Chapter 1: What is the main topic discussed in this episode?
I know you like interesting and thought-provoking conversations and ideas because you listen to something you should know. So let me recommend another podcast I know you will enjoy. It's The Jordan Harbinger Show. Jordan has a real talent for getting his guests to share stories and offer thought-provoking insights.
Over the years, I've sent a lot of people to listen, and I get feedback from people who are so glad I introduced them to The Jordan Harbinger Show. Recently, he discussed Scientology and the children who were raised in that organization.
Chapter 2: What sleep myths are debunked in this episode?
It's a fascinating conversation. And he talked with Dr. Rhonda Patrick about how to protect your mind and body from the modern world. And it's tougher than you think. I've gotten to know Jordan pretty well. We talk frequently, and I tell you, he is a very smart, insightful guy who does a hell of a podcast.
Check out The Jordan Harbinger Show on Apple Podcasts, Spotify, or wherever you listen to podcasts. Back today on Something You Should Know. Is it really bad to fall asleep in front of the TV? Then the magic of automatic savings and compound interest. It can make you rich on just $27.40 a day.
That could add up to over your lifetime with compound interest. $27.40 a day invested, $10,000 a year in 40 years could be worth over $4,424,000.
Also, guess how many bugs are in your house right now? And the curse of self-doubt. It holds us back. We worry, what if people don't like me?
Let's say they don't like me. They disapprove of me. So what? What actually would happen? And when you work through it really pragmatically, often you realize it's nowhere near as big as you've made it in your mind.
All this today on Something You Should Know. Ah, the Regency era. You might know it as the time when Bridgerton takes place, or as the time when Jane Austen wrote her books. The Regency era was also an explosive time of social change, sex scandals, and maybe the worst king in British history. Vulgar History's new season is all about the Regency era, the balls, the gowns, and all the scandal.
Listen to Vulgar History, Regency era, wherever you get podcasts.
Something you should know. Fascinating intel. The world's top experts. And practical advice you can use in your life. Today, Something You Should Know with Mike Carruthers.
If you've ever felt guilty about how you sleep, you know, like falling asleep in front of the TV or sleeping in on the weekends, you need to hear this first segment. Hi and welcome to Something You Should Know. I'm Mike Carruthers, your host today. I'm your host every day. So a lot of conventional advice about sleep turns out to be false, according to sleep researchers.
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Chapter 3: How can automatic savings help build wealth?
But start by talking about the problem that we're addressing by looking at automatic savings.
Well, Mike, in America today, seven out of 10 Americans are living paycheck to paycheck. And this is a statistic that hasn't changed in 20 years. So when I wrote The Automatic Millionaire 20 years ago, we had six, seven out of 10 people living paycheck to paycheck. It's actually gotten harder for a lot of Americans. Half of Americans today have less than $1,000 in savings.
At the same standpoint, we've had a whole lot of people become extremely wealthy on ordinary incomes. We have 24 million Americans today that are now millionaires.
Chapter 4: What is the magic of compound interest in saving?
And the question is, what's the difference between these two? Because it's not always income. And what I learned having been a financial advisor and worked with a lot of ordinary people, people who were teachers and firemen and garbage men and ordinary hardworking Americans. Some people would even call them blue collar Americans.
These people built real financial security on an ordinary income, and they were able to retire in their 50s or early 60s at the latest. And what it came down to was not what most people taught them to do. They didn't budget. Because they basically budgeting doesn't work. It's very hard. It's very complicated. They didn't worry about the fact they didn't make a lot of money.
They just figured out how to pay themselves first. And they didn't have a lot of discipline. What they did is they made it all automatic. They paid themselves first first.
And so then people will say, I don't have enough money to sock away every month, every week. I need to live paycheck to paycheck because I need it. I'm sure you hear that all the time.
I do. And I hear it now, Mike, more probably than ever, right? You know, 20 years ago, I would talk about this idea that, look, if you could save $5 a day, and I called it the latte factor.
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Chapter 5: How does self-doubt affect our decision-making?
And it's a metaphor for how we spend small amounts of money on little things, like literally going to Starbucks and having a coffee every morning. You know, that used to cost $3.50. And now if you go to Starbucks, you could easily spend $10 at a quick stop in the morning at Starbucks. And people would say to me, I've got a job, but I can't use my 401k plan. I can't afford to pay myself first.
And they would literally be telling me this as they're holding a brand new iPhone and they're sipping their coffee out of a Starbucks cup of coffee. And I'd say, look, I'm not trying to get you to give everything up. You don't even have to give up your coffee. But what if we could get you to start by saving $5 a day or $10 a day?
and i and i would teach people the miracle of compound interest which i still do because the the miracle compound interest is small amounts of money can add up to a fortune over your lifetime a person who starts saving ten dollars a day and invests it in the stock market in a boring index fund like an s p 500 fund
over 30 years can have hundreds and hundreds of thousands of dollars in savings in fact specifically over 40 years they can have 948 000 worth of savings in their retirement account and That got a lot of people to realize, well, look, not everyone wants to give up their coffee, Mike, but a lot of people realized, you know, he's right. I do have $5 or $10 a day.
And today I would tell you, like, look, you might even want it to be a little bit more. You might want to be saving $20 a day. I talk about what it takes to blow $10,000 a year, which was my most viral post I've ever put out. What does it take to blow $10,000 a year? And the answer is $27.40 a day.
