Money For the Rest of Us

J. David Stein

A personal finance and investing podcast on money, how it works, how to invest it and how to live without worrying about it. J. David Stein is a former Chief Investment Strategist and money manager. For close to two decades, he has been teaching individuals and institutions how to invest and handle their finances in ways that are simple to understand. More info at moneyfortherestofus.com

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Our Editor's Take

The Money For the Rest of Us podcast educates listeners on all aspects of the economy. Its mission is to help others become more confident in investing their money. The host is J. David Stein. He has years of experience managing money for institutions and individuals. David had a long career as an investment strategist, where he educated clients about the volatile market. When he retired, he continued teaching through writing and podcasting.

The series started in 2014 with the simple question, "What is money?" This is the premise of the entire podcast. According to David, experience and economic expertise are always attached to politics. He cares about how it works in the real world and teaches others about it. David believes investors are best when sharing and learning with a community.

Interest rates are a popular podcast topic. One episode investigates how the price of money has changed over the last 700 years. Can rates keep on rising? David shares a few low-risk methods to make the most of higher interest rates. Another episode explores the effect of one's financial blueprint through areas such as housing. David also shares insights from the Federal Reserve Jackson Hole Symposium. At this annual conference, central bank leaders discuss long-term policy issues. How might their actions impact interest rates?

As someone who retired early, David shares advice on approaching retirement funds. He discusses the balance between spending, saving, and investing in one podcast episode. It's not about spending beyond one's means. David says everyone should estimate how much they can spend. He explains how in the episode "Die With Zero: Why You Should Start Spending Now."

Money For the Rest of Us isn't about relying on someone else to secure one's financial future. This podcast has advice and insight so everyone can manage it for themselves. Listeners learn about everything from government debt to social security. There are extra educational episodes, including the "Bond Investing Masterclass Bonus Episode." New episodes air every week and can be between 30 and 60 minutes long.

