I have also been finding hope in Rhett and Link, they don't do political/economic commentary, but they give me hope that there are good American men that exist and are popular and so change might be possible!
Yes, some people truly can't care for themselves, so those of us who are able need to work twice as hard to provide for them. It would be nice if the trillionaires would pitch in, but I won't hold my breath..
I fucking love these iPhone chats. It’s hard to feel optimistic right now but finding ways to take care of ourselves and each-other is part of what’s keeping me going.
we've set a super strict limit on our amazon purchases, and are hoping to get rid of amazon almost completely by the end of the year except for the 1-2 speciality items we can't find anywhere else. i've taught myself to make my own bread, i switched to costco and trader joe's for groceries.
Yea I talked about this with my sister yesterday because we’re all still on one account. 🤫 and she said we need to wait until after our other sister has her baby and it is at least six months old because she’s five hours away from the rest of us so we can’t go on grocery runs as easily for her to help out. I also keep going back and forth between wanting to cost Amazon more than I pay them for membership due to separate shipping vs being better for the environment about shipping.
My best friend just got out of the hospital for mental health issues, and she's pretty still fairly vulnerable right now. She was suffering from psychosis, so I was kind of used to trying to gently lead her back to reality. Yesterday, she was telling me she couldn't stop worrying about us (Canada) getting annexed by the United States. It was so weird to be in a situation where possibly the most insane thing that she's said in the past 6 months wasn't a delusion; it was an actual threat made by the President of the United States. I am also a socialist who is meeting with a financial planner tomorrow, so this was a really timely video.
please tell your friend no American wants to wage an imperialist war on Canada. I have no power, these things are out of my direct control. All I can do is focus on the moment, doing the right thing, and taking care of family, friends and doing my best to be kind in public. good luck, eh
This may have been the most charged post I've seen from you Chelsea, and I deeply appreciate it. I know you have subscribers who are all over the demographical map and not giving up applies to us all. It's clear their intention is to bulldoze the system and wreck spirits while so doing. I'm with you on this and I'll be looking at useful ways to holding things together for my family and me. Thank you
What is going on right now reminds me of a series of articles written between 2016 and 2020 by David Wong over at Cracked. One of those articles was about how to stay sane during these times and why you need to tune out the nose. He posted this question, "where do you see yourself in 20 years. Not the world, you can't control that, you?" He describes his upbringing in 1980s rural Illinois. For people his age, many were certain the rapture was going to happen, and / or the Soviets and America would destroy the world in nuclear fire. So many lived and acted like there was no future. However, the future came, and they found themselves unprepared and unable to deal with the world. He also describes the desire for the apocalypse as a mental desire to absolve oneself of the responsibilities of the present and to your future self. The generation complaining about previous ones for not planning ahead are doing the same thing. Here is the truth, the futue is coming. And if the doomers are correct, the world is going to get harder. It won't have use for infantile people hoping for a release. It will need compent and self-sufficient citizens. Remember, there is no paradise for you to escape to.
I remember those articles! They also had an article when they interviewed a survivor of the AIDS crisis who went into debt thinking he and all his friends would pass away. Then he survived and he was stuck with all his credit card debt because he didn't think treatment would be more accessible and regretted not being financially prepared.
17:30 this is the most important thing. I’m exhausted by so much defeatist rhetoric these days, there’s nothing noble or cute about refusing to save yourself first and ultimately get a shot at saving your family, friends, community, and world. We have to secure our own lifevest before assisting the person next to us. We have to be okay with TRYING to make better choices in a flawed and challenging system. All change is slow and incremental, giving up because it’s hard or takes too long is what stops it from happening.
Just want people to know that not all federal grants have been reinstated. I work for an org that gets some of our grants from the EPA and they are still in limbo.
This is why you are one of the only financial RUclipsrs I listen to. Thank you, this actually made me feel better. I had a coworker who was nearing retirement when covid happened and she panicked and pulled out her money, and she’s had to stick around for years after to try and recover what she’s lost
This is the aesthetic of the crumbing days 💖 we're in this together, class solidarity 👏🏻 class solidarity 👏🏻 class solidarity 👏🏻 don't panic, prepare for a variety of potential futures, prepare in ways both financial and frankly start a garden. If you're not investing but you're not growing food either you're not prepared for any potential future.
I make 45k a year, and it’s super stressful for me to even think about money. I would love to invest in my employer 401k, save 6 months of emergency funds and pay off debt faster. But when you are left with less than $150 for food and gas for the week after bills you don’t have the option to.
Does your employer have a 401k match that you're not benefitting from at the moment? If so, I would consider getting a side hustle to be able to benefit from even a little of that match, it's free money that you don't want to leave on the table. I've been where you are earning very little compared to cost of living, and honestly am not where I should be with retirement savings yet, but I just realized looking at my 10 year old 401k this week that half of the value of it is earned interest. If I had waited until now when I have a more comfortable salary to contribute, I would have missed out on all of that. Time is your best friend when it comes to retirement savings, even small contributions when you're young will be a huge help.
