People struggle to save so much…can science help people save more? Is there an approach that will help people finally develop better habits? We’ll discuss financial education, automating saving and breaking the poverty cycle. It’s a complex issue and I’m glad we’re able to spend time talking about that, the future of banking, and also the Wells Fargo situation on today’s show!
In our FinTech segment, we talk to Cindy Zu from Kavout, a company using machine learning to help investors better make investments. How does it work? How much does it cost? We’ll ask her about all of that and more halfway through the show.
Today’s show features an all-star guest roundtable line up. David Stein from Money for the Rest of Us podcast, Roger Whitney from the Retirement Answer Man podcast, and Katie Brewer from Your Richest Life Planning debate and discuss our three topics ripped from the popular press on today’s show!
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Show Notes:
<> Open
From student loans to personal loans and mortgages, lower your interest rate with a strategy involving SoFi. You need a good credit score to qualify.
Compare checking, savings, credit cards, and loans before switching. Magnify Money makes it super easy to compare, switch and save.
<>Today’s Roundtable Contributors/Our Topics
Say hello to David Stein on Twitter: @jdstein
Check out David’s site and podcast: moneyfortherestofus.net
Say hello to Roger Whitney on Twitter: @Roger_whitney
Check out Roger’s website and Retirement Answer Man podcast: rogerwhitney.com
Say Hi to Katie Brewer on Twitter: @KatieYRL
Check Out Katie’s site at: yourrichestlifeplanning.com
Our Topics
- Survey Shows Most Americans Think Big Banks Will Disappear (and they’ll be happy to see them go) – via Inc.
- Former Wells Fargo CEO John Stumpf Could Be In Serious Trouble – via Fox Business
- Can Science Make People Save Money? – via Bloomberg
<> Our FinTech Segment: Kavout
Cindy Zu, the head of business development over at Kavout comes down to the basement. Can an AI-driven investment platform make better decisions for you?
Follow Kavout on Twitter: @Kavout
<> Join Us Monday
Jeremy Jacobsen decided the “30 years of work and then retire” script wasn’t for him. So he saved aggressively and by his mid-thirties was looking at work in the rearview mirror. We’ll talk to Jeremy, the co-founder (with his spouse) of GoCurryCracker.com, on Monday!
I have to disagree with a member of your round table and the view on poor people can’t save because they are poor. Many people who are classified as poor can still save money they just choose not to. They would rather live in a trailer park but drive a $30k car so people will look in ahh when they drive by or have the biggest flat screen tv amongst their friends that they are paying for from rent to own. I can say this because I used to be considered poor and these were/are still my friends. I made $22k on my full time job, and brought home $166 a week on my 2nd job. I lived in a $30k house in a low income neighborhood so my expenses were low and I could pay all my bills with my full time job and eat as long as I cooked low cost meals at home. The money from my 2nd job went into a savings account across town where I had limited access to force saving for emergencies, job change etc. I was the one my friends laughed at because I wasn’t trying to by a better house or buy another car once my car was paid off, wasn’t buying the latest style of clothing, I bought things that were always in style to last longer. Now I am the one with a secure future, better job, retirement plan and they are still struggling. They ask how I did it, but when I give advice on saving and keeping the paid for car, or getting a temporary part time job, this is what I hear: I’m not going to kill myself like that, I can’t be driving a hoopty, I make too much money to drive a cash car, I can’t live in that house it doesn’t look pretty. Poor is a state of mind.