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Business

Episodes

Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans?
Jul 23 2025
Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans?
A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTrump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street JournalDonald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial TimesU.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street JournalU.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives—U.S. Department of LaborState Street New TDF Includes Private Assets by PSCA Net Staff—PSCAThe Power of Private Markets by Robert Crothers et al.—BlackRockUNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT OPINION No. 22-16268The Relentless Ask: Private Markets Are Eating the World by Michael Batnick—The Irrelevant InvestorDon’t Buy Into This Easy Fix for Stock-Market Craziness by Jason Zweig—The Wall Street JournalThe Private Equity Boom Is Leaving Midsize Players Behind by Preeti Singh and Laura Benitez—Bloomberg401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them—U.S. Government Accountability OfficeDEFINED CONTRIBUTION PLANS AND THE CHALLENGE OF FINANCIAL ILLITERACY by Jill E. Fisch, Annamaria Lusardi, and Andrea Hasler—CornellOn Endowments and Unintended Consequences by Paul Kedrosky—Paul KedroskyRelated Episodes509: How to Invest in Private Credit / Direct Lending?497: How to Fix the Retirement Savings Crisis490: Should You Invest in Private Equity?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble?
Jul 16 2025
Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble?
We explore the compelling questions surrounding artificial intelligence. Will AI create more new jobs than it destroys? Is AI already destroying jobs? Are we seeing overinvestment in companies and infrastructure in the AI space? Is there evidence that AI has increased productivity?SponsorsMoney for the Rest of Us PlusAsset CampShow NotesBehind the Curtain: A white-collar bloodbath by Jim VandeHei and Mike Allen—AxiosYuval Noah Harari Statement - Post by Nunki08—RedditChallenger Report June 2025—Challenger, Gray & ChristmasEntry level jobs fall by nearly a third since ChatGPT launch by Karl Matchett—The IndependentStrategic Insights for M&A in the Evolving AI Market—S&P GlobalNvidia Becomes First Public Company Worth $4 Trillion by Tripp Mickle—The New York TimesSilicon Valley is racing to build the first $1trn unicorn—The EconomistHow to use generative AI to augment your workforce by Betsy Vereckey—MIT ManagementHumans must remain at the heart of the AI story by Marc Benioff—The Financial TimesThe AI Industry Is Radicalizing by Matteo Wong—The AtlanticTASKS, AUTOMATION, AND THE RISE IN U.S. WAGE INEQUALITY by DARON ACEMOGLU AND PASCUAL RESTREPO—EconometricaMyPillow CEO’s lawyers fined for AI-generated court filing in Denver defamation case by Olivia Prentzel—The Colorado SunWhich Workers Will A.I. Hurt Most: The Young or the Experienced? by Noam Scheiber—The New York TimesGenerative AI at Work by Erik Brynjolfsson, Danielle Li, Lindsey Raymond—Oxford AcademicThe Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity by Parshin Shojaee et al.—AppleRelated Episodes507: Where You Live Matters – How Geography Contributes to Wealth457: AI’s Fork in the Road: Societal Bliss or Existential Threat439: How and Why to Invest in AI417: Will Generative AI Replace Your Job?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Stablecoins and CBDCs: Their Rise, Risks and Possibilities
Jun 11 2025
Stablecoins and CBDCs: Their Rise, Risks and Possibilities
Circle Invest, one of the leading stablecoin providers, just went public, and its stock price has tripled. We delve into the growth of stablecoins, their applications, and the associated risks. We also discuss the surprising political pushback against central bank digital currencies.Episode SponsorsDelete Me – Use code David20 to get 20% offNetSuite Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTop Stablecoin Tokens by Market Capitalization—CoinMarketCapRuns and Flights to Safety: Are Stablecoins the New Money Market Funds? by Kenechukwu Anadu et al—New York FedAmendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933—SECWhy Crypto Stablecoins Still Worry the Fed by Olga Kharif and Yueqi Yang—BloombergCentral Bank Digital Currency Tracker—Atlantic CouncilSTRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY—The White HouseStablecoins and monetary sovereignty: the ball is in Europe’s court by Ignazio Angeloni—The Financial TimesRelated Episodes488: Should You Invest in an Ethereum ETF?424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank387: Why Most Money Fails373: Are Stablecoins Safe? Should You Own Them?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
No More AAA - What the U.S. Debt Downgrade Means for Investors
May 21 2025
No More AAA - What the U.S. Debt Downgrade Means for Investors
