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In this episode of Money and You, Michelle Perkins welcomes David Stein, host of the popular personal finance podcast Money for the Rest of Us and author of Money for the Rest of Us: 10 Questions to Master Successful Investing.
David brings a rare combination of deep investment expertise and thoughtful philosophy. Before launching his podcast, he served as chief investment strategist and chief portfolio strategist at Fund Evaluation Group, a $33 billion investment advisory firm. Today, he helps individuals become more confident investors through his writing, audio, video, and the Money for the Rest of Us Plus community.
Michelle and David explore a refreshingly grounded way to think about money — not just as numbers in an account, but as one form of life energy, alongside time, talent, relationships, and personal abundance. They discuss why money itself is “made up,” how our consumer culture keeps us chasing more, and why intentional spending can create more satisfaction than endless accumulation.
They also dive into practical investing principles, including why you should never invest in something you can’t explain, why diversification matters, what really drives stock market returns, and why boring, broad-based investing may be much wiser than chasing individual stocks or hot trends.
This episode is a thoughtful blend of money mindset, investment education, and real-life wisdom for anyone who wants more clarity, confidence, and peace around money.
In This Episode, We Discuss:
- Why money is only one form of capital
- How to define abundance beyond dollars
- Why more productivity has not necessarily created more freedom
- How intentional spending can increase joy
- How investing stores life energy for the future
- The importance of understanding inflation
- Why you should never invest in something you cannot explain
- What really drives long-term stock market returns
- Why individual stock picking is harder than it looks
- The importance of diversification inside a 401(k)
- Why facing your numbers is the first step toward financial control
Key Moments
03:57 – Why money itself is “made up” and abundance is much bigger than money
06:21 – John Maynard Keynes’ prediction about work and abundance
10:45 – Michelle and David discuss intentional spending and quality over quantity
17:13 – David’s investing philosophy and the idea of living like you’re already retired
18:59 – Why investments need to earn more than inflation
19:54 – Never invest in anything you can’t explain
22:22 – What really drives stock market returns
26:11 – The risk of owning too much employer stock
30:51 – The “whole bowl of popcorn” analogy for diversified investing
35:53 – David’s final advice: slow down, understand what you own, and face your numbers
Memorable Quotes
“Money itself is completely made up. It’s just something to keep score.” — David Stein
“Our life energy is a resource. Our social network is a resource. Our talents are a resource.” — David Stein
“We can be satisfied with less and actually be more joyful in it.” — David Stein
“Never invest anything that you can’t explain.” — David Stein
“We want the entire bowl.” — David Stein
“Face the music where you’re at.” — David Stein
About David Stein
David Stein helps individuals become better and more confident investors through his writing, audio, and video. He is the host of the personal finance podcast Money for the Rest of Us, which reaches more than 40,000 listeners per episode and has surpassed 10 million downloads.
David is also the author of Money for the Rest of Us: 10 Questions to Master Successful Investing and provides investment insights and model portfolios to members of the Money for the Rest of Us Plus community. Before launching the podcast, David served as chief investment strategist and chief portfolio strategist at Fund Evaluation Group, LLC, a $33 billion investment advisory firm.
Resources & Links
- Money for the Rest of Us: https://moneyfortherestofus.com
- Money for the Rest of Us Podcast: https://moneyfortherestofus.com/podcast
- Money for the Rest of Us: 10 Questions to Master Successful Investing: https://moneyfortherestofus.com/book
- Money for the Rest of Us Plus: https://moneyfortherestofus.com/plus
Connect with Michelle Perkins & Limit Free Life®
For more conversations about money, mindset, investing, financial confidence, career, business, and creating a life with more freedom and intention:
- Visit Limit Free Life®: https://limitfreelife.com
- Book a Virtual Coffee Chat with Michelle: https://limitfreelife.com
- Listen to Money and You on your favorite podcast platform
- Watch episodes on the Limit Free Life YouTube channel
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