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 Die 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 healthier happy relationship with money now here is your host of saving with Steve Steve Sexton Welcome to the<br> you shall we talk about the ins and out<br> what's the money pretty much everything on the sun release the you having a happier or healthier relationship with my my name is Steve sex and I want to thank you for joining us again thank you for sharing with your friends and family were well over 600,000 listeners here we was just expanded overseas we've got another 8090 thousand listeners and 54 countries and that keeps growing so we're very thankful for you to share this with your friends and family we've got one heck of a show but you want to think about this last week we had Howard Jarvis he wrote the book understandable economics it's some great information if you want to check that out you could always go to shaving with Steve. You asked the website you can go take a look at episode 111 and you get all the information there's behind-the-scenes stuff guess gives the whole shot today I'll be talking about how to refresh your budget in the new year let's just start out by saying this author Jerrell Jensen indicate script or Technologies on a very sound footing<br> even with all that you've heard people may not realize it has become essential to the way our economy works the economy can now grow and expand when inflation is under control because of the value created by crypto it mean be possible to grow the economy without the stock market and real estate valuation to be coming over Valley in other words crypto-currencies and Technologies are likely to become the main wealth-creating mechanism in the near future and the mid-term future so that's an interesting statement we're going to unpack that today to let you know a little bit about Gerald Jensen he's the author the big solution deactivating the ticking time-bomb of today's economy did you take a look that book cover it's a very cool book cover he's actually the founder and president of a vintage on a company creating silver research and development solutions for organizations across the globe Jensen holds patents for medical Technologies which have reached over a billion dollars in sales he's the founder of your old man a company sold 2016 he's actually written<br> five books about the economy and its relationship with Society so you're welcome to the show thanks for being here thanks for having me great introduction and the reason why I started writing books about economics says that I spend much time developing products and businesses and always looked at as an engineer looked at a problem solving and props in a different way then most of the people especially Thomas so the Epiphany that I had that the economy of our financial system works Ramos based on engineering principles the idea is that it is much better to engineer something in fact it's the only way we do anything right right we know that when we build a bridge it's going to be around for a hundred years 200 years or more we are really good at engineering things it's how we've come so far how technology keeps advancing its engineering that's applied or applied sciences<br> any colonics that's what what's going on we don't use engineering principles we use economic philosophies in fact it's not scientific at all and it is costing us tremendously the inefficiency in our economy our devastating number of people dying from poverty in the problems we can't solve from climate change to pollution in the waters and there's just so many problems that we could just spend the rest of the show talking about the real problem though is we can't solve our problems because the power our financial system works if we applied engineering principles to how money is used and controlled we could actually relatively simply saw these big problems<br> the reason why it has something to do with crypto is that once you take a look back and say this is how the system really works and this is how it should work you can look at Krypton to Jackson has a pretty unique function at this and then you can use that to our game now because if you listen to other crypto experts they come up with all kinds of valued and why they work<br> and actually doesn't make a whole lot of sense if you're honest with yourself but that doesn't mean that is not fully functioning in some way because it is even at this point you know 95 to 99% of its value the function is obvious that all of those people that were made millionaires during the pandemic all the lost all their wealth and now they got to go back to work which is exactly a useful outcome in cryptocurrency now stock markets of collapse ignifica Nelly real estate is on the verge of collapse as well but cryptocurrency is very sensitive to what the Federal Reserve once you know the words it's doing exactly what the Federal Reserve wants and so for the financial system it is actually riding a huge service you know the word our current Financial system banking system and the Federal Reserve<br> would be on the verge of collapse if it wasn't for cryptocurrency cryptocurrencies is essential to our economy works now and I actually believe that cryptocurrencies wasn't made by some you know hacker from Japan it was actually made by the Federal Reserve in the central bank's because they need something like this in order to prevent real estate from being super overvalued like I mean at what point do you say that a one bedroom apartment in New York City isn't worth $2000000 when you can barely you know turn around and make eggs on the stove next to the fridge because there's a million dollars in a one-bedroom apartment doesn't make sense but it makes sense when you can get in a very low interest loans and there's nothing else available and so on at one point is a stock<br> not worth you know 100 times