Motley Fool Money: The 2026 Financial Planning Challenge

Original Air Date: January 3, 2026
Host: Robert Brokamp
Guest: Amanda Kish, CFP®, CFA

Episode Overview

Motley Fool Money kicks off 2026 by launching its year-long Financial Planning Challenge. Each month, the podcast will guide listeners through a different key component of personal finance, helping them get their financial houses in order step by step. This inaugural episode, titled "The Financial Truth Serum," focuses on assessing your current financial situation as the foundation for smart planning throughout the year.

Key Discussion Points & Insights

The Concept: “Financial Truth Serum”

• Robert introduces the challenge by comparing your personal financial life to running a business: you wouldn’t invest in a company without clear financial statements—why would you avoid measuring your own net worth?
• The goal: “If you follow along with us throughout 2026, you will end this year in the best shape possible, perhaps in the best shape you’ve ever been.” — Robert Brokamp [01:00]

Five Steps to Start 2026 Off Right

1. Choose a When and How [02:08]

• Amanda Kish: “Financial planning isn’t just a one and done activity. It requires dedicated time. And if you don’t actually put it on your calendar, it’s much less likely to actually happen.”
• Establish a recurring calendar appointment for financial check-ins, whether it’s Sunday evening, a lunch break, or payday.
• Consider a “money buddy” or a “financial fun night” for accountability (idea from Emily Pote, MF’s benefits manager).
• Robert Brokamp: “If you put something on your calendar, it’s 70% more likely to happen.” [03:48]

2. Complete Your Full Financial Inventory [04:36]

• Record all income sources, expenses, accounts (checking, savings, investing, retirement), debts, assets, and college/529 plans.
• January is ideal as year-end statements arrive.
• This inventory forms the basis for estate planning, insurance review, retirement calculations, and more.
• Tip: Create a physical/mail folder and a digital folder for financial documents as they come in.

3. Track Your Spending for 30 Days [07:59]

• Amanda Kish: “We’re going to start off with tracking your spending for at least 30 days... and the goal here is to capture every single dollar that goes out.”
• 30 days is a manageable start; longer gives more insight.
• This is about awareness—most people underestimate where their money goes.
• Tracking Methods:
  • Low tech: notepad or spreadsheet
  • High tech: apps that link accounts (Empower, Monarch Money, Rocket Money, Tiller, YNAB, etc.)
  • Free budgeting templates: budgetsaresexy.com, Microsoft Excel
• Robert Brokamp: “Don’t spend hours deciding the best spreadsheet or looking for the best financial app. Do a little research, but then just get started.” [15:13]

4. Calculate Your Personal Net Worth [10:35]

• Amanda Kish: “Your net worth is simply everything you own minus everything you owe... It’s a very good indicator of your overall financial health.”
• Net worth gives a holistic picture, not just income or savings rate.
• Track net worth over time—progress matters more than the starting number.
• What to include:
  • Yes: home equity, investment/retirement accounts, bank balances, collectible assets
  • Maybe: cars (include only if you also list the loan), valuable collections
  • No: general household stuff unless it has significant resale value

5. Establish Your Financial Baseline Summary [13:02]

• Amanda Kish: “The final step for this month is creating what we call the financial baseline summary, which is basically a one page snapshot that captures where you stand financially today.”
• Executive summary: income, spending, net worth, account balances
• Use this as your dashboard for future check-ins and decision making.
• Add a subjective measure: “how do you feel about your finances?” (e.g., rate 1-10).
  • Robert Brokamp: “Maybe put it on a scale of 1 to 10, how do you feel? ... That way you could sort of measure whether you’re improving over the course of the year.” [14:04]

Notable Quotes & Memorable Moments

• Robert Brokamp [01:17]:

  "Right now you're investing in an entity that's more important than any stock. You and your family and your family's finances."

• Amanda Kish [02:08]:

  “If you don’t actually put it on your calendar, it’s much less likely to actually happen.”

• Robert Brokamp [03:48]:

  “There’s a study that says if you put something on your calendar, it’s 70% more likely to happen.”

• Amanda Kish [04:36]:

  "The benefit of creating this inventory is that it gives you complete visibility... It really becomes the foundation for everything else that we're going to do this year."

• Amanda Kish [08:04]:

  "Most of us genuinely don't know where our money goes. We may think we do, but until you actually track it, you're probably going to be surprised."

• Robert Brokamp [12:33]:

  “All the stuff in your house, probably not [to be counted]. But it depends on what you have. If you have some really valuable collections, gold and silver are worth a lot these days…”

• Amanda Kish [14:36]:

  “My biggest piece of advice would be to just take one step to get started…any incremental improvement…that’s really going to lead to big changes over time.”

• Robert Brokamp [15:13]:

  “Don’t let the perfect be the enemy of the good.”

Practical Timestamps for Key Segments

• [01:17] Introduction to “Financial Truth Serum” and importance of self-assessment
• [02:08] Step 1: Scheduling and making money management a habit
• [04:36] Step 2: Creating a full financial inventory
• [07:59] Step 3: Tracking your spending for 30 days
• [10:35] Step 4: Calculating your net worth and what to include
• [13:02] Step 5: Building your baseline financial summary
• [14:36] Final thoughts and encouragement to start small
• [15:13] Robert’s advice: “Don’t let the perfect be the enemy of the good”

Tone and Takeaways

Straightforward and supportive in classic Motley Fool style, this episode makes clear that successful financial planning requires both structure and self-compassion. Both Brokamp and Kish emphasize small, achievable steps, realistic expectations, and the value of simply beginning the process—even if it’s imperfect.

Main takeaway:
Start 2026 by taking five concrete steps: schedule financial check-ins, create a full financial inventory, diligently track your spending, determine your net worth, and summarize it in a one-page dashboard. Don’t get bogged down by perfectionism; every small action counts toward achieving fiscal fitness by year’s end.

Listener Challenge:
Set your next “money hour” and share your best financial tracking tips via email for next week’s episode!

(End of rich, structured summary for Motley Fool Money: The 2026 Financial Planning Challenge)