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The Stacking Benjamins Show

The 2024 FinTech Disaster: What You Need To Know (AND the Fascinating History of Banking w/ Paolo Zannoni) (SB1529)

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Financial Planning, Cfp, Education, Business, Retirement, Personal Finance, Money, Investing

4.42K Ratings

🗓️ 10 June 2024

⏱️ 74 minutes

🧾️ Download transcript

Summary

Unlocking the FinTech Disaster: What You Need to Know You might not know it, but a huge number of people have their money trapped in a recent FinTech crisis. When the middleman company Synapse went bankrupt, it froze funds in many popular FinTech apps, including Yotta, a sweepstakes app that makes saving money fun. Will Yotta and other affected FinTech companies be able to return their users' money? What does this mean for the future of FinTech? Is more legislation on the way to prevent this from happening again? While new updates are rolling in daily, we’ll break down what we know and how it impacts your finances. The Fascinating History of Banking Later in the show, we'll dive into the history of banking with our mentor for the day, Paolo Zannoni. Paolo is the deputy chairman of Prada, a historian, and the former head of operations for Goldman Sachs in Russia. He'll reveal that while today's FinTech issues might seem new, they’re part of a repeating historical pattern. Learn how modern banking originated in Pisa, the relationship between banks and credit, how minting money sped up the creation of banks, and how banks and governments have collaborated for centuries. Better Call Saul... Sehy and OG: Setting Savings Goals In our Better Call Saul... Sehy and OG segment, a Stacker mom seeks advice on helping her twenty-year-old daughter set savings goals. The young woman is great at saving but isn’t sure what to save for. We always say, "Begin with the end in mind," but what if you don't know what "the end" looks like? We’ll discuss practical steps to find and set meaningful savings goals. Plus... Don't miss our memorable back porch discussions, Doug's always-entertaining trivia, and much more! Join the Conversation For deeper dives with curated links, topics, and discussions, subscribe to our newsletter, The 201, at stackingbenjamins.com. Enjoy the Show! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

This episode sponsored by State Farm.

0:02.0

You a small business owner looking for insurance that fits your needs and budget?

0:06.0

Well, look no further than State Farm.

0:08.0

State Farm agents are not just insurance providers,

0:11.0

they're also small business owners who live and work right here in your community.

0:16.0

They understand the unique challenges of running and protecting a small business.

0:19.7

When it comes to small business insurance, State Farm knows what it takes. Create a plan that

0:25.2

fits your needs and your budget. State Farm agents are ready to help you choose

0:28.8

personalized policies that truly understand your business.

0:33.4

Ensure your small business with a fellow small business owner.

0:36.4

Talk to a State Farm agent today and get started on personalized small business

0:40.0

insurance that fits your needs.

0:42.1

Like a good neighbor, State Farm is there. Talk to your local agent today.

0:46.2

It's Monday morning, NOG, I bet you had a party of a weekend.

0:50.3

I need to detox for my weekends is what I need to do.

0:54.0

Detax for an hour with us and have some financial fun.

0:57.0

Sound like a good time?

0:58.0

Maybe retox.

0:59.0

Sobery up real fast.

1:00.0

Maybe it's a retox.

1:02.0

It's time to get the motor running again.

1:04.0

Hair the dog baby.

...

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