What Should I Do With My Money?

Anne Mahlum built and sold Solidcore, a national fitness empire — and now she’s asking what really matters. After achieving financial freedom following her $100M exit, she’s thinking deeply about what it means to live a rich life. From love and legacy to family, philanthropy and mentoring, she’s considering how to spend, give and structure her wealth to make an impact while she’s still alive. In this episode of What Should I Do with My Money?, host Jamie Roô brings Anne together with Victoria, a Morgan Stanley Financial Advisor, to explore values-based wealth planning, giving while living and how post-exit founders can reinvent their purpose for the next chapter of their life. For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor. DISCLOSURES The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. The views and opinions expressed in this material are those of the speaker, at the time of this writing and do not necessarily represent those of Morgan Stanley Smith Barney LLC, its affiliates or its other employees. Of course, these views may change without notice in response to changing circumstances and market conditions. Furthermore, this material may contain forward looking statements and there can be no guarantees that they will come to pass. The discussion of any securities in this material should not be construed as a solicitation to buy or sell such securities. Portfolio holdings are subject to change and there is no guarantee that any securities mentioned will be held in a client’s account. It should not be assumed that any securities transactions or holdings discussed were or will prove to be profitable. Historical data discussed represents past performance and does not guarantee comparable future results. The information and statistical data contained herein have been obtained from sources that are believed to be reliable but in no way are guaranteed by Morgan Stanley Smith Barney LLC as to accuracy or completeness. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters. Tax-loss harvesting: IRS rules stipulate that if a security is sold by an investor at a tax loss, the tax loss will not be currently usable if the investor has acquired (or has entered into a contract or option on) the same or substantially identical securities 30 days before or after the sale that generated the loss. This so-called "wash sale" rule is applied with respect to all of the investor's transactions across all accounts. Technology stocks may be especially volatile. Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an IA-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output. Because this strategy expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the portfolio's overall value to decline to a greater degree than that of a less concentrated portfolio. Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends can reduce or stop payouts at any time. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Private equity funds typically invest in securities, instruments, and assets that are not, and are not expected to become, publicly traded and therefore may require a substantial length of time to realize a return or fully liquidate. They typically have high management, performance and placement fees which can lower the returns achieved by investors. They are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid with significant lock-up periods and no secondary market, can engage in leverage and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums. Any type of continuous or periodic investment plan does not assure a profit and does not protect against loss in declining markets. Since such a plan involves continuous investment in securities regardless of fluctuating price levels of such securities, the investor should consider his/her financial ability to continue his/her purchases through periods of low price levels. Asset Allocation and diversification do not assure a profit or protect against loss in declining financial markets. Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account. The authored books discussed in this material do not constitute an endorsement, authorization, sponsorship by or affiliation with Morgan Stanley. Morgan Stanley has not reviewed the books for approval and is not responsible for the information contained therein. Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate. Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking-related products and services. Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ©2025 Morgan Stanley Smith Barney LLC. Member SIPC. CRC# 4934812 (11/2025)

Raising a special needs child comes with its own set of challenges and financial planning needs. How can a Financial Advisor help?

Growing your family is a very exciting time. Baby fever may have prepared you emotionally, but have you considered if you’re financially prepared? In this episode, our guests Nat and Kel are obsessed with this question. Though they are a financially savvy couple, they wonder what it’ll take to grow their family while saving for other goals. And it’s not just about preparing for a baby, but what comes next. As a content creator, Nat wonders how she can maintain her career momentum while raising a child. For Kel, he worries about upgrading to a larger home in a tough mortgage rate environment. Morgan Stanley Financial Advisor, Danelle, guides them through each question, helping them navigate the anxieties of impending parenthood. They confront these universal challenges and unpack what it takes to feel prepared, or if the solution lies within their evolving financial plan. For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor. DISCLOSURES The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. This material has been prepared for general reference and educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Please see our show notes for a full disclaimer on the information provided. When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters. Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options, investment objectives and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, investment objectives, risk factors, fees and expenses and possible tax consequences. Investors should read the Program Disclosure Statement carefully before investing. Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences, or review our “Understanding Your Brokerage and Investment Advisory Relationships” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf. Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier #663185. The proceeds from a residential mortgage loan (including draws and advances from a home equity line of credit) are not permitted to be used to purchase, trade, or carry eligible margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; or to make payments on any amounts owed under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY CRC: 4875425 (10/2025)

Despite her achievements, real estate agent Kristin grapples with financial anxiety and the pressures of planning for her family's future.

How do you navigate a destination wedding, buying a new home and building a family via IVF all within five years?

What does it take to retire early and travel the world? Listen to Camilla’s conversation with a Morgan Stanley Financial Advisor.

Another season of Morgan Stanley’s award-winning podcast What Should I Do With My Money? is on its way. Tune in for a sneak peek into real conversations between our new slate of guests paired with experienced Morgan Stanley Financial Advisors.

