What The Wealthy Do

Jaksot

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  Navigating Financial Influencers: The Alignment Framework for Smart Investors 16.09.2026 12min

  Social media is flooded with financial influencers telling you to do more, invest more, take bigger risks. But what happens when you follow advice that doesn't align with who you are?In this episode, Stephanie Dorsey breaks down the alignment framework that separates smart investors from those who end up overwhelmed, anxious, and making investments they regret.You'll learn the three pillars of investment alignment:Understanding your risk profile (and why it matters)Knowing how much money you're willing to investUnderstanding how you actually want to live your lifeDiscover why "passive income" isn't as passive as influencers claim. Find out how to evaluate whether someone's investment strategy actually works for YOU. Learn why some of the wealthiest people turn down investments that don't align with their values.Take the Risk Profile Quiz: https://forms.gle/fSoeJhx992rpnNR47This episode is about giving you control back over your wealth journey so you can ignore the noise and build with confidence.Join the Sovereign Collective: joinsovereign.coConnect with Stephanie: https://www.instagram.com/stephanieadorsey/Follow Margins Capital:IG: https://www.instagram.com/marginscapital/TikTok: https://www.tiktok.com/@marginscapitalWebsite: https://marginscapital.com/For the full list of What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing
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  What Folks Get Wrong About Wealth and Money 09.09.2026 13min

  After a summer of travel and conversations, Stephanie Dorsey unpacks the biggest misconceptions about wealth that are holding you back from building lasting financial freedom.Did you know most folks get wealth completely wrong? In this episode, Stephanie reveals the 3 wealth myths that are costing you money and the 3 truths that will change how you think about building wealth forever.Learn why high net worth doesn't automatically mean cash flow. Discover the real wealth metric wealthy people use. Find out if you're already wealthier than you think and just don't realize it.If you think wealth equals spending money on luxuries or having tons of cash sitting around, this episode is for you.Join the Sovereign Collective: joinsovereign.coMargins Capital's Website: marginscapital.comFollow us on our Social Media Accounts:InstagramTiktokStephanie's InstagramTrack our Weekly Episodes Here
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  Building Wealthy Habits: The 5-Step Framework to Lock In and Become and Aligned Investor 02.09.2026 11min

  After taking a well-deserved summer break, it's time to lock in. But locking in isn't about hustle culture or external validation. It's about becoming your idealized version of yourself and living in true alignment.In this episode, Stephanie Dorsey breaks down the five-step framework to lock in and build lasting wealth habits:Know your idealized self (psychographically, not just demographically)Get honest about where you are todayWrite down the gaps between where you are and where you want to beBuild one to three habits at a time (not ten)Show up consistently and track your progressLearn why identity-based language ("I don't eat junk food" vs "I can't eat junk food") changes everything. Discover how money Mondays transformed Stephanie's wealth management. Understand why incremental 1% improvement compounds into material results.This isn't about achieving someone else's goals. This is about you becoming the greatest, truest version of yourself.Join the Sovereign Collective community at joinsovereign.coFor the full list of What the Wealthy Do episodes, visit the playlist here.
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  Summer Series: The Retirement Blueprint: Age-by-Age Strategy for Tax-Free Wealth and Multiple Income Streams 26.08.2026 22min

  The wealthy don't ask "How much is in my 401k?" They ask "Do I have multiple income streams across multiple tax structures and asset classes?"In this episode, Stephanie Dorsey breaks down the three pillars of an optimized retirement portfolio: tax diversification, asset diversification, and income stream diversification. Learn age-by-age strategies for building a retirement that's not just funded, it's optimized for taxes, protected against market crashes, and designed to create generational wealth.Topics covered: Roth IRA strategies, backdoor Roth conversions, alternative investments, tax-free income planning, and required minimum distribution (RMD) strategies.Action steps included for ages 38-45, 46-55, 56-65, and 65+.Work with a fee-only financial advisor and CPA to implement these strategies for your personal situation.Join the Sovereign Collective: joinsovereign.coFor the full list of What the Wealthy Do episodes, visit the playlist here.What the Wealthy Do Episodes
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  Summer Series: Stock Research Like a Pro: What Wealthy Investors Know (That You Don't) 19.08.2026 19min

