Podcast Summary: The Stacking Benjamins Show – SB1705: "Want More Money? Cut The Clutter (with Tracy McCubbin)"

Release Date: July 7, 2025

Hosts: Joe Saul-Sehy and OG

Introduction

In this episode of The Stacking Benjamins Show, hosts Joe Saul-Sehy and OG delve into the intertwined relationship between personal organization and financial wellness. They welcome Tracy McCubbin, a renowned organizational expert, to discuss how decluttering can lead to improved financial health. The conversation is enriched with insights on Social Security and innovative saving strategies through gamified apps.

Headline Discussions

1. Social Security: The Cost of Early Claiming

The hosts examine a concerning trend where retirees are significantly reducing their lifetime Social Security benefits by claiming them prematurely.

Key Insights:

• Economic Impact: According to an article by Mary Beth Franklin from Investment News, retirees collectively lose $3.4 trillion by claiming Social Security too early (08:54).

  Joe Saul-Sehy: "On average, retirees collectively lose $3.4 trillion by claiming Social Security too early."

• Individual Losses: The average household stands to lose approximately $111,000 by not maximizing their benefits (08:54).

  Joe Saul-Sehy: "It's about $111,000 per household."

• Maximizing Benefits: Only 4% of retirees wait until age 70 to claim their maximum benefits, a practice that could substantially enhance their retirement income (09:03).

  Joe Saul-Sehy: "Only 4% of retirees wait until age 70 to claim their maximum retirement benefits."

• Strategic Planning: OG emphasizes the importance of planning and understanding one's life expectancy to make informed decisions about when to claim benefits.

  OG: "I think you have to recognize that life expectancy is increasing for most people."

2. Gamified Savings Apps: Paying to Save Money

The hosts explore the rise of savings apps that employ gamification to encourage users to save money, often charging fees for their services.

Key Insights:

• App Mechanics: Apps like Capital round up transactions to the nearest dollar, depositing the difference into savings accounts. Initially free, they now charge $3 to $12 per month after a 30-day trial (16:36).

  Joe Saul-Sehy: "Capital now offers a free 30-day trial followed by a fee of $3 to $12 a month."

• Pros and Cons: While gamification can make saving more engaging, the monthly fees can detract from the total savings accumulated.

  Joe Saul-Sehy: "If you have trouble saving, man, gamify it to create some type of a way to make it sticky."

• Alternative Apps: Other apps like Long Game, Smarty Pig, and Tibbets offer various features, from virtual piggy banks to crowdfunding for college, each with their own fee structures (22:34).

  OG: "We have to create an app and then we are going to collect..."

Guest Interview: Tracy McCubbin on Decluttering

Tracy McCubbin shares her expertise on organizational strategies and the emotional barriers that prevent people from decluttering their lives, which can have significant financial implications.

Understanding Clutter Blocks

Tracy identifies seven clutter blocks, common emotional barriers that hinder individuals from letting go of possessions. These include:

1. My Stuff Keeps Me Stuck in the Past: Holding onto items that remind us of bygone eras, like children's artwork or old trophies.

   Tracy McCubbin: "These are things that we hold onto because they remind us of times gone by."

2. My Stuff Represents My Identity: Items that symbolize who we are or aspire to be.

3. My Stuff Gives Me a Sense of Security: Belief that possessions provide safety or comfort.

4. My Fantasy Stuff for My Fantasy Life: Buying items based on aspirations that may never materialize.

   Tracy McCubbin: "These are things that we buy that we think, like, 'I'm gonna become a runner.'"

5. Emotional Attachments: Sentimental value attached to possessions beyond their physical utility.

6. Fear of Regret: Worrying about regretting the decision to let go of items.

7. Overwhelm and Indecision: Feeling paralyzed by the sheer volume of possessions.

Strategies for Overcoming Clutter

Starting Small: Begin with less emotionally charged items to build confidence before tackling more significant possessions.

Tracy McCubbin: "If this is hard for you, if this is difficult, don't start with the most emotionally loaded stuff. Start with something less attached to and be successful."

Establishing Systems: Implement regular decluttering sessions and set practical benchmarks to maintain an organized space.

Tracy McCubbin: "It's about getting honest about your buying. Do you need to maybe schedule a weekly decluttering session?"

Emotional Processing: Acknowledge and work through the feelings associated with letting go of possessions to prevent clutter from accumulating again.

Tracy McCubbin: "Allow yourself to acknowledge and experience any feelings of loss that come up."

Conscious Donating: Donate items thoughtfully rather than discarding them indiscriminately, ensuring they go to meaningful destinations.

Tracy McCubbin: "Don't throw everything away, but if that sentimental stuff is holding you back, let it go."

Personal Insights from Tracy

Tracy shares her personal journey with clutter, revealing that her experience growing up with a hoarder father provided her with deep empathy and motivation to help others overcome their own clutter challenges.

Tracy McCubbin: "I have spent my life watching someone I care and love struggle with their relationship to their stuff."

Listener Q&A: Navigating 529 Plans

A listener named Mike inquires about the flexibility of 529 plans, specifically whether earnings can be transferred to another account.

Hosts' Response:

• Transfer Flexibility: Yes, you can transfer funds from one 529 plan to another without penalties, provided certain conditions are met.

  Joe Saul-Sehy: "You can transfer to another 529 without penalties."

• Changing Beneficiaries: If the original beneficiary doesn't use all the funds, the account owner can change the beneficiary to another family member.

  OG: "If you don't like one, you can move it to another."

• Considerations: Be mindful of any potential fees associated with transferring funds and ensure the new plan aligns with your financial goals.

Trivia Segment: The Rosetta Stone

The trivia question posed was: "Before the break, I asked you about the Rosetta stone. Found in 1799, the stone proved essential in deciphering what ancient language?"

Answer: The Rosetta Stone was crucial in deciphering Egyptian hieroglyphics, containing three scripts: an ancient Greek decree, Demotic script, and Egyptian hieroglyphics.

Doug: "The Rosetta stone was used to finally crack those darned Egyptian hieroglyphics."

Closing Remarks

The episode wraps up with the hosts emphasizing the importance of organizational skills in achieving financial success and encouraging listeners to take actionable steps towards decluttering and maximizing their Social Security benefits. They also provide resources for further assistance and invite listeners to engage with the show through reviews and questions.

Notable Quotes:

• Joe Saul-Sehy (08:54): "On average, retirees collectively lose $3.4 trillion by claiming Social Security too early."

• Tracy McCubbin (27:52): "Don't put it down. Put it away."

• OG (10:02): "Sounds like you should make sure you maximize that third."

Resources Mentioned:

• Tracy McCubbin's Website: TracyMcCubbin.com
• Stacking Benjamins Show Notes: stackingbenjamins.com/guides

Timestamp References:

• 08:54: Discussion on Social Security losses.
• 09:03: Statistics on Social Security claiming.
• 16:36: Introduction to gamified savings apps.
• 27:52: Tracy's dedication and personal insights.
• 35:17: Clutter Block #1 discussion.
• 43:34: Starting points for decluttering.
• 44:51: Systems to maintain decluttered spaces.
• 47:36: Tracy's closing message to listeners struggling with clutter.
• 61:12: Trivia question introduction.
• 65:47: Trivia answer discussion.

This summary captures the essence of episode SB1705, highlighting the critical discussions on Social Security, the effectiveness and pitfalls of gamified savings apps, and practical advice on decluttering from Tracy McCubbin. Listeners gain valuable insights into managing their finances more effectively by organizing their personal lives.