So Money with Farnoosh Torabi

This week on Ask Farnoosh, Farnoosh kicks things off with a behind-the-scenes look at a whirlwind week in journalism and media. She shares highlights from her recent interview with Senator Cory Booker about his bold new “Keep Your Pay Act” proposal, which would eliminate federal income tax on the first $75,000 of income, and discusses what that could mean for working Americans. She also reflects on being featured in Kiplinger’s latest issue on the best financial advice experts have ever received, sharing a career lesson that shaped her own path: learning to earn money not just from what you do, but from what you know. Plus, Farnoosh announces her upcoming free webinar on March 26 about how to land a big book deal (register using the link).Then, a quick breakdown of the latest money headlines that matter for your wallet: mortgage rates climbing back above 6% and what that means for today’s “frozen” housing market, the widening K-shaped economy separating households that are thriving from those struggling with rising costs, and early signs that the once-hot job market may be cooling—along with why now is a good time for a financial check-up.In the mailbag, Farnoosh tackles listener questions including: • Should high earners prioritize Roth 401(k) contributions or diversify across other retirement strategies? • What to watch out for when a financial advisor pushes variable universal life insurance instead of traditional investing. • Creative ways families are making childcare and daycare costs more manageable. • How a teenager’s part-time income and assets can affect FAFSA eligibility and college financial aid. Hosted on Acast. See acast.com/privacy for more information.

U.S. Senator Cory Booker of New Jersey joins us for a wide-ranging conversation recorded in one sitting for both podcasts - The Montclair Pod and So Money.Senator Booker first rose to national prominence as the mayor of Newark, where he built a reputation for hands-on leadership and bold policy ideas. He has now served more than a decade in the U.S. Senate, becoming one of the most prominent voices in the Democratic Party.He’s also entering a new chapter personally: Booker recently married and is expecting his first child—something that clearly shapes how he thinks about issues like childcare, family economics, and investing in America’s future.Our conversation comes as Senator Booker unveils a new proposal called the Keep Your Pay Act—a plan that would eliminate federal income taxes on the first $75,000 of income, a move he says could dramatically increase take-home pay for many middle-class families.In this conversation, we discuss:• The Keep Your Pay Act and how it could affect American households• Why Senator Booker believes the tax system is “rigged” against working families• The rising cost of childcare and early education in America• Immigration reform and the climate of fear many immigrant families feel today• The growing power of big media companies and why independent creators matter• The economic implications of the war in Iran, including rising energy costs• Whether Booker sees a presidential run in his futureCalculate how much Booker's proposed tax act could save your household. Hosted on Acast. See acast.com/privacy for more information.

If you’ve ever looked at the FIRE movement — Financial Independence, Retire Early — and thought, that sounds great… but what about kids? — today’s episode is for you.For years, the assumption has been that FIRE works best for people without children: dual-income professionals willing to live extremely frugally in pursuit of early retirement. But what happens when you want both financial independence and a family?My guest today, Kristy Shen and Bryce Leung are some of the pioneers of the modern FIRE movement. The couple retired in their early 30s with over a million dollars invested and inspired thousands of people to rethink the traditional path of working for decades before enjoying life.But even after achieving financial independence, Kristy found herself confronting a new financial question: Could they afford to have a child?In their new book, Parent Like a Millionaire, Kristy and Bryce explore what it really takes to raise a family while maintaining financial freedom. From resisting the pressure to overspend on baby gear, to rethinking housing, childcare, and education, their approach challenges many of the assumptions we’ve been taught about the cost of raising kids.In this conversation, Kristy and Bryce share practical strategies for making your money work harder as a parent — and how thoughtful financial planning can reduce stress and create more freedom for families.We also explore the deeper emotional layer behind financial independence. Kristy grew up in poverty, and her pursuit of FIRE was driven not just by the desire to retire early, but by the need for security and stability. What happens when someone who has worked so hard to escape financial instability decides to raise a child? Can financial independence help break cycles of generational money trauma? Hosted on Acast. See acast.com/privacy for more information.

On this week’s Ask Farnoosh, Farnoosh answers listener questions about navigating complicated financial decisions — from inheriting retirement accounts to protecting yourself from tax fraud.First, Farnoosh shares personal reflections on the unfolding war in Iran and how global conflict can ripple into markets, oil prices, and the broader economy.Then she dives into listener questions, including:• What happens when you inherit a 401(k) — and whether you must take distributions • How to prioritize emergency savings vs. retirement investing when your budget can't do both • What to do if your tax return is rejected due to potential identity theft • Is it possible to invest too much when you're feeling cash-strapped?Plus: • Why more Americans are taking hardship withdrawals from retirement accounts • Why Farnoosh is skeptical about MrBeast entering the banking world • And a surprising pop culture reflection on Carolyn Bessette Kennedy Hosted on Acast. See acast.com/privacy for more information.

