Thoughts On Money [TOM]

Hosted by Trevor Cummings

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284

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Aug 2026

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About the show

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.

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September 11, 202649 min

The Risk of Taking Advice from Instagram

This week's blogpost: https://bahnsen.co/4A77CpN Trevor Cummings hosts a Thoughts on Money podcast discussion with Blaine Carver and Brett Bonecutter on how modern environments—especially social media algorithms and targeted ads—shape financial decisions, using the Stanford Prison Experiment as an example of behavioral influence. They critique an Instagram “real estate guru” video promoting “regular rich” via two rules: pay off all debt (including a mortgage) and save $2 million, assuming an easy 10% return to generate $200,000 annually. The team argues this advice can be dangerous due to liquidity loss, opportunity cost, tax implications, sequence-of-returns risk, inflation, and unrealistic assumptions about consistent returns and diversification. They compare such simplified messaging to Dave Ramsey’s action-oriented psychology, discuss shortened attention spans, and warn that AI and social media provide influence without accountability, urging caution and personalized advice. 00:00 Welcome to TOM 00:30 Instagram Advice Risks 00:57 Targeted Ads and Listening 02:04 Stanford Prison Experiment 05:34 Social Media Influence 07:35 Doomscrolling Explained 07:48 Why I Quit Social Media 09:45 Influencers Without Accountability 12:04 Regular Rich Video Breakdown 14:50 Adjacent Truths in Finance 17:57 Dave Ramsey Comparison 19:26 Short Attention Span Dilemma 21:14 How to Assess Advice 23:19 Two Themes and Debt Rule 24:01 Mortgage Payoff Tradeoffs 24:59 Liquidity And Emergencies 26:00 Opportunity Cost Math 27:30 Tax Deductions And Incentives 27:51 The 10 Percent Return Myth 28:40 Sequence Risk And Inflation 29:58 Diversification And Trust Deeds 31:56 AI Advice And Prompts 36:29 AI In Client Relationships 44:22 Accountability And Role Models 46:59 Wrap Up And Disclosures Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

August 28, 202641 min

Insurance Sales: Follow the Money

This week's blogpost - https://bahnsen.co/4xsigpq On the Thoughts on Money podcast, Trevor Cummings, Sarah Leitzke, and Blaine Carver discuss Sarah’s blog post inspired by “pearl party” videos and multi-level marketing, using them to frame a key consumer question in insurance: “How are you paid?” They outline three compensation models for people selling insurance: recruiting-focused, multi-level marketing-style setups; captive agents tied primarily to one carrier’s products; and broker-style access to many carriers. The group emphasizes that incentives drive behavior and product recommendations, notes that being paid is not inherently bad but should be transparent, and offers trust cues such as avoiding high-pressure sales tactics, false urgency, vague compensation explanations, and one-size-fits-all solutions while prioritizing client goals and alignment. 00:00 Welcome to TOM 00:22 Pearl Party Hook 01:28 Why We Watch 03:19 MLM Cautionary Tale 04:23 Follow the Money 07:05 Three Pay Models 07:32 Recruiter Agent Model 10:57 Lifestyle Pitch Videos 14:32 Captive Agent Explained 18:49 Open Architecture Benefits 29:10 Trust and Red Flags 35:06 Broker Model Options 39:00 Wrap Up and Contact Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

August 21, 202647 min

Is Gold a Good Investment?

