Motley Fool Money When Investing is Irrational
Mar 25, 2023
Justin Richmond, host of "Started from the Bottom" and co-host of "Broken Record," dives deep into the intricate relationships between class, money, and identity. He shares vivid personal experiences that shaped his financial outlook, discussing how early lessons in social dynamics influenced his approach to business. The conversation also touches on the contentious dynamics in the music industry regarding ticket pricing and the impact of inflation. Additionally, Richmond reflects on the transformative power of music as a tool for healing and personal growth.
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Cash in Hand
- Justin Richmond's mother advised against 401k contributions, prioritizing cash in hand.
- This reflects a scarcity mindset around money, shaped by upbringing and reinforced by the 2008 recession.
Early Encounters
- Justin Richmond's first encounter with social class and racism occurred in kindergarten.
- A classmate questioned his economic status, highlighting the intersection of class and race.
Recession's Impact
- Witnessing the 2008 Great Recession solidified Justin Richmond's view of money as a precarious resource.
- This influenced his career choice towards journalism, prioritizing passion over potential financial gains.