everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthy relationship with money now here is your host of saving with Steve Steve Sexton<br> you're welcome to the saving with Steve show where we talked about the ins-and-outs of money pretty much everything on the sun really see you having a happier or healthier relationship with money my name is Steve sex and I want to thank you for joining us today I would appreciate you all for sharing this with your friends and family were well over 600,000 listeners here in the United States and our overseas audience just keep growing and growing we've got a wonderful show for you Bill holeshot you're really want to go check out the episode in if you do just go to the saving with Steve. Us that's the sitting with Steve. Us website for more information show guest guest and so on on top of that you can still get in contact with this to take a look at our guest and get those special discount for Breeze a wonderful place to go for cookies and treats and stuff like that again you'll get it standing with Steve discount 2020 just want to go to the resource page there today I know you talking about 2023<br> Wellness gold one of the big things is occurring right now is what's going on with the economics and today I'll be talking about 2023 Financial Wallace Cove I just want to set this up properly incomes are stagnating middle-class jobs are disappearing economic growth the slowing and the meager games are mostly going to those who are already wealthy more Americans than ever are frustrated by the direction in which we are headed we have our wonderful gas-powered Yaris who's the author of the book understandable economics the goal is to replace the frustration with practical understanding of our economy and Empower ears to identify and advocate for better approach has her problems they face this is a wonderful book you want to go check it out as a 4.9 star rating at Amazon you don't get 4.9 star ratings with an economic book it's really very important is how it's going to be talking to us about is there a national<br> add a threat to be talking to us about do tax cuts for wealthy create jobs or did they just build more inequality one of the big questions that our readers really wanted they have answered this could alternative currencies like Bitcoin actually placed a dollar so we're going to be talked about those things and more I want to introduce you to Howard yard<br> who is Howard welcome to the show thank you so much great to be here I'm actually very excited for you to be here now for those who don't know how are yours is an economically Professor attorney business attacked miss you greatly enjoys explaining complex issues in a clear interesting and easy accessible way he has taught of Rite Aid courses on economics and business currently teaches at New York University he previously served as an Executive Vice President and general counsel for the rating group they are the largest Grandeur of debt in the world and he also serves on a numerous boards he's an advocate for safer streets help the homeless and supports the Arts Howard were really glad to have you this understandable economically and understanding are Tommy's a lot easier than a lot of people think cuz I talk to people everyday is just don't get it it's one of those things where they don't understand what's going on one of the things I would like to start with and the biggest question that everybody wants to know from<br> Arliss versus<br> they see the national debt is in 30 + trillions of dollars they want understand hate is that a threat so I just wonder if you could just start right there I didn't understand do economics is I can't get my head around the difference between 10 trillion and 22 and 30 trillion it all sounds like an inconceivably large number to me so what I do in the book is I break it down on a per-person basis and / merican is $68,000 I know exactly what $68,000 it I can get my head around it I can decide if it's too much or too little now is it too much your opinion a different from mine or I can point out is that almost everyone who went to medical school almost everyone who start a business and almost everyone bought a home has it that even larger than that I think it comes down to is that money being wasted are we just pushing expenses on<br> due to our children that we don't get a like pain or are we using it to invest in roads in education is going to pay off big-time down the road it's like any debt is a question what you're doing with it with if you took $68,000 out to go to medical school no one would stay away so they took $68,000 a day to feed a drug addiction Jordan going some describing the vacation yeah it's wasteful so the question is what are we doing for the money<br> dad said we can each have our own opinion as to what what what the government's been doing but the point is it all comes down to what we're doing with the money if we're investing it wisely and Roads and infrastructure and education yacht Basin if not no it doesn't make sense so that's that's that's how I look at it on a per-person basis also serviced it cost each American roughly $1,050 a year to pay the interest on that deck<br> is that a bankruptcy inducing existential crisis not really it's a fair amount of money a lot of money to some people but it's not the bankruptcy inducing an existential crisis that a lot of politicians who are in favor of cutting spending would make it out to be the point that I like to make in the book in that I like to make sure I speak about this is it comes down to what the money is being spent on if it's being something that start with estimated has a 13% Roi return-on-investment that's a no-brainer pushing art expenses for programs on to their children that doesn't know comes down to what we're spending the money is a tool if used properly people have