What The Wealthy Do

Episoder

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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.
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  Why Your 401k Alone Will Not Be Enough to Retire On | What the Wealthy Do Ep. 13 29.04.2026 16min

  Most of us think we know what retirement is going to look like. But here is the truth that nobody really says out loud. For most people, a 401k alone will not be enough to fund the retirement they actually envision for themselves.This is Episode 13 of What the Wealthy Do, Part 1 of a two-part series on retirement strategy. If you are between 38 and 55, this episode is for you.Stephanie Dorsey, CEO and Co-Founder of Margins Capital, breaks down why relying solely on your 401k puts your retirement at serious risk and what the wealthy do differently to protect their money from taxes before and after they retire.The 401k was introduced in 1978 as a supplement to pensions, not a replacement. Corporations eventually shifted the entire weight of retirement planning onto employees, and now millions of Americans are trying to retire on a savings vehicle that was never designed to carry 20, 30, or 40 years of retirement on its own.Three core problems get covered in this episode. The first is that contribution limits are simply too low to build the retirement wealth most people need. The second is zero tax diversification, meaning every dollar in a traditional 401k will be taxed at ordinary income rates when you withdraw it, and the IRS will force you to start withdrawing at age 73 whether you need the money or not. The third is limited investment options that keep most 401k savers locked out of the asset classes where the wealthy actually build wealth.Stephanie also walks through what required minimum distributions really mean for your finances, how the retirement tax trap works in practice, and how the wealthy spread their money across tax deferred, tax free, and taxable accounts to control their taxable income in retirement.Next week in Part 2, we build an actual retirement portfolio strategy. But today is about making sure you understand what is at stake and what needs to change right now while you still have time.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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  The Exact Questions the Wealthy Ask Before Trusting Anyone With Their Money | Ep. 12 22.04.2026 23min

  There are people out here with fancy websites, impressive titles, and slick pitch decks who have no business managing anybody's money. This episode is your protection against all of them.This is Episode 12 of What the Wealthy Do and the finale of the Due Diligence Series. Over the past three episodes we broke down how to evaluate stocks and how to assess private equity and venture capital deals. Now we go one level deeper. Today is about vetting the people who are asking you to trust them with your hard earned money.Here is the brutal truth most investors don't realize until it's too late. The fund manager matters more than the fund. A great manager can turn a mediocre strategy into outsized returns. A bad manager can destroy even the best one.Stephanie Dorsey, CEO and Co-Founder of Margins Capital, walks you through the exact four-pillar framework that sophisticated investors use to evaluate any fund manager, wealth advisor, or investment firm. She even applies it to herself. Because anyone who gets an attitude when you ask hard questions about their track record, their fees, or their process is telling you everything you need to know.The four pillars are track record and performance, investment philosophy and process, team and organizational structure, and integrity and alignment of interests. You will also learn how to run a background check on any fund manager, how to use AI to review a Limited Partner Agreement without paying a lawyer, and what questions to ask reference investors before you commit a single dollar.A note on emerging managers is also included, including why the data shows they often outperform more established funds, and what to reasonably expect when evaluating a newer firm.Margins Capital has a minimum investment of $25,000 and invests 20% of its own capital in Fund 1 alongside its investors.Just 20 seats for high-earning Black women ready to stop second-guessing and start building real generational wealth. Learn more at joinsovereign.co.This podcast provides financial education and not financial advice.That is a wrap on the Due Diligence Series. You now have the complete framework the wealthy use to evaluate stocks, private equity deals, venture capital opportunities, and the people managing it all. Share this episode with someone in your circle who needs to hear it, leave us a five-star review on Apple Podcasts or Spotify, and if you are ready to invest in a diversified portfolio of institutional quality alternatives starting at just $25,000 with a team that has skin in the game right alongside you, visit Margins Capital at https://www.marginscapital.com/ See you next week.
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  Beyond Stocks: How to Evaluate Private Equity & Venture Capital Deals | Due Diligence Series Ep. 11 16.04.2026 24min

