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The Money Alchemist Podcast

The Money Alchemist Podcast

By: Ben Jones & Brent Gargano
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 Join two dudes, Ben and Brent, to discuss current market events and savvy financial strategies to build wealth consistently over time.The Money Alchemist 2023 Economics Personal Finance
Episodes
  • Fiduciary vs Finfluencer: When Consuming Financial Advice, Source Matters

    Fiduciary vs Finfluencer: When Consuming Financial Advice, Source Matters
    Jun 21 2025
    I will just say in general, I’ve said SO many times, 99% of you watching do not need a financial advisor. You need someone like me to teach you step by step how to invest for yourself”. So says Tori Dunlap, one of the many outspoken influencers brimming with financial opinions that cannot be contained. Like a bottle of Diet Coke shaken up by outside forces, the froth of conjecture can only go one way once an outlet is found. There is no dialogue, only a microphone and a sermon. A tough position from which to deliver advice on a uniquely complex topic like your finances. Money, as with health, is situation specific. There are fundamental truths for wealth building that are universally applicable for which nuance makes no difference. Axioms like ‘underspend your means’ and ‘invest with patience’ being two examples. For these axioms, the finfluencer impact on culture is quite valuable. Saving should be encouraged as should a low time-preference mindset. We need to be reminded from time to time to reinforce sound money behaviors that challenge our discipline. But make no mistake, the influencer’s advice may be worth less than you pay for it. It’s not as if these individuals are paragons of altruism responding to a higher calling. Otherwise, they wouldn’t have monetized channels. “You need someone like me…”, should be interpreted as “you need me”. I wonder why? With little to no access barriers, online financial advice has become the go-to source for many, especially our younger generations. Understandably so. Who wants to spend money on something that can be procured for free? Popular influencers demonstrate a degree of social proof as they flex their follower counts and video download statistics. Surely this translates to workable solutions for the masses! It works until the details you can’t decipher start to matter. And that’s if you’re lucky enough to follow a finfluencer that isn’t a complete charlatan. The risk of misadvice is higher online. There’s absolutely no consumer protections if you happen to follow advice disseminated by such channels as they generally fall under the Publisher Exclusion (Section 202(a)(11)(D) of the Investment Advisors Act of 1940). As proponents of financial wellness, Ben and Brent encourage the accumulation of knowledge to this end. They discuss the pros and cons of finfluencers, how what they do is different and how a good advisor can compliment your favorite influencer(s). The most important takeaway is to maintain an ability to think critically. Inspect any recommendation with too broad an application. Statements like “99% of you should …” are red flags. Having analyzed thousands upon thousands of individual scenarios, Ben and Brent can attest that no situation is alike. Your mom said you were special, and you are. Sources: On The Rise of Finfluencers https://www.aboutschwab.com/mss/story/the-rise-of-finfluencers https://www.wsj.com/personal-finance/stock-market-social-media-financial-influencers-c41c4456 Finfluencer Hot Takes https://www.youtube.com/watch?app=desktop&v=6IQsSuYagrI ____________________________ About your Hosts Ben Jones, CFP® Managing Director, National Wealth Management Group www.nwmgadvisors.com  Sign up for Ben’s newsletter at www.karastick.com  Follow him on X @thekaratstick https://www.linkedin.com/in/ben-nwmg/   _____ Brent Gargano, CFP® Founder & Advisor, Infinite Wealth Planning  www.infinitewealthplanning.com linkedin.com/in/brent-gargano-cfp®-2067b573 ____________________________ Editor: Trevor Gargano Email: Trevor@trevorgargano.com Linkedin: https://www.linkedin.com/in/trevor-gargano-72727b67/ Website: TheDigitalQuarterback.com ____________________________ Follow our socials to support the podcast; see extra clips and announcements! Instagram: https://www.instagram.com/moneyalchemistpod/ X: https://twitter.com/moneyalchpod Facebook: https://www.facebook.com/profile.php?id=61556458987483 ____________________________     Disclosure: Investment advice offered through National Wealth Management Group, LLC. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice.
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    1 hr and 1 min
  • Kids and Capital: Navigating UTMAs, 529s, and Raising Financially Savvy Investors

    Kids and Capital: Navigating UTMAs, 529s, and Raising Financially Savvy Investors
    Jun 7 2025

    The average child spends about eight hours a day in front of a video screen. We’ve now seen a generation of children raised on a digital cocktail of social media, video games, and streaming services. A panoramic window into the world, algorithmically tuned for your child’s wants and subconscious desires.

    Ferraris turn more heads than Hondas, a human preference so intrinsic that it shows up in children. And wealth is more attractive than knowledge. Countless hours of affluence are processed by brains that can’t even comprehend a simple cash flow statement.

    We’ve all encountered the proverbial trust fund baby with more money than sense and think, ‘what went wrong’? The grunge of teen spirit cannot be washed away with money. It must be bathed in lessons hard learned under watchful guidance.

