Catching Up to FI

This is Part 2 of a 2-part Episode. Be sure to catch Part 1 that aired last week (August 2nd).
What if the safest-looking retirement portfolio is actually protecting you from the wrong disaster? In part two of Bill's bond marathon with Frank Vasquez, the conversation moves from Bond 101 into the question that really matters: what role should fixed income play once you stop accumulating and start living from your portfolio? Frank explains why bonds should be chosen for a specific job, why a total bond fund may be trying to do too many things at once, and why retirement planning should prepare for a bad decade. The ultimate takeaway is reassuring: bonds are complicated, but most people probably only need one or two bond funds chosen with an actual purpose.
 
This episode covers
How bond choices should change from wealth accumulation to retirement spending

Why the purpose of a bond matters more than simply deciding to "own bonds"

The weaknesses of total bond market funds such as BND

Why retirement portfolios should prepare for a difficult first decade

What Bill Bengen's research suggests about stocks, bonds, cash, and sustainable withdrawals

Why TIPS disappointed Frank during both the 2008 recession and the 2022 inflation shock

The limited situations where a bond or TIPS ladder may genuinely be useful

Why elaborate bucket strategies often behave like ordinary 60/40 portfolios

The risks of pairing a mostly stock portfolio with only two or three years of cash

Frank's four principles for designing a diversified retirement portfolio

 
=== SUPPORT  THE  SHOW ===
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===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
F.I.R.E. For Dummies
Did you know that co-host Jackie Cummings Koski, CFP®, AFC® is also author of "F.I.R.E. For Dummies"? This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
Learn from someone who actually achieved F.I.R.E. in her 40s even after getting a late start 
Covers everything from basics to advanced strategies in one guide 
Practical solutions for early retirement obstacles like health insurance and early withdrawal penalties 
📕 Get Your Copy  (currently 40% off on Amazon)
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
RESOURCES MENTIONED ON THE SHOW
Risk Parity Radio
 
⏰ Related Episodes
Are Bonds Dead?: Fixed Income Fundamentals (Part 1) | Frank Vasquez | Episode 229 
The 5 Investing Hurdles You Can't Ignore | Bill Bernstein | 201 
Mr 4% is now Mr 5% | Bill Bengen | 111 
 
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

What if bonds aren't dead at all—and we've just spent the last decade misunderstanding what job they were hired to do? Bill welcomes back Frank Vasquez, the hotdog-named engineer-lawyer-DIY investor behind Risk Parity Radio, for part one of a lively fixed-income deep dive. Starting with the basics, Frank explains what a bond actually is, why owning one makes you the lender rather than the shareholder, and how bonds can provide income, stability, or diversification depending on the type and duration. They work through the very real risks hiding behind the phrase "safe investment." Along the way, they visit the Witch of Wall Street, Frank's crystal balls, and the illusion that individual bonds never lose value just because nobody checks the price every day. 
This is Part 1 of a 2-part Episode. Be sure to catch Part 2 next week (August 9th).
This episode covers
What bonds are and how they differ fundamentally from stocks
The three main roles bonds can play: income, stability, and diversification
The differences between Treasuries, corporate bonds, municipal bonds, and TIPS
Why higher yields usually come with higher credit or default risk
Maturity, par value, duration, yield to maturity, and the yield curve
Why individual bonds fluctuate in value even when investors do not see the daily price
How interest-rate changes affect short-, intermediate-, and long-duration bonds
The major risks of bond investing, including inflation, liquidity, credit, and call risk
Why diversification depends on correlation, not simply owning investments with different names
What 2022 taught investors about stocks, bonds, inflation, and unusual market environments

 
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
F.I.R.E. For Dummies
Did you know that co-host Jackie Cummings Koski, CFP®, AFC® is also author of "F.I.R.E. For Dummies"? This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
Learn from someone who actually achieved F.I.R.E. in her 40s even after getting a late start 
Covers everything from basics to advanced strategies in one guide 
Practical solutions for early retirement obstacles like health insurance and early withdrawal penalties 
📕 Get Your Copy  (currently 40% off on Amazon)
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
RESOURCES MENTIONED ON THE SHOW
Risk Parity Radio
 
⏰ Related Episodes 
Risk & Reward: Stress Testing the Long Term Buy and Hold Strategy | Ben Carlson | 225
I Love Goooooold?! :) | Frank Vasquez | 184
 
 
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

What if crushing your money goals has less to do with finding the perfect formula—and more to do with getting lovingly bullied into taking action today? Bill and Jackie sit down with Bernadette Joy, a first-generation Filipino American who paid off $300,000 of debt in three years, reached her first million, and eventually built a multimillion-dollar portfolio. Bernadette also explains why she believes traditional financial literacy is dead, walks through her C-R-U-S-H framework, and reveals why the final "H" evolved from hustle to healing your money wounds.
This episode covers
How Bernadette paid off $300,000 of debt and reached her first million

The $100-a-day strategy that made an intimidating goal feel actionable

Why generating more income only works when you keep and invest the difference

How she resisted lifestyle creep while building a seven-figure business

Why her paid-off home mattered more emotionally than optimizing every return

Her argument that financial literacy should become financial fluency and freedom

The five-part C-R-U-SH framework for organizing money and designing an independent life

The $1-per-use rule for spending intentionally without guilt

How unsubscribing, reducing drama, and creating a peace plan support financial freedom

.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
F.I.R.E. For Dummies
Did you know that co-host Jackie Cummings Koski, CFP®, AFC® is also author of "F.I.R.E. For Dummies"? This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
Learn from someone who actually achieved F.I.R.E. in her 40s even after getting a late start 
Covers everything from basics to advanced strategies in one guide 
Practical solutions for early retirement obstacles like health insurance and early withdrawal penalties 
📕 Get Your Copy  (currently 40% off on Amazon)
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
.
RESOURCES MENTIONED ON THE SHOW
Crush Your Money Goals Website 
📕 CRUSH Your Money Goals
Bernadette Joy's free retirement checklist and newsletter 
2026 Plutus Impact Summit 
2026 Plutus Awarsds 
 
⏰ Related Episodes 
Live Talk from the Plutus Awards: Bill's Inspiring Message to Late Starters
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

What if the smartest way to fix teacher retirement is not patching the broken 403(b) machine, but quietly building an exit ramp to something better? In this bonus conversation, Bill, Jackie, and Dan Otter keep pulling the thread on the teacher-retirement mess and land on a surprisingly practical answer: the 457(b) may be the cleaner, simpler, more flexible plan that schools should be leaning into. Dan also highlights the new audio series Learned by Being Burned, Carl Fisch's 50-state teacher-retirement books, and several states that are getting it right. They end with a reminder that fixing a broken system starts with people who care enough to push back.
This episode covers:
Why auto-enrollment and employer matches are still rare in most teacher 403(b) plans

How multi-vendor 403(b)s make even simple plan improvements harder than they should be

The difference between individual and group 403(b) contracts, and why that matters

How state-run 457 plans can simplify choices and lower costs for educators

The role of unions, districts, and state policy in either helping or hurting teachers

Real examples of school districts and states that are getting retirement plans right

How teachers can organize coworkers, use advocacy tools, and pressure districts or states to improve plans

.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
 
Personal Finance Club: Use code CUTOFI to get $30 OFF any investing course
 
Nectarine: Advice-Only and Flat-Fee Hourly Fiduciary Financial Advisors (Catching Up to FI will be compensated by Nectarine if you use our affiliate link, which creates an incentive and conflict of interest. We are not current clients or employees of Nectarine.)
 
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
.
RESOURCES MENTIONED ON THE SHOW
403bwise
457bwiser https://457bwiser.org/
Learned by Being Burned (Special) Podcast Series)
Man with the (Better Retirement) Plan (#262) 
403bwise and 457bwiser Facebook Group 
Banned by the NTSA 
Request a Dan and Scott Presentation 
Teach And Retire Rich 
Meridian Wealth Management 
Fisch Financial (Karl Fisch)
.
⏰ Related Episodes
Is Your 401(k) a Mess? Do This Now (Step-by-Step Guide) | Bill & Jackie | 205
The Wealthy Custodian Part 2: From Janitor to Millionaire | Jeff York | 076
The Wealthy Custodian Part 1: A Blue Collar Guide to Financial Freedom | Jeff York | 074
Celebrating Financial Literacy Month with Next Gen Personal Finance | Tim Ranzetta | 072
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

What if the most dangerous thing in a teacher's retirement plan isn't market volatility, it's the nice guy with free sandwiches and a terrible annuity contract? Jackie and Bill are joined by Dan Otter and Scott Dauenhauer of 403bwise, the duo who have spent decades exposing how badly K-12 educators get treated in the 403(b) world. What starts as a conversation about confusing vendor lists and a messy system, quickly turns into something bigger.
This episode covers
Why the K-12 403(b) system is fundamentally broken for many educators
How Dan and Scott came together through the early 403bwise movement
Why sales reps were able to roam campuses and sell high-cost products to teachers
How 403(b)s became a multi-vendor mess while 401(k)s evolved under stronger fiduciary oversight
Why newer teacher pension tiers are weaker and make supplemental retirement saving more important
How bad 403(b) vendors can cost teachers hundreds of thousands of dollars over a career
Why the 457(b) is increasingly the better option for many educators
How state-run 457(b) plans can offer lower fees, simpler choices, and more retirement flexibility
How teachers and school employees can advocate for better plans in their own districts


.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
 
Personal Finance Club: Use code CUTOFI to get $30 OFF any investing course
 
Nectarine: Advice-Only and Flat-Fee Hourly Fiduciary Financial Advisors (Catching Up to FI will be compensated by Nectarine if you use our affiliate link, which creates an incentive and conflict of interest. We are not current clients or employees of Nectarine.)
 
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
 
Personal Finance Club: Use code CUTOFI to get $30 OFF any investing course
 
Nectarine: Advice-Only and Flat-Fee Hourly Fiduciary Financial Advisors (Catching Up to FI will be compensated by Nectarine if you use our affiliate link, which creates an incentive and conflict of interest. We are not current clients or employees of Nectarine.)
 
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
.
RESOURCES MENTIONED ON THE SHOW
403bwise
457bwiser https://457bwiser.org/
Learned by Being Burned (Special) Podcast Series)
Man with the (Better Retirement) Plan (#262) 
403bwise and 457bwiser Facebook Group 
Banned by the NTSA 
Request a Dan and Scott Presentation 
Teach And Retire Rich 
Meridian Wealth Management 
.
⏰ Related Episodes
Is Your 401(k) a Mess? Do This Now (Step-by-Step Guide) | Bill & Jackie | 205
The Wealthy Custodian Part 2: From Janitor to Millionaire | Jeff York | 076
The Wealthy Custodian Part 1: A Blue Collar Guide to Financial Freedom | Jeff York | 074
Celebrating Financial Literacy Month with Next Gen Personal Finance | Tim Ranzetta | 072
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.