Today, I talk about how the way you consume financial news can have a huge impact on your emotional state and your long-term success as an investor. I’ve noticed that most financial media today—especially TV and digital platforms—is designed to get you riled up, not to inform you. It’s biased, sensationalized, and built to sell ads, which makes it really dangerous for investors who are trying to stay focused on the long term. Studies show that many investors underperform their actual investments by 3–7% because of emotional decision-making, often driven by news consumption. My advice? Stop watching the news and start reading it. Limit your intake—maybe 15 minutes a day or even just once a week—and stick to reliable, relatively unbiased sources like The Economist (which I read in print), The Wall Street Journal (minus the opinion section), Financial Times, Bloomberg, Morningstar, and Investopedia. Building a smarter, calmer news habit helps you stay informed without being overwhelmed or emotionally swayed—and ultimately makes you a better, more focused investor.

Key Takeaways:

• The average investor underperforms their own investments by 3–7%, largely due to behavior driven by emotional news cycles.

• The Economist and The Wall Street Journal are trusted, relatively balanced sources of financial information.

• Doomscrolling is a destructive habit, especially when it comes to financial decision-making.

• Opinion sections and talk shows are entertainment, not reliable sources of economic insight.

• Choosing quality over quantity in your news consumption makes you a more informed, more resilient investor—and a more grounded person overall.

• Most modern financial media is designed to entertain and provoke, not to inform objectively.

Key Timestamps:

(00:00) – Introduction and Personal Update

(00:33) – The Impact of News on Investing

(01:50) – The Problem with Modern Financial Media

(03:48) – Recommended Financial News Sources

(06:37) – Building Smarter News Habits

(08:12) – Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/69

I talk about the often misunderstood process of probate and why simply having a will isn’t enough to avoid it. Most people assume a will guarantees a smooth transfer of assets, but the truth is, many of those assets still go through probate - a public, court-supervised process that can take months or even years and cost thousands in legal fees. I explain why we want to avoid probate and how to do it. There are three main ways I recommend: first, owning property jointly - especially with a spouse - so it transfers automatically; second, using beneficiary designations on financial accounts and insurance policies, which actually override what’s written in a will and allow for faster transfers; and third, setting up a revocable living trust, which keeps everything private, gives you more control, and avoids probate altogether. I share how I’ve seen this work for clients and why smart estate planning is one of the best gifts you can leave your loved ones.

Key Takeaways:

• Probate is a public legal process where a court oversees the distribution of your assets after death.

• Legal fees during probate can cost 3–5% of your estate’s value, reducing what your heirs receive.

• Joint bank accounts transfer directly to the surviving co-owner, skipping probate.

• Roth IRAs must be individual accounts, so naming both primary and contingent beneficiaries is critical.

• Trusts can include specific instructions for how and when beneficiaries receive assets.

• Proper estate planning minimizes stress, cost, and confusion for your loved ones after you pass.

Key Timestamps:

(00:00) – Understanding Probate: What It Is and Why It Matters

(01:00) – The Drawbacks of Probate

(02:17) – Three Strategies to Avoid Probate

(03:26) – Beneficiary Designations: A Crucial Step

(05:41) – Setting Up a Living Trust

(07:21) – Summary and Final Thoughts

(08:15) – Conclusion and Additional Resources

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/68

Today, I explain that while a market correction - defined as a 10% or more drop - is never fun, it’s actually quite normal and often healthy. Historically, corrections happen every year or so, and the average recovery time is about four months. I walk through data showing that after 10%, 20%, or even 30% declines, markets tend to rebound strongly over one-, three-, and five-year periods. I stress that trying to time the market doesn’t work - you can’t afford to miss the best days, which often come right after the worst ones. I emphasize that policies like tariffs are temporary and shouldn’t shake our long-term investing strategy. Businesses adapt, markets recover, and the long arc of investing continues upward. For those with excess cash, downturns can be a good time to invest, rebalance, harvest losses, or consider a Roth conversion. I also encourage listeners to reassess their risk tolerance, especially if they’re nearing short-term goals. My main message: zoom out, stay focused on the long term, and remain optimistic - this time is not different.

Key Takeaways:

• Market corrections are a normal part of investing, not a reason to panic.

• Tariffs and trade tensions may cause short-term market movements, but their long-term impact is often overstated.

• Staying invested through downturns is a key to building wealth and fear-based decisions can derail years of smart investing.

• Corrections can create buying opportunities if you’re positioned wisely.

• Comparing today to past corrections helps put things in perspective.

• Volatility can test your resolve, but staying the course is usually the right call.

Key Timestamps:

(00:00) – Market Corrections: Frequency and Impact

(02:29) – Expected Market Rebounds After Declines

(05:56) – The Importance of Staying Invested

(07:55) – Temporary Nature of Policies

(10:05) – Businesses' Adaptability and Long-Term Outlook

(11:16) – Practical Steps During Market Downturns

(13:52) – Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/67