The Human Revolution with Dylan Bain

Investing can be an intimidating prospect for beginners, with a wide variety of asset classes to choose from. But even experienced investors tie themselves up in knots over which assets to add to their portfolios as if there’s somehow a way to predict the future.   To be sure, the investment landscape is ever-evolving. But if you take the time to understand basic investment principles and the different asset classes, you stand to gain significantly in the long term.   In today’s episode, Dylan discusses bonds, stocks, and the vehicles that bundle them together: mutual funds and exchange-traded funds.   Show Highlights   [04:37] What are stocks and how do they work? [08:01] Four factors to consider when buying individual stocks [14:39] What are bonds and how do they work? [18:00] Three factors to consider when buying a bond [19:47] Why neither stocks nor bonds are ideal [21:15] What are mutual funds and how do they work? [23:46] Actively versus passively managed funds [28:04] The difference between mutual funds and exchange-traded funds [29:14] Example that illustrates the role that luck and skill play in investment success   Links and Resources   🟢 401(k) vs. 403(b) vs. IRA: Which Is Better for Retirement → https://tinyurl.com/s01ep64 🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

Economics is one of those things that fundamentally influences our lives on a day-to-day basis. Yet most of us only somewhat understand what it is and how it works.   In the first part of this three-part series, we’ll take a look at classical economics — widely regarded as the first modern school of economic thought — and the historical conditions in which it arose. We’ll also discuss the work of classical economists and how they pioneered a new way of thinking about markets, the way market economics work, and the uniquely human tendency to produce, trade, and consume.   Show Highlights   [03:29] What is economics? [05:15] Historical context of classical economics [07:34] Mercantilism and how it works [11:58] The context in which Adam Smith wrote “The Wealth of Nations” [16:35] Adam Smith on the distribution of wealth [19:42] Adam Smith on the division of labor [23:52] Say's Law and the theory of comparative advantage [27:38] The role of competition in regulating markets [29:28] Socioeconomic problems in the 19th century [32:17] The Iron Law of Wages [33:12] The government’s role in the economy, according to 18th- and 19th-century economists [38:28] Problems with the classical economic model   Links and Resources   🟢 An Inquiry into the Nature and Causes of the Wealth of Nations → Adamsmith.org/the-wealth-of-nations 🟢 The Theory of Moral Sentiments → AdamSmith.org/the-theory-of-moral-sentiments 🟢 Beyond Order: 12 More Rules for Life by Jordan B. Peterson → JordanBPeterson.com/beyond-order/ 🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

If you’ve reached the savings stage of your financial life and are thinking of saving for retirement, you’re likely to come across 401(k), 403(b), and IRA account options. While all three can offer you similar benefits, there are some key differences to note among them.   In this episode, Dylan guides you through the similarities and differences between 401(k)s, 403(b)s, and IRAs to help you determine which makes the most sense for your retirement plan.   Show Highlights   [06:15] The easiest way to think about savings accounts [07:03] Three of the biggest companies that handle 401(k)s, 403(b)s, and IRAs [09:09] 401(k) and how it works [11:10] 403(b) and how it works [12:37] IRA and how it works [16:36] Roth vs. traditional investments [21:51] Different types of funds and investments [24:05] Bottom line when it comes to saving for retirement   Links and Resources   🟢 The Millionaire Next Door  → https://www.amazon.com/dp/1589795474?tag=fiscallysavag-20&linkCode=osi&th=1&psc=1 🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

Early this week, the Supreme Court announced that it will hear a case aimed squarely at killing off the Chevron deference — the nearly-four-decade-old legal tool that gives federal agencies wide-ranging power to defend environmental rules in court.    But how did that case come about, and what could overruling the Chevron deference mean for government agencies, businesses, and us as citizens?   In this episode, Dylan breaks down Loper Bright Enterprises v. Raimondo (which explicitly asks whether the Supreme Court should overrule Chevron), the making of the Chevron deference, and where the Supreme Court’s ability to declare laws constitutional actually comes from.   Show Highlights   [02:24] The three branches of government [04:08] The fourth unconstitutional branch of government [08:56] How the Chevron deference came about [12:03] The two-step test to assess whether a federal agency has overstepped its legal authority [16:41] The implications of the Loper Bright Enterprises v. Raimondo case [18:54] How the Supreme Court got the ability to rule what's constitutional or unconstitutional   Links and Resources   🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