earnings 200 x earning or not profitable at all and what point is it just completely irrational we certainly saw at the height of the recent boom in the pandemic by valuations no longer matters what matters is there was so much cash you have to go somewhere so it just meant by everything and anything and it's going to go up and that's pretty much what happened but you see the disconnect here is that there's no rational so what was interesting about cryptocurrency is that the rationale or the valuation there is no one another which stocks are tied to profits usually or future earnings and real estate and is usually tight in location demand that kind of thing<br> Thai to reality it is simply tied to shortages or not enough of them trading so that causes a demand for them and I caused the price to go up in general so the long-term if we look at cryptocurrency as serving a function in the economy once inflation is to look up we're almost there then we'll what is the rationale for assets to go up in value well all the sudden cryptocurrencies have a better picture now then assets that are already over Christ so what does that mean well it means that at some point the Federal Reserve is going to turn on the Snicket's and you start printing money and get money back into circulation and now the question what is the best mechanism for kriewaldt<br> do you think or say over anybody's just essentially are not tradable when they're not tradable that creates shortages and by staking you are rewarded with something similar to an interest actually called my name produces more currency so that you get rewarded for staking in essence creating shortages are based on trading in value when the demand is greater than the supply then the stock goes is a algorithmic shortage so there is not enough Supply in the exchanges to meet the demand and sew in<br> long-term you have this new type of asset wealth creation built into cryptocurrencies that is unlike any other asset gold what can you do with gold in bolts doing nothing stock certainly a very interesting and I'd I still think that if you picked the right stocks obviously going to be a winner because sometimes stocks are really creating such a tremendous amount of wealth which stocks or the place where the most well will be created in the future because inflation will be pain and deflation is going to be the problem eventually because technology keeps getting better automation keeps getting better deflation every pressure than you, you are significant and it doesn't hurt when Biden says a 3000 immigrants from around the world<br> you're welcome into the country that also creates a tremendous amount of deflation immigration it's great to tame play shins and I'm sure that's why he's doing that because we need more labor in the United States they are tremendous deflationary pressures in the economy the episode caused by the pandemic is a little unusual event shelter in place and not work for months on end and getting free checks from the government now that's going to create a problem but that's not really the norm for our economy our economy is normally working in such a way that it's hard to get a job there is a large pool of unemployed people usually available pretty quickly going to get back to normal and once we do you're going to see cryptocurrency started going back up in value I need to take this is very interesting I need to take a break so we can pay some bills hey everybody<br> restaurants will be right back with more girl Jensen and we're talkin cryptocurrency sick with us will be back in just a few moments<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 that 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 the 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> hey welcome back to the shaving with Steve show where we talked about the ins-and-outs of money we're talking with your old Jensen he's been talked about cryptocurrencies new book The Big solution to deactivate and the ticking time-bomb of today's economy and he just spent about 10 minutes walking us through this economy that were in the place for cryptocurrency how it can help people build well but I got a couple questions girl lately we have seen<br> a number of people who manage these exchanges come out and say they were doing stuff in the fair is it obviously that's had a big issue with the environment and typically when you have a downturn in the economy do seem seem to pop up all the Ponzi schemes all that kind of stuff and that hasn't been beneficial for the crypto market place but in the same token we were start hearing some of the Talking Heads saying stay away from cocoa and all that kind of stuff I think it's important if you could take another moment and help people understand a little simpler how that fits in this world and how they can actually profit from that and I know you talked about the staking in the mining go into a little more detail on that if you would obviously plenty of people who are bitching crypto live lost 99% of the value but that's from a personal perspective and also are not people who are trading<br> so would normally trade stocks they probably should never have gotten into crypto because it really fundamentally did not understand what the idea was a half dead and this is why I think fundamentally this is a central bank or Federal Reserve driven concept because it is a very efficient mechanism for generating well but also from taking away well when you give money to somebody without guarantees or TX blow-ups there's also people whose accounts get hacked in the 07 or crypto is just gone and this can happen so my advice is that know it don't get one of these wallets or don't put your own crypto code the reason is that<br> people can steal your code people can hack your code and they get in there and that money goes away and you just there's no tracking an order through a difficult to track