This week's blogpost - https://bahnsen.co/46j36GM Host Blaine Carver interviews Brett Bonecutter about his article “Is Gold a Good Investment?” prompted by Rand Paul’s Fort Knox visit and frequent client questions about gold. They outline why investors are drawn to gold—perceived capital preservation, durability/rarity, mistrust of fiat currency and debasement, de-dollarization, and crisis “shock absorber” appeal—while noting gold’s short-term volatility. They discuss gold’s valuation challenge as a non-productive asset with demand largely driven by its role as a proxy for money, and argue gold tracks M2 money supply more than CPI inflation (World Gold Council cites only 16% of gold price variation explained by CPI). Historical math shows gold can outperform in certain periods, but long-term equities vastly outpace it (e.g., $100 in 1928 to 2025: gold ~$21k vs S&P with reinvested dividends ~$1.16M). They conclude heavy gold allocations generally don’t fit most goals due to opportunity cost, with only small allocations potentially tolerable. 00:00 Is Gold Worth It 00:58 Fort Knox Bond Story 03:45 Why Clients Ask 04:50 Gold Bug Intuitions 06:18 Capital Preservation Evidence 09:19 Durability Debasement De-Dollarization 12:12 Crisis Insurance Debate 14:24 Valuation Conundrum 19:02 Speculation And ETFs 22:53 M2 Versus Inflation 26:31 Just Do The Math 33:04 Volatility Correlation Costs 38:27 So Is Gold Good 44:53 Wrap Up And Outro Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

August 14, 202639 min

The NYC Pied-à-Terre Tax: Who Pays and Will It Happen?

This week's blogpost - https://bahnsen.co/4cmIBMV On the Thoughts on Money podcast, host Trevor Cummings speaks with New York-based Matthew Gregory and Brett Bonecutter about New York City’s proposed “pied-à-terre” tax—an annual surcharge on high-value properties not used as a primary residence, aimed largely at nonresidents. They discuss the controversial rollout, including a publicly released list of potentially affected owners and subsequent legal challenges focused more on process than policy substance. Matthew outlines mechanics such as different valuation thresholds for homes versus condos/co-ops, and surcharges applied to the full property value, which can be substantial. The group debates the policy’s murky goals, expected revenue reductions from exemptions and planning strategies (notably converting to rentals), market and migration effects, and the broader precedent of taxing behavior that other cities may watch closely. 00:00 Welcome to TOM 01:03 What Is Pied-à-Terre Tax 03:20 Rollout Reactions in NYC 05:44 What Problem It Solves 07:44 Posturing and Legal Fight 09:54 The Public List Controversy 11:47 How the Surcharge Works 13:16 Planning Around the Tax 14:03 Behavior Tax and National Stakes 16:31 Market Effects and Real Estate 19:51 Gaming Exemptions and Loopholes 25:24 Why It Feels Murky 28:14 Financial Planning Mindset 30:06 Precedent for Other Cities 32:55 Markets Price In Taxes 34:18 Final Thoughts and Wrap Up Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

August 7, 202653 min

When Should You Claim Social Security?

This week's blogpost - https://bahnsen.co/4bDXOsO Trevor Cummings hosts a Thoughts on Money podcast discussion with Blaine Carver and Brett Bonecutter about when to claim Social Security (62, 67, or 70), comparing the tradeoff between smaller checks for longer versus larger checks for fewer years, and emphasizing that psychology and personal priorities often drive the decision. They note Social Security provides about 45% of retirement income for the average American, outline benefit increases from delaying (6%–8% per year), and explain how expected portfolio returns shift break-even ages using a chart that incorporates longevity and rates of return. The episode covers key rules: benefits are based on 35 highest earning years, full retirement age is 67 for those born in 1960+, PIA as the baseline, spousal benefits (up to half a spouse’s benefit), survivor benefits—especially important for older higher-earning males—and taxation where up to 85% of benefits may be taxable. They also discuss Roth conversion interactions, a mortality spike at age 62 for men, the first Social Security recipient’s payout history, and note the Social Security Fairness Act repeal of WEP/GPO affecting some workers. 00:00 Podcast Introductions 00:23 Kids Race Analogy 01:40 Claiming Age Tradeoffs 02:26 Math Versus Psychology 05:10 Why Delay Benefits 07:30 Mortality Spike Discussion 10:34 Longevity And Affluence 12:18 Break Even Chart Explained 19:22 Utility Versus Maximizing 26:11 Social Security Basics 27:42 Spousal Benefit Basics 29:39 Claiming Rules and Retroactive Filing 30:27 How Social Security Is Taxed 33:11 Roth Conversions and Tax Planning 35:16 Fun Facts and Real World Nuances 38:07 Rate of Return vs Longevity Debate 42:59 Survivor Benefits for Couples 49:14 Fairness Act and Final Wrap Up Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

