“Financially Inclined” is all about money lessons for living life your own way. Every week, financial literacy advocate Yanely Espinal makes learning about money simple, so you can make the most of your life. Because while money can’t buy you happiness, it definitely can’t hurt. This show is created by Marketplace, in collaboration with Next Gen Personal Finance.
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Balance. I didn't really know I should attend or what the benefit was. Now I would say seek that out, you know, and speak to a counselor and say, hey, you know, I'm a little apprehensive about taking on all this debt. Like, can I get some resources on how to manage it? And when those counselors see that you're invested and you're asking for help, They're going to help you. That's literally their job. I definitely agree with that. And, like, I just remember feeling a lot of shame, but when I went to a pot of college, each college I had an application fee. So, like, if you wanna apply to 10 colleges and each application was $80, that's $800. Like, where's that money coming from? And There were voucher programs available for students. I just didn't really know. And then when I did find out about them, I was like, ashamed. I was like, this is embarrassing. I'm gonna have to go in there and tell them that I can't afford $80 from my application and, like, pretty much beg them for money. And I needed to stop. Like, I need to just, like, reframe that. I'm not begging for money. I'm getting the resources that I need to actually be able to be on the same playing field with everybody else who's submitting their college applications with no problems. I wonder if you ever felt like there were shame or or moments of shame or guilt or or maybe just financial pressures that you were experiencing that maybe other students around you were not, and it was because of your your unique experience being 1st gen. I definitely dealt with having, expectations of me providing financially during college. And it wasn't just me. I had other friends that I saw doing the same. So either, you know, they're in college. They're going to school full time. They have a part time job. To pay the bills while they're in college. And then on top of that, they're sending money back home for rent, you know, because parents need to support I didn't send a whole ton, but I did pay for my mom's insurance at the time, her car insurance, and I paid for her phone bill, which isn't a whole ton of money if you think about it, but At the time when I'm living off student loans, I had no business paying for that, but the expectation was very much like, well, like, you're doing better in life. Help out if you can.
Same over time. One of my biggest takeaways from talking to Duke was that the biggest part of figuring out taxes and learning how to file them, it just comes down to knowing the vocab. So this week, take some time to review some key tax vocabulary that Duke shared with us. You know, stuff like w 4 and w two forms versus a 10 99 form and the standard deduction. That way it won't be completely new to you when you file taxes for the the first time. Alright. You've got this. See you next time. Financially inclined is brought to you by Marketplace from American Public Media in collaboration with Next Gen Personal Finance. I'm your host, Janeli Espinal. Our senior producers are Haley Hershman and Zoe Saunders. Our video editor is Francesca Manto. And our graphics artist is Mallory Brangen. Our producers are Hannah Harris Green and Haley Hirschman. Gary O'Keefe is our sound engineer. Our intern is H Connelly. Bridget Bodner is the director of podcasts. Francesca Levy is the executive director. Neil Scarborough is the VP and general manager of Marketplace. Our theme music is by Wanderly. Financially inclined is funded in part by the Cy Sims Foundation, partnering with organizations and people working for a better and more just future since 1985. And special thanks to the Ramzetta Family Charitable Fund and Next Gen Personal Finance for continuing to support Marketplace in its work to make younger audiences smarter about the economy.
On me. Bridget Bodner is the director of podcasts. Francesca Levy is the executive director. Neil Scarborough is the VP and general manager of Marketplace. Our theme music is by Wonderly. Financially inclined is funded in part by the Cy Sims Foundation, partnering with organizations and people working for a better and more just future since 1985. And special thanks to the Ranzetta Family Charitable Fund and Next Gen Personal Finance for continuing to support Marketplace and its work to make younger audiences smarter about the economy.
Why is it so volatile? It's all driven by sentiment. Are people happy about crypto right now? Are they scared about crypto? And it's not quite clear always with any of these crypto currencies who is doing the buying and the selling. But typically, when something good happens, when you have all the Super Bowl ads from 2022 that had a lot of crypto company commercials within that mix. All of a sudden, crypto was riding high, and everyone wants to buy a piece of it. You have small investors, you have these big money managers that wind up stepping in, and it goes up. And then as soon as that breaks, we often see the price crash. Sometimes these are small crashes. Sometimes it's down 2% over a day. Sometimes these are big crashes. I've woken up on a Saturday morning, and it's down 20%. Frankly, I've seen it move that quickly based off of a tweet that wound up not being true. It's not a very large market. It is fueled purely by sentiment and the hope that more people in the future will want to hold a currency that isn't issued by a government or that is easily traded in different parts of the world. People have all sorts of reasons for wanting to hold Bitcoin, but you just have to know that that's going to ebb and flow based off of what's happening in the news, what's happening on social media, what's happening with institutional adoption. You know, if you're nervous of that kind of volatility or if you don't think you can stomach it or you can't lose the full amount that you put in, you put yourself in a really bad decision. Right. So what would you say, Caitlin, is like the most, you know, the what some of the most misconceptions are that are common with crypto? That you're all going to be rich. You absolutely will not, I'll be. A lot of a lot of companies and a lot of projects advertise, you know, get in now, buy this coin. It's gonna be huge. And it may be, like, legitimately, if you get in early, you legitimately may make money. But it's also reliant on the ability to then sell it to someone else one day. And you can see this in FTX's token is a good example. That was cryptocurrency exchange that
Mentality I think crushes people because it makes you feel like the dream has to happen immediately, but it doesn't have to happen immediately. Judge Judy once said, if you don't make it in your twenties, make it in your thirties. If you don't make it in your thirties, make it in your forties, and so on and so on. Dude, I wish I had heard that way earlier than in my thirties because that would to me would have been like, oh, thank God. Like, you don't have to make it in your twenties. You don't have to make it in your thirties. Dude, just make it when you make it. And that that I think is the most important thing. My first big brand deal was $1600 and I got a free subscription for a year to the service that I was plugging. And then I kept on posting that here's something I wish I knew, and then I made $4,000 for 4 video, like, for 4 videos, 4,000 each, which was $16,16,000 influencers actually ask for a lot of money. And you can say a $100,000 and then they say $4,000 and you go, great. Because that's $4,000 more than I had yesterday. And I think that was something where I was like, I don't know. I'll say $4,000. And then they went, sounds good. I went, quit. Right? Like crazy. But now the audience metrics that I have with the insights that I have, the engagement rates that I have, it is 5 times that, which is, like, my ask. Right? A 1000000 followers on Instagram is the floor, is the base level, like, safety point, which is insane. We are pretty successful. Like, I mean, if you don't mind sharing telling us, like, all of your income streams that you have, like, you talked about going live, putting content on social, having your podcast. Where are you is your head at when you're talking about, like, your financial goals and where you are now? Only places I make money right now are from brand deals on Instagram and, TikTok. And last year was