  Stephanie Dorsey reveals the exact framework sophisticated investors use to evaluate stock opportunities. Before you look at numbers, ask yourself two critical questions: Does this company's strategy make sense? Can they win?This episode covers:The two buckets of stock analysis (qualitative before quantitative)Red flags that signal vulnerable companiesHow to find public information and analyze like the wealthyUsing Claude as your investment thought partnerPerfect for long-term investors building generational wealth.Resources:Investor relations pages • Earnings calls • Glassdoor/Blind reviews • Bloomberg • Yahoo Finance • Claude AICommunity:Build your wealth portfolio with support. Join The Sovereign Collective at joinsovereign.coList of Episodes:What The Wealthy Do Episodes
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  Summer Series: The Future of Wealth Is in Private Markets (And Women Are Leading It) 12.08.2026 18min

  Summer Series: The Future of Wealth Is in Private Markets (And Women Are Leading It)The future of generational wealth isn't in the stock market. It's in private markets. And Black women are positioning themselves to lead this trillion-dollar space.Stephanie sits down with Erin Harkless-Moore to talk about where real wealth is being built, how women are gaining access to capital and investment opportunities, and the $640 billion care economy (bigger than pharma) that's being overlooked.Real talk on: Building generational wealth | alternative investments | private market investing | portfolio diversification | women in finance | risk management | venture capitalNew episodes every Wednesday.Host: Stephanie Dorsey, CEO & Co-Founder of Margins CapitalResources: joinsovereign.co | Margins Capital | WTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharingSubscribe wherever you get podcasts.Follow: Instagram: ⁠@whatthewealthydo⁠ | @stephanieadorseyTiktok: ⁠@marginscapital⁠Facebook: ⁠Margins Capital, Inc.
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  Summer Series: The Rooms We're Rarely Invited To: A Black Woman in Private Equity (Part 2) 05.08.2026 15min

  Summer Series: The Rooms We're Rarely Invited To: A Black Woman in Private Equity (Part 2) In Part 1, we went inside the rooms. Now in Part 2, Yashnika goes deeper—revealing who qualifies to invest in alternatives and why your emotional relationship with money matters more than your net worth. You might already qualify. But there's more to it than just the numbers. She digs into money trauma, why the 60-40 portfolio is failing, the education gap destroying retirement plans, and why financial wellness starts with financial advisors—not at retirement. New episodes every Wednesday. Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital Resources: joinsovereign.co | Margins Capital | WTWD Episodes TrackerSubscribe wherever you get podcasts.Follow us on:Instagram: @whatthewealthydoTiktok: @marginscapitalFacebook: Margins Capital, Inc.
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  Summer Series: The Rooms We're Rarely Invited To: A Black Woman in Private Equity 30.07.2026 18min

  She went from criminal law to breaking into private equity at Apollo Global Management. And her story reveals everything about wealth, access, and where the real money moves. In this conversation, Stephanie sits down with a young Black woman building wealth in spaces most of us don't even know exist. She walked away from law school, landed in real estate private equity, and has since built a career at the highest levels of finance. Her insights on what she found inside these exclusive rooms will change how you think about wealth-building and representation. 📊 WHAT YOU'LL DISCOVER:How private equity actually works (real estate, alternative assets, and more)What it takes to break into finance when almost no one in the room looks like youThe harsh reality of representation in finance (with the numbers)Why alternative investments are where real wealth is being builtHow the wealthy think about money vs how most people think about itThe barriers Black women face in investment spacesReal stories from inside rooms where billions move hands 💡 KEY STATISTICS:Less than 3% of financial advisors are Black (vs 13% of US population)0.03% of venture capital fund managers are Black womenAlternative investments historically yield 200-300 basis points above public marketsEight-figure deals are being made—and most people have no idea they exist 🚨 THE REAL TALK:This isn't just a career success story. This is about access, representation, and understanding where the wealth gap actually gets created. You'll hear from someone literally inside the rooms where decisions about billions of dollars are being made. She's not observing from the sidelines—she's building generational wealth in a space most Black women never even knew existed. 🎯 KEY TOPICS:Private equity | alternative investments | wealth building | finance career | Black women in finance | representation | access to capital | venture capital | real estate investing | wealth creation | career transitions | financial markets 📚 THIS IS PART 1 OF 2:Make sure to subscribe so you catch Part 2 of this incredible conversation. 🔗 RESOURCES MENTIONED:Sovereign Collective (Black women in wealth building): joinsovereign.coMargins Capital (alternative investments): https://www.marginscapital.comApollo Global ManagementAsset Management ConferenceWTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing New episodes every Wednesday. Subscribe and share with someone ready to understand where the real wealth is being built. Host: Stephanie Dorsey, CEO & Co-Founder of Margins CapitalWhat the Wealthy Do is the podcast where we break down concrete, actionable strategies ultra-wealthy use to build wealth—and apply them to busy, brilliant Black women building wealth from the ground up. Subscribe wherever you get podcasts.Follow: Instagram | TikTok | YouTube
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  Summer Series: Why You Need an Investor's Mindset to Have a Consumer's Lifestyle 22.07.2026 20min