This is real and I feel it too! To think of having hundreds of thousands of dollars saved for retirement just feels so unattainable and daunting. 😵💫 It feels like the game wasn't designed for people like me to "win." And if that's the case, how am I expected to follow the rules and keep playing?
@@rachelmaddowswife8713 I agree, and there is a half match which I guess is better than nothing. But I was told the cap is 6% of me contributing to get that extra money. So it’s not a big amount I would be missing out on. I’m also grateful the healthcare marketplace exists because my company doesn’t offer health care. I just hope there’s no “concept of a health care plan” that our current admin wants
I literally just switched all of my American fund into a money market today. I can’t mentally handle the volatility and potentially losing a bunch of money with everything going on. I really needed to hear this thank you.
@@cvangemon1307 Libertarian = "I shouldn't have to contribute to society at all in any way or follow any rules, but I still want to benefit from roads and medicine and all the good things about living in a society." Yeah, being unfathomably stupid and monstrously greedy seems pretty standard for conservatives.
I needed to hear this!!! Yes, it's scary, but we need to stay calm and move forward with confidence that our actions do matter. I recommend reading and listening to experienced activists. It helps. Things have been bad, things may get worse, things will be better. I'm personally getting involved locally.
Girl! I know where you got that sweater 😉 I work for that company after floundering in retail for 6 years after college. After racking up medical debt, I had to shove aside my idealistic standards and get a job with health insurance before I went bankrupt. I work for an industry that is the #2 polluter of the planet but my job gave me financial stability and time to learn about personal finance so my money can be used in more ethical ways (like donating to planned parenthood). We live in a capitalist and consumer culture (if anyone finds the escape hatch, let me know). I've made my peace with that, but it's difficult to choose an alternative when the alternative is poverty.
Agreed. The problem with this dumpsterfire is in large part BECAUSE we're checked out of it. We need to be engaged with economics. Seize the means of finances!
Great video. Im a Leftist who participates in the modern economic system out of necessity. I agree that many people take the nihilistic thought from "There is no ethical consumption under capitalism" instead of the optimistic route. It's much easier to give in fully than to try to do the best that you can in a broken system.
I genuinely can't stomach anything else on youtube right now (can't bring myself to watch entertainment) so thank you very much for this impromptu talks.
I always thought that “there is no ethical consumption under capitalism” just meant you needed to pick the least bad choice. Not that you should just yolo it. I’m curious what age range or location in the country has the yolo version as the meaning or if people were just saying it ironically?
I'm doing my best but with every other business being outed as evil every five minutes, I refuse to be punished for taking millimeters while corporations steal miles.
Despite 8:38, people are still asking "why not just move to France?" 🙄 Generational disenfranchisement has severely limited most of our options, among many many other reasons 😅
It occurs to me listening to this one. We really don't see many progressive money minded people. It's a realm almost entirely dominated by libertarian and conservative voices.
tbh, the people saying "what's the point" are typically the people who can't do it anyway. i know bc that was me before I met my husband who is very financially secure (in mindset, habits, and practices - not dollar amount paycheck wealthy). it was only through watching him and how he spends (aka doesn't) and invests his money that I finally realized it was possible. actually, I used to watch your channel many years ago but I just wasn't ready for this info. i found you again recently and have been binging your content bc I just can now.
I find it helpful to borrow the term "harm reduction" when thinking about my investments. I can't divest from everything I disagree with, but I was able to remove direct fossil fuel extraction from my portfolio fairly easily. If you have the resources to work with a financial advisor, I highly recommend bringing up your values with them from the get-go. You might have some better choices than you initially thought.
I think the most important thing on the second part (if everything fails) is that yeah, you may lose a few thousand of a few ten thousands or whatever on the stock market if the S&P goes to 0, but Elon and Bezos will be out billions. This is a net good for you if it happens, but if it doesn't you are losing by not being in.
When you have the mental freedom of a six-month emergency fund, you find you have the ability to help your community more. Personally, this has led me to a journey towards ASL and the deaf community. I don't know that it is a perfect solution to the weird feeling in my stomach as my 401(k) rises. I do know that I'm glad I'm spending that energy in learning ASL instead of anxiety about when my paycheck will hit my bank account.
You really articulated the vibes I'm feeling right now. I'm applying to my first jobs out of college and it sucks, but my mom has been really supportive bc she graduated in the early Reagan years. It may never have been this bad, but it has been pretty bad before and it will be bad again!
I made the mistake today of doom scrolling reddit, but the last video and this one pulled me out of my self-pity and into action to protect my future self and to allocate funds for donation to pp. Thanks.
