Financial literacy expert and author Beth Kobliner joins Michael Kosta to discuss her New York Times bestseller, now in its 5th edition, “Get a Financial Life: Personal Finance in Your Twenties and Th
I'm a big fan of the staff questions, especially for a topic do relevant to young people. They are a representative voice for so many Gen Z. Thanks for the format!
What i dont like about this epusode is them saying its JUST 10%... its not just 10% when you already have your 10% going into 401k, and another 20+% into taxes.
10% is alot when you have a mortgage or pay for rent yourself. 😊
Young people don't lack this level of fiscal literacy; they're not able to get an entry level job without going into catastrophic debt and they're competing for jobs with kids who've had everything paid for by their grandparents.
The problem for a large number of people is not making enough money to do much more than scrape by. There's basically nothing to save. Its a joke to tell people to even save 3-6 months of income. The system is broken.
Problem though. Most jobs pay has not kept up with inflation of every other cost of living in 2 decades, maybe 3. I am the father of 3 20,30 year olds. Show the charts...getting any savings at all is difficult, let alone having disposable income. Future is bleak with 401k relying on stocks and policy cutting Social Security.
The idea that we can just smart our way out of a broken system is insane. Yes, we should educate people about finances. But the broken system is the real problem. People who are making money enough to have proper finances telling people who aren’t to just pay more and pay things off quicker makes absolutely no sense to me.
I wish that they went more into depth on the number of online banks thwt advertise FDIC insurance, but don't actually have it. There's some investigative journalism related to a failed online bank, Yotta Bank, that failed and lost $100 million worth of deposits.
Because Yotta is a fintech company, they did not need a bank charter to operate. Instead, they partnered with banks to process payments and advertised FDIC insurance because of that. $100 million are gone. Some people lost their life's savings.
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tell me you have not come from the working class without telling me you havent come from the working class
10% is alot when you have a mortgage or pay for rent yourself. 😊
👍👍👍
Because Yotta is a fintech company, they did not need a bank charter to operate. Instead, they partnered with banks to process payments and advertised FDIC insurance because of that. $100 million are gone. Some people lost their life's savings.