  Summer Series: Are You Living Like a Consumer or an Investor? Most of us want the lifestyle of a consumer. But here's the paradox: to actually have that lifestyle, you need to think like an investor. In this episode, Stephanie reveals how wealthy people make every financial decision—and why it's the complete opposite of what most people do. She breaks down the real difference between spending money and making money work for you. And she does it with examples so practical, you'll never look at your money the same way again. What you'll discover:How the wealthy think about money (hint: it's not about how much they make)The framework behind every decision the wealthy makeWhy your daily habits are secretly keeping you from wealthThe question you need to ask before every purchaseHow to navigate holiday spending without losing yourself Key topics: Consumer mindset | investor mindset | wealth building | spending habits | financial decisions | Black women wealth | money psychologyNew episodes every Wednesday. Subscribe and share with someone ready to think like an investor. Host: Stephanie Dorsey, CEO & Co-Founder of Margins CapitalWhat the Wealthy Do is the podcast where we break down concrete, actionable strategies ultra-wealthy use to build wealth and apply them to busy, brilliant Black women building wealth from the ground up. RESOURCES:Sovereign Collective: joinsovereign.coMargins Capital: https://www.marginscapital.comWTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing Subscribe wherever you get podcasts.Follow: Instagram | TikTok | YouTube (@whatthewealthydo)
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  Summer Series: The 3 Money Beliefs That Build Wealth 15.07.2026 16min

  Summer Series: Your Mindset Is Everything: The 3 Money Beliefs That Build Wealth You can have all the strategies in the world. You can know the wealthy framework inside and out. But if your mindset isn't aligned, nothing will change. In this episode, Stephanie breaks down the exact mindset framework that separates wealthy people from everyone else. She calls it "The 3 Money Beliefs," and it's foundational to everything. THE 3 COMPONENTS OF WEALTHY MINDSET: 1. They believe they DESERVE to be wealthy2. They are CONFIDENT in their ability to create wealth3. They understand the ROLE THAT RISK plays in building wealth THE REAL TALK:Stephanie shares a powerful skiing story that changed everything. She was rolling down a slope, tumbling uncontrollably. But instead of bracing for impact (which would have caused injury), she stayed open and fluid. She got back up with virtually no pain. That's the metaphor for wealth building: stop tensing up trying to avoid pain, and stay in flow. She also talks about:• Why she went to Kellogg (a top 5 business school) to "be where the money resides"• Why systemic messages counter our "deserve wealth" belief• Why you don't need to know everything—you just need to be resourceful• Why risk means something different for Black & Brown people• Why most millionaires are made in their late 40s-50s (when evidence builds confidence) WHAT YOU'LL LEARN:✓ The 3 money beliefs that wealthy people have✓ How to identify and shift your own limiting beliefs✓ Why "bracing for impact" prevents wealth building✓ How to build genuine confidence in your wealth-creating ability✓ Why getting comfortable with calculated risk is essential✓ The specific reflection questions that shift everything KEY INSIGHTS FROM THIS EPISODE:• Your mindset is everything—shift it, and your whole life shifts• Systemic messages run counter to "I deserve wealth" (and that's part of the work)• Your "inner over-protector" is trying to protect you but actually limits you• You've overcome hard things before—use that as evidence of your ability• Risk historically meant something different for Black/Brown people (survival vs. financial)• But wealth is built through strategic, informed risk-taking• Confidence comes from accumulating evidence of your capabilities RESOURCES MENTIONED:• Sovereign Collective (Black women building wealth together): joinsovereign.co• Kellogg School of Management (where wealthy people gather)• Margins Capital (this framework in action)• WTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing COMING SOON IN THE SUMMER SERIES:New episodes every Wednesday covering:• Consumer vs Investor mindset shift• Inside the rooms (Black women in private equity)• How to analyze stocks like the wealthy• 401k reality check (and what's missing)• Future of private markets (where real wealth is built) New episodes every Wednesday. Subscribe and share with someone ready to reprogram their mindset. What the Wealthy Do is the podcast where we break down the concrete, actionable strategies ultra-wealthy use to build wealth—and apply them to busy, brilliant Black women building wealth from the ground up. Host: Stephanie Dorsey, CEO & Co-Founder of Margins CapitalTopics: Money mindset | wealth beliefs | financial psychology | alternative investments | Black women wealth | entrepreneurship | summer series Subscribe wherever you get podcasts.Follow: Instagram | TikTok | YouTube (@whatthewealthydo)
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  Summer Series: 7 Strategies the Wealthy Use (That You Can Start Today) 08.07.2026 13min

