Pt. 2: Money, Millennials, & the Bizarre American Fever Dream: the Role of "Personal Finance Education" & Our Collective "Expectation Hangover"

The Money with Katie Show

Money with Katie

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

4.8 • 1.3K Ratings

🗓️ 14 September 2022

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last week to kick off this two-part special, we explored the culture, economy, and education systems that built the millennial generation. If you haven't heard the first episode yet, I recommend going back to start with that first (https://link.chtbl.com/022a2-MX). Today, we’re digging into how “financial literacy” shifts reality on its axis, who the “winners” and “losers” are in our economic era, and why scamming has become a quintessential millennial pastime (Fyre Festival, anyone?). To top things off, we’ve got a super thought-provoking conversation with Gabe Dunn of Bad with Money fame (https://podcasts.apple.com/us/podcast/bad-with-money-with-gaby-dunn/id1144712710). It’s a veritable Magic School Bus ride through the wild terrain of 21st century America: Even the centimillionaire megachurch preachers and girlbosses squeezed into tiny seats and threw spitballs for a few stops. — Mentioned in the Episode Gabe Dunn's Stimulus Wreck: https://www.scribd.com/audiobook/576815715/Stimulus-Wreck-Rebuilding-After-a-Financial-Disaster?utm_source=money_with_katie&utm_medium=press&utm_campaign=gaby_dunn_originals_june&utm_content=podcast_interview Malcolm Harris's Kids These Days: https://www.littlebrown.com/titles/will-collyer/kids-these-days/9781478992332/ Study on financial literacy and retirement: https://sjes.springeropen.com/articles/10.1186/s41937-019-0027-5 UC Davis study on poverty: https://poverty.ucdavis.edu/policy-brief/transitions-out-poverty-united-states Money with Katie blog: The Paradox of Riches, Being Poor is Expensive: https://moneywithkatie.com/blog/the-paradox-of-riches-being-poor-is-expensive Pitchfork Economics' interview with the author of The Nordic Theory of Everything: https://podcasts.apple.com/us/podcast/capitalism-is-working-better-in-finland-with-anu/id1445901378?i=1000536840437 2020 Census data: https://www.census.gov/content/dam/Census/library/visualizations/2021/demo/p60-274/figure3.pdf The Money with Katie Show episode on financial independence: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000551967021 Jacqui Shine of the Los Angeles Book Review: https://lareviewofbooks.org/article/wont-get-fooled-again-malcolm-harriss-kids-these-days-human-capital-and-the-making-of-millennials/ Jia Tolentino's Trick Mirror: Reflections on Self-Delusion: https://www.goodreads.com/en/book/show/43126457 Trick Mirror review by Miriam Francisco: https://www.michigandaily.com/arts/tolentino-refuses-simplicity-trick-mirror/ Graph on financial inequity in the US: https://realtimeinequality.org/?id=income&incomeend=03012022&incomefreq=monthly&incomegroups=Top%2010%25&incomegroups=Middle%2040%25&incomegroups=Bottom%2050%25&incomegroups=Total&incomestart=01011976&incometype=factor_income&incomeunit=Adults&incomey=growth CNBC feature on Jeff Bezos and the critique of billionaires: https://www.cnbc.com/2021/07/20/jeff-bezos-says-critics-of-the-rich-going-to-space-are-mostly-right.html The Financial Independence Planner: https://moneywithkatie.com/financial-independence-planner Forbes Advisor study on medical graduate debt: https://www.forbes.com/advisor/student-loans/average-medical-school-debt/ — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt 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	Welcome back to The Money with Katie Show Rich Girls and Boys, and not just any episode
0:13.1	of the show, but part two of a two-part special I'm calling Millennials, Money, and the
0:19.2	Bizarre American Fever Dream.
0:28.8	Last week we talked about why I wanted to explore these concepts after observing and pondering
0:34.7	them for the last two years within the broader context of being a personal finance content
0:40.8	creator, signs of cracks in the American Dream facade for Millennials.
0:46.4	The education systems that built us from the ground up as especially hyper competitive
0:51.9	children, despite being widely misnomerd as the participation trophy generation and how
0:58.3	the public and private sectors have found a way to profit off of us at every turn under
1:03.5	the guise of helping us.
1:06.2	It was a lot.
1:08.3	We also heard from Malcolm Harris, the author of the book Kids These Days, The Making of
1:13.8	Millennials, that's widely cited throughout these pieces.
1:17.6	And if you haven't listened to part one yet, I would suggest going back and listening
1:21.0	to that first, but you don't have to in order to understand part two.
1:26.3	And to make sure that we are weaving in individual solutions wherever possible, we did close out
1:32.2	last week with the reminder that our generation's unique wealth building edge comes from our
1:38.3	near complete lack of a barrier to investing in the stock market.
1:43.5	We may not be able to afford homes in our neighborhoods of choice, but we can begin investing
1:48.3	in the stock market in minutes for free.
1:51.4	That would have been unthinkable to our parents at our age.
1:54.7	So without further ado, this is part two.
	...

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