Consolidate finances into a shared system for simplicity and transparency, while keeping some exceptions such as retirement accounts or separate credit cards for convenience. Money is one of the top causes of both divorce and harmony in relationships, underscoring the importance of shared goals and open communication.

Real Estate and Military Families: The Hidden Costs

Real estate is often viewed as a safe bet, but Edelman cautioned an Army retiree about the risks of buying homes without a long-term plan to stay put. Because of high transaction and maintenance costs, he suggested avoiding purchases unless planning to live in a property for at least 7–10 years. Military families who move frequently, he noted, are particularly vulnerable to cash flow challenges and property management headaches.

Self-Driving Cars: A Glimpse of the Future

Futurist Brad Templeton joined the conversation to discuss how self-driving cars could reshape society. With Americans devoting 600 billion hours a year to driving, he predicted autonomous vehicles could reduce traffic jams, parking needs, and carbon emissions transforming productivity, safety, and even city design. While Templeton optimistically suggested mainstream adoption by 2019, the discussion highlighted the disruptive potential of this technology, from job losses in trucking to the environmental benefits of reduced emissions.

Investment Advice for Teenagers

Broad diversification across U.S. and international companies, large and small caps, growth and value funds was recommended. Edelman emphasized consistency adding even small amounts regularly as the most powerful way to harness compounding and grow long-term wealth.

Smart Tax Moves with IRAs

One listener shared how contributing $6,000 to a traditional IRA saved him roughly $1,500 in taxes. Edelman applauded the move but suggested further consultation with a tax advisor, especially when dealing with issues like under-withholding or complex spousal income scenarios. He reminded listeners that professional guidance often pays for itself when navigating tax law.

Hard Lessons from the Restaurant Business

Not all investments are in the stock market. A celebrity guest shared how they lost over $500,000 in a restaurant venture due to theft and poor management. Edelman used the story to highlight the challenges of the industry purchasing, production, marketing, and service all must be executed flawlessly. Without direct oversight, even passionate investors can lose big.

The Psychology of Money

Beyond numbers, financial advisors often act as mediators for couples, helping them bridge differences in spending and saving habits. Small, consistent lifestyle changes are far more powerful than drastic overhauls, and that compromise is key to building wealth together.

Giving Back: Wealth Beyond Money

Acts of giving bring a profound sense of joy, fulfillment, and even physical well-being. Generosity is a kind of “positive drug,” encouraging people to step beyond daily routines to make a difference in the lives of others.

Understanding Bonds and Interest Rates

A fundamental principle of investing: when interest rates rise, bond prices fall. For retirees and conservative investors, understanding this relationship is crucial for making smarter investment choices, especially in volatile markets.

Wealth is not just about numbers it’s about relationships, strategy, discipline, and generosity. From managing money in marriage to preparing for future technologies and giving back to others, financial planning is ultimately about building a life of security and purpose.

All information provided is for educational purposes only and does not constitute investment, legal or tax advice; an offer to buy or sell any security or insurance product; or an endorsement of any third party or such third party’s views. The information contained herein has been obtained from sources we believe to be reliable but is not guaranteed as to its accuracy or completeness. Whenever there are hyperlinks to third-party content, this information is intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Edelman Financial Engines. All examples are hypothetical and for illustrative purposes only. Please contact us for more complete information based on your personal circumstances and to obtain personal individual investment advice.

Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances.

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