July 31, 202642 min

Blue-Collar Aristocracy

This week's blogpost - https://bahnsen.co/45DhMjH Host Blaine Carver and author Brett Bonecutter discuss Brett’s article “Blue Collar Aristocracy,” challenging the “college for everyone” assumption in education planning and default 529 saving. Drawing from Brett’s experience raising eight boys and shifts advisors see in client questions, they focus on the economics of college: high costs, average student debt over $40,000, negative ROI for the first decade after graduation, and a 52% underemployment rate that can lead to wage penalties and “scarring.” They distinguish unskilled factory work from skilled trades requiring training and licensing, argue that many degrees function as white-collar trade school, and highlight a paradoxical surge in demand for electricians and other trades driven by energy needs and data center growth amid an aging workforce and millions of projected unfilled trade jobs. They encourage parents and grandparents to match pathways to each child and consider apprenticeships and junior college. 00:00 Welcome and Guests 00:16 Why This Article 02:27 College Planning Shift 04:26 Mike Rowe and Rust Belt 07:48 Blue Collar Stigma 11:33 Skilled Trades Defined 14:01 Launching Into Adulthood 16:13 Debt and Fit 18:05 Saving Beyond 529s 21:06 Underemployment and ROI 25:24 College Value and Liberal Arts 31:49 Apprenticeship and Demand 35:15 Trade Labor Shortage 37:13 Blue Collar Success Stories 40:17 Wrap Up and Next Episode Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

July 24, 202642 min

Share It. Now.

This week's blogpost - https://bahnsen.co/3RwqRr9 Trevor Cummings hosts the Thoughts on Money (TOM) podcast with Blaine Carver and blog author Matt Gregory to discuss Matt’s article on lifetime gifting versus waiting to transfer wealth at death. They explain the annual gift exclusion ($19,000 per person, doubled for married couples) and how repetition can move substantial amounts without using the federal lifetime exemption (about $15 million per person), especially when gifts are invested outside the taxable estate and annual limits may rise. They cover practical gifting methods such as direct payments for education and medical costs, using notes and annual loan forgiveness for home purchases, and trusts with guardrails to avoid harming children’s motivation. The conversation addresses state-level estate taxes (noting 13 states and Illinois’s $4 million threshold), the importance of communication, and cautions about AI advice and gifting appreciated stock due to basis and capital gains implications. 00:00 Welcome and Introductions 00:37 Why Give While Living 02:41 What Holds Families Back 03:53 Client Conversations Driving It 05:47 Creative Gifting Strategies 06:54 Repetition Builds Wealth 09:42 Avoid Ruining the Kids 12:10 Training Wheels and Family Talks 14:14 Balancing Transparency and Prudence 18:36 Communication and Expectations 22:24 State Estate Tax Nuances 28:09 AI Advice and Hidden Pitfalls 32:22 Final Takeaways and Wrap Up Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

July 17, 202643 min

Why Planning for Aging Has to Start Before There’s a Crisis

This week's blogpost - https://bahnsen.co/4wQMnWQ Trevor Cummings hosts the Thoughts on Money podcast with Blaine Carver and blog author Sarah Leitzke, who opens with a family story about her grandparents buying “Vitamin O,” later found to be a scam, to highlight how older adults can become vulnerable to fraud, especially amid cognitive decline. The conversation covers real-world scam examples, warning signs of memory issues, and the importance of proactive family communication, document organization, and having trusted advisors involved before problems escalate, including challenges posed by AI deepfake voices. They discuss long-term care planning, including when to consider coverage (roughly ages 50–75), underwriting limits, and the shift from traditional long-term care policies with rising premiums toward hybrid life/long-term-care policies and indemnity-style benefits. They close with practical steps: start conversations early, update estate documents, inventory accounts and policies, and plan for solo agers. 00:00 Welcome to TOM 00:17 Vitamin O Storytime 02:49 Aging and Scam Risks 07:00 Spotting Cognitive Decline 11:41 Proactive Family Planning 16:41 Long Term Care Basics 21:36 Insurance Pooling Explained 24:21 Stress Testing the Plan 29:05 Ideal Age and Benefits 32:26 Practical Next Steps 39:04 Advisor Value and Wrap Up Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

