00:03:33.000Personal finance class, like 40% of states, which is almost 40 states out of the 50 states, require a personal finance class now, which is big progress over the last decade.
00:03:54.000So people still aren't going to pick it up there.
00:03:57.000They want something a little more interesting to get into, and we give them that with the roasts, the dramas, the relationships of couples.
00:04:06.000Episodes are my favorite because there's always financial stresses in relationships.
00:04:12.000And I don't know if that actually gets people into personal finances.
00:04:20.000That's the best because we get millions of views per episode on all platforms.
00:04:25.000It's kind of a crime that they're not.
00:04:28.000Explaining to people when they're young and in high school how this could be a problem.
00:04:33.000They're trying to set you up for life, but they're not setting you up for one of the biggest problems that most people face credit card debt and the big one, student loan debt, because that's the one you can't get away from.
00:04:45.000And there's a lot of people that are just going, Well, I guess I have to go to college.
00:04:50.000It's good to be educated, it's good to get an education.
00:04:53.000But if you're spending hundreds of thousands of dollars for an education that you aren't going to use at all, that might not be the best thing for you.0.97
00:05:01.000And when you're fucking 18, you really don't know.0.98
00:05:42.000Maybe you can tell me about what the actual numbers are, but they were talking about the average actual debt that you owed, but what you wind up paying, what you actually wind up paying over the 20 years that it takes you to pay it off.0.94
00:06:23.000If you took that 30 year mortgage, but you're like, okay, I want to pay a smaller amount now, so let's stretch it to 60 years, the interest in overall payment you're going to do is insane.
00:10:26.000The guy who's on Instagram who says, in the same amount of time that it took California to not do that, this is what China's done.0.79
00:10:34.000And it just over and over and over again.
00:10:36.000All the miles of high speed rail they put in, all the this, all the that, all like for the same amount of money that California spent, this is what could have been done.0.98
00:10:47.000Brightline's private, spent in order of mid teens of billions, mid teens so far on the high speed rail, roughly around 14 to 16 billion dollars as of the mid 2020s.0.93
00:12:34.000I'm sure you got a money guy, but for the average American, there's these target date retirement funds.
00:12:40.000So, Fidelity or whatever you want to use, they have essentially just pick like within the five years that you think you're going to retire, you just buy into that and it just balances it for you.
00:12:50.000It goes more aggressive now and just more conservative by the time you retire.
00:13:03.000So, do you have to teach yourself all this stuff?
00:13:06.000I mean, I'll be honest, uh, pretty much any personal finance book or just like not even a class, just watch like a couple YouTubers, the dry YouTubers that maybe no one's watching.
00:13:58.000With like 25,000 concurrent viewers that are getting hundreds of thousands of views a day.
00:14:03.000Okay, so the kick streamers that are doing finance, are they just essentially like letting people know what they're trading and what to trade?
00:19:02.000Well, that's news to me when asked about the insider trading probe underway, this activity on CalSheet.
00:19:07.000Santos said, I'm not saying yes, I'm not saying no.
00:19:10.000When the NPR questioned whether he had a CalShe account, he wanted to say the co founder of CalShe, Luana Lopez Lara, is a fellow Brazilian whom he personally knows.
00:19:19.000He said he would call her to get to the bottom whether an investigation had been launched.
00:19:23.000Santos promised to update NPR on how the call went.
00:19:26.000He did not respond to NPR's follow up messages.
00:19:31.000The thing is, like, he had some crazy background discrepancies that, you know, they deviated from the truth slightly.
00:20:12.000It says he built much of his public persona on false claims about his biography, finances, and identity, and later also faced criminal charges tied to deception and fraud.0.99
00:20:24.000He falsely claimed degrees from Baruch College in New York and NYU, even though he graduated summa cum laude, although he has no college degree.0.99
00:20:37.000He said he worked at Goldman Sachs and Citigroup.
00:20:40.000Both firms reported no record of him as an employee.
00:20:43.000Financing career, Santos portrayed himself as a seasoned Wall Street financier and successful businessman, reporting a rapid jump in income and large loans to his campaign, while journalists found Big gaps and unclear sources of wealth.
00:20:59.000He claimed Jewish heritage and that his grandparents were Holocaust refugees.
00:21:03.000Later, he backed off saying he was Jew ish after his maternal family background, not actually Jewish.
00:21:11.000He also made disputed statements about being a landlord with a family real estate portfolio and about his mother's death being related to 9 11, although she died in 2016.
00:21:53.000He was sentenced to 87 months in prison for wire fraud and aggravated identity theft, with officials describing his conduct as a mountain of lies.1.00
00:22:04.000His short House tenure ended with expulsion after an ethics report detailed misuse of campaign funds, including personal luxury spending.0.99
00:22:12.000Fucking dude, you could have been in jail for 87 months and you got out and you blew it all on a bet.0.99
00:22:21.000Like, how much did he make off the bet?1.00
00:23:03.000But I think I listened on the news this morning and it said, Four people close to him reported him though.
00:23:10.000So, well, when you're that kind of a fraudster, allegedly, and that kind of a liar, allegedly, you tend to not have close friends that you could trust.
00:24:43.000In October 25th, October of 2025, rather, Trump signed a commutation with.
00:24:51.000For former Representative George Santos, ordering his immediate release from federal prison where he was serving a roughly seven year sentence for fraud and identity theft.
00:25:00.000Commutation shortens or eliminates the punishment but does not erase the conviction or declare the person innocent, unlike a full pardon.
00:25:09.000Trump said Santos had been horribly mistreated and had spent long periods in solitary confinement, which Trump framed as too harsh for a rogue politician compared with others.
00:25:20.000Commentators widely interpret the move as fitting.
00:25:22.000Trump's pattern of granting clemency to political allies and loyalists rather than based on traditional justice system criteria.
00:25:30.000I mean, look, it's a weird thing that you could do.
00:25:33.000The fact that you're the president and you could just say, What did you do?