I’ve followed your channel for a long time and I’m not American and I have no interest in investing in the stock market but I love this style of video you used to do. I understand that your company grew etc but I love that you are bringing back this style of content. These realities don’t just apply to America and the world is going to sh*t everywhere. I feel like your approach is very realistic and applicable anywhere and for everyone.
Your point at 14:31 is it. The 1% is participating in the system too. If "the stock market goes to zero" their wealth will also be destroyed. Which is why it won't. If it does, it will be something beyond the control of the ruling class, which isn't really something we can plan for in the first place.
168k cap when 174k is the annual income (excluding lobbying/bribes, of course) for federal Congress members so each one has 6k less to contribute to Social Security, which they instead invest in the stock market All this to say, YES you’re absolutely right and I’m glad more people are seeing this
there is no ethical consumption under capitalism. 25 percent of the worlds popularion is keeping the other 75 percent in stark poverty. The sooner we move to socialism the better
I feel it's worth noting that for those who have specific moral obligations to owning equity, corporate debt through bond ownership (lending them money so they owe you interest) is readily available and generally pays reasonable yields, while not matched by those of high risk equity. Do not let inflation devalue what the state has decided you are worth. Fight with the only currency they understand: currency.
Pure 🔥coming from Chelsea at the end 🐉. The passion is contagious! I appreciate your ability to inspire action amidst the fear and chaos, Chelsea. If you ever run for office one day, I’ll support you! In the meantime, thank you for being you. 💜
Thank you, thank you. Even though I know it’s best to STAY in the stock market, I have been a little spooked this week. Your advice and opinions are always appreciated!
Every single thing you do that increases your options maximizes your ability to take care of yourself and still have the energy to make change in your community. Money is power in this society. If you opt out of the system completely, you opt out of having any power to change the culture around you. And if you don't have the money to set aside right now, remember that knowledge and skills are the most valuable resources you have. That includes all the stuff you learn at work, home, and from your hobbies. Those skills are currency you can barter and use in networking and community-building in addition to straight up trading for a wage. The system sucks, but history shows there's no such thing as utopia. We don't get to wave a wand and live in a leftist paradise; we have to start where we are. So yeah, work the system as much as you can while minimizing the harm your participation may make.
I will say I've heard these same arguments from the Effective Altruist crowd who will argue that becoming wealthy as fast and effectively as possible will allow you to be one of the benevolent god kings. Basically "when I get to the top, I will change things, but I have to do some unethical things first to get there, but don't worry I'll make up for my sins when I have the power." Its a tough spot we are in as a society. I think most of this comes down to property laws and fiat money. Right now insiders have too much power on how laws are written which is upstream of how money flows in the system. The minute we all wake up and realize "hey this money stuff is all imaginary" then we might get some degree of class consciousness. People work 2-3 jobs, sometimes risking their lives for money which can be created on a whim to bail out banks and mega corps. This shit is so broken.
I get this. I genuinely and truly do. But I am a much, much more effective activist with the financial security I have now than I was without it. I can decide where to shop. I can say no to a boss who asks me to do anything unethical. I can, and do, make thoughtful, meaningful donations, participate in mutual aid, serve on noon profit boards. I can, and do, spend my free time in actively helpful ways to the movement. I can, and have, taken a lower paying job that does meaningful work because I can afford to. Someone else can have the high paying job I left, and hopefully find their "enough". The best I could offer when I was broke was empathy, occasional cans of food for the food bank, volunteering, voting and signing petitions. I felt totally discouraged and overwhelmed, not to mention completely beholden to my job. It was still something, and I think everyone can and should do what they can, but honestly I didn't have a lot of capacity. We have to take some power for ourselves, as progressives and do the hard, hard work of not moving the goalposts on ourselves forever, like you mentioned with effective altruism bros. Know what's enough, keep an activist ethos, give yourself options and power.
Yes! Can't we just admit that money is fake and stop playing this dumb game of Monopoly?! No, but seriously, it kind of feels like how can anyone feel justified and righteous saving a million dollars for retirement when some people are living on the streets in poverty? Or working 3 jobs and getting nowhere? Shouldn't we be redistributing resources and dismantling the system?
imo effective altruism does have some logic to it but does seem to quickly go off the rails trying to justify the mass accumulation of wealth and paternalistic approach to charity. I think this advice is a bit more along the lines of "put on your own oxygen mask before helping others" or maybe "oxygen masks are still worthwhile and in fact more important when the plane is crashing" whereas effective altruism is often "you should grab as many oxygen masks as possible so you can later give them to the passengers next to you who are now braindead from suffocation because you took their mask"
Financial literacy is not something I was raised to have, and really only started acquiring knowledge about a year ago. I have a lot to do and figure out, but have been stalling out from all the doom and gloom I've been feeling lately. This was a good 'shake'. Thanks, Chelsea.
