Money in the Bank with Franck

The more interesting question is: what if capital could do both at the same time—without compromising either?That’s the tension at the center of my recent conversation with John Parker, a pediatric-focused investor working at the intersection of philanthropy, venture capital, and measurable outcomes. John operates through the Charles Hood Foundation, an 84-year-old family foundation that supports pediatric research—and, unusually, also runs an internal venture fund.What makes John’s approach compelling isn’t just what he invests in, but how he thinks about capital itself.Investing for outcomes, not just returnsJohn backs companies improving health outcomes for children—from birth through adolescence—across drugs, devices, and digital health. This isn’t charity in the traditional sense, and it’s not venture capital as most people know it either.Instead of asking, “Will this maximize returns?” the primary question becomes:“Will this measurably improve outcomes—and can it still be sustainable?”That framing unlocks a very different risk posture. As John puts it, foundations already know how to lose money—they give it away every year. That creates room to experiment, to invest earlier, and to back ideas that might otherwise struggle to get funded.The surprising part? Many of these investments do work financially—sometimes very well.Pediatric care: overlooked, not smallThere’s a persistent myth that pediatric healthcare is a “small market.” John challenges that head-on.Children represent roughly 25% of the population. Parents will move mountains to get their kids care. And when you think in terms of lifetime impact, investing earlier produces outsized returns—socially and economically—even if the system hasn’t historically priced that value correctly.That mismatch creates opportunity.John’s portfolio reflects this: early-stage pediatric companies, patient capital, smaller trials, faster regulatory pathways, and technologies that often expand into adult indications later.Recycling philanthropic capitalOne of the most powerful ideas we discussed is recyclable philanthropy.Using IRS program-related investment (PRI) rules, foundations can deploy charitable dollars into for-profit companies without violating their mission. The intent isn’t to make money—but if capital comes back, it can be redeployed again and again.That turns a one-time grant into a flywheel.Even getting principal back is a win. A home run exit is transformative.Donor-advised funds: capital hiding in plain sightThis is where the conversation gets especially interesting.There are hundreds of billions of dollars sitting in donor-advised funds—money that’s already been given a tax deduction, but often sits idle in index funds or money markets for years.What if some of that capital could be put to work now—invested into outcome-driven companies aligned with donors’ values?John has already done this. In his for-profit fund, traditional LPs and donor-advised funds invest side by side. Same vehicle. Same companies. Different motivations.For donors, it’s a way to move beyond writing checks and toward actively shaping impact—while still preserving optionality.The real takeawayThis isn’t about choosing between profit and purpose.It’s about expanding the toolkit.Whether you’re an investor, advisor, founder, or someone sitting on a donor-advised fund wondering what to do next, the lines between philanthropy and investing are becoming more porous—and more interesting.And in pediatric care especially, that shift couldn’t matter more.If capital is going to shape the future, we should be deliberate about where it starts. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

I met Joel Feld by chance at a dinner in New York City.We were sitting next to each other, two strangers in a loud room, and I noticed the wristbands first — one from a venue, one from a festival. I asked about them, and within minutes we were talking about music, production, and how New York never really leaves you, even when you’ve moved on.He mentioned he was in a band that plays The Cutting Room and casually dropped that he’d once run production for ABC Sports. That’s when it clicked: this wasn’t just another dinner conversation — this was a guy who’d lived through the golden age of sports television and found a way to keep creating for the love of it.So when we sat down for this episode of Money in the Bank with Franck, I wanted to know how someone who started in the truck-filled, cable-dominated world of the 1970s ended up leading broadcast operations for the National Lacrosse League, a fast-growing, digitally native league that runs 126 live games a year across ESPN and TSN.And, just as importantly, how he still finds time to front a rock band on the weekends.The Dual Life of a Sports ExecutiveWhen we talked, Joel described his career like a musician would describe a band: equal parts creativity, discipline, and negotiation.He’s lived through what he calls “the golden era of broadcast” — when the only way to get a signal out of a stadium was to roll up with a satellite truck the size of a house — to now, where entire productions run through the cloud for a fraction of the cost.“We used to spend hundreds of thousands just to deliver a program,” Joel said. “Now we can do it for about $350. The quality’s better, and we don’t have to fly 200 people to every game.”That shift has opened the door for smaller leagues like lacrosse, pickleball, and women’s soccer to innovate faster than traditional sports ever could. And Joel’s team is using that to their advantage.NIL Money, Education, and the New Business of AthletesBut the part of our conversation that surprised me most wasn’t about fiber optics or cloud production — it was about money.Joel was among the first to point out that Name, Image & Likeness (NIL) deals have created a new class of earners: 18-year-olds with six- and seven-figure contracts, few of whom understand taxes, contracts, or compounding interest.“You’ve got kids making millions,” he said, “and when the tax bill comes, they’re shocked. They think, ‘Wait — I spent it all already.’”He sees it as both a challenge and an opportunity: a crash course in financial literacy that could either shape smarter professionals or bankrupt a generation before they ever go pro.For me, it’s another reminder that education around money — how to manage it, invest it, and protect it — needs to start long before the paycheck hits.From Cable to CloudAs we moved into the future of media, Joel described where technology is taking live sports: remote production, distributed teams, and AI-driven graphics that were once too expensive for anything but the Super Bowl.It’s a new ecosystem — one where YouTube, not ESPN, might become the next frontier for leagues like the NLL.“When you’re on YouTube, you have full control,” he said. “You own your audience. You don’t need a network executive telling you what to cut.”That democratization of production and distribution mirrors what’s happened in finance, music, and entrepreneurship. The barrier to entry is gone — but so is the safety net.Why This MattersWhether you’re running a fund, producing a podcast, or managing a team, Joel’s story is a case study in adaptation.He’s lived through the era of three networks and thousand-button remotes, and now leads a sport that’s growing through streaming, data, and accessibility.For me, the takeaway is simple:Technology will always change how we work. Financial discipline determines who survives it.#SportsMedia #NIL #Finance #Streaming #AI #Innovation #Leadership #MoneyInTheBankWithFranck This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