00:26:09.000Well, we've on this show, we've done a lot of work with my friend Josh Dubin, who used to work with the Innocent Project and now he works with the Ike Perlmetter Center for Legal Justice or Criminal Justice.
00:26:22.000So it's all people that are wrongly convicted and there's a shit ton of them.0.99
00:26:26.000And you find out that there's these rogue politicians or rather prosecutors, these rogue prosecutors and rogue DAs and rogue cops that just have fucking dozens and dozens of bullshit convictions where they fucking hid evidence.0.98
00:26:41.000They absolutely knew the person that they arrested was the wrong person.0.99
00:26:49.000They lose their ability to give a fuck whether or not the person that's in jail is actually guilty of that crime and they justify it in their head while he was a drug.1.00
00:26:58.000Dealer, or he was a this, or he was a that, and he fucked off his whole life.1.00
00:27:01.000We're better off with him being in jail.1.00
00:27:04.000Let me go to Morton's and have a steak.
00:27:06.000You take that, and then you compare it with like every violent crime that has happened in Austin this year are people that have been repeat criminals just let loose.
00:27:17.000Okay, so locking up people that don't deserve it, and then a guy, a guy off a 360 here in Austin, killed his family, and he was let out a couple times before.
00:27:32.000You have these very liberal DAs who are letting people go if they think that they're from a protected class or if they think they've experienced racism or they've experienced some sort of an unjust situation as a youth and they need a second chance and the system is racist and so you let them loose.
00:27:55.000But you've got people that, like the guy that pushed someone in front of the train in New York City had been arrested over a dozen times.0.99
00:28:04.000And there's some kind of crazy statistic, particularly about New York City, that something like 50% of all the crimes are by a very small number of people.1.00
00:28:26.000I saw some people do an analysis of like the kind of content and news we were getting in 2015 by people that I watched and liked, like the Vlogbrothers and stuff on YouTube.
00:28:37.000Where everything was about the prison industrial complex, which I'm not saying is not a thing.
00:28:40.000It's certainly, there's definitely issues for sure.
00:28:43.000But it was about how, you know, we have the highest prison population and stuff.
00:28:49.000And again, these aren't untrue things, but it started putting out all this unchallenged information about how we are too critical in this country and too punishing.
00:28:59.000And then what you started to see after that was the politicians like the DA here, the DA in San Francisco coming around the 2020 stuff after the George Floyd situation and everything, where all of a sudden it was beyond soft on crime, like beyond.
00:29:11.000Where they could do any amount of property damage that they wanted in San Francisco and just no challenges.
00:29:17.000So, the DA in Chicago that raised, I think, the theft for felony threshold from like $50 to $500 or something.
00:29:54.000Well, it's also you find out that there's sort of a dark element to it all.
00:30:00.000And there's people like George Soros and the Open Society Foundation.
00:30:04.000And what they do is they invest their money in politicians, they invest their money in DAs, and they get like the most liberal, the most, you know, Progressive, the one who's going to do the most damage to the city in terms of crime.
00:30:19.000And then he funds the next guy to compete against him, who's further left.
00:30:24.000And they just go further and further and further until you've got people like the guy they got rid of in Los Angeles that was just violent crimes.
00:31:16.000I've had conversations with him about it and he explains.
00:31:19.000The way Soros does it, and that it's actually a great investment because, like, to invest in politicians in terms of like to spend money on a campaign for the president, it's a lot of money.
00:31:28.000Spend money on a campaign for becoming the governor.
00:31:48.000I mean, he was releasing all kinds of crazy criminals.1.00
00:31:52.000And you're like, why would you do that?
00:31:55.000And there was a podcast that I was listening to where there was a former gang leader who was leaving Los Angeles.
00:32:01.000Because he was saying it's getting too dangerous and they're about to release thousands of people from prison because the prisons are overcrowded.
00:32:08.000So they're releasing thousands and thousands of violent offenders.
00:32:11.000And he was sounding the alarm for it for a gang leader.
00:32:19.000That's the primary reason I'm against the things like all the funding for the train in California specifically because I actually really like, I'm a big advocate for public infrastructure and even like dense living.
00:32:31.000Like, I love when you visit a place that is like dense and really cool, lots of community.
00:34:01.000Well, honestly, definitely not as deep as Musk is on this, but for me, I really think it's this political capture.
00:34:08.000When you get in those ecosystems now online, you can get on TikTok and it'll immediately figure out within three minutes what group to put you in.
00:34:20.000And we know young generations, especially young women, they've moved more politically extreme than any other generation in the history of the United States.
00:34:28.000And they've moved to the left, you know, left, right, I don't care, but they've moved to the extreme version.
00:34:33.000And when you're politically captured, you then vote for the people that are more politically captured on that left.0.96
00:34:40.000And there is a lot of that moral masturbation that comes with it.0.98
00:34:45.000We had all that information around 2015, 2020 that any, that Anyone that's going to prison is, you know, just for having weed or anything like that, we're just evil as a society.
00:34:59.000And when you get that and you start moral masturbating about everything, it sounds right.
00:35:21.000And people that are politically captured online, especially in our algorithms, it's just so brutal.
00:35:27.000And they just vote for that on repeat because they hear no alternative perspective.
00:35:30.000And even still, it's so politically captured now where it's like, if you disagree with 1%, you're a Nazi and you're, you know, get out of here.
00:35:47.000Economically, I've moved a little to the right over the past few years.
00:35:52.000But compared to the people, Surrounding me in college, that were definitely like far left because you know, music school and all that stuff, but they were still algorithmically captured.
00:36:00.000I was borderline like a Nazi because I just didn't agree with everything.0.91
00:36:04.000Yeah, you know, maybe the taxes shouldn't fund tits.0.97
00:36:13.000I think you're absolutely correct about the political capture, but I think it's also manipulated, and that still doesn't account for who's funding the DA campaigns and the fact that Soros does get involved in these kind of things, and not just him, but others as well.
