MONEY REHAB WITH NICOLE LAPINHOSTED BYMONEY NEWS NETWORK
Ever notice that we will talk about everything before we talk about money? Sex? No problem. Politics? Bring it on. Money? Totally taboo. But not for long! Nicole Lapin— the only financial expert you don’t need a dictionary to understand, New York Times best selling author of Rich Bitch, and host of Money Rehab— is here to rehab your wallet, so you can get your financial life together once and for all. Episodes are just ten minutes-ish... no frills, just bite-sized tips and tricks so you don’t waste any time. And Nicole wants to hear from YOU! Email the money questions you want answered to moneyrehab@moneynewsnetwork.com and Nicole will help–and you could even join Nicole on the show for a one-on-one intervention.
And it is, but it just I just didn't understand just some of the basic nuances. I really feel like I wanna be mad at my high school teacher or even in college. I'm like, I don't know basic. What is why why is that not a g? A g a general education to teach you what to do with your money or what a 401 k is for. I have I was at a company for 10 years, and I really wasn't giving 401 ks everything because I thought it was a rip. Like, it's free money. Like, why not? Because we didn't learn it in school. And if you were like my family or your family, we didn't talk about it at home. Do you think that some of that stemmed from stress? Like, was money a source of stress, or was it just taboo or a little bit of both why you didn't talk about it? It's a great question. It was it was stress. Money was always, illustrated as stressful in my house. Was there growing up, was there enough? And even if there was enough, we never talked as if there was enough. So, what do you want for Christmas? Well, we can't afford that. Okay. We're getting ready to go to the store. Don't ask for everything. Or I want to be on the homecoming court, mom. Can I do that? Well, how much does that cost? Money was, like, would limit our access to what we wanted to do. I started working when I was 12 years old. I had, like, a little part time job when I was 12 years old. What are you doing? I was working at this place, which is still up and running in Pasadena, California called EconoPrint. And these were and I remember me and my my then best friend, Starla, at the time, walked up and down Colorado Boulevard, looking for jobs. And these people were so nice to us. And we didn't know what we were doing, and they gave us a job. We we totally dropped the ball. But I it taught me a lot. That one experience taught me a lot. And and I was like, okay. I'm gonna start working because then I can get money. That was my conversation with Carrie, and Carrie is a boss. So that should tell you that everyone struggles with money and money conversations. So there's really nothing to be embarrassed about here. And so
When I'm not hosting this podcast, I am writing books, but it is really hard for me to write when I'm at home. So I like to find remote cabins in the middle of nowhere to just hang out and write. But I hate the idea of my house just sitting empty, doing nothing but collecting dust and definitely not collecting checks. And that's why I'm an Airbnb host. It's one of my all time favorite side hustles. Other popular side hustles are awesome, too. Don't get me wrong, but they often involve big startup costs. By hosting your space, you're monetizing what you already have access to. It doesn't get easier than that. And if you're new to the side hustle game and you're anxious about getting started, don't worry because you're not in this alone. Airbnb makes it super easy to host. I mean, if I could do it, you could do it. And your home might be worth a lot more than you think. Find out how much at Airbnb.com/host. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Happy Earth Day, money rehabbers. Because of the reason of the season, of course, we have to talk about ways to help the planet today. But because it's money rehab, we have to talk about how to do that without hurting our wallets. And the bias is that sustainability and affordability are mutually exclusive, and that's not always wrong. And if you're like me, you might start to feel a little guilty and you convince yourself that this exact coffee cup or whatever is going to get stuck in a whale's blowhole. But the thing is us money rehabbers are on a spending plan, and there's a whole opportunity cost for increasing our expenses. So where does that leave those of us who also want to do some good? Well, as it turns out, there are a lot of ways to help your bank account and the planet at the same time. Here are 5 of my faves. Number 1, invest in the market minus the oil. I typically recommend investing in index funds that mirror the S and P 500, and I'm not the only one. Warren Buffett also makes the same money moves, I should say. And as OG money rehabbers will know, the S and P 500 is an index that tracks