become very wealthy but in the same token sometimes there is frivolous spending and you know what everybody we can we can go down that chance and put we won't so you really have to take a look at what like you said is what does it mean<br> use for right now that's really the issue that we have to focus on not necessarily the inconceivable anecdote in the book of how of how speaking to a congressperson who was saying something was 10 billion and then someone asks you about it and they weren't sure if it was 10 billion or 10 or 10 million that's like forgetting your sandwich at lunch cost $10 or $10,000 it's the same order of magnitude is very hard to even the people who control the purse strings to understand the magnitude of these amounts that's why I like to think of it on a American base as of recently seen all the cryptocurrency stop with the FTX and all that stuff some people are saying cryptocurrency on his way out some people are still feeling it take a currency that could replace the dollar they see<br> having your own cryptocurrency the question comes to Alternative currencies like Bitcoin actually replace the dollar<br> I don't like giving definitive answers the whole goal of the book is to educate people so they can reach their own conclusions and I'm going to break my rule and say I don't see how that can possibly be with regard to the US dollar we know exactly what the rules are we know who's controlling it we know who who oversees them we know who appoints them who who is in charge of Bitcoin I don't know why no one seems to know the point is that they're concerned me be an increase in the number of Bitcoin or there are some other problem with back when I know they say that can't happen where is the recourse if it happens who you going to do are you going to contact no one knows so this is something that's completely made up at the beginning it seemed to be like digital goal like cyberspace goal at least has some purpose is used in some<br> industrial applications and of course it's used in jewelry what is bitcoin used for ransoms and murders is it just it doesn't seem to have any purpose to my feeling is that Bitcoin in the end the cryptocurrencies in general a remarkable run and everyone that has a proclivity or an interested investing in this has already invested invested in it there's a great anecdote and understandable economics when JFK's the president's father was getting his shoe shine right in 1929 and the shoeshine boy and was a boy gave him a stock tip she went back to his office I don't know if it was thinking that if the shoe shine boy is investing in the stock market every last penny was already in the market and it can only go one way in my personal opinion that's where we are with<br> today you know why that's so interesting you say that because over the last three years I've dealt with a lot of people with her tax reduction of other things but there is one gentleman who went hey I just bought this at $20,000 and he's all excited and went up to 60 or actually you bought more 40 and it's 15 he's like all this is great great great great great great and you know I just talked to my wife<br> a month ago oh yeah and he's lost about 45% of what he actually contributed to it and all that so it's not that exciting anymore I think it's important for people to understand what's going on their customers of Bernard Madoff for many years with three with that because there's no Foundation there what's going to happen but in the same token people buy into this enthusiasm that's going there and you get too many Talking Heads and it gets all excited and stuff like that and praying that everybody's promoting something doesn't have a foundation and that's Bitcoin to me it's it's a big gigantic Ponzi and every time somebody keeps asking me this guy's got all this money until I go I hope he doesn't honestly no one person who bought into Bitcoin when it was a hundred bucks a piece you left his job he left with like 30 million dollars and he goes no I'm at a Bitcoin<br> you're the only one I was just like very shocked he's very well off and his game is someone else was lost I do not like investing in some kind of stocking on the New York Stock Exchange where they create profits and create value if there hopefully if it's a really interesting question I'm glad you're actually saying that because one we're going to have to take a break right now I see why I want to talk about a little bit more so everybody's sticking with us we'll be right back with more Howard Yara she's got a wonderful book called understand what you cannot makes makes it easier for every understand what's going on you can get it on Amazon got a wonderful rating so stick with this word to me right back<br> more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so she ate it with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve Sexton on a saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton<br>hello welcome back to the shaving with Steve sure we're talking about ins-and-outs of money pretty much everything under the sun or they see you having a happier healthy relationship with money I want to truly thank you for tuning in and letting your friends and family and Associates know about the show all the replays are available at stadium with Steve. Us if you enjoy the stories of helpful information and insights I'm standing with Steve encourage you to go to YouTube sign up register there so you never miss the show please check out a few of our Affiliates at UK help radio DBS Radio talk radio New York City e360 TV Las Vegas TV network all these networks are dedicated to empowering you to solve problems uplift your spirit and live a life of personal financial Freedom you can always you go to the stadium with Steve sex and Facebook page and let's get back to you with how our yard is hard welcome back to the