My husband is a federal worker. The only reason the new constant threat of him losing his job isnt totally wrecking our family is because we've followed this advice and have 6 month emergency fund, investments, havent let our cost of living increase along the same scale as our salaries Now it is more important than ever to financially plan, instability is a guarantee
I like all of the points that you made! Except I think I have a different understanding of the phrase "no ethical consumption under capitalism" than you -- to me that phrase is not saying "all consumption is equally bad so we shouldn't try to make better choices," rather, it means "we won't build the world we want solely by deciding to consume in the 'proper' way." IMO we can and should figure out ways to make more ethical choices with our consumption, but not at the expense of our capacity for activism.
I’ve been asking myself the same questions you answered on here. Very well articulated answers. Thank you for the rationale responded to these very real fears
As someone who just passed their Series 7 (not an FA to be clear), index funds are the way to go. There are tons of options with various concerns like age, how soon you need the money, tax bracket, etc. but honestly no one beats the market. If you think you can beat the market, then it’s not investing, it’s gambling.
Possibly my first comment here? But, I really appreciate your energy and candor in these shorter spontaneous videos. Agree with others that this would be very helpful to have as a regular part of the channel.
I am worried that because my wife and I are LGBTQ that we may need to focus on putting our assets into savings should we need to make our escape. I know that getting something like temporary residency in another country requires a certain amount of assets. So I will probably focus on saving more than investing (while still doing my work retirement plan) rather than maxing out my Roth IRA.
I don't care if you film them with a potato, please keep these coming! All reminders to stay grounded and not spin off into panicked chaos are needed.
😂😂🥔✨❤
Hahaha
I've seen videos made with a potato. Trust me, you do not want to see them.
I LOVE potatoes
Organized anarchy highly recommended.
Please make this a regular thing. This (and vlogbrothers) is literally the only thing that will get me through the next 4 years.
Think I might just have to....
I have also been finding hope in Rhett and Link, they don't do political/economic commentary, but they give me hope that there are good American men that exist and are popular and so change might be possible!
@@thefinancialdietplease please please don’t stop
I’m from Argentina so I’m on the same boat as all of you 😢
@@thefinancialdietwe need tfd to pivot to financial news in the US honestly pls god
I like these “quick “ videos as much as I like the more produced videos. Both provide great information.
💯
Chelsea the fact that you are doing all of these videos with lesbian vampire smut books in the background is absolutely killing me
If you're referring to An Education In Malice, ST Gibson is a friend and one of my favorite authors!!
@@thefinancialdiet Honestly slay, I love ST Gibson she is one of my favorites
The Secret History! One of my all-time favorites!
Lmfaoooo
you’re absolutely right. being financially aware and working on your own stability are acts of resistance and help the collective
Yes, some people truly can't care for themselves, so those of us who are able need to work twice as hard to provide for them. It would be nice if the trillionaires would pitch in, but I won't hold my breath..
I fucking love these iPhone chats.
It’s hard to feel optimistic right now but finding ways to take care of ourselves and each-other is part of what’s keeping me going.
we've set a super strict limit on our amazon purchases, and are hoping to get rid of amazon almost completely by the end of the year except for the 1-2 speciality items we can't find anywhere else. i've taught myself to make my own bread, i switched to costco and trader joe's for groceries.
Cutting Amazon prime off is really easy
Yea I talked about this with my sister yesterday because we’re all still on one account. 🤫 and she said we need to wait until after our other sister has her baby and it is at least six months old because she’s five hours away from the rest of us so we can’t go on grocery runs as easily for her to help out.
I also keep going back and forth between wanting to cost Amazon more than I pay them for membership due to separate shipping vs being better for the environment about shipping.
I really hate to be the bearer of bad news, but Trader Joe's is big into union busting and is trying to get rid of the NLRB.
Trader Joe's is limited to large metro areas. With Aldi removing DEI from their website, TJ won't be far behind.
@@mbthe8731 Trader Joe's is big into union busting, and is working to get rid of the NLRB.
I like your iPhone audio videos. They are really needed. Thank you for them.
My best friend just got out of the hospital for mental health issues, and she's pretty still fairly vulnerable right now. She was suffering from psychosis, so I was kind of used to trying to gently lead her back to reality. Yesterday, she was telling me she couldn't stop worrying about us (Canada) getting annexed by the United States. It was so weird to be in a situation where possibly the most insane thing that she's said in the past 6 months wasn't a delusion; it was an actual threat made by the President of the United States. I am also a socialist who is meeting with a financial planner tomorrow, so this was a really timely video.
please tell your friend no American wants to wage an imperialist war on Canada. I have no power, these things are out of my direct control. All I can do is focus on the moment, doing the right thing, and taking care of family, friends and doing my best to be kind in public. good luck, eh
This may have been the most charged post I've seen from you Chelsea, and I deeply appreciate it. I know you have subscribers who are all over the demographical map and not giving up applies to us all. It's clear their intention is to bulldoze the system and wreck spirits while so doing. I'm with you on this and I'll be looking at useful ways to holding things together for my family and me. Thank you
What is going on right now reminds me of a series of articles written between 2016 and 2020 by David Wong over at Cracked.