Many parents believe college now costs $100,000 a year. But the truth is far more complicated.Today on So Money, I’m joined by Ron Lieber, longtime New York Times “Your Money” columnist and author of the bestselling book The Price You Pay for College. Ron has spent years investigating how college pricing really works—and why the “sticker price” is often not the price families actually pay.In our conversation, Ron explains why the most important question isn’t how to save for college or even how to pay for college.It’s this: What should you actually pay?In this episode, we discuss:• Why the $100,000 college headline can be misleading• How merit aid scholarships really work• Why colleges quietly compete for students with discounts• How families can ask for more aid (without turning the process into a battle)• The surprising story behind the merit-aid “arms race” in higher educationLearn more about Ron's course and get his free checklist: Understanding Merit Aid Hosted on Acast. See acast.com/privacy for more information.

For many women, the word “millionaire” can still feel uncomfortable. Not just financially, but culturally. Many of us weren’t raised to imagine ourselves as wealthy, powerful, or building seven-figure net worths.My guest today wants to change that.Bola Sokunbi is the founder and CEO of Clever Girl Finance, one of the largest financial education platforms for women in the U.S. She’s a Certified Financial Education Instructor, a six-time bestselling author, and her newest book is Clever Girl Millionaire.What I appreciate about Bola’s approach is that she doesn’t frame wealth as a quick win or a social-media highlight reel. Instead, she focuses on the real path to building wealth: intentional decisions, consistency, and the courage to think bigger about what’s possible.Bola’s own story is deeply personal. She grew up in a Nigerian immigrant household where resilience and sacrifice were part of everyday life. Her mother left a successful career as an investment banker in Nigeria and came to the U.S. to start over as a nanny so her children could pursue opportunities here.That experience shaped how Bola thinks about money, opportunity, and something we explore deeply in this conversation: legacy.Because wealth isn’t just about reaching a number in your bank account. It’s about asking bigger questions:What do you want your money to represent? Who do you want it to help? What changes because you existed?In this episode, Bola and I discuss:• Why the word “millionaire” still intimidates many women • How to build wealth even if you’re starting from debt or living paycheck to paycheck • The mindset shifts required during uncertain economic times • Navigating family obligations and financial pressure, especially in immigrant households • And why legacy isn’t just about money — it’s about impact.Bola's Website: https://clevergirlfinance.comBola' New book: https://www.clevergirlfinance.com/clever-girl-millionaire/ Hosted on Acast. See acast.com/privacy for more information.

As promised, I’m re-airing one of the most requested interviews from the archives: my conversation with Nate Berkus, originally recorded in 2015—ten years ago.A lot has changed for Nate since then, but when I listened back, I was struck by how timeless this episode is—especially right now. My mother-in-law and I are huge fans, and for my birthday she gave me Nate’s latest book, Foundations: Timeless Design That Feels Personal. And that’s exactly the theme you’ll hear in today’s conversation: your home should tell your story—and your money should support a life that feels authentic.We talk about money fear versus abundance, building a business, learning when to ask for help, and Nate’s surprisingly great financial habits—including his rule about keeping your wallet organized as a form of respecting money. Hosted on Acast. See acast.com/privacy for more information.

Today’s guest is someone who has been shaping the personal finance conversation for nearly two decades — long before money podcasts were mainstream, long before “side hustle” was a buzzword, and long before financial literacy for women was framed around building wealth instead of just clipping coupons.Laura Adams is the host of the wildly successful Money Girl podcast, a show that has been downloaded more than 43 million times and ranks among the top 0.1% most popular podcasts globally. In just about 20 minutes each week, Laura does something that’s incredibly difficult: she makes complex personal finance and small business topics feel approachable, actionable, and even fun.You’ve seen her everywhere — ABC World News, CBS, NBC, Bloomberg, NPR — and today she’s here with us on So Money.In this conversation, we dig into how financial advice for women has evolved over the years — from focusing on saving pennies to thinking about legacy, ownership, and long-term wealth. We talk about solopreneurship and side hustles — what it really takes to build a one-person business that doesn’t just generate income, but supports your life. And with interest rates expected to gradually decline into 2026, Laura breaks down what that could mean for refinancing, home buying, and smart positioning right now. Hosted on Acast. See acast.com/privacy for more information.

Farnoosh reflects on her appearance on the TODAY Show, where she shared practical strategies to maximize your finances during tax season — from last-minute IRA contributions and new tax deductions to choosing the smartest way to file and setting yourself up for next year.She also discusses the latest money headlines, including the Supreme Court’s decision on sweeping tariffs and what it could mean for small businesses and markets.Then, it’s time for your questions. Farnoosh breaks down:• How much you really need in emergency savings in today’s job market • What to do after contributing to your 401(k) — should you open a Roth IRA? • How income limits affect Roth contributions and what a Backdoor Roth really means • Ways to set your children up for financial success beyond just a 529 planPlus, Farnoosh shares details about her Build a Profitable Podcast mentorship program, kicking off soon with only a few spots remaining. Apply here. Hosted on Acast. See acast.com/privacy for more information.

Today’s episode is for the woman who’s doing well on paper…earning more, climbing higher, checking the boxes of financial success— and yet still wondering if she’s making the smartest moves with her money. Because here’s the truth: more income doesn’t automatically mean more clarity, more confidence, or even more security.In fact, high-earning women often face a unique set of financial blind spots—from over-relying on tax strategies to holding too much company stock, to quietly navigating complicated power dynamics at home and at work. And those mistakes can be costly if we don’t name them.To help us unpack all of this, I’m joined by someone whose passion for empowering women financially is unmistakable the moment you hear her speak—financial advisor Maggie Johndrow who is a partner at Johndrow Wealth.In this conversation, we talk about the quiet financial mistakes high-earning women make, how taxes can mislead our biggest decisions, what to know about RSUs and stock options before they surprise you with a bill, and the emotional—and practical—realities of being the breadwinner at home. Hosted on Acast. See acast.com/privacy for more information.

Our guest today is truly one of the original voices in personal finance and someone whose work has shaped how millions of Americans think about debt, credit, and financial freedom.Lynnette Khalfani-Cox joins to share insights from her powerful new book, Bounce Back: The Ultimate Guide to Financial Resilience. We talk about why despite decades of financial education, so many Americans are still drowning in debt, how systemic barriers and policy decisions shape our financial outcomes, and what it really takes to recover after life's biggest setbacks from divorce and job loss to disasters and dollar deficits. Lynnette also shares her own deeply personal story of climbing out of six figures of credit card debt, the mindset shifts that made lasting freedom possible, and why you don't have to wait until you're debt free to start saving, investing and rebuilding your life.Lynnette is a New York Times bestselling author, a nationally recognized personal finance expert, and one of the most influential educators in the financial literacy movement. She's known to millions as the money coach, and she's appeared regularly on major national media outlets. Hosted on Acast. See acast.com/privacy for more information.

In this Friday the 13th edition of So Money, Farnoosh reflects on turning 46 and shares the financial truths that have shaped her life—from why money really buys options, to the systemic realities behind debt and financial setbacks. She also unpacks the latest housing and stock-market headlines and answers listener questions on negotiating credit cards, navigating finances with a partner, and transitioning to separate accounts in marriage. Hosted on Acast. See acast.com/privacy for more information.

In the spirit of Valentine’s Day, we’re talking about how to build a stronger financial partnership - from financial date nights and shared accounts to the subtle social norms that still influence modern couples. Today’s guest is Dr. Emily Garbinsky, professor at Cornell’s Johnson School of Business, whose work explores how couples make financial decisions, how pooling money affects relationship satisfaction, and what really happens when one partner earns more than the other. Learn more about Dr. Garbinsky's research here. Hosted on Acast. See acast.com/privacy for more information.

We spend so much of our lives chasing money—believing that once we earn enough, save enough, and invest enough, happiness and freedom will finally follow.But what if the real goal isn’t more money… it’s more time?Today’s guest is Andy Hill, AFC®, award-winning family finance coach and founder of the platform Marriage, Kids and Money, which has reached millions of families through his podcast, videos, and writing. His new book, Own Your Time, challenges a deeply held belief in personal finance: that wealth alone will solve our problems. Instead, Andy argues that true financial success is about using money intentionally to design a life filled with freedom, family connection, and choice. In this conversation, we explore Andy’s own journey—from a six-figure household income and negative net worth to a life where he and his wife now work part-time by design. We talk about the concept of “coast financial independence,” the surprising middle ground between burnout and early retirement, and the practical financial steps families can take—at any stage—to reclaim their calendars and their priorities.We’ll also get into the emotional side of money and time: how couples navigate unequal incomes, why optionality matters more than status, and how to raise kids who understand wealth not just as dollars, but as freedom and generosity. Hosted on Acast. See acast.com/privacy for more information.