show we're glad you're here I want to start we've been talking about Neo Bitcoin and all that but one of the biggest questions that we've got when we pulled our<br> is do tax cuts for the wealthy create jobs or just crave more inequity that's that sounds perfect to show what the benefit of understanding economics can be this is the point of making the book it doesn't require specialized knowledge it just requires Common Sense let's work through this do you give a text to wealthy person and wealthy person that has enough money to meet all their needs what do they do with it they say they don't spend it they just put it in their savings account or biastock they don't spend it into the economy what happens when you get a tax cut or tax credit to a middle-income or lower middle-income person or a poor person they spend it almost immediately in fact the poor they are more likely they are to spend it quickly what happens when they spend that money into the economy isn't this do better businesses grow there's more demand for goods and services and<br> do businesses do when there's more demand for goods and services they expand there are more people that put more people on the payroll and then there's a whole nother round of spending as a result of increased economic activity again this does not require specialized economic nod it just requires slowly thinking through what the effects of these two alternatives are and so clearly if you give a tax cut to middle or lower and middle-income people or lower-income people is going to be spent in the economy resulting in a much more immediate benefit to economic growth and job growth a tax increase for people who make more money what it what does that mean<br> well if you think about it it's it it's the same logic if you increase taxes on lower-income people they're going to cut back on their spending in fact they'll probably cut back on the spending their spending by the exact amount of the tax increase because people on the lower end of the economic spectrum 10 to spend all the money they earn if you increase taxes on their wealthy they're much less likely to cut back on their spending of someone's running several hundred thousand dollars a year and their taxes go up by several thousand dollars a year they're probably not going to change their lifestyle $30,000 a year in the taxes go up a couple thousand dollars a year they are very likely to change their lifestyle resulting in less spending and less income as the point that's made in the book in that all the time is bacon is made any come one is spending equals income without spending you can have income so the economy relies on spending and bye bye cutting back on spending on<br> buy lower-income people and middle-income people you're cutting back on ink I love that because it's a reality check we've heard the politicians go back and forth in with their talking points and everything it when you just listen to what you said you can see the lack of logic that they have when they make their points and it's really about inciting somebody I'll play Devil's Advocate they will say well where is the money to invest by giving tax cuts for the wealthy there's more money for investment am I retorted that is if businesses are not expanding the consumers are buying things what business is going to borrow money or seek money from a wealthy person to expand on the other hand if the average person spend more money and there's a greater demand for the business is good they'll find the money to invest that money will somehow turn up the money if a business is growing if they need money to produce more goods and services if the demands their the investment money will follow one of the other<br> send that we're coming up here with is why does they call me regularly turn down and how can we get it back on track we see two years of inflation actually no there inflation report showed the only things that went down were used cars and trucks in oil and gas everything else went up from him sit play Canary standpoint we see Landings down by 30% obviously we're working towards a downturn why do these come and how do we get out of it through the speech to cryptos story on a mass scale we were talking about crypto before we were saying it was all optimistic about it there was a lot of enthusiasm and then is everyone who is potentially investing in crypto invest the increase in the price starts to slow down and impact stagnate and that's when people start saying maybe it's time to sell and once a to start selling and they start seeing like the roller coaster the dip coming more and more want to sell in the more who want to sell this in other words as the Rushford<br> it's the same thing with the economy and economy grows and grows and then it said of reaches a Tipping Point in and goes back this is the ebb and flow of the economy it's been happening for centuries fortunately it's not as volatile as it was before we had the Federal Reserve what is the Federal Reserve when the economy turn down it makes money cheaper to get people spending against losses ebb and flow of the economy of the point that I always making the courses the overall trend is up he goes in vacillates up and down on average it goes up over time which is a great thing because for most of human history people live the point of making the book is how you made a shoe in ancient Rome how you made it a shoe in the medieval. How you made a shoo-in in the Renaissance was all the same a cobbler sat there with the same tools it's only since the Industrial Revolution in the lab<br> couple hundred years that we've had this message to take off and productivity in ya again they pinned down almost all of us so much better off for it let's help everybody understand why the FED has been raising interest rates we say it's inflation what's really going on there what's the cause