  The stock market is just the beginning. The truly wealthy, the ones building generational, life-changing wealth are doing it through private equity and venture capital. And in this episode, Stephanie Dorsey is giving you the exact playbook.This is Episode 11 of What the Wealthy Do, and it's part three of our Due Diligence Series. In Episodes 9 and 10, we broke down how to evaluate public stocks: qualitatively and quantitatively. Now we're going into private markets, where the real wealth is built, and where most people are locked out.Until now.Here's what we cover:Private Equity vs. Venture Capital: What's the difference, what's the risk, and what are the returns? PE targets 15–25% annually. VC targets 3x–10x your money (with the understanding that most will fail, which is why Margins Capital focuses on late-stage VC).The 2-Question Framework: The same questions Margins Capital asks for every deal: Does this make sense? And can they win?Team Evaluation: In private markets, there's no analyst coverage, no public scrutiny. It's all on the founders. Stephanie breaks down exactly what she looks for and what makes her walk away.Key Metrics for PE & VC: Revenue growth rate (50%+ for VC, 10–20% for PE), EBITDA margins, LTV to CAC ratio, burn rate, and total addressable market.Red Flags: Lack of transparency, unrealistic projections, no exit strategy, and founders who aren't coachable.The Fizz Story: A real example of why Margins Capital invested in a Gen Z fintech company backed by Kleiner Perkins, and what the "secret sauce" looked like in practice.How to Access These Deals: Whether you're an accredited investor ($200K+ income or $1M+ net worth) or not yet, Stephanie breaks down the exact platforms and pathways: AngelList, Republic, SeedInvest, Fundrise, and more.Margins Capital's minimum investment is $25,000: significantly lower than the traditional PE fund minimum of $250,000.Join The Sovereign Collective: a judgment-free space built specifically for high-earning Black women ready to build real generational wealth. Founding cohort launches April 21st. Just 20 seats. Learn more at joinsovereign.co.This podcast provides financial education, not financial advice.
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  How to Analyze Stocks Like a Wealthy Investor Part2 | Due Diligence Series 08.04.2026 25min

  Most people give up on analyzing stocks because they try to learn 20 metrics at once. The wealthy don't do that. They focus on the numbers that actually matter — and that's exactly what this episode is about.This is Part 2 of our Stock Due Diligence Series. In Part 1, we covered how to think qualitatively about a company — does the strategy make sense and can they win? Now, in Part 2, Stephanie Dorsey (CEO & Co-Founder of Margins Capital) breaks down the 5 essential metrics you need to evaluate any stock, in plain language, no finance degree required.What you'll learn in this episode:1. PE Ratio — Are you overpaying for the stock? How to compare it to the company's history, its industry, and the S&P 500 average.2. Profit Margin — How much of each dollar in revenue does the company actually keep? What's healthy vs. a major red flag depending on the industry.3. Revenue Growth — Is the business growing or dying? Because one of those two things is always happening.4. Debt-to-Equity Ratio — Can the company handle its debt obligations? Too much debt is dangerous, especially when interest rates shift.5. Free Cash Flow — Is the profit real, or just accounting magic? This is the metric the wealthy swear by.Master these 5 and you'll know more than 90% of retail investors. Combine them with the qualitative framework from Part 1 and you'll know more than 97%.Where to find these numbers for FREE: Yahoo Finance, Google Finance, your brokerage app (Fidelity, Schwab, Robinhood), or the company's investor relations page (look for the 10-K or 10-Q).Join The Sovereign Collective — a judgment-free space for high-earning Black women ready to build generational wealth. Founding cohort launches April 14th. Just 20 seats. Learn more at joinsovereign.coMargins Capital provides women and people of color access to an institutional quality portfolio of alternative investments.This podcast provides financial education, not financial advice.
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  How to Analyze Stocks Like a Wealthy Investor Part1 | Due Diligence Series 01.04.2026 21min

  Are you buying stocks based on your cousin's advice or a finance bro on TikTok? Let's fix that.In this episode of What the Wealthy Do, Stephanie Dorsey — CEO & Co-founder of Margins Capital — breaks down the exact due diligence framework she uses to evaluate stocks the same way she evaluates private equity and venture capital deals.Here's what you'll learn:✅ The 2-part framework: Does it make sense? Can they win?✅ How to evaluate a company's strategy in ONE sentence✅ Why macroeconomic trends can make or break your investment✅ How to assess leadership, competition, and competitive moats✅ Red flags that should make you walk away immediately✅ How to use AI (like Claude) as your investing thought partnerWhether you're just starting your wealth-building journey or you're a seasoned investor, this episode will change how you look at every stock you consider.📌 NEXT WEEK: Part 2 — The quantitative metrics (PE ratios, alpha, beta, profit margins & more)🔗 Join The Sovereign Collective (Founding Cohort — 20 seats only!): https://joinsovereign.coMargins Capital provides women and people of color access to an institutional quality portfolio of alternative investments.⏱ Chapters:00:00 Introduction02:00 Why buying stocks = buying a business04:30 The 2-part due diligence framework07:00 Does the strategy make sense?10:00 Macroeconomic indicators explained14:00 Unit economics basics17:00 Can they win? — Leadership21:00 Competition & competitive moats25:00 Secret sauce & red flags29:00 Where to find this information32:00 How to use AI as an investing partner
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  Fine Art & Luxury Investing Explained: How the Wealthy Turn Passion Into Profit 25.03.2026 18min

