The Human Revolution with Dylan Bain

If your finances are a house, then your budget is its foundation.    Budgeting plays a key role in helping you achieve your financial goals, but creating a budget and living by it are two different things. It’s easy to create a budget plan outlining your income and expenses for the month. The hard part is sticking to that plan day in and day out.   In today’s episode, Dylan discusses budgeting and the importance of grounding it in reality.   Show Highlights   [02:38] What happens when you start getting your financial house in order [05:01] Why budgets as a statement of values, a conversation, and a starting point [09:25] How to start a budget with the Fiscally Savage Spending Analyzer [11:42] What is zero-based budgeting? [18:42] What’s next after estimating your expenses? [23:25] Why budgeting is an evergreen commitment   Links and Resources   The First Step in Creating a Budget Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

This week, the Supreme Court heard two cases challenging President Joe Biden’s one-time student loan forgiveness plan. The plan, which will determine whether over 40 million people in the US can have up to $20,000 in debt canceled, has sparked conversations about whether it’s fair just days after it was announced.   One important conversation you won’t hear in the media, though, is how we ended up here in the first place. That is, how did we end up with so much student debt, and what can we do about it?   In today’s episode of Fiscally Savage, Dylan provides a brief history of student loans and explains how they work, how student loan debt became a $1.7 trillion crisis, and what we can do about it.   Show Highlights   [03:22] The two lawsuits challenging President Biden’s student loan forgiveness plan [08:02] The history of student loans [14:54] How student debt became a $1.6 trillion crisis [21:44] How degree inflation and change in accountability move the goalpost from high school to college [26:25] Difficulties that are inherent in the current state of the student debt crisis [31:13] What we can and should do about the student debt crisis   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Creating and sticking to a budget doesn’t have to be a daunting task. On the contrary, the process of taking a closer look at your spending habits and then making necessary adjustments can make you feel in control of your finances and help you save money to reach your financial goals. The only problem is many people don’t know where to start this conversation.   In this episode of Fiscally Savage, Dylan discusses what budgets are and walks you through the first step in creating one so you can take better stock of your financial situation.   Show Highlights   [01:20] What is a budget? [05:12] Questions you have to ask yourself before making a budget [07:36] Why couples should talk about budgeting together [10:01] How the Fiscally Savage Spending Analyzer can help you tackle budgeting   Links and Resources   Fiscally Savage Spending Analyzer Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

On Feb. 3, a train carrying toxic chemicals derailed in East Palestine, Ohio, igniting a fire that covered the town in smoke. The incident has since turned into a political football and spectacle — one that continues to generate headline after headline in the media.   If there’s one thing you should take away from this, it’s the idea that you can’t rely on anyone to save you. It’s in your best interest to be prepared, whether for train derailments, statewide power outages, or any other disaster — man-made or otherwise.   In today’s show, Dylan talks about the recent Ohio train derailment, tips for emergency preparedness, and how you can apply those same tips to get your financial house in order.   Show Highlights   [02:22] The recent East Palestine, Ohio train derailment explained [06:10] The role that regulations play in protecting consumers and communities [12:06] Key takeaways from the Ohio train derailment [13:40] Why you're ultimately the only person you can rely on [15:15] The importance of having a plan and what that entails [18:03] Why being organized is key to being prepared [22:18] Why you should periodically review and adjust your preparedness plans [23:59] How you can apply the elements of preparedness to your financial life   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Budgeting is one of the best tools you have to take control of your money, achieve your financial goals, and set yourself up for success. Unfortunately, it’s not always a given. Many people avoid discussions about budgeting at all costs, mostly because they don’t know where to start. Do they need to save money? Can they even save money? Should they invest it instead?   In today’s episode, Dylan breaks down the three stages of a personal finance journey — income, saving, and investing — to help you take stock of your financial situation.    Show Highlights   [06:29] The three stages of your personal finance journey [07:33] The income stage and what it entails [11:09] How income and expenses interact [13:19] The best way to grow your income [14:17] The savings stage and what it entails [19:32] The investment stage and why many people don’t reach it   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter   Books Mentioned   The Storm Before the Storm: The Beginning of the End of the Roman Republic by Mike Duncan Hero of Two Worlds: The Marquis de Lafayette in the Age of Revolution by Mike Duncan The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J. L. Collins

