(21:41) Introducing Rachel Camp: Solopreneur Wealth Builder
(23:11) Debunking Financial Myths with Rachel Camp
(30:30) The Reality of Social Media Investment Strategies
(31:17) Understanding Options: A Primer
(33:52 Exploring Options Trading Strategies
(36:54) Critiquing Robert Kiyosaki's Financial Advice
(43:50) The Rise of Solopreneurs
(46:31) Business Structures and Tax Considerations
(51:04) Debunking Tax Hacks and Financial Myths
(54:39) The Importance of Financial Literacy and Caution
(1:00:41) Conclusion and Final Thoughts
 
Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, solopreneurs, LLCs, business structures, incorporation, Robert Kiyosaki
 
Mentions:
Website: https://www.rachaelcampwealth.com/ 
LinkedIn: https://www.linkedin.com/in/camprachael/ 
Mentions: 
https://bestinterest.blog/the-answers-are-here-but/ 
https://awealthofcommonsense.com/2023/06/the-evolution-of-financial-advice/ 
https://bestinterest.blog/how-to-avoid-frauds-and-ponzi-schemes/ 
https://x.com/camp_wealth 
https://www.youtube.com/@CampWealth/videos 
 
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
 
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.
 

Jesse begins today's episode with two reflections. First, he talks about the rarity and preciousness of gathering all your loved ones in one place. While money is important, it is ultimately a means to gain the freedom to spend time with those you care about. In his second reflection, Jesse recounts the story of his parents' neighbors' house catching fire, highlighting the importance of risk management and preparedness, such as having smoke detectors and emergency plans. This underscores the idea of using money wisely to enhance life’s quality and maximize meaningful experiences with loved ones.
Today's guest, Andy Hill, is the founder of Marriage Kids and Money, an award-winning YouTube channel, blog, and podcast that offers actionable advice for family financial independence. As Jesse and his wife raise their first infant child, Andy provides invaluable insights on the importance of emergency funds, baby items, healthcare, life insurance, and more. He delves into the essentials of family financial planning, enabling us to enjoy more time with the people we care about most.
If you’re thinking about what matters most in life and how smart financial planning can help you get there, then this is the episode for you.
 
Key Takeaways:
• Money matters because of the freedom it allows.
• How to prepare for crises.
• The cost of childbirth, diapers, and a whole lot of other things.
• How to deal with financial stress as a family.
• Preparing your family financially for the worst.
• Simple tips and tricks for new parents.
 
Key Timestamps:
(02:28) Jesse’s Monologue: The Value of Time with Loved Ones
(07:45) A Financial Cautionary Tale: House Fire
(19:45) Introducing Andy Hill: Family Finance Expert
(20:29) Preparing for the Costs of Childbirth
(24:42) Real Estate Considerations for Growing Families
(27:37) Emotional Impact of Financial Decisions
(29:45) Navigating Parenthood, Career Choices, and Savings
(38:59) Practical Tips for New Parents
(44:25) Life Insurance and Estate Planning for New Parents
(52:31) Conclusion and Resources
 
Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York financial planning, financial stress, emotional attention, family financial advisor, family finances, marriage kids and money, Andy Hill, estate planning, the finances of children
 
Mentions:
Website: https://marriagekidsandmoney.com/ 
LinkedIn: https://www.linkedin.com/in/andyhillmkm/ 
Mentions: 
https://bestinterest.blog/you-just-go/
https://bestinterest.blog/house-fire/ 
https://bestinterest.blog/foxes/) 
https://open.spotify.com/episode/0JVTRYN8HBrgTI4EhVZglk?si=26185de5a5704a06
https://open.spotify.com/episode/1ox7hbv5uhG3bHsIzf2Cfk?si=8da95ab3e144443a 
https://waitbutwhy.com/2015/12/the-tail-end.html 
 
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
 
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.
 

Jesse starts this episode with a confession: money still stresses him out. The four ways that Jesse reduces this stress are remembering what’s going right financially, prioritizing spending, working hard, and remembering that others have walked this path. 
 
Then, with another call back to his blog, Jesse invokes Marshall McLuhan’s quote “the medium is the message” when sharing from his post, “The Friction is the Message”. 
 
Today’s guest is Carl Richards, the creator of the Behavior Gap, author of The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money, and host of Behavior Gap Radio. Not only has Carl been featured on Oprah.com and Forbes.com, he’s the creator of the Sketch Guy column which ran weekly for a decade in The New York Times. In this episode, Carl gives us some great insight into how we can refocus ourselves and our finances on what really matters to us.
 
If you’re interested in not only financial planning, but time, energy, and attention planning, too, then this is the episode for you!
 
Key Takeaways:
• 4 ways Jesse reduces his financial stress.
• Friction as a bad thing, and friction as a good thing.
• Why you should invite imposter syndrome in.
• What is the Behavior Gap? 
• How to choose your financial advisor.
• How to manage your money, time, energy, and attention.
 