  The wealthy don't have a secret. They have a FRAMEWORK. And in this episode, Stephanie breaks down Margins Capital's proprietary "Wealthy Framework"—7 concrete, actionable strategies that ultra-wealthy people use to build and protect their money. Whether you're just starting or already on your way, this is the roadmap. 📊 THE 7 WEALTHY STRATEGIES:• Capital Allocation Plan (not budgeting—know where your money goes)• Take Advantage of Corporate Benefits (401k match = FREE MONEY)• Manage Debt Responsibly (debt is a tool, not the enemy)• Build Savings (3-6 months of cash on hand)• Start Investing (make money while you sleep)• Protect What You Build (estate planning)• Alternative Investments (next level wealth building) 🚨 THE REAL TALK:Stephanie covers why most people stay stuck—even earning six figures—and shows you the exact framework that separates the wealthy from everyone else. The difference isn't income. It's INTENTION and knowing these 7 strategies. You don't need to be ultra-wealthy to use them. You just need to know them. 📌 WHAT YOU'LL LEARN:✓ The 7 strategies in order (and why sequence matters—sometimes)✓ Why you DON'T need to do all 7 at once (pick ONE and start)✓ How to mix and match strategies based on your life✓ Why wealth starts with INTENTION, not income✓ The 95th percentile secret: Master these 7 = you're ahead of almost everyone✓ Real examples of how these strategies work together✓ Permission to start small (small consistent moves = massive wealth) 💡 KEY INSIGHTS FROM THIS EPISODE:• Wealth doesn't start with income—it starts with intention• Even if you make six figures, you could be living paycheck to paycheck• It's about how you MANAGE the money you have, not how much you make• Small, consistent moves lead to massive wealth• You can work on multiple strategies at once (don't wait for perfection)• Ultra-wealthy spend $100K-$500K+ on advisors, but the high-level strategies are the same• The rules change, but the framework stays solid 🔗 RESOURCES MENTIONED:• Sovereign Collective (Black women building wealth together): joinsovereign.co• Margins Capital: The framework breakdown• Estate planning investment: $3-5K• 401k with employer match = free money• High-yield savings accounts (don't let your cash sit idle earning 0.0001%) 📚 COMING SOON IN THE SUMMER SERIES:New episodes every Wednesday covering:• Roth IRA deep dive (why it's the ideal investment account)• Estate planning explained (why $3-5K now saves your family)• Consumer vs Investor mindset shift• Inside the rooms (Black women in private equity)• How to analyze stocks like the wealthy• 401k reality check (and what's missing)• Future of private markets (where real money is built) New episodes every Wednesday. Subscribe and share with someone ready to build wealth. What the Wealthy Do is the podcast where we break down the concrete, actionable strategies ultra-wealthy use to build wealth—and apply them to busy, brilliant Black women building wealth from the ground up. Host: Stephanie Dorsey, CEO & Co-Founder of Margins CapitalTopics: Wealth building | financial strategies | money mindset | debt management | estate planning | Black women wealth | alternative investments | summer series Subscribe wherever you get podcasts.Follow: Instagram | TikTok | YouTube (@whatthewealthydo)
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  $1.6 TRILLION → $2.1 TRILLION: The Wealth Power Black Women Don't Know They Have 01.07.2026 15min