Do you ever feel like no matter how hard you try, it’s next to impossible to save money? You try to spend less and put money away, but something almost always comes up. Your car needs new tires, you went over on groceries, your kids have a sporting event — and just like that, saving money takes a back seat.   But while the topic of savings can be intimidating, you don’t need everything to line up perfectly before you save money. You can start by asking yourself these two simple questions: how should I save money, and where should I save money?   In this episode, Dylan talks about savings and offers four key tips for saving money and breathing some fresh air into your budget.   Show Highlights   [02:12] The importance of savings [06:56] The three key phases of your financial life [09:03] Four things you need to do if you're in the savings phase [10:17] What is a “bullshit” fund? [11:59] Three schools of thought on how much money to save for an emergency [18:11] Why savings should start with a short-term goal [22:21] Why you should continue to save after paying off future expenses [23:10] The first place you should save money [26:01] The second place you should save money   Links and Resources   🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

If we want to take control of our financial lives and live free, it’s crucial to separate the signal from the noise. Two topics that have been generating a lot of buzz recently are the M2 money supply and de-dollarization. But beyond the sensational headlines, how much do we truly understand these topics?   In this Friday episode of Fiscally Savage, Dylan discusses the M2 money supply and the factors that influence its growth rate, the centrality of the U.S. dollar in world affairs, and why the U.S. dollar will likely continue to dominate the global stage.   Show Highlights   [00:55] What is the M2 money supply? [04:05] Factors that drive M2 money supply growth [06:14] How the M2 money supply decreases [09:24] What is the de-dollarization of the global economy? [13:21] How the U.S. dollar became the world's reserve currency [18:52] Why the U.S. dollar will likely continue to dominate the global stage [23:00] Why we shouldn’t be afraid of the recent news about the M2 money supply and de-dollarization   Links and Resources   🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

In today’s world, we depend on many things, from the electric grid that powers our homes to the cars we drive to go to our jobs. But emergencies and crises, such as the recent COVID-19 pandemic, have shown us how vulnerable we can be when too dependent on external factors.    So, how can we become less reliant on these external systems? Can we even be completely independent of those systems? Better yet — is there a more realistic way we can face life’s uncertainties head-on?   In this episode, Dylan dives into these questions and provides tips for building resiliency in our lives.   Show Highlights   [04:54] Independence vs. resilience [05:44] Examples of things we are dependent on [15:10] How dependencies are interconnected [18:03] Five tips for building resiliency in your life [30:47] How I have used those tips in my life   Links and Resources   🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

Forget winning or losing. According to bestselling author Simon Sinek, the most important thing is to determine what type of game you’re playing. And in life, there are only two: finite and infinite.   In today’s episode, Dylan talks about the difference between finite and infinite games, how to recognize which game we’re playing, and how we can apply the concept of the infinite game mindset to the different aspects of our lives.   Show Highlights   [02:09] Finite and infinite games defined [03:08] Examples of finite games in sports and history [04:34] Examples of how finite and infinite games play out in daily life [05:31] Advice for young fathers [09:03] Why playing infinite games is key to raising children well   Links and Resources   🟢 “The Infinite Game” by Simon Sinek → SimonSinek.com/books/the-infinite-game 🟢 Fiscally Savage → FiscallySavage.com 🟢 Fiscally Savage Tools → FiscallySavage.com/tools 🟢 Instagram → Instagram.com/fiscallysavage 🟢 Facebook → Facebook.com/fiscallysavage 🟢 Twitter → Twitter.com/FiscallySavage

Last Friday’s episode laid out some of the major problems with taxation in the US. But with our tax system being what it currently is, what can we do about those problems?   In today’s episode, Dylan breaks down tax brackets and federal income tax rates to give you a better understanding of how taxes work. He also provides key strategies you can use to make your taxes work for you.   Show Highlights   [05:10] Examples of tax structures in different countries [09:07] What a progressive tax system is and how it works [13:25] Tax brackets and federal income tax rates [20:01] The problem most people have with taxes [24:36] Effective tax strategies you can use [29:39] The value of hiring a tax CPA   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Did you know that the average taxpayer in the US takes about 13 hours to do their tax return, that they pay over $200 for tax prep fees, or that if they want to call the IRS for help, they wait about 22 minutes on average to get through if they even get through at all?   These statistics offer a glimpse into just how convoluted and stress-inducing tax filing in the US is. And with Tax Day upon us, you’d be hard-pressed to find someone who thinks otherwise.   But why exactly is the US tax system so complicated? Why do we even pay taxes? How does the government spend our hard-earned tax dollars?    In today’s episode, Dylan attempts to answer these questions and more by exploring the history of taxation in the US, discussing the current problems with our tax system, and breaking down the many different taxes we pay and why we pay them.   Show Highlights   [01:35] The difference between tax filing overseas and tax filing in the US [05:52] A brief history of taxation in the US [13:48] The problem with tax preparation services [19:46] The different kinds of taxes we pay [23:32] How line items in the federal budget are allocated [26:21] Why our tax system is complicated [30:09] The key to a better tax system   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter