Sound Investing

At 82 years old, I still work. Not because I have to, but because I want to.
I joined Brian Herriot and Kirby Denison on “The Time Freedom Podcast” to talk about exactly that. But we ended up covering a lot more than I expected.
Here's something that might surprise you: I managed money for thousands of people over 30 years and built a firm to $1.6 billion under management. And I have never once managed my own money.
Why? Because I know myself too well. When the market drops, I would second-guess everything. I'd probably hesitate to put more money in, even though that's exactly what I teach people to do. So I let someone else handle it. I don't even check how I did last year.
We also got into my disagreement with John Bogle. I had the privilege of sitting with him for about 90 minutes earlier in my career. Bogle preached Enough and it's even the title of one of his books.
I respectfully disagree. I believe the goal should be more than enough. Because life gets in the way. Bad things happen. And they often happen during retirement, when you have the least ability to recover. If you stop working the moment you have just enough, you're one bad year away from trouble.
📚🎧 Brian's book Time Freedom is available for pre-order! Pre-order and get the audiobook free... instant access today, paper copy in September. Normally that takes three copies, but for my listeners, just one.

timefreedombook.com | code: PAUL

Q&A Highlights
How does a 4-fund portfolio compare to a 10-fund portfolio?

What is the best way to invest for a child’s future?

Is it too late to use a diversified strategy like the 10-fund portfolio at age 50?

Can I create and test my own custom portfolio using your tools?

How should I invest during periods of inflation or uncertainty?

What are some recommended fund options available at Schwab?

Is a portfolio combining large-cap value and small-cap blend a good approach?

Are there good alternatives to intermediate-term bonds?

Who are some trustworthy voices in personal finance and investing?

What is your opinion on separately managed accounts (SMAs)?

Key Takeaway
Long-term investment success is driven by asset allocation, discipline, and consistency—not complexity. A simple, well-structured portfolio that you can maintain through market cycles is often the most effective approach.

Listen to the individual questions here.

Paul Merriman is dedicated to helping do-it-yourself investors build portfolios they can stick with for life. In this episode, he shares what he believes is the closest thing to a perfect long-term equity strategy he's ever seen.
Paul traces the evolution of index investing — from John Bogle's cap-weighted S&P 500 funds to the academic research of Fama and French, whose factor-based work showed that small cap value, large cap value, and other equity asset classes have historically outperformed the broad market over time.
For years, the best factor-based funds from Dimensional Fund Advisors (DFA) were only available through select advisors. That changed when Avantis launched its ETF lineup in 2019, followed by DFA's own ETFs — putting institutional-quality, factor-based investing within reach of every self-directed investor.
Paul introduces a recommended ETF list spanning 10 equity asset classes across both fund families, explains the key differences between DFA and Avantis, and makes the case for owning both. He also covers where to buy them and why Fidelity's fractional shares make it easy to start with any dollar amount.
Key topics: Factor-based vs. traditional index funds · Accessing DFA and Avantis ETFs · The case for owning both · Simplifying rebalancing with M1 Finance
The Q&A Paul references was recorded separately.

In this episode, we explore how flexible (variable) withdrawal strategies can strengthen your retirement plan—and why fixed, inflation-adjusted withdrawals may increase risk over time.
Using detailed distribution tables—including Table F1.3 (flexible withdrawals) and comparisons to
 Table D1.3 (fixed withdrawals)—Paul walks through real historical outcomes across decades to show how adjusting withdrawals based on market performance can improve long-term results.
You’ll learn:
Fixed vs. flexible withdrawal strategies

Insights from Tables F1.3, F1.4 vs. D1.3, D1.4

How flexibility helps defend against bear markets

The role of diversification and low-cost investing

Why oversaving creates powerful financial freedom

If you’re planning for retirement or already taking withdrawals, this episode may offer a smarter, more adaptable approach to generating income.

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Boot Camp 7 page

In Boot Camp #6, Paul Merriman walks through real historical data starting in 1970 to test what happens when retirees withdraw 3%, 4%, or 5% from a $1 million portfolio — adjusted for inflation — across some of the toughest market conditions in history.
This episode covers:
The difference between retiring with “enough” and “more than enough”

How inflation quietly turns $30,000 into $130,000+ over 30 years

What happens if you retire into a bear market

Why 1% more in withdrawals can cost millions

S&P 500 vs. a globally diversified four-fund strategy

How diversification impacts lifetime income and legacy outcomes

The real risk of sequence of returns in retirement

Why some portfolios ran out of money — and others didn’t

You’ll hear side-by-side comparisons of:
100% S&P 500 portfolios

40/60, 50/50, and 60/40 stock-bond mixes

A worldwide four-fund equity strategy

Fixed inflation-adjusted withdrawals over 30 years

The results may surprise you — especially when comparing 3%, 4%, and 5% withdrawal rates.
If you're approaching retirement, already retired, or helping someone make distribution decisions, this episode breaks down the numbers in plain English and shows how small choices can create million-dollar differences.
Next week: the strategy Paul considers the very best distribution method — for investors who retire with more than enough.

Watch Video Here
Catch up on the previous Boot Camp 2026 here