The Human Revolution with Dylan Bain

The great investor Warren Buffet once said, “Few aspects of human existence are more emotion-laden than our relationship to money.” You might hear of friends or colleagues who hit it big in crypto or real estate and think you ought to do the same. But that’s just your emotions (and need to fit in) talking.   Unfortunately, we can’t stop having emotions, and we’re simply hardwired to want to conform to social norms. So what can we do if we want to get a handle on our finances?   In today’s episode, Dylan talks about the importance of working in concert with our emotions, how social norms force us to make suboptimal financial decisions, and the most effective approach to wealth building.   Show Highlights   [04:40] Why human beings are social creatures [10:17] How social conventions force us to make suboptimal choices with money [14:11] Why even sports champions are not immune to conformity [20:10] The price of conforming to social norms [22:22] The most effective approach to wealth building   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

When it comes to making financial decisions, we often think of logic and reason. After all, money is about numbers, calculations, and profits. We like to believe that we make logical choices based on the information we have available, but that’s not always the case.   Emotions, not logic, often dictate our decisions, and this is true for corporations as well. This is because they are run by people, not robots, and humans have a natural inclination towards social validation and fear of exclusion.   This fear of being left out leads to a phenomenon where corporations follow their competitors' actions even if they don't make logical sense.   In today’s episode, Dylan dives into the inverted yield curve, layoffs and their implications for the market, corporate capital structures, and the emotional thread that ties it all together.   Show Highlights   [01:22] Why money is emotional [03:06] What is an inverted yield curve? [07:33] How corporate layoffs can signal a recession [09:58] Why interest rates and company debt aren't related [13:25] Why we make emotional decisions [20:37] How social media optimizes validation through dopamine hits   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Investing can be fun and exciting. That doesn’t mean it should be.    Like gambling, investing can be addicting, especially now that the ability to buy and sell is right at people’s fingertips, no thanks to trading apps. But when it comes to building wealth, boring basics is the name of the game.   In today’s episode, Dylan discusses investing, assessing your risk tolerance, and how you can build a more wealthy life in the future.   Show Highlights   [04:07] The difference between investing in a single company versus investing in the entire US stock market [11:04] Understanding how the investing game works [18:07] The key to chasing your net worth and building a wealthy life in the future   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter   Books Mentioned   A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton Malkiel The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J. L. Collins Just Keep Buying: Proven ways to save money and build your wealth by Nick Maggiulli

The US economy has repeatedly defied predictions of a recession in recent years, but the tumultuous aftermath of the Silicon Valley Bank collapse early this month has rekindled recession fears.   The collapse, which took down several other banks, is in part a rerun of a familiar story, one that highlights the importance of having adequate financial regulations.   In today’s episode, we’ll take a trip down memory lane to the different financial panics and crises in US history to better understand how banking works, the state of the banking industry and the economy, and what financial history can tell us about what may happen next.   Show Highlights   [03:09] Fractional vs. full reserve banking [06:26] Three types of banks [08:36] Financial panics before the Great Depression [13:08] Why the 1957 financial panic was unique [17:06] How the FDIC and the Glass-Steagall Act impacted banking [22:03] The Garn-St. Germain Depository Institutions Act of 1982 [27:39] How the Clinton administration overhauled the Glass-Steagall Act [31:00] The aftermath of the repeal of Glass-Steagall [35:55] The Dodd-Frank Act and what it does [38:13] The current state of US banking after the recent Silicon Valley Bank collapse   Links and Resources   A Brief History Of Central Banking In The US The Silicon Valley Bank Collapse: What You Need to Know Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