And, you know, I do a lot of speeches and when I'm on stage, I'm like, guys, how many of you know somebody who wastes $27.40 a day on nothing? You know, they go out to lunch every day when they're at work versus bringing their lunch to work. They always take Uber. They order Uber Eats, whatever the case may be. They're spending money.
twenty seven dollars and forty cents a day on nothing they could just go and have a cocktail after work and spend that amount of money and if you saved that money instead if you invested it instead that could add up to over your lifetime with compound interest twenty seven dollars and forty cents a day invested ten thousand dollars a year in forty years could be worth over four million four hundred and twenty four thousand dollars
To what you just said, I would imagine people will often reply, but I like my coffee. I like my drink afterward. I don't want to live a life of being deprived of everything in order to do this. And you say, well, you can keep your coffee, but then give up this. But I don't want to give up all these things to do this, that I want to enjoy my life.
I completely understand wanting to enjoy your life. I do. I also understand this. This is the truth about life. You will work 90,000 hours over your lifetime. And if you don't pay yourself first, something, every day when you make money, And I recommend you pay yourself first one hour a day of your income so that whatever you earn an hour, you keep the first hour a day of your income.
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Chapter 6: What are the origins of self-doubt?
And you will adjust your lifestyle to the income that's coming in. Only now you'll start to build wealth.
We're talking about saving money automatically and the magic of compound interest with David Bach. He's author of the book, The Automatic Millionaire.
Chapter 7: How can we rewire self-doubt into confidence?
When they were young, the five members of an elite commando group nicknamed the Stone Wolves raged against the oppressive rule of the Karatarakian Empire, which occupies and dominates most of the galaxy's inhabited planets. The Wolves fought for freedom, but they failed, leaving countless corpses in their wake.
Defeated and disillusioned, they hung up their guns and went their separate ways, all hoping to find some small bit of peace amidst a universe thick with violence and oppression. Four decades after their heyday, they each try to stay alive and eke out a living. But a friend from the past won't let them move on, and neither will their bitterest enemy.
The Stonewolves is Season 11 of the Galactic Football League Science Fiction Series by author Scott Sigler. Enjoy it as a standalone story or listen to the entire GFL series beginning with Season 1, The Rookie. Search for Scott Sigler, S-I-G-L-E-R, wherever you get your podcasts.
If Bravo drama, pop culture chaos, and honest takes are your love language, you'll want All About Terry H podcast in your feed. Hosted by Roxanne and Chantel, this show breaks down Real Housewives reality TV and the moments everyone's group chat is arguing about. Roxanne's been spilling Bravo tea since 2010. And yes, we've interviewed Housewives royalty like Countess Luann and Teresa Giudice.
Smart recaps, insider energy, and zero fluff. Listen to All About TRH Podcasts on Apple Podcasts, Spotify, or wherever you listen. New episodes weekly.
So, David, there are times, and I think this happens, it's happened to me, and I'm sure it happens to a lot of people, where you start this process and you start putting money away and you save money, but something happens. You lose your job. Something goes wrong. There's some big expense that you now need to dip into that money that you were planning for retirement or later years.
And now it's gone. Because when those expenses happen, I would rather use the money I have than put it on a credit card.
100%. And let me ask you a question, because you just were so gracious to share your situation. You had set aside money in an emergency account, and then you needed to use that money. I would imagine, were you happy that you had put aside money in an emergency account so that you had it when the emergency came?
I sure was.
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Chapter 8: What role do social perceptions play in self-doubt?
You do those two things, having listened to this show today, and you will be in a much better place financially.
Okay, so we're saving for an emergency account. We're saving for our retirement account. But where are we saving if you don't own a home? Where are we saving to buy a house?
And so the third bucket is a dream account. And that's usually what people consider their buying a home account, right? They save money in an account for a down payment. Now, do they save all that money in a year? No, some people save that money over five years, six years, seven years, eight years, nine years. And how do people really buy homes in America?
40% of first-time homebuyers, their parents help them with the down payment. Now, is that fair for those who don't have a parent that can help them? It's not really fair. But it is how most young people today who are buying homes, almost one out of two, the parents are helping with some of the down payment.
And when home prices were an average of $140,000 around America, which is only 20 years ago, people believed that home prices had hit their top. People would say to me, home prices can't keep going up. And now the average home price across America is over $438,000. Again, it's like an escalator. If you don't figure out how to get on it, it just leaves you behind.
And this stuff's just not taught in school. In an ideal world, everything I'm talking about, nobody would even need to listen to this because it would have been taught to you in school before you graduated high school. The challenge is we don't yet teach in most schools financial literacy. It's starting to change, but it's not in most schools and it's not a requirement to graduate. It should be.
You should certainly have to learn about money when you go to college because... The amount of money that people borrow to go to college, the fact that they're not taught about how to borrow safely is just wrong. It's just tragic. It shouldn't be like that.
You know, what's interesting is people have been talking about We should learn about this in high school for decades and decades and decades. And it never seems to really happen. And I know when I graduated high school and went off to college, I didn't know anything about money other than a few things my father taught me. So I didn't know. I had no idea. And I think that's true.
If you don't know what you're doing, there's only one way to learn, and that's through trial and error. And there's a lot of error there. and trial when you're playing with money and you make a lot of mistakes.
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