The Best One Yet

BONUS 💰 “The Money Pod” — Our Best Money stories from 2024

Dec 27, 2024

Explore Wells Fargo's miscalculated credit card for rent payments and how savvy millennials turned the tables. Discover the surprising side hustle of an Olympic gold medalist balancing investment banking and athletics. Dive into Larry Fink's insights on retirement planning for DINKs and the urgent need for millennials to reassess their financial futures. Unpack the magic of compounding interest and its impact on long-term investments, all while enjoying a lighthearted take on family dynamics during holiday gatherings.

22:00

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Episode notes

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Quick takeaways

Wells Fargo's credit card for rent payments became exceedingly popular with millennials, leading to unexpected financial losses for the bank due to high redemption costs.

Olympic athlete Justin Best exemplifies the rise of side hustles among athletes, highlighting the need for financial support and job opportunities during their training periods.

Deep dives

Wells Fargo's Rent Credit Card Miscalculation

Wells Fargo launched a credit card in collaboration with the startup Bilt, aimed at allowing customers to pay their rent. This innovative card became incredibly popular, attracting over a million accounts in its first year. However, the bank underestimated the savvy nature of millennial users, who used the card primarily for rent payments and amassed substantial points, with some couples racking up enough to fund vacations to Europe. As a result, Wells Fargo is currently losing $10 million per month due to the unexpected high costs associated with redeeming these points, leading to a significant financial setback.

Intro

10min

Miscalculations, Side Hustles, and the Olympics

6min

Navigating Side Hustles and Financial Futures

3min

The Financial Forecast for Millennial Retirement

6min

The Power of Compounding: A Long-Term Money Perspective

2min

#1. Wells Fargo launched a credit card you can pay rent with… but they underestimated how Savvy Millennials would use it. (6/24/2024)

#2. An Olympic gold medal winner has a day job — as an investment banker… so we’ll tell you the secret to a successful side hustle. (8/7/2024)

#3. Legendary Wall Street investor Larry Fink wrote a whole letter about DINKs… so we need to talk about your retirement plan already. (3/27/2024)

Share this episode with your financially savviest buddy… actually, send it to the one who still owes you $50 for brunch.

We’ll be back on Monday, January 6th, with our regular TBOY podcasts. But look out for more bonus pods from us dropping over the holidays.

And if you crave more business storytelling from us?

Check out our weekly deepdive show: “The Best Idea Yet”: The untold origin stories of the products you’re obsessed with. From the McDonald’s Happy Meal to Birkenstock’s sandal to Nintendo’s Super Mario Brothers to Sriracha. New 45-minute episodes drop weekly. Subscribe to The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinks to listen.

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