It’s easy to calculate your net worth. It’s harder to figure out if you’re on the right track to building wealth.   In today’s episode, Dylan breaks down three friction points in chasing net worth and how we can tackle them to get our financial lives in order.   Show Highlights   [03:17] Why a very high net worth isn’t always a good thing [08:23] Three friction points in chasing net worth [10:04] Why people may hesitate to chase net worth [17:56] How net worth and wealth increase exponentially [25:19] The bottom line when it comes to chasing net worth   Links and Resources   How to Create a Personal Balance Sheet Self-Care and the Hierarchy of Service Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Swiss financial services company Credit Suisse is the latest victim of a new confidence crisis in banking. But its takeover by rival bank UBS didn’t come of out the blue. It was the inevitable result of many scandals, failures, and disappointments.   In today’s episode, Dylan talks about what happened to Credit Suisse. How did a bank with over 150 years of history collapse so spectacularly? What can we learn from this latest bank fallout? And does this mean we’re in for a repeat of the 2008 financial crisis?   Show Highlights   [02:22] What is Credit Suisse? [09:50] Credit Suisse’s many scandals and failures [16:45] Why Credit Suisse’s stock price plunged to a new all-time low [21:16] How Swiss regulators resolved the Credit Suisse crisis [22:49] On whether the global financial system is on the verge of a widespread collapse   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

The first step to staying on top of your finances is understanding where you are currently. A personal balance sheet can help you achieve precisely that.   But what exactly is a balance sheet, and how can you put one together?   In today’s episode, Dylan walks you through creating a balance sheet so you can better plan your budget and set goals for increasing your net worth.   Show Highlights   [02:03] The importance of creating a balance sheet [05:32] What counts as assets? [11:35] Why you shouldn’t view your primary home as an investment [16:38] Why cars and chattels are not assets [18:40] What liabilities are and what counts as liabilities   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage Workshop with Venus and Mars Podcast Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

The tech industry is facing yet another challenge as its go-to bank, Silicon Valley Bank (SVB) collapsed last week. Once a major lender to VC-backed startups, SVB is now the second largest bank in US history to go under.   The bank’s shocking failure immediately followed the collapse of Silvergate Bank, which served as one of the two main banks for crypto exchanges, along with New York-based Signature Bank — another bank that regulators shut down Sunday in a bid to prevent a looming banking crisis.   The federal government has now stepped in to make depositors whole. But while the recent and sudden deterioration of these crypto-friendly banks has been most impactful to the tech ecosystem, it underscores the risk of financial system interconnectedness.   In this Friday episode, Dylan breaks down the failure of the crypto banking trifecta, the government’s response to this crisis, and how this all relates to the debt ceiling debate.   Show Highlights   [02:16] Why Silver Gate Bank became the bank of choice for crypto exchanges [05:54] What happens when a bank dies [09:05] What are bonds? [13:08] The two different types of investments that banks hold [15:26] How and why Silicon Valley Bank suffered massive losses [22:58] How the Silicon Valley Bank collapse affected the value of the USDC stablecoin [26:58] Why people’s faith in financial markets is critical [28:19] How and why Signature Bank collapsed [30:49] How bank bailouts work [34:43] How the collapse of the banks relates to the debt ceiling debate   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Budgeting is key to achieving financial independence, and at first glance, it seems like a simple solution to a complex issue. By understanding your monthly inflows and outflows, you can easily identify where you’re spending too much and cut down on your expenses or you may decide to pursue a side hustle for extra income.   But as you go through the process of taking control of your financial life, many things will come up. This is an unavoidable part of the process, and it is the number one reason why budgets fail.   In today’s episode, Dylan discusses the emotional excavation that goes along with budgeting and how you can overcome your feelings about money.   Show Highlights   [02:15] Why budgeting can bring up feelings of fear [07:02] Why budgeting can bring up intergenerational issues [09:09] Other emotions that budgeting can bring up [19:57] Why budgeting is an ongoing process [21:17] Attachment issues, according to Duey’s Freeman attachment cycle   Links and Resources   Money & Parenting: What’s Our Role as Parents? Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

For humans to flourish, we need to find fulfillment in our lives, accomplish meaningful goals, and connect with others on a deep level. But if we want to discuss human flourishing, we need to first grapple with systemic issues that make us sick — suburban isolation, car dependency, and extreme individualism to name a few.   In this Friday episode, Dylan shines a light on the anti-human society we live in, how it makes and keeps us sick, and the ways in which we can rebel against it.   Show Highlights   [02:34] What does a deeply anti-human society look like? [09:20] Examples of things that are pro-human [11:08] Examples of acts of rebellion is an anti-human society   Links and Resources   Venus and Mars Podcast by Anya Shakhmeyster Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter   Books Mentioned   The Wealth of Nations by Adam Smith