Some money moves sound smart…until you actually try them.

This is Part 2 of our special series where six personal finance experts share strategies that sound smart but rarely are. In this episode, you’ll hear from:

• Larry McMahon (Uncontrollable Me) on why doing everything yourself can be a costly mistake
• Sean Mullaney (FI Tax Guy) on when Traditional 401(k) contributions might not be the best choice
• Jeremy Schneider (Personal Finance Club) on why whole life insurance is rarely the financial win it's pitched to be

Missed Part 1? No problem - each episode stands alone, but you’ll want to go back and queue it up next.

Key Takeaways:

• DIY-ing everything can limit your growth and lead to costly errors
• Traditional 401(k) contributions aren’t always the most tax-efficient route
• Whole life insurance rarely lives up to the hype
• Even experienced money nerds make mistakes—and learn from them

More of Our Guests:

Check out Larry’s coaching practice at https://www.uncontrollable.me/.

Watch Sean’s YouTube channel at https://www.youtube.com/@SeanMullaneyVideos.

Follow Jeremy’s Instagram account at

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Disclaimer

The content shared by Sean Mullaney in this episode is for informational purposes only and should not be considered tax advice for any specific individual. Neither this podcast nor its host endorses Sean Mullaney, Mullaney Financial & Tax, Inc., or any of the services they offer.

Some financial strategies sound really smart…until they aren’t.

In part one of this special two-part series, we’re diving into real stories from personal finance pros who once made money moves that seemed like great ideas... but turned out to be anything but.

You’ll hear honest reflections from:

• Diana Merriam (EconoMe) on the allure, and pitfalls, of credit card churning
• Jesse Cramer (Personal Finance for Long-Term Investors) on rethinking Roth conversions
• Joel Larsgaard (How to Money) on why 529 plans aren’t always the no-brainer they seem

I’ll also share my own story of trusting the wrong financial “expert” and how it led me to open a whole life insurance policy I didn’t need.

We’ve all made money moves we later questioned. This episode is here to help you learn from them and avoid making the same ones.

Key Takeaways:

• Whole life insurance isn’t the wealth builder it’s often sold as.
• Credit card churning can be more trouble than it’s worth.
• Roth conversions aren’t always a smart tax move.
• 529 plans can limit financial flexibility.
• Even smart-sounding strategies deserve a second look.
• Mistakes are part of the journey - learn and keep going.

More of Our Guests:

Check out Diana’s EconoMe Conference at https://economeconference.com/

Listen to Jesse’s podcast Personal Finance for Long-Term Investors at https://bestinterest.blog/personal-finance-for-long-term-investors/

Listen to Matt’s podcast How to Money at https://www.howtomoney.com/

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

We’re great savers. Probably good earners, too. But what about givers?

The FI community excels at building wealth, but often, we’re laser-focused on accumulating it for ourselves. Is that fair? Does that make us selfish?

I’m not sure. On one hand, taking care of yourself should be step one - like the old adage goes: “Put on your own oxygen mask before helping others.” And I think there is a lot of validity to that.

But here’s the thing: we’re not on a crashing plane. We have time to reach FI and help others along the way.

That said, it’s not always easy. Many of us in this community struggle to spend money on ourselves, let alone give it away. But generosity isn’t just an act of kindness. It’s also a powerful way to let go of a scarcity mindset and embrace abundance.

When it comes to the question of when to give, I could make both a mathematical and emotional case for giving now or later. But with the level of wealth you're likely to build over your lifetime, I can almost guarantee giving will become part of your journey at some point.

Whether you decide to start giving during your FI journey or wait until you’ve reached your goals, one thing’s for sure: if you’re part of the FI community, you’re going to want to figure out how to give in the most optimal way.

My friend Spencer Reese from Military Money Manual has been figuring out how to do just that. In today’s episode, Spencer and I dive into how charitable giving can reduce your taxes, what a Donor-Advised Fund is (and why you might use one), and how to find nonprofits that align with the causes you care most about and are making the biggest impact with the money given to them.

Key Takeaways:

• How to get more comfortable donating your money
• Ways to balance your FI goals while supporting causes you care about
• How charitable tax deductions actually work
• What a Donor-Advised Fund (DAF) is and why it might be right for you
• The easiest DAF platform for first-time donors
• Why donating appreciated stock can be a powerful giving strategy
• How to find ethical, effective nonprofits to support
• Tips for deciding how much to give (and when)
• Whether it’s better to donate now or wait until you’ve reached FI

More of Spencer:

Check out Military Money Manual Podcast: https://militarymoneymanual.com/podcast/

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/