One of those articles was about how to stay sane during these times and why you need to tune out the nose. He posted this question, "where do you see yourself in 20 years. Not the world, you can't control that, you?"
He describes his upbringing in 1980s rural Illinois. For people his age, many were certain the rapture was going to happen, and / or the Soviets and America would destroy the world in nuclear fire. So many lived and acted like there was no future. However, the future came, and they found themselves unprepared and unable to deal with the world. He also describes the desire for the apocalypse as a mental desire to absolve oneself of the responsibilities of the present and to your future self. The generation complaining about previous ones for not planning ahead are doing the same thing.
Here is the truth, the futue is coming. And if the doomers are correct, the world is going to get harder. It won't have use for infantile people hoping for a release. It will need compent and self-sufficient citizens. Remember, there is no paradise for you to escape to.
I remember those articles! They also had an article when they interviewed a survivor of the AIDS crisis who went into debt thinking he and all his friends would pass away. Then he survived and he was stuck with all his credit card debt because he didn't think treatment would be more accessible and regretted not being financially prepared.
17:30 this is the most important thing. I’m exhausted by so much defeatist rhetoric these days, there’s nothing noble or cute about refusing to save yourself first and ultimately get a shot at saving your family, friends, community, and world. We have to secure our own lifevest before assisting the person next to us. We have to be okay with TRYING to make better choices in a flawed and challenging system. All change is slow and incremental, giving up because it’s hard or takes too long is what stops it from happening.
at the end of the day, one as to start by helping themselves.
Just want people to know that not all federal grants have been reinstated. I work for an org that gets some of our grants from the EPA and they are still in limbo.
Yes. The money is not flowing. Lots of people furloughed, officially or unofficially. Stop work orders are still in effect.
Good!
The 30s had FDR and the fireside chats, we have Chelsea and the iPhone chats. ❤
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This is why you are one of the only financial RUclipsrs I listen to. Thank you, this actually made me feel better. I had a coworker who was nearing retirement when covid happened and she panicked and pulled out her money, and she’s had to stick around for years after to try and recover what she’s lost
My colleague did the same!
This is the aesthetic of the crumbing days 💖 we're in this together, class solidarity 👏🏻 class solidarity 👏🏻 class solidarity 👏🏻 don't panic, prepare for a variety of potential futures, prepare in ways both financial and frankly start a garden. If you're not investing but you're not growing food either you're not prepared for any potential future.
Class solidarity 🫂
7:30 hell yes! Keeping yourself poor isn’t a good way to create change. You need money to create change.
16:57 as well
🌟🌟🌟🌟🌟
Thank you Chelsea for the caring words and for acknowledging Canada. That meant a lot. ❤️
Yes, for sure. It's like having one of your best friends and allies suddenly turn on you and attack you. WTF? 🇨🇦
The spending freeze "memo" was retracted, but the freeze itself was not. Many federal payments were still withheld.
Gen Xer here. Really appreciate this discussion. Thank you.
Same. We need this energy. 🙌
I make 45k a year, and it’s super stressful for me to even think about money. I would love to invest in my employer 401k, save 6 months of emergency funds and pay off debt faster. But when you are left with less than $150 for food and gas for the week after bills you don’t have the option to.
Don’t give up. Hang in there! Do your best. I know how that feels…
Does your employer have a 401k match that you're not benefitting from at the moment? If so, I would consider getting a side hustle to be able to benefit from even a little of that match, it's free money that you don't want to leave on the table. I've been where you are earning very little compared to cost of living, and honestly am not where I should be with retirement savings yet, but I just realized looking at my 10 year old 401k this week that half of the value of it is earned interest. If I had waited until now when I have a more comfortable salary to contribute, I would have missed out on all of that. Time is your best friend when it comes to retirement savings, even small contributions when you're young will be a huge help.
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This is real and I feel it too! To think of having hundreds of thousands of dollars saved for retirement just feels so unattainable and daunting. 😵💫 It feels like the game wasn't designed for people like me to "win." And if that's the case, how am I expected to follow the rules and keep playing?
@@rachelmaddowswife8713 I agree, and there is a half match which I guess is better than nothing. But I was told the cap is 6% of me contributing to get that extra money. So it’s not a big amount I would be missing out on. I’m also grateful the healthcare marketplace exists because my company doesn’t offer health care. I just hope there’s no “concept of a health care plan” that our current admin wants
I literally just switched all of my American fund into a money market today. I can’t mentally handle the volatility and potentially losing a bunch of money with everything going on. I really needed to hear this thank you.
