Why People Still Commission Portraits in the Age of iPhones

Ric and Brandon Corso opened the discussion by exploring the emotional and financial value of portrait paintings. Rob Liberace, a renowned portrait artist, shared how traditional red chalk techniques from the Renaissance era still breathe life into modern commissions. Prices vary dramatically—anywhere from $250 for local gallery work to $150,000 for upper-echelon artists. But regardless of cost, it’s clear that people don’t just want to capture a likeness—they want to immortalize a legacy. Edelman also advised listeners to insure commissioned artwork properly, and consult with financial advisors to safeguard their investment.

Roth IRA Rules That Give You Flexibility in Retirement

Next, Ric clarified an often-misunderstood rule about Roth IRAs: there are no required minimum distributions (RMDs). Unlike traditional IRAs, Roth IRAs let your money grow tax-free without forcing withdrawals at a certain age. This flexibility makes them an essential tool in retirement planning—particularly for those hoping to preserve wealth or pass on assets to heirs.

How to Track Down Lost Retirement Accounts

Cindy from Maryland called in with a real problem: her late husband’s annuity seemed to vanish after his company’s retirement division was sold. Ric pointed her to the Department of Labor—not the IRS—since they regulate employer-sponsored retirement plans. He emphasized a crucial takeaway: always roll over old retirement accounts into an IRA when leaving a job. That simple step can help avoid the headaches of lost or orphaned accounts and offer more control over your investments.

Why You Might Want a 30-Year Mortgage Even If You Can Afford a 15-Year One

A caller asked whether refinancing to a 15-year mortgage was smart for retirement planning. Ric’s answer? Maybe not. He advocated for refinancing into a 30-year loan instead. Why? Lower monthly payments free up cash for investing, and the tax deduction on interest payments can add extra value. If invested wisely, the difference in payments could be used to pay off the mortgage in 15 years—with extra savings left over. It’s a strategic play that turns debt into an opportunity for growth.

How to Teach Kids About Money (and Scarcity)

Advisors also tackled a common challenge: raising financially responsible kids. Their advice? Make money scarce and involve children in budgeting early on. Give allowances, teach the importance of saving for goals, and let kids experience the consequences of spending too freely. It’s not just about numbers—it’s about helping them build good habits that last a lifetime.

Did You Know the Average Dog Bite Settlement is $26,000?

One of the more surprising facts of the episode: the average insurance settlement for a dog bite lawsuit is $26,000. Most people expect a few thousand dollars at most, but Ric stressed the importance of proper homeowner’s or renter’s insurance, especially if you have pets. One accident could cause serious financial harm.

Barbara Corcoran’s Secrets to Success from Shark Tank to Real Estate Royalty

The episode wrapped with a standout interview featuring Barbara Corcoran, who overcame dyslexia and poor grades to become a real estate mogul and “Shark Tank” star. She emphasized the importance of resilience, strong team building, and the ability to sell—not just products, but yourself. Corcoran looks for entrepreneurs who’ve bounced back from failure, because grit often predicts success better than a flashy product. Her advice? Focus on your passion, surround yourself with talent, and never underestimate the power of loyalty and good leadership.

Think Twice Before Using Retirement Money for a Wedding

Finally, Ric circled back to Cindy’s situation—she was considering using her husband’s lost retirement funds for her daughters’ weddings. Ric gently reminded her that the average wedding now costs $30,000 and raised the idea of opportunity cost. What if that money went toward a down payment, college education, or even her own retirement security? It was a powerful reminder that even emotionally driven decisions deserve a second look through a financial lens.

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