Shane and AJ are back, spooky season is in full swing, and AJ's book comes out in three weeks. They kick things off with a Reddit question from someone who has a Finnish sauna, a Turkish bath, a cold plunge, and a heated pool, and just wants to redo their spa. AJ and Shane weigh in.

Then it's into the articles. The Wall Street Journal has new details on Trump accounts, including a rule that allows individual stock contributions and a new auto-enrollment mechanism. AJ is broadly in favor of the concept and broadly annoyed at the potential for corporate abuse. Anthropic has committed 5% of its shares to a public benefit fund ahead of its IPO, which AJ and Shane think is the right instinct even if the PR is a little much. SpaceX stock is up 50% since its IPO, and the lockup release data is encouraging, with most unlocked shares not flooding the market as everyone feared.

They close with the IRS ruling on 351 exchanges and what it actually means for advisors and clients with concentrated positions. Spoiler: it is not as bad as it sounds, and Brent Sullivan of Tax Alpha gets a well-earned shout-out.

Topics covered:

• Reddit question: How do I redo my spa with a Finnish sauna, Turkish bath, cold plunge, and heated pool?
• Trump accounts: new auto-enrollment rules and individual stock contributions explained
• The corporate abuse edge case that has AJ worried about Trump account contributions
• Anthropic commits 5% of shares to a public benefit fund ahead of IPO
• SpaceX stock is up 50% since IPO, and what the lockup release data actually shows
• Why phantom income from vested but unsellable shares is the worst type of income
• 351 exchanges: what the IRS ruling actually closed and what is still viable
• Shout out to Brent Sullivan of Tax Alpha and his concentrated position strategies

Timestamps:

• 00:52 Halloween costumes, Dr. Shots, and AJ's book coming out November 10th
• 03:45 Reddit question: How do I redo my spa?
• 07:30 Trump accounts: auto-enrollment and new individual stock contribution rules
• 10:15 The corporate abuse edge case and why AJ is worried
• 13:00 Anthropic commits 5% of shares to a public benefit fund ahead of IPO
• 16:30 AI optimism vs doom and the Elizabeth Holmes documentary conspiracy theory
• 19:00 LinkedIn bots, Russian bot farms, and Elon's response to Anthropic's announcement
• 22:30 SpaceX stock up 50%, and what the lockup release data actually shows
• 27:00 Phantom income, double triggers, and what the December lockup means for employees
• 29:00 351 exchanges after the IRS ruling: what closed and what is still viable

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It's Tax Day, and AJ is joined by Senior Financial Planner Ed Zolotarev for a wide-ranging episode that covers estate planning horror stories, AI models going rogue, and why older Americans keep getting richer while everyone else treads water.

They kick things off with a fascinating New York Times story about a professor who left a $6.4 million estate to a political organization he cared about in the 1980s, never updated his will, and now his family is suing to get the money back. AJ and Ed break down who should get it, what the law says, and what the real lesson is for anyone who has not looked at their beneficiaries recently. Then it's on to an Anthropic AI model that went rogue and submitted a fake anonymous tip to Philadelphia's unsolved murders database, which the police flagged as spam, but Anthropic did not find out about for three months.

They also cover Anthropic's Investor Day and what it signals about the timing of an IPO, a Wall Street Journal piece on why affluent older Americans have seen their net worth grow 37% since the pandemic while younger generations are stuck at 4%, and what a potential Fed rate hike means for clients trying to make housing decisions right now.

Topics covered:

• Tax Day PSA: Please respond to your accountant
• Estate planning horror story: $6.4 million meant for a political org and a family that disagrees
• The importance of updating your beneficiaries and your will
• Anthropic AI model submits fake tip to Philadelphia unsolved murders database
• Anthropic Investor Day and what it signals about the IPO timeline
• Affluent older Americans are up 37% since the pandemic. Everyone else, not so much
• A potential Fed rate hike and what it means for housing decisions
• Reddit question on overspending with a high income

Timestamps:

• 00:52 Tax Day PSA and the client who reformed after being put on the shit list
• 04:15 Estate planning horror story: $6.4 million and the Democratic Socialists of America
• 07:30 Who should get the money and what the law actually says
• 09:30 Donor-advised funds and why you need to leave instructions
• 10:45 Anthropic AI model submits a fake tip to Philadelphia's unsolved murders database
• 15:45 Anthropic Investor Day and what it signals about the IPO timeline
• 18:45 Affluent older Americans up 37% since the pandemic, while younger generations sit at 4%
• 24:45 A potential Fed rate hike and what it means for clients making housing decisions
• 28:30 Who actually got those 2.5% mortgages in 2020 and 2021
• 31:30 Reddit question on overspending with a high income and Pokémon cards as an investment

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Shane and AJ are back together after XYPN in San Diego, and they have a lot to catch up on before getting into the articles. There's the St. Louis gunfight origin story, AJ's viral BQE Instagram post that her PR team took a little too seriously, Mayor Mamdani fixing potholes, and Shane's Mexico City neighbor group chat situation.

Then they get into it. The Wall Street Journal says 7% mortgage rates are wrecking the homebuyer playbook, and AJ, a current 7.875% mortgage holder with a condo board lawsuit on her hands, has thoughts. Scott Bessent is comparing Trump accounts to the GI Bill, and AJ has a lot of thoughts about that, too, including a deep dive into redlining and a book recommendation. Oura Ring has postponed its $2 billion IPO, which Shane and AJ saw coming, and they break down what it signals for the broader IPO pipeline, including Anthropic and OpenAI.

They close with a Journal piece on whether AI could finally convince lazy bank customers to move their money out of low-yield accounts, and a conversation about Instinct, the hot new Silicon Valley AI assistant that saved AJ $45 on a sweater and picked a bar near the B train.

Topics covered:

• AJ's viral BQE Instagram post and the PR pitch that should not have happened
• Mayor Mamdani is actually fixing things in Brooklyn
• 7% mortgages, locked-in sellers, and why the housing market is the worst of both worlds
• Trump accounts vs the GI Bill and the redlining connection Scott Bessent is ignoring
• The Color of Law by Richard Rothstein, a book recommendation
• Oura Ring postpones its $2 billion IPO and what it means for Anthropic and OpenAI
• Could AI agents finally move your money out of low-yield bank accounts?
• Instinct, OpenAI Dots, and delegating cognition to AI agents

Timestamps:

• 00:00 Intro, XYPN San Diego recap, and the St. Louis gunfight origin story
• 03:30 AJ's viral BQE Instagram post and the PR pitch gone wrong
• 06:30 Mayor Mamdani fixing Brooklyn and Shane's Mexico City neighbor chat disaster
• 08:00 7% mortgages are wrecking the homebuyer playbook
• 10:30 AJ's 7.875% mortgage, the condo board lawsuit, and why selling is hard
• 14:00 Scott Bessent compares Trump accounts to the GI Bill, and AJ pushes back hard
• 17:30 The Color of Law, redlining, and the Forrest Gump boomer trap
• 23:00 Oura Ring postpones its $2 billion IPO and what it means for the pipeline
• 26:00 IPO market update: 110 IPOs, $150 billion raised, and still down 30% from 2021
• 28:00 Could AI agents empty your low-yield bank account and move it somewhere better?

🔔 Subscribe to The Liquidity Event on YouTube: YouTube Channel

🌐 Learn more about Brooklyn FI financial planning: brooklynfi.com

✍️ Leave us a voicemail question for a future episode: memo.fm/theliquidityevent

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LinkedIn: / brooklyn-fi

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