Living for these quick videos. Keep them coming. You’re one of the only things on the internet NOT making me spiral lately. 🙏🏼
“A meteorite could hit the earth tomorrow “…. Don’t threaten me with a good time 😏
In the long run ...we're all dead
@@alanzob Is it bad that I find that comforting? 😂
Please keep doing these. It's important.
4:26 Libertarianism is just conservatism with extra steps
It's funny cus I learned that Libertian is just the right wing in some other countries
Libertarianism is letting people choose for themselves, and yet people keep choosing conservatism? Very interesting.
@@cvangemon1307 Libertarian = "I shouldn't have to contribute to society at all in any way or follow any rules, but I still want to benefit from roads and medicine and all the good things about living in a society." Yeah, being unfathomably stupid and monstrously greedy seems pretty standard for conservatives.
I feel like my older sister is lecturing me & she is damn right!
Put your mask on first and then safe others.
It’s not only USA, it almost everywhere.
Holy crap, Chelsea. I hope you know how welcome and inspiring your videos are. This stuff is just so on-point.
I needed to hear this!!! Yes, it's scary, but we need to stay calm and move forward with confidence that our actions do matter. I recommend reading and listening to experienced activists. It helps. Things have been bad, things may get worse, things will be better. I'm personally getting involved locally.
Your Maryland is showing 😉 Glad you're keeping a level head throughout all this! Preach, girl 👏 Shout-out from DC!
Girl! I know where you got that sweater 😉 I work for that company after floundering in retail for 6 years after college. After racking up medical debt, I had to shove aside my idealistic standards and get a job with health insurance before I went bankrupt. I work for an industry that is the #2 polluter of the planet but my job gave me financial stability and time to learn about personal finance so my money can be used in more ethical ways (like donating to planned parenthood). We live in a capitalist and consumer culture (if anyone finds the escape hatch, let me know). I've made my peace with that, but it's difficult to choose an alternative when the alternative is poverty.
Nordstrom!!
@@thefinancialdiet you look amazing in that acid green!
Thank you for always making me feel less crazy !!!
Mad max isn't for at least 30 years so you should be able to save enough by then to buy your wastland-vehicle.
The iPhone based videos or vlogs seem more personal and real. It’s a nice mix between the edited videos and the “off the cuff” videos.
Good job.
Agreed. The problem with this dumpsterfire is in large part BECAUSE we're checked out of it. We need to be engaged with economics. Seize the means of finances!
Great video. Im a Leftist who participates in the modern economic system out of necessity. I agree that many people take the nihilistic thought from "There is no ethical consumption under capitalism" instead of the optimistic route. It's much easier to give in fully than to try to do the best that you can in a broken system.
I basically never comment, but 10/10. Brilliant analysis. No notes.
Can you do a video about ethical investments, that removes financing tech-companies and their insane ideas and monopolies?
In all seriousness I agree. Nihilism is how we got there. It's why so many people stayed home and didn't vote.
I genuinely can't stomach anything else on youtube right now (can't bring myself to watch entertainment) so thank you very much for this impromptu talks.
I’m so scared about what is to come. Thank you for being a voice of reason in such turbulent times.
1:55 remember all those people that ruined their lives because they thought the world was gonna end in 2012...
Chelsea’s hot takes is why I originally followed this channel. Really appreciate this new variation of it!
Canadian subscriber here, thank you for your hard work (always and especially now) 💕
I always thought that “there is no ethical consumption under capitalism” just meant you needed to pick the least bad choice. Not that you should just yolo it. I’m curious what age range or location in the country has the yolo version as the meaning or if people were just saying it ironically?
All of the above, I think
I know some millennials who are like this
Thank you for the fireside chats.
I'm doing my best but with every other business being outed as evil every five minutes, I refuse to be punished for taking millimeters while corporations steal miles.
Thank you. I was spiraling for a bit and this video popped on my feed and helped me handle my internal crisis.
Chelsea THIS is the financial content everyone needs 👏🏼👏🏼
Despite 8:38, people are still asking "why not just move to France?" 🙄
Generational disenfranchisement has severely limited most of our options, among many many other reasons 😅
It occurs to me listening to this one.
We really don't see many progressive money minded people.
It's a realm almost entirely dominated by libertarian and conservative voices.
tbh, the people saying "what's the point" are typically the people who can't do it anyway. i know bc that was me before I met my husband who is very financially secure (in mindset, habits, and practices - not dollar amount paycheck wealthy). it was only through watching him and how he spends (aka doesn't) and invests his money that I finally realized it was possible. actually, I used to watch your channel many years ago but I just wasn't ready for this info. i found you again recently and have been binging your content bc I just can now.
Here for a regular report, trying to digest everything literally day by day. On a side note your outfit slays.