With longer-term U.S. interest rates rising and no plan to reduce the budget deficit, is a U.S. national debt crisis imminent?Topics covered include:Why S&P, Fitch, and now Moody's stripped the U.S. of its pristine AAA debt ratingHow the U.S. national debt dynamics compare to Greece, Italy, and JapanWhat are four things investors should monitor for signs that the national debt crisis is worsening or spiraling out of controlInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesMoody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable—Moody's RatingsResearch Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative—S&P GlobalInterest Expense and Average Interest Rates on the National Debt FY 2010 – FYTD 2025—FiscalData.Treasury.govThe Stark Math on the GOP Tax Plan: It Doesn’t Cut the Deficit by Richard Rubin—The Wall Street JournalThe Long-Term Budget Outlook: 2025 to 2055—Congressional Budget OfficeWalmart says higher prices could hit this month due to tariffs by Natalie Sherman—BBCPost on May 17th, 2025; 7:27 AM by Donald J. Trump—Truth SocialWalmart responds to Trump comment that retailer should ‘eat the tariffs’ by Kyler Swaim—The HillWhat’s behind Japan’s High Government Debt? by  YiLi Chien and Ashley H. Stewart—Federal Reserve Bank of St. LouisRelated Episodes487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts479: National Debt Master Class Finale – What To DoSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Facing a Financial Squeeze: What Harvard’s Response Can Teach the Rest of Us
May 14 2025
Facing a Financial Squeeze: What Harvard’s Response Can Teach the Rest of Us
How can we apply the same emergency measures that Harvard and other universities are using to navigate a financial crisis? Also, how universities invest their endowments and what their performance has been.Topics covered include:What has led to the financial crisis at HarvardWhat actions has the university takenHow do endowments invest and spend their fundsHow endowments maintain intergenerational equityHow we can apply the principles universities use in our own investingSponsorsNetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesLetter Sent to Harvard 2025-04-11—HarvardHarvard Response 2025-04-14—HarvardTrump Administration Will Freeze $2 Billion After Harvard Refuses Demands by Vimal Patel—The New York TimesShould Harvard Be Tax Exempt? by The Editorial Board—The Wall Street JournalFact Sheet: President Donald J. Trump Reforms Accreditation to Strengthen Higher Education—The White HouseAt Grim Town Hall, Harvard Medical School Leaders Tell Staff to Expect Layoffs and Far-Reaching Cuts by Avani B. Rai and Saketh Sundar—The Harvard CrimsonCan Harvard Use Its Endowment To Make Up For Federal Cuts? It’s Possible, but Not That Simple. by Avani B. Rai and Saketh Sundar—The Harvard CrimsonYale Weighs $850 Million Bond Sale Amid Trump’s Higher Education Attack by Elizabeth Rembert and Amanda Albright—BloombergYale seeks to sell billions in private equity investments as political pressures from Trump mount by Liese Klein—CT Insider2024 NACUBO-Commonfund Study of Endowments—NACUBOEndowments Face Liquidity Crunch Amid Market Pullback, Funding Cuts by Matt Toledo—Chief Investment OfficerBig investors borrow against private equity holdings amid cash crunch by Amelia Pollard and Antoine Gara—The Financial TimesRelated Episodes402: Why Student Debt Is So High and Forgiving It Doesn’t Fix the Problem245: Is College Worth It?180: Can You Outperform Harvard’s Endowment?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Is the Rest of the World Selling America?
Apr 23 2025
Is the Rest of the World Selling America?
The U.S has traditionally been a safe haven for investing, but that hasn't been the case in 2025. We explore three economic and narrative regimes and consider why we may be witnessing a shift after 12 years of U.S. outperformance.Topics covered include:What was the narrative and economic and financial performance from 1995-2001, 2002-2012, and 2012 -2024.How the performance of the U.S. dollar impacted returnsWhy did economic forecasters predict the U.S. national debt would be paid off in 2011, and why were they wrong?Signs that the current economic and financial narrative is shifting.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTestimony of Chairman Alan Greenspan Outlook for the federal budget and implications for fiscal policy Before the Committee on the Budget, U.S. Senate January 25, 2001—The Federal Reserve BoardFederal Surplus or Deficit [-] as Percent of Gross Domestic Product—FRED Economic DataNonfarm Business Sector: Labor Productivity (Output per Hour) for All Workers—FRED Economic DataNarrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller—Princeton University PressDonald Trump vs Mr Market by Tim Harford—The Financial TimesTourism boycott? Europe travel to US drops in wake of Trump presidency by Talyta França & Alessio Dell'Anna, Mert Can Yilmaz—euronewsTrump’s Trade Offensive Threatens America’s Financial Primacy by Nick Timiraos, Jack Pitcher, and Chelsey Dulaney—The Wall Street JournalRelated Episodes519: Is This the End of Globalization and Free Trade?380: How Stories Drive Our Happiness and Financial SuccessSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Where Are We Heading?
Apr 16 2025
Where Are We Heading?
