Money: What Each Generation Gets Right (& Wrong) with Ben Carlson
#233: Explore how different generations approach money and what they get right (and wrong) about saving, investing, spending, and building wealth. We dig into the psychology of money across generations and share practical lessons on homeownership, retirement, automation, points inflation, and more.
Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management. He runs the popular financial blog, A Wealth of Common Sense and is the author of four books on investing and personal finance. He also co-hosts one of my favorite podcasts: Animal Spirits.
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Resources Mentioned
Ben Carlson: Website | Animal Spirits Podcast | X
Ben's Post: Financial Advice That Doesn’t Work Anymore
Morningstar Column by John Rekenthaler
Tim Ferriss Ep #815: Helping Tim Burn 15M+ Miles and Points, Flipping Costco Gold Into Five-Star Trips & More
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Full Show Notes
(00:00) Introduction
(02:27) The Great Wealth Transfer From Boomers to Millennials
(05:52) Financial Mindsets Across Different Generations
(09:10) Current Status of the Housing Market
(11:37) Spending Habits in the Travel Industry
(14:28) Financial Lessons From Every Generation
(19:09) Stock Market vs. Housing Market
(25:41) Financial Advice That Doesn't Work Anymore
(27:33) How to Learn to Spend Money and Enjoy It Now
(31:39) The Spectrum of Coast FIRE
(38:48) Ben's Take on Social Security: Is It Worth It?
(41:25) How to Navigate the Current Market Volatility
(47:08) How Demographic Changes Impact the Investment Landscape
(50:27) Active vs. Passive Investing
(52:45) Different Ways to Automate Your Finances
(54:26) Credit Card Points Inflation and Its Impact
(58:09) Credit Card Returns: Cash Back vs. Welcome Offers
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