July 10, 202650 min

Temptation or Temperament?

This week's blogpost - https://bahnsen.co/4vpHumt On the Thoughts on Money (TOM) podcast, host Trevor Cummings, Ishan, and Blaine Carver discuss Ishan’s article “Temptation or Temperament,” contrasting efficient capital markets (efficient market hypothesis, especially the semi-strong form where public information is priced in) with inefficient human behavior. They explore how sentiment and biases—loss aversion, recency bias, and herding—drive bubbles and poor decisions, illustrated by Isaac Newton’s South Sea Company loss after initially profiting, plus examples like ticker-symbol confusion and volatile AI-related stocks. The group emphasizes that fear often outweighs greed for investors, that long time horizons and staying invested matter, and that active management supports price discovery when paired with conviction and discipline. They also cover how advisors balance empathy with prudence when clients request risky trades, underscoring self-control and proactive expectation-setting. 00:00 Podcast Introductions 00:26 Self Control Story 02:10 Markets Versus Humans 04:22 What Efficiency Means 06:38 Forms of EMH 09:24 Bubbles And EMH 11:47 Newton And South Sea 17:09 Biases And Herding 18:33 Greek Yogurt Herding 19:41 Fear Versus Greed 21:17 Fear Versus Entrepreneurship 22:07 AI Trade And Market Themes 24:59 Temperament And Time Horizon 25:25 Why Active Management Matters 28:19 Efficient Markets Or Wild Swings 30:44 Human Errors And Market Irrationality 34:29 Advisors Empathy With Discipline 38:34 Research Process And Conviction 41:54 Closet Indexing And Active Share 45:37 Final Thoughts Self Control Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

June 26, 202650 min

Trump Accounts: Game-Changer or Gimmick?

This week's blogpost - https://bahnsen.co/4eu3cR3 Brett Bonecutter hosts “Thoughts on Money” with author Blaine Carver to discuss “Trump accounts,” launching July 4, and whether they’re a game changer or gimmick. Carver compares them to his grandmother’s $1,000 investing gift and argues the accounts’ biggest impact is behavioral—getting more Americans, especially those without assets in a “K-shaped economy,” invested in markets and compounding. Any U.S. child under 18 with a Social Security number can have an account; children born 2025–2028 receive a $1,000 Treasury seed deposit, and contributions up to $5,000/year are allowed but not deductible. Funds are largely locked until 18, invested in U.S. stock index funds, then treated like a traditional IRA with taxes/penalties on early withdrawals, making them poor for college or down payments. Carver highlights a potentially powerful Roth conversion strategy in early adulthood and contrasts use cases with 529s, UTMAs/UGMAs, trusts, and child Roth IRAs. 00:00 Trump Accounts Intro 01:47 Blaine Investing Origin Story 03:45 Early Money Mindset 06:22 Behavioral Game Changer 07:50 K Shaped Economy Context 12:35 Compounding From Birth 14:36 Eligibility And Seed Money 17:50 Rules And Restrictions 20:26 Tax Tradeoffs Explained 22:17 Who Owns The Account 23:08 Retirement Focus Tension 24:40 Early Withdrawal Temptation 25:32 Stronger Penalties Debate 27:11 Basis and Tax Complexity 32:27 Take the Free Seed Money 34:19 Roth Conversion Strategy 41:45 Choosing the Right Account 46:12 Dave Ramsey and Behavior 48:40 Closing and Next Episode Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com