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Nurturing Financial Freedom

Nurturing Financial Freedom

Written by: Ed Lambert and Alex Cabot Jon Gay
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 This podcast is hosted by Ed Lambert and Alex Cabot, managing partners of Birch Run Financial and Financial Advisors with Raymond James Financial Services. Their mission is to help spread financial literacy. The majority of adults only know a fraction of what they should about personal finance. On this podcast, Ed and Alex will discuss both basic and advanced concepts on how to manage your money. Whether you are 22 or 62; an MBA or an engineer, you can learn something today. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James. Content represents the opinions of the speaker and not necessarily those of Raymond James. Important Disclosure Information: http://raymondjames.com/smicd.htm Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne, PA 19087 and can be reached at 484.395.2190. The rating is not intended to be an endorsement, or any way indicative of the advisors abilities to provide investment advice or management. This podcast is intended for informational purposes only.2021-2026 Birch Run Financial Economics Personal Finance
Episodes
  • What Are Stocks, Really?

    What Are Stocks, Really?
    Jan 20 2026
    In this first episode of 2026, we dive deep into a foundational concept that often gets lost in the noise of day-to-day market headlines: what stocks actually are. We begin by reframing the way we view stocks—not as just numbers or tickers on a screen, but as tangible ownership in real businesses. Ed kicks off by breaking down what owning a share really means. When we buy stock, we're not just speculating—we’re becoming part-owners in companies that employ people, generate revenue, and make real-world decisions. From baristas at Starbucks to corporate CEOs, all of them are working to create value for us—the shareholders.We explore how the value of a stock isn’t just about its current price but about future earnings, innovation, and profitability. Markets move fast because they reflect new expectations instantly. But over the long haul, real business performance determines value. This is why Ed emphasizes that the stock market isn’t a casino—it’s a tool for owning productivity, growth, and innovation. He uses the analogy of starting a pizza shop to illustrate how raising capital and sharing ownership is the core concept behind public companies.We also talk about dividends—those are simply profits being shared with us as owners. Whether a company reinvests or pays out those profits depends on its growth opportunities. Tech companies tend to reinvest, while utilities often return more to shareholders.Alex then zooms out and takes us through a historical lens on how stock ownership evolved. We trace it from the 1600s Dutch East India Company to today’s frictionless investing via apps like Robinhood. Initially reserved for elites, ownership became more widespread with the founding of exchanges, government regulations after the Great Depression, and eventually the creation of 401(k)s in the 1970s. That move away from pensions put the responsibility—and opportunity—of investing into the hands of everyday people.We reflect on how tools like mutual funds, index funds, and fractional shares have opened access even further. Today, over 60% of American households own stocks, mostly through retirement plans. Alex reminds us that the clients who succeed financially aren’t necessarily the best investors—they’re the best savers. Understanding that owning stock means owning real companies helps people stay grounded during market volatility and make smarter decisions.This episode is all about clarity—clarity in what we own, why we own it, and how the system evolved to work for more than just the elite. We’re not just watching prices move—we’re participants in the system of capitalism itself. You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices....
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    27 mins
  • Are 529 Plans Still Worth It?

    Are 529 Plans Still Worth It?
    Dec 18 2025
    In our final episode of Nurturing Financial Freedom for 2025, we take a deep dive into the rapidly evolving world of education and what that means for families planning ahead. College isn't what it used to be, and as we head into 2026, we unpack how demographic shifts, cost pressures, and emerging technologies like AI are reshaping higher education—and what families can do to stay ahead of the curve.Alex explains how college enrollment has been declining steadily since its peak in 2010. While part of that is due to lower birth rates post-2007, we focus on the bigger shift—young people increasingly turning toward trade careers, certifications, and alternative learning paths. Fields like HVAC, welding, and nursing are growing in demand, and students are seeking out stable, well-paying jobs that don’t require a four-year degree.For those who do choose college, we’re seeing a clear shift in preferred majors. STEM fields like engineering, computer science, and data science are growing, along with healthcare and business, while traditional liberal arts majors are shrinking. Rising costs are a huge part of the conversation, with many families questioning whether a $320,000 undergraduate degree truly delivers a return on investment. This economic pressure has pushed many toward more flexible paths like community college, online programs, or hybrid models that offer practical value without the high price tag.We also examine how universities themselves are evolving—sometimes in the wrong direction. From luxury dorms to reduced tenure-track faculty, schools are spending more to attract students but aren’t always investing in what really matters: quality education. Alex shares a personal story from his alma mater, Washington University that perfectly illustrates this disconnect.Next, we turn to the financial side. Ed walks us through how 529 plans remain one of the best tools families can use, even in this uncertain educational landscape. These plans are far more flexible than many realize—they now cover trade schools, certifications, online degrees, and even some K–12 costs. Plus, any leftover funds can be rolled into a Roth IRA, offering tax-free growth and long-term retirement benefits for beneficiaries. The ability to change the plan’s beneficiary and the favorable tax treatment make 529s an incredibly versatile, powerful savings option.Even if the future of education is less predictable, we agree the cost will still be significant. That’s why saving early and often—while staying flexible—is more important than ever. You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates ...
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    22 mins
  • Should You Just Buy Stocks Until You Die?

    Should You Just Buy Stocks Until You Die?
    Nov 21 2025
    In this episode of Nurturing Financial Freedom, we explore the bold claim that retirees should hold nothing but stocks forever. Sparked by a recent Wall Street Journal article by Jason Zweig, the conversation centers around whether an all-equity portfolio is a sound retirement strategy, or just good theory that breaks down in the real world. We tackle the academic study Zweig references, which analyzed over a century of data across 39 countries, concluding that bonds have historically underperformed and added minimal diversification. At first glance, that makes a compelling case for stocks-only portfolios, even in retirement.But as we point out, average returns over a hundred years don’t capture the emotional and practical realities retirees face. Markets move in cycles, and people’s risk tolerance changes over time—especially when they stop contributing and start drawing income in retirement. When volatility hits, a paper loss becomes a real-life stressor, and if the timing is bad enough, it can ruin a retirement plan. The study fails to account for the psychological impact of watching your nest egg drop 30–40%, which often leads investors to panic and sell low. We emphasize that bonds, CDs, and cash aren’t exciting, but they serve a critical purpose: they provide liquidity and peace of mind during market downturns.We share examples of possible outcomes for people who retired just before the 2008 crash—and how balanced portfolios helped them weather the storm while all-stock portfolios struggled. Those who were all-in on stocks or fled to cash at the wrong time are still trying to catch up—or never did. We also run a hypothetical example from 1999 to 2024 showing how a 60/40 split outperformed both a pure stock and pure bond strategy over 25 years, with regular withdrawals. The math alone doesn’t capture the full picture. Sequence of returns risk is real, and so is the need for flexibility.Ultimately, we conclude that the best plan isn’t the one with the highest theoretical return—it’s the one you can stick with. A diversified portfolio might not always win in terms of raw numbers, but it gives you the best chance to live the life you want in retirement, regardless of market conditions. For us, true financial freedom comes from consistency, flexibility, and balance—not gambling on perfect market timing.You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject ...
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    19 mins
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