  Black Women Don't Know They Have Black women control $2.1 trillion in buying power—and that number has GROWN from $1.6 trillion just a few years ago. That's bigger than Spain's entire GDP. But we're still underpaid, under-resourced, and left out of wealth-building conversations.In this episode, Stephanie Dorsey gets REAL about Black women and money. She breaks down the statistics nobody talks about, the obstacles we face, AND the power we already have. THE NUMBERS THAT MATTER:• Black women control $2.1 trillion in economic buying power (2026)• Growth from $1.6 trillion shows how fast our wealth is building• Black women manage 52% of Black community wealth = $900 billion annually• 2.7 million Black women entrepreneurs (fastest-growing cohort)• $98 billion in revenue generated 2019-2023• For every $100 white people own, we own $15 (wealth gap reality)• 16% of college-educated Black people earn $100K+ You'll learn:• The real numbers about Black women's economic power (and why they're hidden)• Why the wealth gap is growing (and what to do about it)• The 4 strategies wealthy people use to build long-term wealth• Why your money story matters (and how to rewrite it)• Why you can't build wealth alone—and how to find your communityThis isn't a sad story about what we don't have. This is a wake-up call about the power we DO have. And more importantly, it's your permission to stop playing small and start building the wealth you deserve. New episodes every Wednesday. Subscribe and share with someone who needs this. What the Wealthy Do is the podcast where we break down the tips, tricks, tactics, and strategies that ultra-wealthy use to build their wealth—and apply them to busy, brilliant Black women building wealth from the ground up. Topics: Black women wealth | wealth gap | financial independence | entrepreneur stories | money mindset | alternative investments | retirement planning | Black economic power Subscribe wherever you get podcasts.Follow: Instagram | TikTok | YouTube (@whatthewealthydo)
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  Step by Step Series: How to Roll Over Your Old 401k Into an IRA the Right Way | Episode 21 24.06.2026 16min

  If you have changed jobs in the past 10 years and never rolled over your 401k, you have money sitting somewhere right now with high fees, limited investment options, and zero attention. That money could be working for you. Today we are fixing that.This is Episode 21 of What the Wealthy Do, part of the Step by Step Series. Today Stephanie Dorsey walks through exactly what to do with your old 401k when you leave a job, step by step, click by click.When you leave an employer you have four options: leave it, roll into your new employer's plan, roll into an IRA, or cash it out. Cashing out means losing 30 to 40% instantly in taxes and penalties. The right move for most people is an IRA rollover. But here is what most people do not know: there are two types of IRAs to consider.A traditional IRA at a brokerage like Fidelity, Vanguard, or Schwab gives you stocks, bonds, ETFs, and mutual funds. A self-directed IRA gives you access to alternatives like real estate, private equity, private credit, venture capital, and crypto — the investments the ultra wealthy use to build generational wealth.Stephanie walks through how to choose between them, how to execute a direct rollover without triggering taxes, what to do with multiple old 401ks scattered across employers, and the mistakes that can blow up your backdoor Roth strategy. Also covered: Roth 401k rollovers, the five year rule, and why you should open a Roth IRA today even with just $100.Browse all What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/editJoin the next Sovereign Collective cohort: joinsovereign.coThis podcast provides financial education and not financial advice.
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  Step by Step Series: When to Convert Your 401k to a Roth and When to Leave It Alone | Episode 20 17.06.2026 25min

  Peter Thiel used a Roth account to turn a small investment in PayPal stock into $5 billion the IRS cannot touch. That is not a loophole. That is a strategy. And today Stephanie Dorsey breaks down exactly how Roth conversions work and how to use them to pay less tax over your lifetime.This is Episode 20 of What the Wealthy Do, part of the How Does This Actually Work series. Every dollar in your traditional 401k or IRA will get taxed eventually. The question is not whether you pay. It is when and at what rate. A Roth conversion lets you choose to pay tax now at today's rate so that everything inside your Roth grows tax free forever and your heirs inherit it tax free too.This episode covers why the wealthy convert even when they do not have to, including rising future tax rates, required minimum distributions at 73, and estate planning. Stephanie walks through a real case study showing how a 15-year conversion window saves a family from a brutal tax bill in retirement, covers the five best times to convert, and explains when you should absolutely not convert.For entrepreneurs: the ROBS 401k Roth conversion strategy is also covered, the exact move Stephanie is personally executing at Margins Capital, where converting your business stock to a Roth while the valuation is still low could save you over a million dollars in taxes at exit.Browse all What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharingJoin the next Sovereign Collective cohort: joinsovereign.coThis podcast provides financial education and not financial advice.
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  Step By Step Series: How to Open a Backdoor Roth IRA Even If You Earn Too Much | Episode 19 10.06.2026 20min