00:36:26.000Do you think he truly believes in it, though?
00:37:08.000I think now more they want to pretend that they think it's going to have a positive outcome because it justifies what they're doing.
00:37:14.000And then it also I think with politicians, it's really a self serving thing.
00:37:19.000They just know that people are politically captured, so they say the things that the politicians like listen, Gavin Newsom in any other world could easily be a Republican.
00:37:35.000It's about his campaign and his image.
00:37:37.000And that's why when he addresses any of the issues with California, he always goes into this pre planned speech about we're the biggest tech sector.
00:37:45.000We're number four in the world and the world economy.
00:37:48.000He starts moving his hands around.0.98
00:37:49.000He's got a little fucking voodoo dance he does because it's not really about addressing the situation.0.98
00:37:54.000It's about framing it in a very positive way so that he looks good, so that he moves forward.0.99
00:38:10.000They're leaving, but a lot of the, you know, everyone running for governor on the left was okay with the billionaire tax.
00:38:16.000But since he's going to be eyeing for president, he needs to be a little more sane.
00:38:20.000And I mean, pretty much every independent report says yes, it'll capture tens of billions quickly, but it'll lose hundreds of billions over the long term because the wealth that you tax on a yearly basis is just leaving.
00:38:31.000It's not just that, it's a slippery slope.
00:38:33.000It might start with billionaires, it'll work its way down.
00:38:37.000It'll work its way down to thousandaires.
00:40:40.000The danger is children are getting a very distorted perception of what the reality of the world is, like right out of school by people who don't live in the world.0.99
00:41:28.000You're just teaching concepts and ideas, which Most people that have done those things, that have jobs, that have started business, think are fucking ridiculous and don't work and have never worked anywhere in human history.0.84
00:41:42.000And yet, that's how you're employed to shape young minds.0.98
00:42:07.000Again, I agree with a lot on the left.
00:42:09.000But when something where you're spending four years has that ratio, it's going to get overwhelming in terms of the information you get without any alternative perspective.
00:42:45.000And I was, you know, I didn't really like it.
00:42:46.000And I was like, you know, to me, I can't really describe it, but it's a little weird.
00:42:50.000Then I had to listen to a 10 minute lecture about how the word weird has been used for colonialism and slavery and imprisoning people and murdering people of color and people who have transitioned and stuff because I said the word weird.
00:43:11.000I don't know if there were other normal people around me, other professors that didn't believe what she was saying, but no one was willing to because you'd be ostracized.
00:45:04.000Like they should pay their fair share.0.99
00:45:06.000Shouldn't we figure out where the fucking money's going first?0.98
00:45:09.000When you have thousands and thousands of NGOs, you have all these billions moving around in very mysterious ways.0.99
00:45:17.000You're not concerned with that, but instead you want to take money from this guy who's got this giant penthouse, like that Ken Griffin thing, where Mamdani's standing in front of it, like, yes, it's crazy.
00:45:31.000Which is stupid because now he's just going to take all the wealth from New York and go down to Miami.0.99
00:45:35.000I know, but it's a weird thing where some of these, you know, Democrat socialist mayors, they don't seem to think that that's a problem.0.98
00:45:42.000Like that lady in Seattle is like, well, if they leave, goodbye.
00:45:46.000Okay, I actually like Mandami as a person.0.99
00:45:48.000I really dislike the lady in Seattle as a person.1.00
00:46:26.000Well, then you end up with that and now people are leaving.
00:46:29.000The Mondani thing is also interesting because one of the things you said recently is that if they have bad landlords, they might take the house.
00:46:54.000I'd love to see that survive the courts, but it's a crazy idea that we're even there.
00:47:00.000And of course, those bad landlords that we're talking about are usually like rent controlled units where they can't bring in enough money to even maintain the units.
00:47:10.000I mean, the percentage of units, I don't know, you can look up the exact number, but that are just sitting empty because there's not enough money to put into them just to bring them up to date is crazy.
00:47:19.000This is the most populated city in the country.
00:47:40.000Thing that goes on in New York City with really expensive apartments where people buy them and never live in them because it's just a place to put your money.
00:49:09.000The video was essentially talking about the engineering that was involved in making sure this thing anchors to the ground.
00:49:14.000And you would think you have to worry about this big thing.
00:49:17.000That's really, and you would worry about sinking, right?0.90
00:49:20.000Well, actually, they worry about it lifting because the wind is slowly rocking it back and forth, so it's fucking coming out of the ground.
00:49:28.000And then the people will just buy there and not even live there.
00:50:51.000But when you know that there's so much waste and there's so much fraud, And then all they're saying is we need to make people pay their share.
00:51:03.000You know, when you see the $24 billion that was spent on the homeless in California, it's like you don't have any knowledge of where that money went.
00:51:35.000There's so many people that have jobs in nonprofits and they make an extraordinary amount of money.
00:51:40.000Well, that's why they should look to Houston.
00:51:41.000Instead of nonprofits, it's one central city run organization and they've actually decreased homelessness with like a 10% of the budget per homeless person than LA.
00:51:52.000But LA has a network for every little corner of the homeless services.
00:51:57.000It's a network of different nonprofits and organizations.
00:52:09.000Well, instead of these different organizations that all have these different incentives to maintain the jobs, like you said, and not even report certain data, this is a city organization actually held responsible by the people, by the voters, by the city council.
00:52:25.000It's just one place where the money goes.
00:52:27.000It's not these endless nonprofit jobs.
00:52:30.000The incentives are just misaligned across the board.
00:54:43.000Well, they're trying to do some things with Sixth Street.
00:54:45.000And one of the things they're doing, they're investing a lot of money and trying to open up high end places and restaurants and businesses.
00:54:50.000But, you know, it's going to be a slow slog.
00:54:57.000Actually, the people do need help, but when homelessness is like at minimum 25%, this is reported from polling done via homeless people, so can't 100% trust it.
00:55:08.000But 25% mental health issues like, what are you gonna do?