You have big dreams. Can you double your net worth in a year? Can you afford your dream home? And can you do it all while providing financial stability for your family? Listen as Genesis speaks with a Financial Advisor about strategic planning and setting achievable goals.

At a young age, Pradeep and his brother were sent to the United States by their parents to pursue a better life, leaving behind their family in India. His parents' sacrifice instilled a deep appreciation for financial responsibility. Now engaged and planning for a family, Pradeep desires financial security for his future children. But is he on the right path to be the provider he wants to be? In this episode of What Should I Do With My Money?, listen in as Pradeep learns the fundamentals from Ramiro, a Morgan Stanley Financial Advisor, to set him on course to provide for his future family, prepare for retirement and even start his own business one day. For more information about this episode and the topics covered, check out our episode page www.morganstanley.com/mymoney. Connect with a Morgan Stanley Financial Advisor here. The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters. Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account. If an account owner or the beneficiary resides in or pays income taxes to a state that offers its own 529 college savings or pre-paid tuition plan (an “In-State Plan”), that state may offer state or local tax benefits. These tax benefits may include deductible contributions, deferral of taxes on earnings and/or tax-free withdrawals. In addition, some states waive or discount fees or offer other benefits for state residents or taxpayers who participate in the In-State Plan. An account owner may be denied any or all state or local tax benefits or expense reductions by investing in another state’s plan (an “Out-of-State Plan”). In addition, an account owner’s state or locality may seek to recover the value of tax benefits (by assessing income or penalty taxes) should an account owner rollover or transfer assets from an In-State Plan to an Out-of-State Plan. While state and local tax consequences and plan expenses are not the only factors to consider when investing in a 529 Plan, they are important to an account owner’s investment return and should be taken into account when selecting a 529 plan. Tax laws are complex and are subject to change. This information is based upon current tax rules in effect at the time this was written. Morgan Stanley Smith Barney LLC and its Financial Advisors do not provide tax or legal advice. Individuals should always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments. Investments in a 529 Plan are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so an individual may lose money. Investors should review a Program Disclosure Statement, which contains more information on investment options, investment objectives, risks factors, fees and expenses and possible tax consequences. Investors should read the Program Disclosure Statement carefully before investing. The investments listed may not be appropriate for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment will depend upon an investor's individual circumstances and objectives. Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates. Since life insurance is medically underwritten, you should not cancel your current policy until your new policy is in force. A change to your current policy may incur charges, fees and costs. A new policy will require a medical exam. Surrender charges may be imposed and the period of time for which the surrender charges apply may increase with a new policy. You should consult with your own tax advisors regarding your potential tax liability on surrenders. © 2026 Morgan Stanley Smith Barney LLC. Member SIPC. CRC# 5141250 and (01/2026)

What if you suddenly come into major wealth? Would you spend it on luxuries? Not Claire–she wants to give it away to help save the planet. Listen as Claire speaks with a Financial Advisor to learn how her money can make an impact.

Jacob has confidently and competently managed his own money since he was a young adult and has a healthy skepticism for how a Financial Advisor would add value for him. But as his wealth grows, he tells us “I don’t know what I don’t know.” Listen as Jacob’s conversation with a Financial Advisor sheds light on exactly how he might benefit from experienced outside help.

Your company stock is doing well. Very well. But is holding such a concentrated position the right strategy for you? Especially when your goal is building generational wealth for your family? Listen as Maxwell talks with a Financial Advisor about investing for the future generations.

There’s more to consider than flower arrangements and food courses before your wedding day, it’s also important to think about how to manage money as a couple. The big questions on fiancés Natalie and David’s minds are whether they should join finances and sign a prenup agreement before they say, “I do”.

What would you like to hear in our upcoming season? Do you have any financial questions you’ve always wanted to ask? Our Financial Advisors at Morgan Stanley are ready to help. Send your thoughts to mymoney@morganstanley.com.

Victoria is recently divorced and looking after her own money again for the first time in a while. What should she do to plan for this next chapter in her life?

Turning 30 can push some to prioritize longer-term financial goals, like homeownership. But that track isn’t for everyone. Listen in as our guest gets answers from a Financial Advisor.

Dennis lost big in the 90’s dot com bust, leaving him with serious trust issues around investing. Can he overcome his fear to get on track for a comfortable retirement? Listen in as a Financial Advisor offers reassurance.

After his guitar business fails, Brad gets guidance from a Financial Advisor to tackle his hefty debt and rebuild his nest egg without putting his and his wife’s financial future at risk.

With a baby on the way, Amanda and Gavin, grapple with new expenses and life/work in their small condo. Can they afford a bigger house? Listen in as they get answers from a Financial Advisor.

A formerly debt-burdened single mom now runs a high-earning consulting practice. Now that she’s in her 40s, can she catch up on investing for her family’s future? Listen to our guest get answers from a Financial Advisor.