  If you earn too much to contribute directly to a Roth IRA, the wealthy found a completely legal way around that. It is called the backdoor Roth IRA. And today Stephanie Dorsey walks you through every single step.This is Episode 19 of What the Wealthy Do, part of the How Does This Actually Work series breaking down the exact mechanics of wealth building strategies so you can actually execute them.A backdoor Roth IRA works because Congress removed the income limits on Roth conversions in 2010 while keeping the limits on direct contributions. That created a loophole: contribute to a traditional IRA, immediately convert it to a Roth IRA, and pay zero taxes if you do it right. The IRS knows about it. It is completely legal.This episode covers every step from opening your accounts to contributing, converting within one to two days, investing the cash in your Roth, and filing Form 8606 with your taxes. Stephanie also breaks down the pro rata rule, the number one thing that trips people up, and exactly how to deal with old traditional IRA money before you do your first backdoor conversion.Join the next Sovereign Collective cohort: joinsovereign.coBrowse all What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharingBACKDOOR ROTH IRA QUICK START CHECKLISTStep 1: Open accounts if you do not have them- Open a traditional IRA- Open a Roth IRA- Use the same brokerage (Fidelity, Vanguard, or Schwab)Step 2: Clear out any existing traditional IRAs- Roll old traditional IRAs into your 401k to avoid the pro-rata ruleStep 3: Contribute to your traditional IRA- Transfer $7,000 (or $8,000 if 50 or older) to your traditional IRA- Keep it in cash, do not invest it yetStep 4: Convert to Roth IRA (1 to 2 days later)- Log into your brokerage- Convert the entire traditional IRA balance to your Roth IRAStep 5: Invest your Roth IRA- Buy index funds or target date fundsStep 6: File Form 8606 with your taxes- Use tax software or work with a CPAStep 7: Repeat every JanuaryThis podcast provides financial education and not financial advice.
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  Step by Step Series | How to Open, Invest and Use an HSA Like the Wealthy Do | Episode 18 03.06.2026 23min

  You have probably heard that you should open an HSA. But has anyone actually walked you through what to do after you open it? That is what today is about.This is Episode 18 of What the Wealthy Do and the first episode of the Logistics Series, breaking down the exact mechanics of how these wealth building strategies actually work in real life.The health savings account is the only account with a triple tax advantage: tax deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses. Most people open one, get the debit card, and spend it on copays. That is the wrong move.Stephanie Dorsey walks through every step: how to check eligibility, employer HSA versus opening your own, how to invest the contributions, and how the wealthy use the HSA as a stealth retirement account worth hundreds of thousands of dollars by paying medical expenses out of pocket, saving every receipt, and reimbursing themselves tax-free decades later.A real example: maxing out your HSA at 40 for 25 years at 7% annual growth gives you $290,000 tax free at 65 from $107,500 in contributions.The HSA Quick Start Checklist is in the show notes below.Join the next Sovereign Collective cohort: joinsovereign.coHSA QUICK START CHECKLISTWeek 1:- Check if you have an HDHP (ask HR or check benefits portal)- If yes, check if your employer offers an HSA- If yes, enroll during next open enrollment- If no, open one with FidelityWeek 2:- Max out contributions ($4,300 individual / $8,550 family)- Set payroll deduction or automatic monthly bank transferWeek 3:- Log into your HSA provider- Move funds to investments (keep $1,000 to $2,000 in cash)- Invest in low-cost index fundsWeek 4:- Set up a system to track medical expenses- Pay all medical expenses out of pocket- Save every receiptEvery Year:- Max out contributions- Rebalance investments- Keep saving receipts- Watch it grow tax-freeThis podcast provides financial education and not financial advice.
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  What Are Bonds and Why Does Smart Money Live There Part 3 | What the Wealthy Do Ep 17 27.05.2026 18min