In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior.Topics covered include:What is ergodicity and why it mattersHow path dependency and emerging phenomena disrupt the long-termHow podcasting and blogging has changedWhat is the future of Money for the Rest of UsEpisode SponsorsNetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesWayback Machine: jdstein.comProbabilities and Payoffs: The Practicalities and Psychology of Expected Value by Michael J. Mauboussin and Dan Callahan, CFA—Morgan StanleyThe Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random HouseThe 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—ForbesHollywood Is Cranking Out Original Movies. Audiences Aren’t Showing Up. by Ben Fritz—The Wall Street JournalHow Late Night TV Is Downsizing by Alex Weprin and Rick Porter—The Hollywood Reporter‘Severance’ Surpasses ‘Ted Lasso’ To Become Apple TV+’s Most Watched Series With Season 2 Launch by Nellie Andreeva—DeadlineList of most watched television broadcasts in the United States—WikipediaTao te Ching by Lao Tzu (Author), Marc Mullinax (Translator)—fortress pressWhy AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street JournalElon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—BloombergRelated Episodes492: The Power of Optionality: Small Bets, Big Payoffs484: 7 Steps to Living a Longer Life482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and CreativitySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Is This the End of Globalization and Free Trade?
Apr 9 2025
Is This the End of Globalization and Free Trade?
What will the impact be now that the U.S. has one of the highest tariff rates in the world?Topics covered include:Why the Trump administration raised tariffsHow the last round of U.S. tariffs led to higher prices and lower economic growthFour ways the world remains close to record connectivityWho have been the winners and losers from global tradeWhat will be the impact of this trade warEpisode SponsorsDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe economic consequences of Mr Trump – looking for clarity in the tariffs chaos by Neil Shearing—Capital EconomicsTariff rate, most favored nation, simple mean, all products (%)—World Bank GroupDonald Trump’s tariffs will fix a broken system by Peter Navarro—The Financial TimesDHL Global Connectedness Tracker—DHLObjective Knowledge: An Evolutionary Approach by Karl R. Popper—Oxford University PressGDP per capita (constant 2015 US$)—World Bank GroupJOSEPH E. STIGLITZ, GLOBALIZATION AND ITS DISCONTENTS REVISITED: ANTI-GLOBALIZATION IN THE ERA OF TRUMP, NEW YORK: W.W. NORTON & COMPANY, 2018 by Lino Sau—Annals of the Fondazione Luigi EinaudiFIFTY YEARS OF GROWTH IN AMERICAN CONSUMPTION, INCOME, ANDWAGES by Bruce Sacerdote—National Bureau of Economic ResearchReal Median Household Income in the United States—FREDEmployed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—FREDConsumer Price Index for All Urban Consumers: Food in U.S. City Average/Median Household Income in the United States—FREDTrump’s Love for Tariffs Began in Japan’s ’80s Boom By Jim Tankersley and Mark Landler—The New York TimesRelated Episodes515: Tariffs and the Mar-a-Lago Accord: What Trump Really Wants516: What Trump Wants Part 2 – How Trade Deficits and Capital Flows Can Harm or Help Countries427: Did the Tariffs Work? The Trade War Five Years Later212: Trade Wars Increase Prices and PovertySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Tariffs and the Mar-a-Lago Accord: What Trump Really Wants
Mar 12 2025
Tariffs and the Mar-a-Lago Accord: What Trump Really Wants
How the Trump administration is using tariffs as a negotiating tool to weaken the U.S. dollar and increase the global competitiveness of U.S. manufacturers.Topics covered include:Why U.S. stocks are falling, and recession risk is increasingHow the U.S. dollar as the reserve currency is becoming a burden on the U.S.How the Trump administration aims to reduce its trade deficit and make it less attractive for foreign governments to own U.S. assetsWhat are the risks of trying to weaken the U.S. dollarEpisode SponsorsDelete Me – Use code David20 to get 20% offStawberry.meInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesStock Market News, March 10, 2025: Nasdaq Falls 4% After Trump Doesn't Rule Out Recession by Caitlin McCabe and Krystal Hur—The Wall Street JournalTrump Says US Economy Faces ‘Transition,’ Avoids Recession Call by María Paula Mijares Torres—BloombergIs the U.S. Heading for a Recession? Here’s What the Experts Say by Caitlin McCabe—The Wall Street JournalMark Carney Wins Canada Liberal Contest, Will Succeed Trudeau in Days by Brian Platt and Laura Dhillon Kane—BloombergEntering the Fall 2024 | Alarming Signs? - Fireside Chat with Scott Bessent by Simplify Asset Management—YouTubeA User’s Guide to Restructuring the Global Trading System by Stephen Miran—Hudson Bay CapitalCould Trump devalue the dollar with a "Mar-a-Lago Accord"? by Paul Diggle and Luke Bartholomew—Aberdeen InvestmentsWonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York TimesOn the Persistence of the China Shock by David Autor, David Dorn, and Gordon H. Hanson—NBERManufacturing, value added (% of GDP)—World Bank Data Group | Prosperity Data360Council of Economic Advisors Chair Nominee Stephen Miran’s Critique of the Global Monetary System—Part I by Steven B. Kamin—AEIUsing Stock Returns to Assess the Aggregate Effect of the U.S.‑China Trade War by Mary Amiti, Matthieu Gomez, Sang Hoon Kong, and David E. Weinstein—Federal Reserve Bank of New YorkTwo cheers for Germany’s fiscal reform by Neil Shearing—Capital EconomicsRelated Episodes404: Why Is the U.S. Dollar So Strong? Will It Continue?322: Why Currency Exchange Rates MatterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.