The Mind Money Spectrum Podcast

Stuff is cheap. You should spend more on experiences.

In this episode, Trishul and Aaron dive into the world of "stuff." They reflect on their spending patterns and attitudes towards material goods versus life-enriching experiences. As the affordability of items increases, they explore strategies to avoid overconsumption, considering not only the physical space it occupies but also its broader impact on life. They propose a thought-provoking idea: true wealth comes from desiring less than what you own, understanding that no quantity of material possessions can surpass the happiness brought by appreciating what you already have.

Episode References
MMS #3: Does money buy happiness?
MMS #65: The most important financial advice in your 20's
MMS #112: Here's why you need to spend more

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

How do you navigate the emotional landscape of deciding whether to sell or hold stock when there's no pressing financial goal guiding your choice?

In this episode, Aaron explores a unique situation: a client facing an IPO without needing to sell stock for their lifestyle. Trishul weighs in with the concept of 'homo economicus' and frameworks for handling concentrated stock positions. They delve into the emotional journey of such financial decisions. What's the impact of holding onto stock through a crash, or selling it and seeing it soar? Join us for a deep dive into the complex interplay of finance, emotion, and life-changing choices.

Episode References
Meg Bartelt - Giant Pile of Company Stock
What to do after a windfall?
Homo Economicus
Graystone Advisor: Buying Stocks For Fun

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

W-2 employees can still have an entrepreneurial mindset, right?

In this episode, Trishul and Aaron examine mechanical differences between W-2 employees and self-employed individuals, including contractors. While W-2 employees get several benefit-related decisions made for them, they also have to take the employer's choices. A psychological growth mindset can help. Do you prefer "Entrepreneur's GET to figure everything out for themselves" or "Entrepreneurs HAVE to figure out everything for themselves"? The world may be moving towards the latter whether you like it or not.

Episode References
MMS #129: Ideal day, week...and societal expectations?
Motley Fool: 1099 vs W-2
Forbes: W-2 vs 1099
Neil deGrasse Tyson: Let the kid grab the egg
Quickbooks: 1099 vs W-2
Kitces: S-Corp reduces self-employment taxes

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Education is designed to produce employees, not entrepreneurs.

In this episode, Aaron and Trishul reflect on whether their advice applies to most people. Not everyone can structure their calendars like small business owners. For those who are hard-working and ambitious early in their careers, there are a few different ways to enact a mindset shift to allow them to pursue the freedoms they want in life. Trishul further argues that our current education system pushes students towards being a cog within a large organization and that a better education system might allow more people to pursue their passions earlier in life.

Episode References
MMS #129: Ideal day, week...and societal expectations?
MMS #130. Manage expectations to cultivate your ideal year.
Jeff Sandefer TED Talk
How to Seek Validation from Within
The Gap and the Gain
Adam Smith The Wealth of Nation

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Ideal year and managing expectations.

In this episode, Trishul and Aaron continue the exercise of "Ideal Day, Week, and Year." Aaron clarifies his thoughts regarding the differences between his ideal day and week. They discuss the relationship between discipline and freedom and how embracing both allows you to find a balance. They end up discussing how underpromising and overdelivering are more important than filling up your plate while acknowledging that this is easier said than done, especially for entrepreneurs compared to W-2 employees.

Episode References
MMS #129: Ideal day, week...and societal expectations?
MMS #15. George Kinder: Three life questions that will change everything.
MMS #18. Why happiness is not the answer to your problems.
US News: Year Round School Calendar
Bohr Quote

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Ideal day, week, and year...but really why life is so hard.

In this episode, Aaron and Trishul begin an exercise to imagine their ideal day, week, and year. What does your perfect Monday look like? What might be too much for every day but sensible for once a week? They discuss the reasons why their model day feels so good. But then, they delve into competing societal pressures and soon uncover the challenges around putting an ideal day into action.

Episode References
MMS #15. George Kinder: Three life questions that will change everything.
MMS #18. Why happiness is not the answer to your problems.
MMS #7. The impact of friends, family, and communities on happiness.
Neuroscientist 'These 5 Things Will Improve Your Life Drastically'
George Kinder's Step-by-Step Guide: How to Develop a Life Plan and Live into Your Dreams of Freedom

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Understanding mutual fund share classes helps transparency in financial services.

In this episode, Trishul and Aaron discuss mutual fund shares classes and the evolution of mutual funds over the last forty years. They describe how stock brokers transitioned to financial advisors and how the Internet improved investor education. Consumer demand and aligned incentives fostered the rise of fee-only investment advisers more than regulatory requirements. ETFs are not necessarily better than mutual funds if you understand how they work and where they came from.

