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Episode 71 — Wealth

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It’s more money, more problems on this week’s Professor Blastoff! We are joined by a professional money person, CPA Richard Bowen to discuss the definition of wealth. Richard shares tips on how to avoid debt, talks about the dumb things people do with their money, how the most valuable thing we have is time, why credit scores are a joke, and the Indian food crisis. We also explore the idea of what we’ll do with an unlimited amount of money.

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Guys, the first thing you have to do is spend less money than you make.

 

David knows good music when he hears it. Adorable song.

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Really love how far Professor Blastoff has come. Loved Bowen as a guest, actually got me thinking differently about things and had a good chemistry with the hosts.

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Richard was an excellent guest but I have to counter a few points on sovereign (govt) debt. First of all, Kyle believes that we owe the majority of our debt to China when in fact they have only 8% of our debt (Link). We owe the vast majority to ourselves. Second, personal debt is not like sovereign debt for a number of reasons; 1) if collectors want to collect, they have to go through our military. An individual has no such protections. 2) We can print money temporarily. This can drive up the debt further, but it can also deflate the value of the US dollar, and since other countries hold our debt in the dollar it reduces our foreign liabilities. This is also a temporary measure, and temporary inflation is utterly harmless. 3) A debtor's CREDIBILITY is the most important factor when it comes to sovereign debt. The US isn't at risk to collapse at any moment, we're still the richest and most powerful country in the world, so lenders have faith in us. It's the difference between lending to Bill Gates and the average american. Greece is a great counterexample where they LIED about their debt for years so creditors lost faith and their economy collapsed.

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Congrats to Lukas Holmes on the PBO name-check! Good on you, brother!

 

Loved this ep! Loved Kyle's extra-terrestrial letter! Thanks for saving us all!!!

 

Yes, I am applying for the intern position!! (if my wife lets me) Wish me luck!

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"I never viewed money as being "my money" I always saw it as "The money". It's a resource. If it pools up around me then it needs to be flushed back out into the system." -Louis ck

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I agree that credit is kind of a joke, but their are certain things that require good credit. For example, there are more and more employers that are pulling prosepctive employee's credit for use as criteria to hire someone. While I don't agree with them doing this, it can obviously cost you possible employment opportunites.

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Congrats to Lukas Holmes on the PBO name-check! Good on you, brother!

 

Loved this ep! Loved Kyle's extra-terrestrial letter! Thanks for saving us all!!!

 

Yes, I am applying for the intern position!! (if my wife lets me) Wish me luck!

 

Were we ever so young? HA! Looking back at that episode and my fear that the show might be ending is laughably depressing now. Things got much, MUCH worse right?

 

Steven for Intern!!!!!

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No offense to Kyle but I'm frightened that he sounds more on top of his financial situation than I am.

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