In this inaugural episode of Reset Default Settings, I talk with economist and fintech professional Daniel Thomason about personal finance. We discuss why and how financial illiteracy is the cultural default for most places, and how an individual can respond to that landscape.
Links mentioned in the episode:
The Interintellect salon I’m co-hosting with Daniel on personal finance, coming up on January 23
Three YouTube videos about the cost of living in New York City
An example of a bad cost-of-living calculator for NYC (it gives the cost of a loaf of bread as $4+, which is bonkers, and under “transportation” lists the price of a gallon of gasoline…for a city where almost no one needs a car)
Contents with timestamps:
1:28 — The personal finance cultural default
3:10 — What is the cause of the current cultural default attitude toward money
4:10 — Personal finance is not taught, or taught well, in school
5:45 — Parents don’t teach children about money, student loans, and more
13:08 — Institutional interests and cultural pressures that have an interest in financial illiteracy (colleges, car financing)
17:30 — A desire for financial wellness shortcuts; financial apps like Acorn and Robinhood
22:50 — Context dropping: all advice is dependent on context; financial advice is often divorced from context when it’s offered.
24:00 — Renting versus owning a home/apartment
30:30 — The cost of living in New York City
48:00 — What to do in a world where everyone provides bad advice and information about money and personal finance?
49:30 — I am hosting an Interintellect salon with Daniel on personal finance