Episode References
MMS #11. In the active vs. passive debate, fees and taxes matter more than trying to identify alpha
MMS #90. What you need to know about advisory fees.
Investing Forever - Active vs Passive
Vanguard Share Classes
Invesco S&P 500 Index A (passive mutual fund)
John Bogle (Vanguard Founder)
American Funds Growth Fund of Amer A
Vanguard S&P 500 Mutual Fund
Vanguard S&P 500 ETF
Vanguard Total Stock Market Index Fund

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Aaron and Trishul think it's okay not to save. WHAT?!?!

In this episode, Aaron and Trishul discuss scenarios when it is okay not to save for the future. When is traditional financial planning too conservative? When taking a life planning approach, it's okay to prioritize well-being over prudent financial decisions. It may require future flexibility, but with good process and intention, you should feel like you are living the life you want rather than making a sacrifice.

Episode References
MMS: What's the big deal about FIRE?
MMS: Most important financial advice for someone in their 20's
Kitces: 3 Types of Retirement
MMS: #15. George Kinder: Three life questions that will change everything.

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

When AI becomes more intelligent than humans, is humanity doomed?

In this episode, Trishul prepares Aaron for when Artificial Intelligence becomes Artificial General Intelligence and the ensuing implications for humanity. He explains inner alignment and outer alignment problems and how capitalism and the prisoner's dilemma may mitigate AI creators from pursuing sufficient safety. When we start to consider scale and accessibility, it's possible that despite the best efforts of the vast majority of humanity, we can't overcome humans' inability to unanimously agree on anything.

Episode References
Artificial General Intelligence
Nuclear Close Calls
Prisoner's Dilemma
Moloch
Youtube: AI Alignment Problem
Microsoft $10B investment in OpenAI
Great Filter
Don't Look Up
I, Robot

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

How do you decide when to sell your NSOs?

In this episode, Aaron uses the Netflix Employee Stock Option Plan to explain how to decide when to sell NSOs. Just because the stock price has appreciated doesn't mean you should cash out now. Options have both moneyness and time value. Aaron explains leverage to help understand when an option is sufficiently "in-the-money" and a Black-Scholes Calculator to quantify the Time Value. You can then apply an Insight Ratio to determine if you should cash out now or hold on for longer.

Episode References
Graystone: Netflix employees should wait to sell their stock options
Graystone: Netflix Employee Stock Option Plan
myStockOptions.com Black-Scholes Calculator
Yahoo Finance: NFLX
NFLX Volatility
StockOpter Insight Ratio®

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

What happens to Silicon Valley Bank customers and will this affect my cash?

What does the failure of Silicon Valley Bank mean? On 3/15/23, Aaron and Trishul answer client questions regarding the news about SVB. They discuss FDIC insurance and how some risk-free instruments are safer than other risk-free instruments. They address how specific regulatory and economic factors affected SVB and how they may or may not apply to other banks and money markets. In the end, SVB may be suffering the consequences of the risks they took on, but customers probably don't need to worry about losing any money.

Episode References
AI Copywriter
SIPC
SVB Weakens Risk
SIVB Stock
SVB Balance Sheet
SVB Relative Size
MaxMyInterest
US Reserve Requirement Ratio
Investopedia: Reserve Requirements
Did WaMu customers lose money?

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

What happens after AI replaces labor?

In this episode, Trishul and Aaron imagine what happens when robots and AI put everyone out of a job. What careers could still exist? Does everyone get custom computer-generated content? If wealth inequality continues on an exponential path, what will the median household do? If the costs of everything in life are driven to a de minimis level, do most people even need jobs? If not, how do they spend their time?

Episode References
AI Copywriter
Wealth Inequality in America
Trends in Income and Wealth Inequality
U.S. Wealth Distribution Over Time
(Graph error; total wealth in Trillions, not Billions)
AI reading X-rays
Music AI
Exams Passed by ChatGPT
AI Makes Basic Coding Obsolete
ChatGPT FAQ

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Is AI going to replace Aaron and Trishul?

In this episode, Aaron and Trishul discuss the implication of ChatGPT on their (and other) careers. It will likely replace the knowledge they have gained through the CFP program and can answer most client questions directly. Just like a student can outsource a test and a CPA can outsource data entry. The future value may not come from their knowledge but from the ability to help clients who don't know what they don't know. In asking better questions, both about their lives and specific topics, the ability to help guide along the way to make better decisions will be how advisors [and doctors] thrive in the future.