  Welcome back to Season 2, Episode 8 of What the Wealthy Do.In this final episode of our Alternative Investment Series, Stephanie Dorsey, CEO and Co-Founder of Margins Capital, breaks down one of the most overlooked — yet powerful — wealth strategies used by the ultra-wealthy:Investing in fine art and luxury goods.We’re talking about assets like paintings, watches, handbags, wine, sneakers, and even classic cars — not as status symbols, but as strategic investments that can appreciate, hedge inflation, and diversify your portfolio.In this episode, we cover:• How fine art and luxury goods actually generate returns• Why wealthy investors allocate to passion assets• Art market fundamentals: artist recognition, provenance, rarity• Luxury assets like Rolex, Birkin bags, sneakers, wine, and classic cars• How these assets hedge against inflation• Risks: illiquidity, authenticity, storage, and market trends• How to get started (even without millions)This episode is about shifting your mindset:Wealthy investors don’t just spend money.They acquire assets that appreciate — and enjoy them while they grow.Because wealth isn’t just built in spreadsheets.It’s built in how you allocate your money, your lifestyle, and your strategy.Subscribe for more conversations on alternative investments, private markets, and generational wealth in the United States.
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  The “Boring” Investments Billionaires Love: Infrastructure & Natural Resources 18.03.2026 16min

  Welcome back to Season 2, Episode 7 of What the Wealthy Do.In this episode, Stephanie Dorsey, CEO and Co-Founder of Margins Capital, breaks down two asset classes that may sound boring — but quietly generate billions for wealthy investors:Infrastructure and Natural Resources.While the public is chasing the latest tech or AI stock, ultra-high-net-worth investors are buying the systems that keep the world running — toll roads, power plants, pipelines, data centers, copper mines, farmland, and energy infrastructure.These are the investments that produce predictable cash flow, inflation protection, and multi-decade wealth.In this episode we break down:• What infrastructure investments actually are• Natural resources and commodity-based investing• How wealthy investors generate long-term cash flow from essential assets• Why infrastructure often acts as an inflation hedge• The role of utilities, energy systems, transportation, and metals in global markets• Different ways investors can access these asset classes• The risks, long timelines, and capital requirements involvedThis episode is part of our Alternative Investment Series, where we unpack how wealthy investors diversify beyond traditional stocks and bonds.Because wealth isn’t built chasing hype.It’s built by owning the systems the world depends on.Subscribe for more conversations about private markets, alternative investments, generational wealth, and financial strategy in the United States.🔗 Check out the High Earner Tax Playbook here: www.whatthewealthydo.com
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  Hedge Funds 101: Risk, Returns & Why Billionaires Use Them | Alternative Investments Series 12.03.2026 18min

  Welcome back to Season 2, Episode 6 of What the Wealthy Do.In this episode, Stephanie Dorsey, CEO and Co-Founder of Margins Capital, breaks down one of the most mysterious and misunderstood investment vehicles in finance:Hedge funds.You’ve heard the term in the news, in movies, and in conversations about billionaires and institutional investors. But what actually is a hedge fund — and why do wealthy investors allocate billions of dollars to them?In this episode, we unpack:• What hedge funds actually are • How hedge funds make money in bull and bear markets • The famous “2 and 20” fee structure • Long/short equity, global macro, quant funds, and arbitrage strategies • Why institutional investors use hedge funds for diversification • The risks, high fees, and transparency issues investors should know • Why understanding hedge funds can make you a smarter investorThis episode is part of our Alternative Investment Series, where we break down the strategies wealthy investors use to build and protect generational wealth.Even if you never invest in a hedge fund directly, understanding how they operate will help you better understand risk management, portfolio construction, and how money actually moves in financial markets.Because wealth isn’t accidental.It’s structured.Subscribe for more conversations about alternative investments, private markets, generational wealth, and financial strategy in the United States.