00:55:11.000You're just gonna let them forever be wherever they want and do whatever they want, endanger themselves and others.
00:55:16.000There's a dude constantly wielding a machete down there that's always just twirling it.
00:55:21.000When I had friends visiting other big podcasters, I took them down downtown.
00:55:25.000The first thing I saw on Sixth Street was a guy spinning a machete.
00:55:59.000It sucks that there are so many competing philosophies on how to make a society run correctly, and a lot of them just completely ignore reality.0.99
00:56:17.000What's wrong is you have a completely captured government, and there's also this weird aspect to it where there are people that are working for nonprofits to make things better that don't make anything better.
00:56:29.000They don't do a good job at all because they're not beholden to all the pressures that you would have if you were an independent business.
00:56:37.000If you're an actual private business that was assigned a task of cleaning up the homeless issue, you wouldn't make any money if you didn't do a good job.
00:56:50.000Like if you had, if homelessness, cleaning up the homelessness was an actual business and you started a private business to clean up the homeless and you got all this money, nobody would invest in your company.
00:57:04.000But because it's a nonprofit, you can have a $700,000 a year salary and do a fucking terrible job and have no fear whatsoever of being unemployed.
00:57:13.000And another difference between Houston and LA that I forgot to mention earlier I mean, a part of it is the cost of labor, cost of housing, but a shelter or a room to put a homeless person that is starting to get clean in Houston costs a few hundred thousand dollars.
00:57:30.000It costs a million or more in California.
00:57:33.000That's just, you can't compete against that.
00:58:52.000I don't know why we're willing to do something for 5, 10, 15 years, see it doesn't work, and then just say we have to keep doing it and put more money towards it.
00:59:00.000Well, I think, again, what you're saying earlier about social media and these echo chambers is really important because in their world, this is the only thing to do.
00:59:10.000And that all just gets this feedback loop where it's the right thing to do, the only thing to do.
00:59:15.000And they come up with reasons why it's not working and then call everybody Nazis.
00:59:19.000Yeah, and that's why also those echo chambers are why, when polled, Younger people are more okay with violence against people on the other side of the political aisle from them, which is a very scary place to go.0.95
00:59:30.000It's very scary, especially when I see death threats all the time in my inbox and, you know, doxing and shit like that.
01:00:26.000I got a death threat on Twitter yesterday for saying Americans spend too much money on cars.0.84
01:00:32.000He said, I should, that it's crazy that Caleb Hammer is still breathing air and that he should come up from San Antonio and kill me or something.0.80
01:01:06.000No, people think I'm evil because they say I don't talk about the issues that led us here in the first place, but it's a personal responsibility show because more people have agency than they're willing to acknowledge.
01:01:18.000Like, we're in the highest disposable income society in the history of human existence.
01:03:02.000Even when you think of like buying the starter home in the 50s and wherever, you know, they were like the size of this room that we're in right now, mass produced.
01:03:09.000Okay, that's still a home that's great you could buy, but you were going to a job that you hated, that you're sweating, that had no AC where you're working with your hands all day, and it was miserable.
01:03:18.000They didn't like the jobs, they liked that they had a good paying job.
01:04:44.000There's very few differences in any of the technology involved.
01:04:47.000In fact, I tell people, especially people that want a nice car, one of the best investments you can get is get an electric car that's about two years old.0.99
01:04:57.000Like, electric Porsches and electric Audis in particular, fucking nobody wants them, man.0.99
01:07:54.000So, I'm not saying everyone can do it, but if you can do it, it's a great option.
01:07:58.000But even still, you can get used gas cars for relatively similar reasons.
01:08:02.000But they will defend to the death on my show having to get a $60,000 large SUV at an insane interest rate for an eight year loan, eight year term.
01:08:52.000And we especially do when we're not doing that well.
01:08:55.000So you want like every single sign that shows that you're doing well.0.97
01:08:59.000You know, a nice watch, a nice this, a nice that, a bag, whatever it is, whatever it is that you need, like a reward for this job that sucks.
01:09:08.000Yeah, oftentimes the poorest people I know are the ones that have more souped up, nicer cars.
01:09:41.000That was a weird thing to get sad about, but I was actually sad that day.
01:09:44.000Also, I was sad because I knew it was the rise of the robots because they're using it to make these fucking Optimus Prime robots, and they're going to be flooding the streets everywhere.0.91
01:11:30.000The overall marketplace, SP 500, it just beats real estate.
01:11:34.000Commercial real estate is good to get for tax advantages, but the American dream isn't owning a home anymore.
01:11:38.000It's the freedom of renting because you can live wherever you want, you can move for a job like that.
01:11:43.000Getting a house, you're stuck in a house.
01:11:45.000It requires a massive amount of money for a down payment.
01:11:49.000And It's just a lack of flexibility in a generation and age where people want to be more flexible and travel and explore and take new jobs everywhere.
01:11:57.000But it also just doesn't make sense as an investment anymore.
01:12:01.000It used to be the defining trade of the middle class and one of the largest wealth creating things for the middle class.
01:12:08.000But now, with the incredible stock market that we've had over the past 50 years or so, it beats it every time.
01:12:14.000If you rent and just put in your money into the stock market instead of that down payment on a house with a little extra for a mortgage, you'll win every time.
01:12:24.000Let's say you got the good interest rate.
01:12:26.000Everyone with the good interest rate is stuck right now because they're not willing to trade up for a house they actually want, but with a higher interest rate.
01:12:33.000So homes become like these people's prisons.
01:12:37.000If you know you're going to stay somewhere and it's what you've ever always wanted, there's nothing wrong with doing it, but it is not that actually incredible financial thing that has defined America.0.97
01:12:50.000That being said, Americans suck at investing.
01:12:53.000So if the only way for you to invest, Is put your money in a house that you literally cannot touch.0.97
01:13:01.000Because if instead you need to put an extra 20% to the market if you rent, but Americans just want to go spend that on a vacation, then maybe you're better off in a house because you need that forced investing.