RSVP for Farnoosh's podcasting workshop next Friday Feb 13 here.In this Super Bowl weekend edition of Ask Farnoosh, she reflects on recent financial headlines and answers listener questions about saving, investing, family planning, and homebuying. She discusses the sharp drop in Bitcoin, rising layoffs, and a weakening stock market as reminders of the importance of maintaining a strong emergency fund and staying financially cautious. In the mailbag, she explains how to save for future goals even without a defined purpose, why entrepreneurs should diversify beyond their businesses when investing, and how prospective parents can prepare financially and create more time flexibility before having a child. She closes with practical homebuying advice drawn from two decades of personal experience, emphasizing that a first home need not be permanent, that buyers should understand their motivations and finances before searching, and that thoughtful preparation leads to more confident decisions in uncertain economic times. Hosted on Acast. See acast.com/privacy for more information.

Sometimes making work more fair doesn’t require a sweeping policy change or a million-dollar program. Guest Siri Chilazi is a researcher at Harvard who studies gender equity, workplace behavior, and decision-making. She is also the co-author of the bestselling book Make Work Fair, written with behavioral economist Iris Bohnet.Siri’s work challenges one of the most common assumptions we make about inequality at work — that the problem is biased people who need to be “fixed.”Instead, her research shows that unfairness is baked into systems, processes, and everyday practices — how we hire, evaluate, promote, pay, and even run meetings.In this conversation, we talk about:What fairness actually means — and how it’s different from equality or equityWhy traditional DEI programs often fall shortThe small, evidence-based changes that make the biggest differenceWhat employees at any level can do to create fairer workplacesAnd why transparency and clarity are among the most powerful tools leaders have Hosted on Acast. See acast.com/privacy for more information.

Imagine a world where you were no longer expected to compete. That’s the world today’s guest, Ruchika T. Malhotra, invites us to imagine—and to start building.You may remember Ruchika from her last appearance on So Money, when she turned our understanding of imposter syndrome upside down, revealing it not as a personal flaw, but as a systemic one. Her new book, UNCOMPETE: Rejecting Competition to Unlock Success, does something equally radical: it questions the very belief that competition is healthy—or even necessary—for success.Ruchika argues that our obsession with rivalry and scarcity thinking has made us anxious, exhausted, and disconnected. She calls for a new framework built on collaboration, abundance, radical generosity, inclusion, and solidarity—principles that might sound soft, until you realize how much they fuel innovation, well-being, and long-term wealth.*This episode first aired on October 29, 2025.* Hosted on Acast. See acast.com/privacy for more information.

**This episode is a replay. It first aired on November 7, 2025.**We’re doing something a little different this week. My guest is my friend and financial planner, Georgia Lee Hussey, founder and CEO of Modernist Financial, and together we’re unpacking the Big Beautiful Bill and what it means for your taxes in 2025 and beyond.We explore how this new legislation could impact everyday taxpayers, what it reveals about our national priorities, and how we can each align our financial decisions with our values. It’s a thoughtful and, yes, sometimes political conversation—because as Georgia reminds us, taxes are political. Hosted on Acast. See acast.com/privacy for more information.

January always asks big questions of our money—and this one felt especially heavy. In this solo episode, Farnoosh takes a step back to reflect on what the first month of the year has revealed about our finances, our fears, and our priorities. From midlife money check-ins to the idea of “financial coasting,” this conversation is about being honest about where you are—not where you think you should be—and redefining progress as stability, maintenance, and intention.Farnoosh revisits standout moments from January’s most impactful conversations, including a full-circle interview with David Bach, whose Automatic Millionaire helped shape her own financial life, and a candid discussion with Jesse Mecham of You Need a Budget on why being “good at money” has far less to do with income and far more to do with clarity and calm. She also breaks down her recent conversation with college-planning expert Patricia Roberts on the true cost of college, the ROI question families are wrestling with, and how student debt can quietly shape a lifetime.The episode closes with a reflection on the emotional weight of the month and a call for accountability, drawing on recent remarks from Andrew Ross Sorkin about systems, responsibility, and leadership. Hosted on Acast. See acast.com/privacy for more information.