I find it helpful to borrow the term "harm reduction" when thinking about my investments. I can't divest from everything I disagree with, but I was able to remove direct fossil fuel extraction from my portfolio fairly easily.
If you have the resources to work with a financial advisor, I highly recommend bringing up your values with them from the get-go. You might have some better choices than you initially thought.
I needed to hear this today. Thank you for saying it! ❤
Iphone Chelsea is now my favorite Chelsea 💜
I think the most important thing on the second part (if everything fails) is that yeah, you may lose a few thousand of a few ten thousands or whatever on the stock market if the S&P goes to 0, but Elon and Bezos will be out billions. This is a net good for you if it happens, but if it doesn't you are losing by not being in.
@10:57 - me in the grocery store, staring at the $10.99 co-op butter 😢
Thank you for your thoughts! I like this format and would watch more❤
When you have the mental freedom of a six-month emergency fund, you find you have the ability to help your community more.
Personally, this has led me to a journey towards ASL and the deaf community. I don't know that it is a perfect solution to the weird feeling in my stomach as my 401(k) rises. I do know that I'm glad I'm spending that energy in learning ASL instead of anxiety about when my paycheck will hit my bank account.
I love the point at the end. Ideological purity may be impossible, but it's better to make the right decision some of the time than none of the time.
These videos are going to be vital for reality checking over the next four years so keep 'em coming chelsea!
You really articulated the vibes I'm feeling right now. I'm applying to my first jobs out of college and it sucks, but my mom has been really supportive bc she graduated in the early Reagan years. It may never have been this bad, but it has been pretty bad before and it will be bad again!
I made the mistake today of doom scrolling reddit, but the last video and this one pulled me out of my self-pity and into action to protect my future self and to allocate funds for donation to pp. Thanks.
I’ve followed your channel for a long time and I’m not American and I have no interest in investing in the stock market but I love this style of video you used to do. I understand that your company grew etc but I love that you are bringing back this style of content. These realities don’t just apply to America and the world is going to sh*t everywhere. I feel like your approach is very realistic and applicable anywhere and for everyone.
Your point at 14:31 is it. The 1% is participating in the system too. If "the stock market goes to zero" their wealth will also be destroyed. Which is why it won't. If it does, it will be something beyond the control of the ruling class, which isn't really something we can plan for in the first place.
I love this format! Keep it up Chelsea we need ya! Solidarity forever!
The max cap on SS (Social Security) taxable earnings just has to be raised. There's no excuse for this and never has been.
168k cap when 174k is the annual income (excluding lobbying/bribes, of course) for federal Congress members so each one has 6k less to contribute to Social Security, which they instead invest in the stock market
All this to say, YES you’re absolutely right and I’m glad more people are seeing this
this is amazing advice and a true light in the middle of everything that is going on. thank you
there is no ethical consumption under capitalism. 25 percent of the worlds popularion is keeping the other 75 percent in stark poverty. The sooner we move to socialism the better
🔥🔥🔥 Wee-ooo Wee-ooo 🚒🚒 Call the fire department because Chelsea's on fire.
I feel it's worth noting that for those who have specific moral obligations to owning equity, corporate debt through bond ownership (lending them money so they owe you interest) is readily available and generally pays reasonable yields, while not matched by those of high risk equity. Do not let inflation devalue what the state has decided you are worth. Fight with the only currency they understand: currency.
Pure 🔥coming from Chelsea at the end 🐉. The passion is contagious! I appreciate your ability to inspire action amidst the fear and chaos, Chelsea. If you ever run for office one day, I’ll support you! In the meantime, thank you for being you. 💜
Thank you, thank you. Even though I know it’s best to STAY in the stock market, I have been a little spooked this week. Your advice and opinions are always appreciated!
Every single thing you do that increases your options maximizes your ability to take care of yourself and still have the energy to make change in your community. Money is power in this society. If you opt out of the system completely, you opt out of having any power to change the culture around you.
And if you don't have the money to set aside right now, remember that knowledge and skills are the most valuable resources you have. That includes all the stuff you learn at work, home, and from your hobbies. Those skills are currency you can barter and use in networking and community-building in addition to straight up trading for a wage.
The system sucks, but history shows there's no such thing as utopia. We don't get to wave a wand and live in a leftist paradise; we have to start where we are. So yeah, work the system as much as you can while minimizing the harm your participation may make.
"Poor is a mentality that very few people every recover from" -Dave Chappelle
This video looks and sounds great to me. And THANK YOU. THANK YOU. THANK YOU
for your well-reasoned, nuanced, thoughtful words.
I will say I've heard these same arguments from the Effective Altruist crowd who will argue that becoming wealthy as fast and effectively as possible will allow you to be one of the benevolent god kings. Basically "when I get to the top, I will change things, but I have to do some unethical things first to get there, but don't worry I'll make up for my sins when I have the power."
