finance
*** Named a Best Podcast By The New York Times, Time Magazine, Real Simple and MSNBC *** Host Farnoosh Torabi is an award-winning financial strategist, TV host and bestselling author. With over 40 million downloads and multiple Webby wins, So Money is dedicated to sharing inspiring money strategies and stories straight from today's financial leaders, bestselling authors and entrepreneurs. One day, hear an intimate money conversation with industry greats like Queen Latifah, Barbara Corcoran or Margaret Cho. Another day learn the basics of cryptocurrency and its impact on our wallets. On Fridays, tune in as Farnoosh answers our most pressing financial questions about saving, investing and building wealth. Advice and insights always delivered through a lens of equity, inclusivity and the changing world we live in. Want more? Join the So Money Members Club at SoMoneyMembers.com. Hosted on Acast. See acast.com/privacy for more information.
Amber Smith's 'The Big Story' podcast episode breaks down artificial intelligence, defining it as the simulation of human intelligence in machines. The episode highlights key AI branches like machine learning, natural language processing (NLP), and computer vision, explaining their functions and real-world uses.
Amber Smith discusses the widespread integration of AI into everyday technologies, from personalized recommendations on streaming services to virtual assistants on smartphones. AI also plays a significant role in transportation, enhancing navigation and self-driving capabilities.
The podcast episode highlights AI's transformative impact on healthcare, enabling earlier disease detection and aiding in drug discovery. In the financial sector, AI is employed for fraud detection, algorithmic trading, and delivering personalized financial advice.
Amber Smith addresses significant concerns surrounding AI, including potential job displacement due to automation and the ethical implications of AI decision-making and responsibility. Privacy is also highlighted as a critical issue, necessitating a balance between data utilization and individual rights.
The episode concludes by emphasizing the exciting yet challenging future of AI, urging for thoughtful societal engagement in its development and deployment. Smith stresses the importance of ensuring AI is used responsibly, ethically, and for the benefit of all humanity.
Cody Sanchez, founder and CEO of Contrarian Thinking, argues that acquiring profitable, established cash-flowing businesses on Main Street is an underrated path to building extraordinary wealth. She highlights that over 40 million Americans are nearing retirement, creating a 'silver tsunami' of business opportunities as baby boomers look to sell.
Cody Sanchez believes that as AI and robotics become more prevalent, individuals who own assets will be more financially secure. She posits that if you don't own the entity, AI poses a threat to your job, but if you own the business, AI can be integrated as a tool.
Cody Sanchez described her transition from corporate jobs to entrepreneurship as a result of realizing she was 'completely unemployable' due to her desire to implement what she believed was best for the business, regardless of bureaucracy. She started with 'baby steps' like blogs and side consultancies before fully embracing entrepreneurship.
Cody Sanchez cited statistics that 60% of millionaires own a business, and 88% of those worth over $30 million own a business, emphasizing that money equals freedom and more people should strive for ownership. She believes this path is more relevant than ever due to the speed of AI development.
Farnoush Torabi noted the emergence of startups whose business models involve partnering with small business owners who lack succession plans. These startups typically take a 51% ownership stake, allowing the original owners to retire while helping to train existing staff and improve business operations.
On the latest episode of So Money, host Farnoosh Torabi discussed the newly launched "Trump accounts," a savings vehicle for children. She detailed how the accounts work, including a $5,000 annual contribution limit and a $1,000 government seed investment for children born between 2025 and 2028. Torabi shared her positive experience opening one, noting the ease of the process despite the governmental involvement.
Farnoosh Torabi highlighted the investment potential of the new "Trump accounts" for children, emphasizing that the default investment is a low-fee broad US stock market index fund. She explained that while market volatility exists, a longer investment horizon (10-40 years) historically leads to positive returns, with US stocks averaging 7-10% annually after inflation. Torabi suggested the accounts' primary lesson for children is the importance of time in investing.
In a previous episode, So Money host Farnoosh Torabi and guest Bobby Rebell discussed the financial and relational aspects of adult children living with their parents. Rebell, a financial planner and therapist, noted that nearly half of adults under 30 are living at home, and this can be a strategic financial move for the children. She advised setting clear expectations to avoid resentment.
Farnoosh Torabi mentioned a conversation with Andy Hill from "Marriage Kids and Money" about his book "Own Your Time." Hill challenges the cultural assumption that success solely means earning more money, suggesting that needing less could be a more fulfilling path. Hill and his wife intentionally designed a life where they work part-time, moving from a six-figure income with negative net worth to a more balanced lifestyle.
Bobby Rebell shares her journey to becoming a certified financial therapist, a path she describes as "the long road." She enrolled in graduate school at Kansas State to deepen her understanding of the field, which combines money with mindset.
Bobby Rebell announced her upcoming "Book to Brand" workshop in New York City on October 9th, designed for aspiring authors. The workshop will cover idea validation, concept refinement, target audience identification, and marketing strategies.
Bobby Rebell discussed her book, "Launching Financial Grownups," which aims to help parents guide their adult children in financial matters. The book emphasizes the importance of conversations to foster financial responsibility.
Bobby Rebell explained that financial therapy focuses on the emotional and psychological aspects of money, which often drive decisions. She noted that clients frequently express embarrassment or shame about financial mistakes, but these behaviors can stem from events beyond their control.
Bobby Rebell highlighted how childhood experiences significantly influence adult financial behavior. She explained that growing up in scarcity can lead to overspending for a sense of abundance, while a lack of financial discussion in childhood can create communication difficulties in adult relationships.
Bobby Rebell advises focusing on controllable financial factors, such as spending, saving, and investing, rather than uncontrollable ones like interest rates and inflation. This shift in focus can reduce anxiety and increase empowerment.
Bobby Rebell identifies common 'money scripts' including money avoidance, worship, vigilance, and status. She emphasizes that recognizing these scripts is the first step toward challenging them and developing healthier financial behaviors.
Bobby Rebell observes a trend of increased transparency and openness in how people discuss their finances. She notes a greater emphasis on financial wellness and mental health, alongside a rise in accessible (though sometimes overwhelming) information from social media.
Bobby Rebell expresses excitement about the increasing recognition of the emotional and psychological aspects of money. She believes this shift will empower more people to achieve their financial goals by understanding how mindset impacts financial well-being.
Guest Bridget Cormoris, a therapist and mom of seven, emphasizes that during the middle school years (ages roughly 10-13), parents should prioritize their presence and emotional availability over material possessions. She notes that while kids are pulling away, they still need strong relationships with their parents to navigate challenges like friendships, bullying, and identity formation.
Bridget Cormoris, a guest on So Money, shared her career transition from a high-powered attorney to a relationship therapist specializing in middle school parenting. Her personal experience as a mother of seven, and recognizing a need for focused guidance in this age group, led her to develop the "Steady and Connected" parenting framework.
Bridget Cormoris believes that grouping middle school and high school parenting together is a 'missed opportunity'. She argues that the middle school years (approximately ages 10-13) are a critical, chemically distinct period for strengthening the parent-child relationship, distinct from the later high school years.