Financial Karma and the Fall of the FinTwit Bro Empire: Must-see Lessons about Constructive Paranoia

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 8 February 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

From a controversial billionaire’s new title to lawsuits and arrests galore, 2021’s “Golden Age of Grift” (as dubbed by Jack Raines) officially transitioned to the Era of Financial Karma in 2022. In this week’s episode, we rattle off some of the most illustrative downfalls—those most emblematic of our new bearish economic environment. Do we indulge this walk down memory lane because we’re schadenfreude junkies? No, not quite—there’s a lot to learn from this most recent 24-month hype cycle, including some “regular people” lessons about financial fragility. Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode The Golden Age of Grift: https://youngmoneyweekly.substack.com/p/the-golden-age-of-grift Tesla is Ringing in the New Year with a 10% Weekly Loss: https://www.marketwatch.com/story/tesla-is-ringing-in-the-new-year-with-a-10-weekly-loss-11673028845 Andrew Tate on "Why Reading Makes You Look Stupid": https://www.youtube.com/watch?v=tyuMjpLrCLs&ab_channel=SirSic Nick Maggiulli's Of Dollars and Data on Atlas Trading and Trading Games: https://ofdollarsanddata.com/trading-games/ New York Post piece on G-Wagons: https://nypost.com/2022/11/28/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash/ Tesla's PE Ratio from 2010-2022: https://www.macrotrends.net/stocks/charts/TSLA/tesla/pe-ratio 70% of Rich Families Lose Their Wealth by the Second Generation: https://money.com/rich-families-lose-wealth/ Nick Maggiulli's Of Dollars and Data on The Double-Edged Sword: https://ofdollarsanddata.com/the-double-edged-sword/ Sequoia Capital's Don Valentine: https://twitter.com/Lion_Investor1/status/1419833443953913867?lang=en A Third of Americans Earning $250,000/Year Are Living Paycheck to Paycheck: https://www.essence.com/news/money-career/high-earning-americans-living-paycheck-to-paycheck/ — Follow Along at Money with Katie: https://moneywithkatie.com/ Watch on YouTube: https://www.youtube.com/@MoneywithKatie Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Elon Musk, Andrew Tate, and Sam Bankman Freed.
0:07.0	If 2021 was the golden age of GRIFFT, then 2022 was the year of financial karma.
0:13.5	What can we learn from these very public downfalls about our own financial decisions?
0:19.2	More than you'd think, let's get into it.
0:28.3	Welcome back to The Money with Katie Show Rich Girls, and boys, I'm your host, Katie
0:32.4	Gattie Tossan, and recently, I've been thinking a lot about financial karma and how things
0:38.2	tend to revert to the mean.
0:40.2	I know, girl, what?
0:41.9	But even though it sounds lofty, a few current events and, honestly, tweets that have
0:47.6	trickled into my awareness have left me preoccupied in paranoid.
0:52.3	2021 was, as my friend Jack Reigns dubbed it, the golden age of GRIFFT.
1:03.2	Robin Hood was minting millionaires left and right on little more than a stimulus check
1:07.0	and push notifications from the Reddit subreddit Wall Street bets.
1:11.8	It felt for those 12 months like the game of life glitched onto easy mode, and everyone
1:17.3	who didn't have a controller had to sit in their virtual cubicles and watch 21-year-olds
1:21.6	earn millions on GameStop.
1:24.2	We are now, little by little, witnessing the unraveling of the sugar high.
1:29.0	Kyla Scanlon, a writer who analyzes the economy and the Fed through a human-focused lens,
1:34.5	has covered this idea in the past that we may be slowly emerging from the era of the Silicon
1:40.2	Valley Elite.
1:41.6	I invited her to weigh in today.
1:43.7	Now, I should just climb up front.
	...

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