Episode References
AI Copywriter
AI Video
AI Lawyer
AI Blogs
Arthur C Clarke's Quote
ChatGPT on Final Exams
ChatGPT passes Wharton Exam
AI Robot Lawyer
ADA Health AI Tool
ChatGPT will change automation jobs
AI Lawyer in action
AI Podcast
ChatGPT adoption rates

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Trishul and Aaron get philosophical as they consider artificial intelligence.

In this episode, Aaron and Trishul planned on discussing ChatGPT. But when they go through the history of machine learning, Trishul wonders if a modern AI can pass the Turing Test, and they go down a rabbit hole of the difference between humans and machines. They ponder the question of whether a human's mind/soul has free will or whether the human brain is the result of biology and external inputs.

Episode References
Bot Writes a Hallmark Christmas Movie
ChatGPT
Deep Blue vs Gary Kasparov
AlphaGo
AlphaFold
Free Will
Blog on ChatGBT

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Creating a routine to fill the unstructured time off.

In this episode, Trishul and Aaron discuss what they are going to do with their unstructured time off around the holidays. Aaron is particularly concerned with limiting screen time for his three kids. Trishul shares some of the activities he and his family did during his sabbatical and during Covid and how you can create a routine when you have time to do whatever you want.

Episode References
All Trails
Thousand Trails
Year-End Financial Planning Checklist
Video Games Versus TV
Social Media Versus Mental Health

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Safe withdrawal rates, fulfillment, and economic impact of an aging population.

In this episode, Aaron and Trishul explore the question "What if we live forever?" They touch on the science of aging, the economic impact of an aging population, like Japan, and the ramifications on the workforce. While it may seem that supporting a long retirement may require a larger nest egg, it's possible the next generation chooses lifestyles and careers they can maintain much later in life.

Episode References
Variable Spending Strategy
Future Population Growth
Retirement Spending Strategies
The Rejuvenation Roadmap
Reverse Aging Treatment for Mice
“Time Jump” by 30 Years

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

The current and future impact of going solar and electric.

In this episode, Trishul and Aaron discuss the decreasing cost of solar power and whether paying the extra cash now for solar panels or electric vehicles pays off in the end.

Episode References
EVs save money in the long run
California Electric Mandate
Solar is now the cheapest in history
Price of solar has dropped 89% in 10 years
Solar makes sense at ground level
Energy.gov: Homeowner's Guide to Federal Tax Credit
Are EVs worth the money?
Solar in US to triple in five years
Are EVs worth it?
Only EVs by 2035

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Everything Fantasy Football.

In this episode, Aaron teaches Trishul how to play fantasy football. They use passive investing and simple behavior heuristics as analogies for auto-drafting and setting a lineup. They discuss positional scarcity, relative value, and the diminishing marginal benefit of additional research time. But in the end, it's the context that keeps a group of friends together that is the biggest benefit of fantasy football.

Amazon: All or Nothing
Yahoo! Fantasy Sports
ESPN Fantasy

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Is ESG investing worth extra fees and opportunity cost? There may be better ways to spend your money.

In this episode, Aaron and Trishul discuss Socially Responsible Investing and ESG investing. Environmental, Social, Governance investing. They discuss the theories around how and why you you would invest in companies with objectives other than pure profit maximization. Trishul argues that if there was any additional ourperformance to be had, the efficient market would already have priced that in. Aaron uses an analogy of female led companies to argue that there may be some bias against non-traditional invesment strategies. But in the end, they both agree that lower investment fees is the way to go.

Women Led Startups received 2.3% of VC Funding
Female Entrenpreneurs Funded by Female VCs
ESGV - Vanguard ESG US Stock ETF
Companies with female leaders outperform those dominated by men
ESG ETFs
What is ESG investing?
Forbes: ESG Investing
Nerdwallet: ESG Investing
Robo-Advisors Socially Responsible Investing
ESG Investing intro
ESG ETF Reports

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Tax-Loss Harvesting is not free money, but it still has some long-term benefits.

In this episode, Trishul and Aaron discuss all the nuances and caveats of tax-loss harvesting. It is definitely a good thing, but may be more of a tax-deferral than a genuine tax savings. Unless you can get a step-up in basis. The biggest benefit of tax-loss harvesting may come from the time value of money; the compounding growth on the money that didn't go to taxes at the beginning.

MMS #79. Tax-Loss Harvesting 101
7 Stages to Financial Freedom
Mox-nix
VOO - Vanguard S&P 500 ETF
VT - Vanguard Total World Stock ETF
Fidelity: Tax-loss harvesting
IRA Wash Sale Rule
Wash Sale Challenge: What is substantially identical?

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.