your easy for people to basically steal it once they have access to the code any very complicated process so what has developed over the recent years are these white glove services like coinbase and Kraken ft x was one but he was illegitimate right I think coinbase is legitimate its publicly traded I personally don't use coinbase because I don't think Advanced its capabilities enough another word you want to use the service we're staking is easy to my conclusion and where I purchase my crypto currency is used in cracking where I can buy and trade currency to very easily and I can speak it very easily instantly and we stake it you start collecting interest from anywhere<br> 52100 20% interest that those kinds of interest rates even in today's higher interest rate World attractive now this mechanisms behind it the algorithms that control how much of the currency is actually in circulation varies between currency so it's interesting is that is just like studying stocks and there's a difference between how you stake the currency's through this group of work and there is proof of stake and proof of staking I think it's the future because it's super efficient 99% more efficient than proof of work because it's more efficient that means it's easier to trade it's easier to buy with it because when it's proof of work the algorithms are much slower so what does that mean that means like Bitcoin is kind of like the first social media service<br> no longer exists right these more advanced coins are probably the future I think cardano being proof of stake is a very solid Ortho currency and has a lot of future in it but there is a tons of the different ones and obviously you want to stay close to the most popular ones most important thing I believe if you want to get into it and you're not used to it is picking the white glove service that's legitimate and then having the ability to easily State the currency in that is cracking coinbase is also good I also think Robin Hood has crypto currency services but again there are capabilities need to evolve on Earth are developing steak and capabilities but I don't think they're there yet and the pricing we're seeing right now is very low and it's hard to imagine is cryptocurrencies going to go back to the highs and then he was going to keep going and the reason is that there is no logic to their valuation there is only supply and demand<br> the algorithm is created to have a supply problem if you don't have enough Supply to meet demand what are you going to get you going to get higher prices algorithmically creating wealth<br> meanwhile the Federal Reserve increase interest rates and boom these things crashed but that's exactly how the baking system wants it to work so in that sense<br> it has the real legitimate function in the economy now I don't believe it's going anywhere there's a question we've seen bad players in the marketplace is there been legislation come out more highly regulate and cryptocurrency in the marketplace what do I think of regulating cryptocurrency I think it's fine I mean there's no reason why what happened inside ft x should happen regulation just don't trade Something You Don't Own Me that's basically what they did at FDX they basically stole something or people would put their money into their white glove service and then they would just use it to buy other things basically using other people's money to fund the Democratic party and the politicians and that's just the way it rolled you talked about how in certain Services people could have their stuff packed and stuff like that I figured if there's more regulation to protect people they would create a little more stability with an<br> pricing but again you're talking that it's an algorithm design supply and demand function yeah regulation isn't going to help people who are cold storage storing their could see you need crypto v v passwords are not four digits like on your iPhone or something to eat or complicated things in it and think it's okay so you've you've got thousands of dollars in there where do you put this thing it's like a little boy and he put it in there but then if you're explaining what's on that he's been since you have all the money still gone I'd like a white glove service at because hey they're going to take responsibility just like putting your money in a bank and money into a white Post Service like crack and coinbase is that their level of responsible for the currency now if you put it into your own<br> Cobalt it's your responsibility and if you mess it up lose a password or something you're not getting your money back you don't have these problems honestly who really has time to look at the real intricate complexity of these things what we want to do is be able to invest in an asset let it sit there work for you and you get wealthy and all I'm suggesting to your list is that it is very likely that the greatest wealth creation going forward after we get rid of this little bump of inflation he's actually cryptocurrency the one thing that everybody is running away from right now is going to be the place that most wealth is created going forward because even after we've seen the stock market crash when I know we're right now 35% down and real estate has gone down a little bit but not that much these assets are actually over value gold I would say he's also over there<br> gold just a piece of metal it's just sitting there it doesn't do anything it's literally a mechanism for wealth generation you just got on the stand went to own it and when not to really if you listen to what central banks are saying is that geysers inflation cryptocurrency get out so this is been wonderful I mean Big Time learning experience for me specially all of our listeners where there is in the states and worldwide so we appreciate that if you're looking to get a hold of yarrow Jensen book The Big solution deactivated a ticking