Key Timestamps:
(02:10) Jesse’s Monologue: Money Still Stresses Me Out  
(07:24) Managing Financial Stress: Four Key Reminders  
(13:42) The Friction is the Message  
(22:14) Carl Richards Joins the Conversation  
(28:48) Why Carl Shares  
(30:41) Overcoming Fear, Anxiety, and Imposter Syndrome
(39:02) The Behavior Gap in Investing  
(44:48) The Value of Real Financial Planning with a Real Advisor
(52:28) Conclusion and Resources
 
Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York financial planning, financial stress, human capital, personal energy, mental attention, financial advisor, imposter syndrome, financial anxiety, the Behavior Gap, the Friction is the Message
 
Mentions:
Website: https://behaviorgap.com/ 
LinkedIn: https://www.linkedin.com/in/thinkingcarl/ 
Mentions: 
https://bestinterest.blog/money-still-stresses-me-out/ 
https://bestinterest.blog/the-friction-is-the-message/ 
https://bestinterest.blog/selling-and-surviving/
https://behaviorgap.com/radio/ 
https://www.50fires.com/ 
 
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
 
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse begins today’s episode with a short monologue on the highs and lows of money. Can money buy happiness? Or are they uncorrelated? Either way, money can certainly buy flexibility and optionality. Jesse collects insights from Thom Yorke, Matthew Killingsworth, Danny Kahneman, and Angus Deaton.
 
Today’s guest is Jonathan Clements, the founder and editor of Humble Dollar, the author of My Money Journey and How to Think About Money. Clements spent nearly 20 years at the Wall Street Journal as their lead personal finance columnist. He shares why we need financial goals that fulfill us, why he plans to continue working, and how we can plan financially for retirement, but why that shouldn’t be the end goal of our financial journey. 
 
If you’re interested in long-term financial planning that will set yourself up for success, then this is the episode for you!
 
Key Takeaways:
• How to strike the balance between spending and saving.
• Why you can never know what you’ll really want in the future.
• We need personal fulfillment goals, not just financial goals.
• Jonathan’s retirement plan is ICE over FIRE.
• How to invest not only for retirement, but also for your heirs’ inheritance.
 
Key Timestamps:
(01:54) Jesse’s monologue: Can money buy happiness?
(09:15) Introduction to Jonathan Clements
(10:30) My Money Journey
(12:40) Switching from saver to spender
(15:50) We can’t predict the future
(21:43) 8 traits successful people have in common
(24:25) ICE: I’ll Continue Earning
(28:46) Annuities and Social Security
(36:29) Setting the next generation up for success
(44:40) Close
 
Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York financial planning, immediate fixed annuities, lifetime income annuities, equity and indexed annuities, Roth IRA, Social Security, retirement wealth planning
 
Mentions:
Website: https://humbledollar.com/ 
Jesse’s Radiohead article:  https://humbledollar.com/2024/05/happy-conclusion/
LinkedIn: https://www.linkedin.com/in/jonathanclements/ 
How to Think About Money:  https://amzn.to/3yHtlth
My Money Journey: How 30 people found financial freedom - and you can too:  https://amzn.to/3Kw91NO
 
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
 
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

On today’s episode, we bring you something a little different. Jesse’s collected a series of questions from newsletter subscribers and will answer them in today’s AMA (Ask Me Anything). Jesse answers into which accounts young people should be putting their money. Other questions answered are: Is getting to your “Coast FI” a good idea? How to balance which accounts you’re putting money into and how your goals might change that. How can you financially prepare for parenthood? Why you should diversify your investments, even if your lack of diversification is working for you. What are “Roth Conversions”? And how can we make the most of tax diversification? If you’re interested in hearing Jesse’s answers to these questions, then this episode is for you. If you’d like a question in a future AMA, send Jesse a message!
 
Key Takeaways:
When should I put money into my Roth IRA vs. my Traditional 401k?
We don't know the future. So, diversify.
What Jesse’s doing to prepare financially for parenthood.
How clear goals can get you more specific guidance when financial planning. 
When and how you can do “Roth Conversions”.
 
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
 
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Jesse starts this episode discussing his “50/50 rule” of college savings. Jesse also talks about 529-to-Roth conversions (why they’re overrated!), the FAFSA, and other financial tools at our disposal for college planning. 
 
Evan Giokas then joins the show to dive deeper into a college admissions conversation. Evan is the founder of The College Confidence Coach, which helps students through their higher educational journey. Evan covers what a “conative assessment” is,  how to be cost-conscious when preparing for college, how to start college conversations with your child, and the importance of showing your values to college admissions staff..
 
If you’re preparing a child for college, this is the episode for you!
 
Key Takeaways:
How to start the college conversation with your child 
What is the Conative Assessment? 
What is the college money pit trap?
How to be cost-conscious in college planning
How to optimize your FAFSA
The “50/50 Rule” for college saving
The pros and cons of 529–to-Roth conversions
 
Mentions:
🌐 Website: https://www.thecccoach.com/ 
👉🏼 LinkedIn: https://www.linkedin.com/in/evan-giokas-56443746/ 
📚 The Important Details Behind 529-to-Roth Conversions: https://bestinterest.blog/the-important-details-behind-529-to-roth-conversions/
📚 Follow the 50/50 Rule for College Saving: https://bestinterest.blog/the-50-50-rule-for-college-saving/
📚 University of the People: https://www.uopeople.edu/ 
 
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
 
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.