Speaker 1: Let's go next to Spencer from California.
Spencer, you're on.
Speaker 2: Hey, David, thanks for taking my call.
So to give you a bit of background, I'm currently a student and one topic, but I'm not knowledgeable
in is financial literacy.
OK, partly just because it was never taught in school and I haven't learned from my parents
either.
So my question is twofold.
First, what are some resources for people in a similar situation to get up to speed?
And second, do you think this is something that should be taught in schools and starting
what?
Speaker 1: I think that financial literacy is literacy should absolutely be taught in
school, probably starting in third or fourth grade.
I think there's ways to to start teaching these things in ways that will be relevant
to kids that, you know, eight, nine, 10 years old about budgeting and spending.
You can do things in the classroom where you know you put little bits of money aside and
we say these are going to be saved so that later we as a class can do something and you
kind of start that.
I think third, fourth, fifth grade is a great time to do that in terms of resources.
Honestly, here here's the thing about it there's a huge industry that is predicated on convincing
people that personal finance is really complicated.
Now, I don't want to say it's super easy for everybody.
It's easy if you've been given the right foundation, but you don't need some endless, you know,
supply of resources.
What what I recommend is understand, just like some basic, there's the basic principles
of saving an emergency fund.
These these types of things bloggers like Mr. Money Mustache, Nick Majali, writers like
Morgan Housel and others.
There's I'll put I should really put together a resources list with maybe like eight books
and a few websites for that will give you 98 percent of what you need to know.
It doesn't have to be complicated, and there's a lot of money spent by people who are convinced
that it is.
But stay away from stuff like, you know, Christian ideologue Dave Ramsey, who purports to give
financial advice and he does in some of the advice is fine.
But like he's an ideological, right wing, Christian, anti-vax, all this different stuff,
you know, you don't need to get your advice from people like that.
Speaker 2: Right.
So taxes would be something similar where you think it's learnable on your own.
Speaker 1: Sorry, did you say taxes?
Yeah, yeah.
To do your own taxes?
Speaker 2: Yeah, I noticed that like the tax industry is a large one, which is kind of
predicated on the fact that they're trying to make you believe that you need other people
to help you.
Right?
Speaker 1: Well, unfortunately, I mean, most people really don't need others to do their
taxes.
Most people's tax returns are very simple, but the thing about the tax code is the companies
that make the software want to keep the tax code complicated.
And it actually is complicated in many ways.
So that one's a little bit different than basic financial literacy.
Speaker 2: OK, got you.
Speaker 1: All right, thank you so much for the call, I appreciate it.
It's good to be on.
All right.
Take care.
Let's see.
Where do we want to go next?
A lot of people want to chat today.
How about Ellie from Seattle?
Ellie, you're on the air.
Speaker 6: Hey, David, how's it going?
It's going well, thank you.
Can you hear me OK?
Yes, I can.
I'm a big fan of the show I've only been watching for maybe about two months or so.
And you know, I just wanted to say, you know, in contrast to all of the negative voicemails
and emails that you get, here's one to say I think you're doing a great job.
I feel like, like I said, I've only been watching for a couple of months.
I feel like I've learned a lot from your show, and I just wanted to say, thanks for all the
work you do.
I think you do have a question.
Speaker 1: Sure, sure.
Speaker 6: But you know, also, you know, you've kind of inspired me to start making my own
political videos.
So I just thought you might like to know that.
Speaker 1: Fantastic.
I'm flattered.
Speaker 6: So I have a divisive question might be more divisive than the facial hair question.
Hmm.
So I'm originally from New York, and I know that you hail from Massachusetts, and I think
I remember you saying the one bonus show that you're a Patriots fan.
So I have to ask about baseball.
Speaker 1: OK?
Speaker 6: Are you a Red Sox fan?
Speaker 1: Yeah, I'm a casual Red Sox fan.
Baseball is not my big sport.
It's never been.
Speaker 6: OK.
I mean, because like I said, I grew up in New York and, you know, I only had the two
options, so of course I'm a Yankees fan, so I'm probably about as casual as you.
That was that was really my only question.
Speaker 1: OK, well, yeah, I have.
Unfortunately, my answer is not super exciting, Ali.
Speaker 6: That's that's OK.
Thank you for taking my call again.
Good to talk to you.
Speaker 1: All right, you too.
There's Ali from Seattle with a sports question.
Some people like sports.
Some
people don't.