time-bomb of today's economy go to Amazon 4.5 Stars lots of wonderful reviews you want to check that out so you're ugly and I want to thank you for joining us I hope you have a wonderful day stay safe and warm up there thanks for having me thank you<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 prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the in an ounce of money does Financial issues that 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 sex and out 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 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 hey welcome back to the same thing with Steve<br> where we talked about the ins-and-outs of money and I would get them want to say I appreciate you sharing with your friends and family all the replays are available at saving with Steve. You asked if you're enjoying the stories of helpful information is inside on saving receive been encouraged you to subscribe to her YouTube channel are Spotify channel are Google Play Channel and check out a few of our feelings that you can't help radio BBS free to talk right in New York City and many others are dedicated to empowering you to live a life of financial personal freedom again you can follow us on Facebook is saving with Steve Sexton insiders Club behind-the-scenes stuff are you really get a good look at it but I'd like to talk about how to refresh your budget for the new year okay everybody has a budget they probably haven't watched it for 3 or 4 months but here's the first step take a look at your budget in fact put your budget a side and see where you actually are right now and what I mean by that is right down all your expenses from the last 3 months and<br> get down to things like I'm buying food for the house and buying food out I'm buying dinner out I'm buying coffee or things like that out okay break this down how much you spending on delivery services Food Services wineries are you spending money on apps for working out or something else what about your streaming service has how many do you have breaking down the car insurance the home insurance every little expense you have utilities understand exactly what you're spending calculate in if I got to pay insurance is for car the home property tax once you get those all look at start looking at each one of these expenses if you're not using it a consistent basis consider getting rid of it look at things like I have cable I can go to a live TV service with getting a few streaming channels like the Netflix or Hulu has or whatever and can you reduce your cause we reduce our costs by $100 a month here<br> we started looking at our phone bills you have four or five major carriers AT&T Verizon and you want to take a look at how much you're paying and say what if I went to another carrier that has same network 5G as the same phones that can put you in a position where you don't have to pay as much and you're not stuck for two years or you don't have to buy a phone if you don't want to take a look at those things every little bit counts you might be going to the Starbucks or your local coffee place to buy coffee at 5 and $6 account there's nothing wrong with walking into Costco and buy knackered container pops out container over a hundred of them and you can cover your coffee for 3 months if you do a couple day and it only cost you about $0.12 as opposed to four bucks a lot of savings right there looking at what you eat at the store pre-packaged items are more expensive than making it on your own take a look at that there are alternatives to find steak at<br> $9 a pound you give me to buy pork chop or chicken okay you can be buying eggs there's a lot of ways to strip this but if you start looking at everything that you're paying for you can find ways to reduce it once you do set that up as your template for your budget and then stick that set of dashboard hey where am I at this month next month and just keep a track of it so you can refresh your budget because you're going to need to do that because everything still going up inflation went down to 7.1 last year is 8.6 now it's 7.1 the only thing they went down as used cars and truck sales that's because the cost of getting a loan is so much higher used to be one or zero now its 7 and you can see that gas and oil go down a little bit it's starting to creep back up here we go we're still seeing inflation which means you have to take steps to a limited with your spending and the big key here is to find a way to do the things to love to do<br> it's a less get rid of those apps you don't mean gorillas streaming sites you don't need get rid of anything on your balance sheet that you don't use okay<br> next look at it that plan you know what the interest rates rise credit card interest goes up it's going to get more expensive he's going to put a tighter noose around your neck when it comes to death list all those dead smallest to largest I like smallest to largest interest-rate payment date minimum payment paid make the minimum payment and everything except for the one you want to pass and pay as much as you can once you pay that off the told him that you're paying their added to the minimum payment the next one and so on and so on until you got them all pay our folks it's always better to earn interest in paying interest I want to thank you for John is here on saving with Steve this is a great time to refresh your budget find ways to reduce eliminate cost but keep doing the same thing get yourself prepared for inflation and get rid of that debt so you can have a more fruitful year I want to thank you for joining us here on saving a Steve we're going to give you a best advice will look forward to seeing you next week we got wonderful guests will see you then bye bye thank you for joining us for the saving with<br> 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's 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>