Experience to go through, and it just gave me zero faith that the issue you of illegal or unlicensed weed stores operating in New York is going to change anytime soon. I have zero faith that that's gonna change. And this isn't a problem specific New York. In places like California, it's estimated that illegal operations command between 80 90% of the market, which is crazy. This makes the industry hugely unattractive to investors because investors can only invest in companies that are licensed, but these illegal weed stores have huge competitive advantage by being able to offer customers a lower price. This is not what you wanna see as an investor. Stocks known as multistate operators MSOs have largely disappointed investors. If an investor is looking to make a bet on the marijuana market, they'll usually do one of 2 things. They'll either invest in a specific company that has marijuana related products, or they'll invest in a fund that holds stocks of several companies in the marijuana industry. This is like any commodity, right? If you wanted to invest in gold, you'd invest in a company that mines gold, or you'd invest in a fund that holds gold mining companies, gold jewelry companies, and so on. Both individual cannabis related companies and cannabis related funds are not doing so hot. Green thumb Industries, Currelief, and true leaf cannabis corp are some of the largest publicly traded companies in the cannabis space. Green Thumb Industries is down more than 13% over the last 5 years. Kira leave is down almost 50% in the last 5 years, and true leave is down almost 12% over the last 5 years. This is a similar story with the ETF cleverly named Toke, t o k e, that holds cannabis related companies, and that sounds 76% over the last 5 years. And just to put this into context, the overall market is up more than 70% compared to where it was 5 years ago. So these cannabis related stocks and cannabis companies are going down in an up market, which is not a
Or they thought maybe it was, but then they started squeezing it. Damn it. There's no juice in this orange. Yes. Yes. Alright. I know we're talking mostly about the NBA, but NFL really quickly, Roger Goodell came under some fire for historically just being against sports betting, but now they have 3 official sports Yeah. Right? DraftKings, fans, duel, Caesars. They allow sportsbooks to operate at league stadiums. Do you think he's doing the right thing? All these commissioners, all the leagues in 2017 wrote to the Supreme Court, to say we don't want this. And then a year and a half later, completely flipped around when the revenue came in. It's almost like the greatest collection of receipts you'll ever have in your life. I remember when I went to, Vegas and Gary Betman, of the NHL basically said, hey. We're introducing the Vegas Golden NICE, but you won't be able to gamble on them in within this radius, blah blah blah. Of course, then when the golden knights came, of course, you could gamble on them. So so, yes. I mean, the the these guys look like hypocrites. The thing that I think that's this the all teams and all leagues are missing is the security. They have not made the security better. And when you think about a guy who misses a shot and that costs someone on their parlay $30,000, and that person is in person, and that person is five hundred yards from the person who missed a shot. I worry that they haven't done enough on that front. But it's all about money. Do you think it's a conflict of interest? It's not a conflict of interest. I think in basketball, it's gotten to be tough because it's all about the stat. So there's a lot of stat parlays in basketball, right, where you're saying the guy's gonna have more than 10 rebounds. He's gonna have more than 7 assists. He's gonna have more than four points.
Do you ever get FOMO, fear of missing out? Well, do you ever get FOMO Jupiter, fear of missing out on the perfect hire? If so, I have the antidote. It's LinkedIn jobs. LinkedIn jobs helps you hire professionals you can't find anywhere else, even those who aren't actively searching for a new job but might be open to the perfect role. In any given month, over 70% of LinkedIn users don't visit other leading job sites, and that adds up to a serious squad of awesome candidates. LinkedIn has over a 1000000000 professionals on the platform, and these candidates are super qualified. So much so that 86% of small businesses get a qualified candidate within just 24 hours. I work with LinkedIn jobs for all of my dream team needs, so they're hooking up money rehabbers@linkedin.com /mn. Go there, and you can post your job for free. That's linkedin.com/mnn, as in money news network, to post your job for free. Terms and conditions apply. And now for some more money rehab. Alright. I know you're a big sports fan. I have some headlines from the sports world for you. Los Angeles Dodgers superstar Shohei Ohtani Ohtani is in the middle of a gambling scandal. His former interpreter was fired following accusations that he stole more than $4,000,000 from Shohei to cover his illegal gambling debts. But it's unclear, apparently, whether the interpreter stole from the baseball star or whether Shohei himself was paying debts that the interpreter had incurred. If you were his lawyer, what advice would you give? Well, I would have told him not to play for the dodgers because the dodgers have mismanaged every aspect of this. They've they've lied at certain point. You know? Remember when Kate Middleton with the royal family when they were like, she's she's just in a hospital, and then they go, well, she said, oh, no. She's coloring. You know? Like, they just kept lying, and you're like, you're making it what? Like, now we don't trust you for anything. And so the Dodgers have said all the