01:13:41.000You don't have to deal with the AC going out and all this stuff.0.98
01:13:44.000If you're renting for, especially even larger corporations, they're actually even better to rent for than a mom and pa because they'll have someone on standby that'll fix your shit overnight.0.99
01:13:52.000Or a mom and pa landlord, you know, it kind of sucks.0.99
01:13:59.000When you're talking to these young people that are talking about their future, what do you think about what's happening with AI and the potential for AI to displace jobs and these people that are investing their future in going to school and getting this job that might not even exist?
01:14:51.000Degrees in general, what degree you get in school, has been one of the largest and most consequential decisions that people have been messing up for the past few years.0.99
01:15:01.000And it's actually one of the leading causes for that gender wealth divide that is always talked about.
01:15:07.000When compared for the same job, same person, same experience, which is never compared in that study, It's actually 99%, very similar.
01:15:18.000But what we see oftentimes, and I feel bad for the women my age with this, is statistically, they've gone and got lower paying degrees and now degrees that are very susceptible to AI, which is going to be very damaging for a large group of people that are going to push them to become even more radical.
01:15:39.000But women have gone and borrowed a lot more money for degrees that provide a lot less return on investment, like sociology.
01:15:48.000Psychology, the arts, things like that, where you can't maybe even get a job.1.00
01:15:52.000You're going to be a barista, or if you are going to get a job, it's usually a lower paying job.
01:15:56.000Where men have gone, we've fallen this thing in our society where men have always tried to go to that higher income side and give up a job they like for it.
01:16:06.000So they'll go into engineering, the maths, the sciences, even if they don't like it, or the trades, very labor intensive.
01:16:13.000And even though AI, you know, they're susceptible to some things in tech there, it's always been higher paying.1.00
01:16:19.000And that's what's made that gender wealth.0.85
01:16:23.000Gaps so heavy that and then women post birth is the second highest leading cause.0.66
01:16:29.000But when it comes to AI, people are already making the mistakes in the degrees they've been getting over the last 10 years.
01:16:35.000And now this is just going to accelerate that even further.
01:16:38.000When it comes to data entry jobs, things that are super easy, even unfortunately, who knows if we'll allow it for therapists, but it's getting there pretty quick.
01:16:46.000People are willing to trust AI way more than we thought in these psychology degrees and whatnot, writing degrees, things that.
01:16:54.000Unfortunately, that large sector has gotten, they're much more susceptible to AI.
01:17:00.000And it's going to lead to, I think it's going to lead to a lot more political radicalization.
01:17:04.000And that's what scares me more than anything.
01:17:35.000And people need to prepare themselves by trying to borrow the least amount possible when they get their degree, go to community college if they can, and go into something that's more AI resistant, which to me is, again, things like trades, things that need that extra creative edge where AI doesn't seem to be able to get there yet.
01:17:57.000Maybe it'll be able to at some point right now.
01:17:59.000They're really good at going through numbers and stuff.
01:18:01.000But that true creative edge actually coming up with something new, that's what I think people should be going towards in college right now.
01:18:20.000But going to school for something that's not viable financially.0.96
01:18:23.000Why do you think, and particularly women, why do you think so many of them get these degrees in sociology, get these degrees in gender studies, get these degrees in things where you're just not going to be able to make a living?0.99
01:18:38.000Yeah, I think you can do a lot of good in a lot of them.
01:18:42.000So, if you're doing social work like that, and nursing actually does pretty well, but in that lower paid part of medical, you know, you're doing a lot of good.
01:18:53.000We spent a lot of decades doing, trying to really fix the percentage of college.
01:19:00.000We were having like men, men, men, men.
01:19:13.000Once they got there, just fuck why they're doing it, it's harder to say, but they definitely do more gravitate as a cohort towards those lower pain degrees like psychology and whatnot.0.99
01:19:25.000And I don't know, men just go to the higher pain degrees.0.99
01:19:28.000I don't know if it's something in our culture where men feel like they need to be a breadwinner or whatnot.
01:19:32.000Yeah, that's what I'm wondering if that's what it is the need to be a provider and to thinking, like, these low paying jobs are not going to be able to give me any money.
01:19:48.000Men are starting to kind of fall off that platform, though.
01:19:51.000I don't know if you've been watching the trends, but now it's closer to like 60, 65% of new degree holders are women, and men are just not going to college anymore.
01:20:17.000Where they're not getting any education, they're not looking for any kind of job, they're not even collecting unemployment, they're literally just sitting on their ass.1.00
01:20:24.000That is a big cohort of people right now.0.98
01:20:26.000What do you think that's causing that?
01:20:29.000Well, there is a lot of the red pill victim mentality.
01:20:33.000I don't know if I want to fully enable it, but I mean, maybe there's some justification a little bit, but they think that everything's against them.
01:20:41.000They think that DEI specifically was preventing them from going to work or preventing them from going to school, that schools politically captured.
01:20:52.000There's a survey done that of people that were choosing not to go to college.
01:20:55.00030% said that it's because 30 or 40% said it was because college is becoming too politically captured.
01:23:06.000Participants argue this is not about misandry, but rather a drastic method to opt out of an intensely patriarchal society and protect themselves from gender based violence.
01:23:15.000Such as digital sex crimes, spy cams, and workplace discrimination.
01:23:21.000So it picked up some pretty big steam here in the United States after 2016.
01:23:25.000But I got to think that everyone who's saying no dating men and no sexual relationships with men isn't attractive.
01:23:40.000Very high virgin rate, which is really odd.
01:23:42.000We're finding a lot of them identify as Christian, and that's the reason why they're saying, or Catholic, this is the reason why they're saying they're virgin.
01:24:37.000But the unfortunate real life consequences lead to that loneliness online because the real life consequences that people are staying inside and on screens and more lonely than ever.
