EPISODE 4
 

Am I going to run out of money?


What mental accounting is, why it makes us worry and how to replace it with financial planning for a more fulfilling life.


published: February 4, 2026

 


Ever find yourself awake at 3 a.m., wondering what your finances really look like? Many of us carry the weight of financial stress in our heads, without ever putting the full picture on paper. In part one of this two-part episode, Dr. Michael Liersch, Chief Planning Officer at Edelman Financial Engines, sits down with EFE financial planner Laela Erickson to explore how to break the cycle of “mental accounting” to give yourself better peace of mind. They discuss why understanding your real spending, planning for changing expenses over time and aligning your money with your values can help replace uncertainty with confidence – and turn financial planning into a tool for a more fulfilling life.


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Money on Your Mind is produced by Edelman Financial Engines and hosted by Michael Liersch. Information is believed to be reliable but is not guaranteed. This content is for educational purposes only and does not constitute investment, legal, insurance or tax advice. It is not an offer to buy or sell any product and does not represent an endorsement of third parties. All investments have inherent risks. Consult a financial advisor before investing. Individual results may vary.