This week: We got more details on the ATM scam that swept New York City thanks to a teen summer job program and an infinite money glitch last month. Felix Salmon, Elizabeth Spiers, and Emily Peck discuss the mechanics of the scam, the fallout for the many parties involved, and the tragic irony that a program meant to teach teen financial literacy led them straight into a harsh real world lesson. Then, Yieldstreet is part of a growing trend of startups that want to democratize private investing but it’s not proving to be a great bet. The hosts discuss the economy of private investment and ask whether or not it's a good idea to make it more public. And finally, the Wall Street Journal published an opinion piece from a 22-year-old about how you should sacrifice your youth to get rich. What’s the real value in trying to become a “thought leader” with pieces like this?
In the Slate Plus episode:
Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen.
Podcast production by Jessamine Molli and Cheyna Roth.
Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com/SLATE
Learn more about your ad choices. Visit megaphone.fm/adchoices