01:25:07.000It's just so strange that these people don't recognize that you have a finite time to exist and you're spending all your time captured in these fucking stupid echo chambers.0.99
01:25:19.000Feels good to be a victim, though, because everyone online that is in your little ecosystem, they give you the thumbs up, they make you feel reassured.1.00
01:25:49.000So we're talking about a country where a woman's career can be jeopardized for something as innocuous as wearing a t shirt that reads, Girls Don't Need a Prince, or for liking a women's march post on Twitter, even if it was seven years ago.
01:26:01.000Incidents like this have occurred and recently, as recently as last year, we're talking about literal termination of a contract due to a heart made on a post regarding women's safety issues on Twitter dating back to seven or more years ago due to incel gamers throwing a fit.
01:26:18.000So they have an incel problem in Korea, too.
01:26:45.000But if your outcome is to become radicalized into something like the 4B movement, no one should be fired from wearing a dress or like in a post.0.86
01:26:53.000But to become radicalized and start this thing where it divides the genders, because we have more political division in the Gen Z gender than any other generation, more religious division, it's crazy.
01:27:07.000And to fuel that because things have been not perfect.
01:27:10.000So when you say political division, so.
01:27:12.000Is it that young men are going to the right and young women are going to the left?
01:27:18.000When they've done tracking and polling of post election results and how people have voted, age groups and gender groups, they've seen that men have moved to the right a little bit, but women dramatically since 2016 have moved to the pretty far left.
01:27:34.000Young women, not millennial or Gen X or boomer women, especially, but Gen Z women have moved very far to the left.
01:27:44.000I wonder what changes, if anything, in that when women have children.0.56
01:27:48.000Because one of the things that I found is that my friends who wound up having children, my female friends, they almost all started moving to the right.
01:27:57.000They almost started all recognizing that there's real safety issues, there's real crime issues.
01:28:03.000They're wondering where their tax money goes.
01:28:05.000They see corruption and fraud, things that they never really talked about at all when they were single and didn't have a child.0.99
01:28:12.000But as soon as they get married, as soon as they have children, then they start going, hey, fuck this place.0.67
01:28:17.000You know, they like so many of them wind up moving out of LA right after they had children, and so many of them started moving into a different sort of ideology.0.97
01:28:27.000But people have to get married and have kids for that to happen.
01:28:30.000And we just hit our lowest birth rate in the United States.
01:28:33.000Is it the lowest ever replacement rate?
01:28:57.000You can't have a collapsing population because you use the argument, sorry, not you, but people could use the argument they'll destroy our culture if we let in all these immigrants.1.00
01:29:07.000And yes, of course, that would happen if you just let anyone in, no matter what, uncontrolled, sure.1.00
01:29:11.000But South Korea is also going to lose their culture because their population will not exist by the end of the century.0.56
01:29:17.000So there's multiple ways to lose a culture, but I'm a big proponent of selective, high skilled, Good proportional immigration.
01:29:27.000And I think that's the more bipartisan issue.
01:29:29.000That's where Bill Clinton was in the 90s and whatnot.
01:29:57.000On an economic issue, because I always go back to economics.
01:30:00.000I don't get as fired up about the social stuff, but I do like some kind of immigration for sure.
01:30:05.000Some people are like completely anti immigration, but I like some kind of immigration because we do need a growing job pool specifically to maintain an economy so that people my age can retire.
01:30:17.000If the dependency ratio of every person not working for every working person is getting close to one for one in South Korea, in the United States, when we implemented Social Security, it was closer to like 60 to one.
01:30:30.000Now, the United States is like, it's like five or 10 to one.
01:31:07.000They're born there typically, or they even emigrate there and they become very educated.
01:31:12.000They're the ones that are going to contribute to the tax base, create jobs, do higher skilled jobs, great doctors, everything's like that.
01:31:21.000But they look around them, the economic policies have failed, so they come to the United States.1.00
01:31:25.000And then there's only the immigrants that have come in that aren't able to replace that brain because they come from somewhere where no fault of their own is just less educated.1.00
01:31:36.000So, they aren't able to contribute to that tax base.0.97
01:31:39.000We're actually starting to see something similar in LA right now with the wealth flight and brain drain.
01:31:45.000Though the net migration in LA is not looking the absolute worst, people that were contributing there moving away and providing to the tax base versus people that are coming in and aren't being true net contributors is becoming horrendous.
01:32:00.000And they're looking at like a billion dollar deficit coming up pretty soon for the city of LA.
01:32:07.000I rail against performative policies because I don't want to end up like a place like the UK, where it would rank 51st out of all 50 states, by the way, in terms of GDP per capita, which is absolutely crazy, worse than Mississippi.0.87
01:32:23.000And then if you're having immigration while that's happening, all you have left is just that.0.86
01:34:05.000Why do you think personal responsibility is thought of that way?
01:34:08.000Is it because people cherish this idea that they're a victim and they hold on to it, that it's a part of their identity?
01:34:14.000And if you challenge that and say, no, Some of this is your fault.0.99
01:34:18.000Then you're being cruel, you're a sociopath, you're a fascist.0.84
01:34:24.000There's a large group of people that want people like me or Dave Ramsey to just give them a hug and then complain about the systemic issues that got them there in the first place.0.97
01:34:39.000But you do have a little bit of agency.
01:34:41.000And I'm not going to talk to you about what policy you should vote for because that's going to require millions of people to overdo a system that you don't like.
01:34:47.000What you do have control on right now is whether or not you swipe the card somewhere, whether or not you get a high interest rate credit card, or get a bullshit degree from a private institution out of state.
01:34:57.000You have those controls right now.0.51
01:35:42.000It's that automatic account connections through multiple different services.
01:35:47.000So, you get your accounts connected and you get to immediate insights that show where your money's going, what you can do to actually improve your life, and the steps you need to take.
01:35:57.000It fully guides you in that process.0.97
01:35:59.000So, were you motivated to do this just based on these conversations you've had with people that don't know what the fuck to do?0.98
01:36:04.000That and to make a shit ton of money.0.95
01:36:32.000But even then, I remember stopped using it.