  This is the episode where everything comes together.This is Episode 17 of What the Wealthy Do, Part 3 and the finale of the Bonds Series. In Part 1 we covered what bonds are and why smart money never ignores them. In Part 2 we broke down how interest rates and the yield curve affect bond prices. Today Stephanie Dorsey builds the actual strategy.How much should you allocate to bonds? The old school rule of investing your age in bonds is outdated. The wealthy allocate based on where they are in life, what is happening in the market, and what their goals are. This episode walks through a framework by life stage, from investors in their 20s through 40s holding 5 to 15% in bonds, all the way to investors 60 and beyond thinking about 40 to 60% bond allocation and using bond ladders to create predictable retirement income without selling stocks during a downturn.Which bonds should you buy? This episode covers US Treasury bonds, TIPS, I-bonds, municipal bonds for high earners, investment grade corporate bonds, and bond ETFs for investors with less than $50,000 to put into bonds.The bond ladder strategy is explained in full, including how to reduce interest rate risk, create regular cash flow, and control when and how you reinvest as bonds mature. Stephanie also covers when to increase or pull back bond exposure and the most common mistakes to avoid.Join the next Sovereign Collective cohort for high-earning Black women ready to build real generational wealth: joinsovereign.coIf this series changed how you think about your portfolio, share it with someone who needs to hear it. Leave us a five-star review and follow the podcast so you never miss an episode. See you next week.BACKDOOR ROTH IRA QUICK START CHECKLISTHere is your action plan:Step 1: Open accounts if you do not have themOpen a traditional IRAOpen a Roth IRAUse the same brokerage (Fidelity, Vanguard, or Schwab)Step 2: Clear out any existing traditional IRAsRoll old traditional IRAs into your 401k to avoid the pro-rata ruleStep 3: Contribute to your traditional IRATransfer $7,000 (or $8,000 if 50 or older) from your bank to your traditional IRAKeep it in cash, do not invest it yetStep 4: Convert to Roth IRA (1 to 2 days later)Log into your brokerageConvert the entire traditional IRA balance to your Roth IRAStep 5: Invest your Roth IRABuy index funds or target date fundsStep 6: File Form 8606 with your taxesUse tax software or work with a CPAStep 7: Repeat every JanuaryHSA QUICK START CHECKLISTHere is your action plan:Week 1:Check if you have an HDHP (ask HR or check benefits portal)If yes, check if your employer offers an HSAIf your employer offers an HSA, enroll during next open enrollmentIf your employer does not offer an HSA, open one with FidelityWeek 2:Set up automatic contributions to max out the HSA ($4,300 individual / $8,550 family)If employer HSA: set payroll deductionIf self-directed: set automatic monthly transfer from bankWeek 3:Log into your HSA providerMove funds from cash to investments (leave $1,000 to $2,000 in cash)Invest in low-cost index funds (80% stocks, 20% bonds or target date fund)Week 4:Set up a system to track medical expenses (spreadsheet or app)Commit to paying medical expenses out of pocket, do not touch the HSASave all medical receiptsEvery Year:Max out contributionsRebalance investments if neededContinue saving receiptsWatch it grow tax-freeThis podcast provides financial education and not financial advice.
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  What Are Bonds and Why Does Smart Money Live There Part 2 | What the Wealthy Do Ep. 16 20.05.2026 15min