    Even then, the stink of poor choices persists as potent reminders that the stakes are real. Guidance is the key. What form this guidance takes is debatable and can vary depending on the child or situation.

    Ben and Brent argue their approaches to how we should introduce our children to wealth. Their approaches vary, demonstrating that there is no one ‘correct’ path, but branching paths. The objective should be to move on those paths that chart in the generally correct direction.

    Ben prefers the use of UTMA (Uniform Transfers to Minors Act) account as a training ground with a liberal degree child responsibility while Brent favors a more conservative tact with tighter controls.

    It’s a lively discussion, and we are curious to find out where you stand on the subject. What age do you think your kids would be ready to handle a meaningful sum of capital?

    Send comments, questions, and requests for show contents to ben@nwmgadvisors.com or brent@infinitwealthplanning.com!

    ____________________________

    Sources:

    Cost of College over Time: https://nces.ed.gov/programs/digest/d21/tables/dt21_330.10.asp

    ‘Trump’ Accounts: https://www.cnbc.com/2025/05/22/tax-bill-maga-baby-bonus-now-called-trump-accounts-who-is-eligible.html

    ____________________________

    About your Hosts

    Ben Jones, CFP®

    Managing Director, National Wealth Management Group

    www.nwmgadvisors.com 

    Sign up for Ben’s newsletter at www.karastick.com 

    Follow him on X @thekaratstick

    https://www.linkedin.com/in/ben-nwmg/

     

    ___

    Brent Gargano, CFP®

    Founder & Advisor, Infinite Wealth Planning 

    www.infinitewealthplanning.com

    Connect With Brent -> linkedin.com/in/brent-gargano-cfp®-2067b573

    ____________________________

    Editor:

    Trevor Gargano

    Email: Trevor@trevorgargano.com

    Linkedin: https://www.linkedin.com/in/trevor-gargano-72727b67/

    Website: TheDigitalQuarterback.com

    ____________________________

    Follow our socials to support the podcast; see extra clips and announcements!

    Instagram: https://www.instagram.com/moneyalchemistpod/

    X: https://twitter.com/moneyalchpod

    Facebook: https://www.facebook.com/profile.php?id=61556458987483

    ____________________________

     

    Disclosure:

    Investment advice offered through National Wealth Management Group, LLC.

    All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

    The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice.

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    1 hr and 16 mins
  • The Biggest Ripoff: Understanding the True Value vs. Cost of Your Financial Advisor

    The Biggest Ripoff: Understanding the True Value vs. Cost of Your Financial Advisor
    May 24 2025

    The American proverb “you get what you pay for” is well understood but not commonly applied. Nowhere is this made more abundantly clear than in the food services industry, where people line up for cheap, borderline toxic calorie bombs to satiate their immediate cravings.

    One should not ask why healthy food is so expensive but why fast food is so cheap. The idea that a drive thru diet is lower cost is an illusion once you factor in the long-term health consequences of indulgence.

    This gets to the root of the question Ben and Brent discuss in today’s episode: where can we find the biggest rip offs in investing and how can we avoid them?

    Everyone loves a deal almost as much as they love themselves. This makes us susceptible to overconfidence errors in economic assessment.

    We find this to be especially true when it comes to purchasing financial advice. It’s also true that shopping for financial services is a highly variable experience with a non-zero chance of major trouble.

    It’s difficult to price the value of an advisor but that doesn’t stop us from trying. The simplest interpretation is to think of a financial advisor as a stock picker - someone who can help you garner an edge.

    False. In fact, if this is the pitch then that is the first sign that your non-zero chance of major trouble is now closer to 50/50. If you want an edge, run for congress. We hear they have a legal insider information scheme going on.

    Pinpointing the value of an adviser is a nuanced subject that requires discussion. As Shrek would say, it has layers. If you're shopping for advice or just wondering what high-quality advice should look like, this episode is for you!

    About your Hosts

    Ben Jones, CFP®

    Managing Director, National Wealth Management Group

    www.nwmgadvisors.com 

    Sign up for Ben’s newsletter at www.karastick.com 

    Follow him on X @thekaratstick

    https://www.linkedin.com/in/ben-nwmg/

     

    __

    Brent Gargano, CFP®

    Founder & Advisor, Infinite Wealth Planning 

    www.infinitewealthplanning.com

    Connect With Brent -> linkedin.com/in/brent-gargano-cfp®-2067b573

    ____________________ 

    Editor:

    Trevor Gargano

    Email: Trevor@trevorgargano.com

    Linkedin: https://www.linkedin.com/in/trevor-gargano-72727b67/

    Website: TheDigitalQuarterback.com

    ____________________

    Follow our socials to support the podcast; see extra clips and announcements!

    Instagram: https://www.instagram.com/moneyalchemistpod/

    X: https://twitter.com/moneyalchpod

    Facebook: https://www.facebook.com/profile.php?id=61556458987483

    ____________________

     

     

    Disclosure:

    Investment advice offered through National Wealth Management Group, LLC.

    All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

    The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice.

    Show more Show less
    57 mins
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