01:36:34.000Like many people, most people fall off of budgeting apps because they're just burdensome.
01:36:39.000It takes a long time to figure out the systems, and they're just over engineered for the personal finance nerd that loves every little detail.
01:36:47.000So, we just built something simple that just shows people immediately where their money is going and what they need to do to change.
01:36:54.000So, that's what we focused on when we engineered this thing.
01:36:57.000And so, when you're having all these conversations with all these different people that have like these terrible budgets, doing a terrible job of taking care of themselves, do you ever get this feeling like that you're not?
01:38:43.000But what we try to teach people on my show is that change the behavior that got you in that first stack in the first place.
01:38:51.000And if you can prove that you can follow a budget for a few months, then you can take that shortcut by consolidating and then probably just close those cards so you can't use them.
01:38:59.000But the same thing applies for bankruptcy.
01:39:01.000So that's why our show is simple stuff.
01:39:04.000You just fix the spending, you get it under control, you live in even Elizabeth Warren's 50 30 20.
01:39:11.000She's the one that pioneered 50 30 20, which is 50% on needs, 30% on wants, 20% on savings.
01:40:18.000And since I've been through that personal finance side and gone through the work, I can at least help hold people's hands and show them what it's like to go to the other side of that tunnel, to put in the work, the temporary sacrifice of a few years, and really live the rest of your life in such a better way.
01:40:38.000Changing behavior requires a change in perspective and it requires something.
01:40:44.000And for some people, they have to hit rock bottom or they have to have some, you know, they have a birth of a child.
01:40:49.000Like something rocks them into reality and they go, I, whatever the fuck I'm doing right now, it's not the right path.
01:40:55.000But it's just so hard for people when they're playing this blame game and they're looking at successful wealthy people as being the problem.0.99
01:41:02.000Look at Jeff Bezos and his fucking yacht.0.99
01:41:04.000Like that's nothing to do with you.1.00
01:41:52.000I think there's also a problem in a lot of people have something that they really want to do that they're not doing, and they're not pursuing that.0.97
01:42:03.000And so then they're even more bitter because they're spending time doing this job that they hate, which sucks.0.91
01:42:07.000They think it's taking away from their ability to do this other thing, which sucks.0.82
01:42:11.000And then they come up with all sorts of rationalizations for why they're not doing it.
01:43:29.000And I think, you know, as much as it's probably frustrating.
01:43:32.000You know, when I brought it up that you're putting your finger in this dam and there's a hundred holes, I really do think that you have a positive impact because I really do think there's a lot of people.
01:43:43.000I mean, you get millions of views, there's a lot of people that are watching these conversations and it resonates.
01:44:01.000You give them, like, you explain to them what the steps that they can take.0.94
01:44:06.000You know, and that's the fucking crazy thing is they're not getting this from school.0.96
01:44:12.000School's not teaching you how to organize your future, which is fucking a critical skill, a critical piece of knowledge.0.98
01:44:20.000Like having a path that you can actually follow.0.89
01:44:24.000I think it's a lot of the time it's the student counselors there.
01:44:28.000Cause I remember being in school, in high school, and the student counselor I met with her once a year, and the only conversation is, what do you want to study in college?
01:44:38.000And it's fair for most people, college does still have like a 60% premium on those without a degree on average.
01:44:45.000But that's the only conversation, and it is becoming less and less valuable as every year goes on.
01:44:50.000And if that's all school cares about, they don't care to even show you how to.0.99
01:44:54.000Okay, I mean, full admission here, and I'm going to look like the most beta pussy in the world, but I don't know how to do a fucking oil change.0.99
01:45:31.000When I went to high school, I went to Newton South High School, and there was this guy who ran the auto shop that was a Mustang enthusiast.
01:46:36.000Major tax revolts, such as California's Proposition 13 in 1978, decimated public school budgets because maintaining workshops, buying heavy machinery, and securing liability insurance were expensive.
01:46:47.000Shop programs became easy targets for elimination.
01:46:52.000High schools shifted their focus to standardized testing and four year university preparation, marginalizing vocational training, which meanwhile, Which is really crazy.
01:47:01.000What you're saying earlier today or earlier on the show was very important.
01:47:05.000It's like trades might be the only secure pathway.
01:47:09.000Becoming a carpenter, becoming an electrician, heating and ventilation.
01:47:13.000People are going to have to have those systems installed and maintained.
01:47:17.000And we're going to need people for that.
01:48:28.000I can't just fully respect the college degree only, especially when you can get the most bullshit degrees now, and especially where the average GPA and passing tests. Have gone substantially higher because our standards are so much lower in universities now.0.93
01:48:56.000And it's also education is so readily available.
01:48:59.000If you want to educate yourself, there's just YouTube alone, you could kind of learn anything.
01:49:05.000You can learn anything about anything.
01:49:07.000And if you're really interested in actually doing the work and actually trying to absorb the information, You can get a high quality education without ever stepping into a university.
01:49:17.000Just with audiobooks, just with YouTube, just with I mean, there's so much knowledge, much more than any other time in human history.
01:49:26.000So the idea that the only way to get an education is to go to these socially captured, these politically captured environments and be force fed this indoctrination of horseshit by communists who have never had a real job and also be in debt.0.98
01:49:44.000An insane amount of money because you're spending more money for that education than you're going to spend on anything else when you're fucking 18 years old.0.92
01:49:52.000There's nothing even remotely close to a year in a university degree unless you're buying a new car every year.0.99
01:49:58.000Like, what the fuck are you spending that kind of?
01:50:00.000Like, what is, how much, like, let's, what's Harvard a year right now?0.99
01:51:32.000So more than 900,000 of them in the 1980s have discovered that they must put aside college daydreams and settle for jobs that do not require a degree if they want to work at all.
01:51:54.000It says, yeah, the Federal Bureau of Labor Statistics has long predicted that the number of college graduates would exceed the number of technical, managerial, and professional jobs available to them.