  Bonds do not exist in a vacuum. They respond to what is happening in the economy, what the Federal Reserve is doing, and what risks are present in the market. And if you understand those relationships, you can predict how bonds will perform, how stocks will perform, and how to protect your portfolio when things get volatile.This is Episode 16 of What the Wealthy Do, Part 2 of the Bonds Series. Last week we covered the basics of what bonds are and how they work. Today Stephanie Dorsey goes deeper into two of the most powerful concepts in finance: the relationship between interest rates and bond prices, and the yield curve.The single most important rule in bond investing is that bond prices and interest rates move in opposite directions. When rates go up, bond prices go down. When rates go down, bond prices go up. Stephanie walks through exactly why using a real example, and what it meant for everyday investors when the Federal Reserve raised interest rates from near zero to 5% in just 18 months in 2022. Some bond funds lost 15 to 20% of their value that year. Investors who understood this relationship either held to maturity or bought bonds at a discount to lock in higher yields. The ones who did not understand it got crushed.The second concept is the yield curve, which Stephanie calls the bond market's crystal ball. The yield curve shows what return you would earn today if you lent money for different lengths of time. A normal yield curve slopes upward because longer term bonds pay more than shorter term ones. But when it inverts, meaning short term bonds start paying more than long term ones, it has predicted every major recession in the last 50 years, typically six to 18 months before it happens. It happened in 2006 before the Great Recession. It happened in 2019 before the COVID crash.Sophisticated investors watch the yield curve obsessively. And now you will too.Join the next Sovereign Collective cohort for high-earning Black women ready to build real generational wealth: joinsovereign.coThis podcast provides financial education and not financial advice.
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  What Are Bonds and Why Does Smart Money Live There | What the Wealthy Do Ep. 15 13.05.2026 22min

  Nobody is making TikToks about bonds. Nobody is talking about treasuries going to the moon. But the bond market is two to three times bigger than the stock market. It is the foundation of the global financial system. And if you do not understand bonds, you really do not understand how money works.This is Episode 15 of What the Wealthy Do and the first episode of the Bonds Series. Today Stephanie Dorsey breaks down everything you need to know about bonds starting from scratch, in plain language, no finance degree required.A bond is simply an IOU. Instead of borrowing money from the bank, you are the bank. You lend money to a government or a corporation. They pay you interest every six months and return your full principal at maturity. It is predictable, stable income that the wealthy have always used to preserve capital, generate cashflow, and balance the risk in their portfolios alongside stocks and alternatives.This episode covers what a bond is and how it actually works, the key vocabulary you need to know including face value, coupon rate, maturity date, yield, and credit ratings, the different types of bonds including Treasury bonds, municipal bonds, corporate bonds, international bonds, and savings bonds, the two ways to make money from bonds, why the wealthy never ignore bonds even when the stock market is performing well, and the most common myths about bonds that keep most everyday investors from ever using them.Next week we go deeper into how interest rates and geopolitics affect bond prices. In the coming weeks we will also cover what a potential dollar devaluation could mean and how to start incorporating bonds into your own portfolio.Join the next Sovereign Collective cohort for high-earning Black women ready to build real generational wealth: joinsovereign.coThis podcast provides financial education and not financial advice.
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  Why Your 401k Alone Will Not Be Enough to Retire On Part 2 | What the Wealthy Do Ep. 14 06.05.2026 23min

  Last week was the problem. This week is the solution.This is Episode 14 of What the Wealthy Do, Part 2 of the Retirement Strategy Series. In Part 1 we covered why relying solely on your 401k is risky, how the retirement tax trap works, and what required minimum distributions will do to your money at 73 if you have not planned for them. Today Stephanie Dorsey builds the actual blueprint.The framework covers three pillars. The first is tax diversification, which means spreading your retirement money across four buckets: tax deferred accounts like your traditional 401k and IRA, tax free accounts like your Roth IRA and Roth 401k, a regular brokerage account, and alternative investments like real estate, private equity, and venture capital. Each bucket has different tax treatment, different rules, and different advantages depending on where you are in your career and what tax bracket you expect to be in at retirement.The second pillar is asset diversification across stocks, bonds, real estate, and alternative assets. The third pillar is income stream diversification so that no single account or market crash can wipe out your retirement income.This episode also breaks down how your retirement strategy should shift by age, from aggressive wealth building in your late 30s and early 40s, to tax optimization in your late 40s and early 50s, to preservation and income planning in your late 50s and early 60s, to tax smart withdrawals and legacy planning in retirement. The backdoor Roth IRA strategy for high earners is covered, along with how the wealthy use portfolio loans to avoid selling their investments, how to think about Social Security timing at 62 versus 70, and the specific action steps you need to take right now to audit and rebalance your accounts.This is one of the most practical episodes in the series. By the end you will have a clear picture of what your retirement strategy should look like and exactly what to do next.Join the next Sovereign Collective cohort for high-earning Black women ready to build real generational wealth: joinsovereign.coThis podcast provides financial education and not financial advice.