of all that I mean I talked to an 83 year-old lady to this morning and she's like I just don't understand what's going on a lot of people make it out to me there's a certain amount of spending in the economy and there's a certain methods stuff and if the amount of spending increases faster than the amount of stuff prices go up if you're not spending increases more slowly than the amount of stuff you could be placing hope you're not spending grows at the same rate as the amount of stuff is going you get stable prices it's that simple there's literally nothing more to it in fact Economist have this line<br> inflation is too much money chasing too few goods so that's it in a nutshell and what have we seen in the last couple years we saw an increase in the amount of spending do for variety of reasons that we've also seen a real problem with producing goods and services why the coronavirus pandemic obviously there's the war in Ukraine and Supply chains have been snarl so that ratio between spending and stuff got messed up a bit meaning that we have more spending the increase in spending was greater than the increasing stuff causing inflation and it it's coming back into line I will go out on a limb for a second time I think we're going to see inflation the bathing a fairly soon when you say next 6-9 months or I think we're talking months definitely not here okay you know what I think is very bad<br> I appreciate that the economics lesson could you just made it real simple and it was like you know you walking into the ice cream shop is that simple so I appreciate that very very much of the book is to take all of many of the second I'm going to contact him and really try to make them understandable for most people this is wonderful people can get your book in Amazon where I can book any major bookstore or online shop would have the book Kindle hard copy audiobook we have it all you're going to want to read this will make a big difference especially if you're looking to understand what's going on with the economy and the nice thing about it is you won't fall asleep in 15 minutes because it's somebody for Mika nomics it's actually a fun little book to read you'll have great stories Brayden allergies so you want to go check it out again is called understandably can Dominic's and it says because understanding or economics is easier than you think and more important than you know by Howard yard<br> I want to thank you again for being here just the examples and explanations you provided made it even easier for me to understand what you next time and I hope you have a wonderful New Year you too thanks a lot<br>more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money those financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with<br> Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton<br> welcome back to show the shaving with Steve show where we talked about the ins-and-outs of money just had Howard Yaris here he's the author of understandable economics you want to check out that book check out that segment as well next time I'll be talking about 2023 Financial Wellness told couple things here first one increase your savings by 1% in 2023 1% isn't very much of probably won't even affect you but according to Vanguard when you're looking at a meeting contribution to employees defined pension plan which is usually 6% increase your contributions by 1% can potentially mean tens of thousands of dollars more in your entire account when you're ready to retire for a person who makes $100,000 a year the difference between a 6 and a 7% contribution rate over 30 years would be about $70,000 so think of that<br> every year you move on increase it by 1% cuz if you do you're going to be putting so much more into retirement by the reality is when your dollar cost averaging it's all about accumulation if you can accumulate 1% more each and every year you're going to have the option to retire so much sooner so make sure that's part of your Wellness do second save an extra fifty bucks a month saving is a habit the more you save the better you get at and like most things in life you need to stretch yourself now and every now and then to get even better at it this month trying to be $50 more than usual it may not sound like a lot but it does a couple things first it provided you a stretch goal that you can work first meeting if you can save an additional $50 of January a month like a holiday Bill start arriving and can help build your financial confidence even more next had your savings this is particularly important when unexpected<br> expenses are emergencies arise like our parents health emergency the roof leaks because it's January for everyone it's raining it should give you that a little extra so you don't have to dip into the credit cards and number three when it comes to Wellness pay off your smallest dead as soon as possible and back it makes sense to start listing all your pants all the way from the smallest little credit card to the big mortgage that you have or the college ones that you got to pay off list them all what's the minimum payment what is the payment date in as much as you can in that first one while making all the minimum payments on the other once you done with that one take the money you're paying on that added the second one create a big snowball going here and get your debt paid off cuz you know what it's always better to earn interest than paying interest right heck yeah because that makes life easier retirement easier when you have a mergency they're easier for I want to thank you for joining us here on<br> baby with Steve appreciate you sharing this with your friends and family and you know what we're going to look forward to seeing you next time right here on saving with Steve have a nice night see you later bye bye<br>thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>