01:52:03.000A result in part of a decade and a half long influx of well educated baby boom generation into the labor market.
01:52:13.000The problem is, like, young kids, if you ask kids, the vast majority of them what they want to do, I think, I know this is in California, it was like overwhelmingly they wanted to be famous.
01:52:51.000The numbers aren't good in terms of the amount of people that are going to make it, but what are those factors that are keeping people from figuring out how to do it?
01:54:41.000I mean, there's a lot of YouTubers, but being able to leave a legacy and actually say that you've helped tens of thousands, if not hundreds of thousands of people actually fix their lives, that's actually something special.0.97
01:55:05.000And I'll be honest, I don't think they would let me into the world because I'm right wing coded.
01:55:10.000And it sounds like a joke, but it's actually real.
01:55:15.000If you go on the music side of Facebook where they all are different band directors and different things like that, they're all very, very woke, which is cool.
01:57:07.000You got the dollar wise app, you have this YouTube thing where people can subscribe.
01:57:12.000So, but you seem like you've got some plans to build out and to take this even further.
01:57:18.000We want to scale this budgeting app like a lot, we want to really make it one of the top dogs out there and really provide a value that isn't being met in the marketplace.
01:57:42.000And we found a way to make it interesting and entertaining.
01:57:44.000I'd love to help some other people launch their stuff.
01:57:47.000And then, like the personal financial tools, similar to what Ramsey has, Dave Ramsey, they connect people with mortgages and stuff.
01:57:54.000We want to make sure we can provide that, but in a way that isn't so limited and stringent to a strict ideology.
01:58:00.000So there's a lot in the market that's not being met that I really want to build out.
01:58:05.000And for young people, like to have a resource like that where there's someone who doesn't have a boring, stale sort of perspective that could teach you how to budget yourself and how to, like, take your money and invest it.
01:58:16.000And then I'm sure there's a ton of online platforms that show you how to cook, that can show you how to shop, how to, you know, how you can save money by going to a grocery store and what's cost effective and getting your nutrition in, but also saving some money.
01:59:19.000So, when you say emergency fund, what do you consider an emergency fund?
01:59:23.000So, there's a debate between three months to six months of everything you need to live for a month.
01:59:27.000I'm on that six month side because things like the pandemic and shutdowns, we're in that kind of world now.
01:59:32.000So, you may as well go that full way, get a six month emergency fund that protects you in case of layoffs or just losing money or a medical emergency, whatever it may be.
02:02:14.000Like the people that got sucked into the NFT thing.
02:02:17.000I remember, man, how many conversations did we have about NFTs where I was trying to get someone to explain it to me?
02:02:23.000Like, no one can explain this to me in a way that makes sense why I can get that same picture and put it on my phone and it's free, but you have that picture on your phone and you own it.
02:03:54.000I'll finance your Caleb coin and you dump out early and you get all this money from it and fuck all these other people that thought they were going to make money and they're not going to anyway.0.97
02:04:03.000And now you've got that money and now we're going to work together to do something else.0.97
02:04:58.000I've heard this being proposed by politicians.
02:05:00.000It's quite terrifying because if they can turn your money off or on, if they have it, and turn your ability off or on to buy things, whether you can buy plane tickets or if you're problematic, you've done something that's crazy.
02:05:16.000But that's where all this control goes to.
02:06:02.000But there's no effort to do that whatsoever.
02:06:04.000And no politicians ever bring it up, it's never a discussion.
02:06:07.000Yeah, and it's good to set up incentives in the system as well.
02:06:12.000Well, so California is moral on a right, a lot of things with their social programs, but because a lot of their social programs and everything they've set up and safety nets, they're 49th in unemployment.
02:07:07.000It's pretty pathetic, I'll be honest.1.00
02:07:10.000You imagine if you're a fucking parent in your 60s.1.00
02:07:15.000And your 40 year old son is living at home with you?0.99
02:07:18.000No, I was pulling up some nerd stats before coming on here, and I was reading through Bureau of Labor Statistics or Gallup poll that 40% of people aged 18 to 29 regularly receive help from family and relatives.
02:09:14.000California holds contrasting unemployment rankings depending on the metric.
02:09:18.000It ties for the highest unemployment rate in the nation, but places second overall for the best states to work due to strong wage policies and worker rights.
02:09:27.000But that's also probably why a lot of people are unemployed.
02:09:43.000Like, even in Poland, which is one of the more capitalistic countries in the EU, if you get fired, they still got to let you work for them for a month or two.
02:10:08.000Imagine how bad that guy's going to perform when he has to get paid and he's there for two months and you have to deal with this disgruntled asshole kicking around the office.1.00
02:10:28.000But politicians don't get elected based on outcomes, they get elected based on what sounds good in an election cycle, what they can promise, the performative things they promise.
02:11:15.000And I think that's one of the more important things about these conversations that you're having is that people do need to hear what the consequences are for fucking up, what the consequences are, and that there's a path forward that you can actually fix your fucking situation.0.96
02:11:28.000Everyone, we are so lenient in this country with our bankruptcy protection laws.0.98
02:12:14.000Signed in the big beautiful bill the repayment assistance program, which is different than the previous program, but that allows as little as 1% of your income, depending on your income situation, to qualify as the minimum monthly payment.
02:12:54.000Every time we raise how much you can borrow for school, schools conveniently raise how much it costs to go to school.
02:13:02.000When it was cheap to go to school, when everyone was like, back in my day, it was cheap to go to school, it didn't, you couldn't borrow money to go to school.
02:14:06.000And then you've found this new avenue where you're entertaining, but you're talking about finances and giving people really good advice, sound advice.0.99
02:14:17.000And if you don't follow your advice, people are going to continue down the same fucking shitty road and their life will be ruined.0.97
02:14:24.000And I think it's awesome that you do that.0.98
02:14:26.000And it's awesome that you figured out a way to do it and make it entertaining and fun.