From toxic clouds to record-high inflation, the barrage of bad news can push even the best of people into pessimism and dredge up some existential questions, like what gives life meaning? Why are we even here? What should we do with our lives?    These questions all circle around the notion of having a purpose — a reason to wake up, move forward, and find joy. Unfortunately for too many people, that sense of purpose has been absent for a while or has steadily withered over time. For some, it was never really there.    So, what can you do if you’re struggling to find purpose? The answer is astonishingly romantic: court your Muse.   In today’s episode of Fiscally Savage, Dylan underscores the value of courting one’s Muse — that ethereal well of inspiration — in re-examining why we do what we do.   Show Highlights   [01:56] Why men want purpose [04:39] What happens when you court your Muse [07:24] How building wealth ties into the pursuit of purpose and beauty   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

Cons. Frauds. Scams. Whatever you call them, people have been falling for them since time immemorial. Though their means may change, scammers have always been with us and, unfortunately, are often successful in their ploys. But what makes scams so hard to resist and so easy to perpetuate in the first place?   In today’s episode, Dylan talks about the idea that we have to be sneaky in order to make money, why we often fall for scams, and how we can protect ourselves from them.   Show Highlights   [04:10] Where the idea that the only way to make money is to be sneaky comes from [11:42] What is a scam? [14:21] Multi-level marketing schemes as an example of a scam [16:28] Scams in real estate [20:23] Cryptocurrency scams explained [24:06] What is a Ponzi scheme? [26:49] The five elements of a scam [33:24] The secret to wealth creation and success   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter

The COVID-19 pandemic triggered an urban exodus. In the US, many city dwellers fled to rural and suburban areas after the pandemic hit in early 2020. Data from the US Census Bureau shows that many of them have stayed, putting down roots in smaller, more affordable cities and suburbs.   Despite that, rent prices continue to go up, even as the depopulated American downtowns of 2020 and 2021 see more rental units being built by the day. That's not how the law of supply and demand should work, so what gives?   In today’s episode of Fiscally Savage, Dylan turns to Adam Smith’s The Wealth of Nations for answers as to why housing is expensive and why there doesn’t seem to be enough of it.   Show Highlights   [04:31] Why optimization is great for business but seems terrible for everything else [06:12] How middlemen take advantage of inefficiencies in a business [13:26] Rent versus economic rent [18:24] How landlords optimize profits and create an artificial shortage [25:06] What a free market is, according to Adam Smith [27:19] Other examples of rent-seeking behavior   Links and Resources   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 The Theory of Moral Sentiments by Adam Smith Direct: The Rise of the Middleman Economy and the Revolution Underway by Kathryn Judge

It’s easy to get caught up in the shiny promises of get-rich-quick schemes. After all, who doesn’t want to become a millionaire overnight?   But the truth is there’s really no fast track that will do all the work for you. If you truly wish to take control of your financial life and live free, you should stick to slow, “boring” solutions instead.   In today’s episode, Dylan talks about get-rich-quick schemes and their veneer of success, the merit of taking on a systematic approach to your finances, and more.   Show Highlights   [04:42] On the attractive “solutions” that the media tries to sell us [09:03] The FOMO trap of get-rich-quick schemes [14:10] Why get-rich-quick schemes are not the long game [20:26] The merit of boring but actionable solutions [24:55] Why a systematic approach will always win in the end   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter   Books Mentioned   Moneyball: The Art of Winning an Unfair Game by Michael Lewis

On Jan. 19, the US outstanding debt hit its statutory limit. With the clock ticking for the country to avoid a default on its debt, experts are sounding the alarm about potential disruptions to Social Security. But should we actually be concerned?   In today’s episode of Fiscally Savage, Dylan explains what Social Security is, how it came about, and how it works. He also addresses some common talking points on Social Security — that it’s going bankrupt, that it’s exploding the national debt, and that it’s a Ponzi scheme.   Show Highlights   [02:09] What is Social Security? [07:14] How Social Security income came to be taxable [10:52] How Social Security is funded [14:42] Why Social Security is not exploding the national debt [19:11] Why Social Security will never go bankrupt [22:02] Why putting a cap on payroll taxes decreases employment [25:28] Why Social Security is not a Ponzi scheme   Links and Resources   Fiscally Savage Fiscally Savage Tools Fiscally Savage on Instagram Fiscally Savage on Facebook Fiscally Savage on Twitter