Its a tough spot we are in as a society. I think most of this comes down to property laws and fiat money. Right now insiders have too much power on how laws are written which is upstream of how money flows in the system. The minute we all wake up and realize "hey this money stuff is all imaginary" then we might get some degree of class consciousness. People work 2-3 jobs, sometimes risking their lives for money which can be created on a whim to bail out banks and mega corps. This shit is so broken.
I get this. I genuinely and truly do. But I am a much, much more effective activist with the financial security I have now than I was without it. I can decide where to shop. I can say no to a boss who asks me to do anything unethical. I can, and do, make thoughtful, meaningful donations, participate in mutual aid, serve on noon profit boards. I can, and do, spend my free time in actively helpful ways to the movement. I can, and have, taken a lower paying job that does meaningful work because I can afford to. Someone else can have the high paying job I left, and hopefully find their "enough".
The best I could offer when I was broke was empathy, occasional cans of food for the food bank, volunteering, voting and signing petitions. I felt totally discouraged and overwhelmed, not to mention completely beholden to my job. It was still something, and I think everyone can and should do what they can, but honestly I didn't have a lot of capacity.
We have to take some power for ourselves, as progressives and do the hard, hard work of not moving the goalposts on ourselves forever, like you mentioned with effective altruism bros. Know what's enough, keep an activist ethos, give yourself options and power.
Yes! Can't we just admit that money is fake and stop playing this dumb game of Monopoly?!
No, but seriously, it kind of feels like how can anyone feel justified and righteous saving a million dollars for retirement when some people are living on the streets in poverty? Or working 3 jobs and getting nowhere? Shouldn't we be redistributing resources and dismantling the system?
imo effective altruism does have some logic to it but does seem to quickly go off the rails trying to justify the mass accumulation of wealth and paternalistic approach to charity. I think this advice is a bit more along the lines of "put on your own oxygen mask before helping others" or maybe "oxygen masks are still worthwhile and in fact more important when the plane is crashing" whereas effective altruism is often "you should grab as many oxygen masks as possible so you can later give them to the passengers next to you who are now braindead from suffocation because you took their mask"
Financial literacy is not something I was raised to have, and really only started acquiring knowledge about a year ago. I have a lot to do and figure out, but have been stalling out from all the doom and gloom I've been feeling lately. This was a good 'shake'. Thanks, Chelsea.
Why are your videos making my screen glow like the sun?!
exactly the info I was needing to hear, along with direct resources to check out, thank you!
My husband is a federal worker. The only reason the new constant threat of him losing his job isnt totally wrecking our family is because we've followed this advice and have 6 month emergency fund, investments, havent let our cost of living increase along the same scale as our salaries
Now it is more important than ever to financially plan, instability is a guarantee
I like all of the points that you made! Except I think I have a different understanding of the phrase "no ethical consumption under capitalism" than you -- to me that phrase is not saying "all consumption is equally bad so we shouldn't try to make better choices," rather, it means "we won't build the world we want solely by deciding to consume in the 'proper' way."
IMO we can and should figure out ways to make more ethical choices with our consumption, but not at the expense of our capacity for activism.
You have the correct definition.
Don't stop! 🔥🔥🔥 Thank you for the motivation, yes I WILL put more in my retirement fund instead of spending on shitty businesses this year.
I’ve been asking myself the same questions you answered on here. Very well articulated answers. Thank you for the rationale responded to these very real fears
Bravo! Chelsea and a big thank you for being a voice of reason.
The lol in the title is so real LMAO
As someone who just passed their Series 7 (not an FA to be clear), index funds are the way to go. There are tons of options with various concerns like age, how soon you need the money, tax bracket, etc. but honestly no one beats the market. If you think you can beat the market, then it’s not investing, it’s gambling.
Girrrrl I needed this!!!
Possibly my first comment here? But, I really appreciate your energy and candor in these shorter spontaneous videos. Agree with others that this would be very helpful to have as a regular part of the channel.
these vids are great! keep up the good work ❤❤
Hey the iphone audio really doesn't sound too bad
I like the informal style of these videos. Quick question, has anyone else noticed these videos are really bright or is it just my phone?
Bang on, Chelsea. If the stock market ever goes to zero and the banks fail, savings and investments will be the least of our concerns.
I appreciate these iPhone videos. Please don't worry about the quality, we just want to talk to you ❤
:')
I appreciate you so much 💜💜💜
wow. This was the reality check i needed. Thank you very much
Thanks for keeping current with iPhone videos ❤
I am worried that because my wife and I are LGBTQ that we may need to focus on putting our assets into savings should we need to make our escape. I know that getting something like temporary residency in another country requires a certain amount of assets. So I will probably focus on saving more than investing (while still doing my work retirement plan) rather than maxing out my Roth IRA.
Thank you for your voice of reason!
Wow, I needed to hear that last line. Thank you Chelsea