The Uncomfortable Truth About Money -- An Interview With Paul Podolsky

I always know it’s a good interview when I find myself bringing up bits of it in the weeks that follow. This was one of those. Paul Podolsky is a writer, a finance guy, but most importantly, a philosopher/realist. His book, The Uncomfortable Truth Of Money, is a short read and in some ways, an easy one. It’s not complicated or full of financial formulas but it does ask you to think deeply about your relationship with money, your career, and how you invest.

One thing I took from the interview is that I should be looking in two directions: toward bonds and toward diversifying internationally. I’ve often defaulted to the idea that most of my equities are international companies, and that’s my protection. That is true, but it may not be enough. I don’t know enough about investing internationally. Until now, that hasn’t mattered and the potential returns haven’t been worth the added potential complexity, risk, and tax concerns. That may change and I need to be open to that.

I am learning more about the world of bonds, which is less story-driven and my English major brain finds it more challenging. Understanding bonds is more about knowing the macro, interest rates, and when bonds are cheaper. There’s different terminology to learn and it’s a bit more complicated which is one reason bond ETFs are appealing but I need to make sure I know the basics. Bond investing is mostly logic-driven; there’s no magic way in which your money suddenly rockets up due to a new innovation. But bonds might be that thing that helps you sleep at night.

Money is always going to be uncomfortable. Understanding it, talking about it, and facing it makes that easier for a lot of us. Even people like Paul, who understand money far better than most of us, still get anxious or uncertain. This interview was a comfort but also a lot of food for thought, I hope listening to it is the same for you.

This interview was done as part of the New Books Network, a fantastic podcast platform that features dozens of author interviews with leading academics and thoughtleaders each week.