As GLP-1 drugs like Ozempic become more ubiquitous as solutions to everything from obesity to blood sugar issues, it is clear where America is right now: we’re medicating our way out of a nutrition crisis.But what if there were a molecule that could do what those drugs do naturally — lower blood sugar, curb inflammation, even feed the good bacteria in your gut — all while tasting exactly like sugar?That’s what my guest, Ed Rogers, CEO of Bonumose, claims Tagatose can do.“Tagatose isn’t too good to be true — but it’s pretty good”It looks like sugar. It bakes like sugar. But biologically, it acts more like fiber — and its benefits are backed by clinical studies that rival the results of GLP-1 drugs like Ozempic and Wegovy, without the side effects.So why is the FDA still forcing it to be labeled as “added sugar”?The Sweet Molecule with a PR ProblemTagatose is a rare sugar found in nature — in apples, pineapples, and dairy — that looks, bakes, and tastes like regular sugar. But unlike sugar, it acts like fiber.Clinical studies show Tagatose:* Lowers blood glucose and insulin levels in Type 2 diabetics* Promotes beneficial gut bacteria and boosts butyrate, improving colon and brain health* Protects teeth by reducing Streptococcus mutans, the bacteria behind plaque and cavities* Supports healthy liver function — lowering “bad” cholesterol and inflammation without the metabolic damage linked to fructoseIt’s even being studied for autism and Type 1 diabetes prevention due to its role in improving gut microbiome and oxidative stress response.So why isn’t Tagatose in every product on your grocery shelf?A Billion-Dollar Labeling ProblemBonumose won a federal court case last year against the FDA, challenging the agency’s decision to classify Tagatose as an “added sugar” — despite it not raising blood glucose or contributing to cavities.That labeling, Rogers says, is the main barrier keeping U.S. food companies from adopting it.“If something shows up on the nutrition label as added sugar,” he told me, “people put it back on the shelf — even if it’s healthier.”Meanwhile, in countries that classify Tagatose as a low-glycemic sweetener, sales are booming.Beyond Sugar SubstitutesWhat makes Tagatose different from sweeteners like erythritol or aspartame isn’t just safety — it’s therapeutic potential.According to Bonumose’s data, Tagatose’s metabolic effects resemble those of GLP-1 drugs like Ozempic and SGLT inhibitors, but without the side effects.It reduces oxidative stress, promotes gut health, and may even complement pharmaceutical treatments — potentially lowering the required doses for those drugs.“You don’t need to choose between taste and health,” Rogers said. “Tagatose delivers both.”Why This MattersDiet-related diseases — diabetes, obesity, and cardiovascular disease — cost the U.S. more than $1 trillion per year.Replacing even 25% of sugar and high-fructose corn syrup with Tagatose could prevent millions of chronic disease cases and save trillions in healthcare costs.And yet, one line on a nutrition label is keeping it from scaling.What’s NextAs the FDA re-evaluates its stance post–court ruling, Bonumose continues to manufacture Tagatose in Charlottesville, Virginia — from American corn and potatoes, not imported ingredients — proving that “healthy” can also mean Made in the USA.If the labeling logjam finally breaks, this story could mark the start of a new American export: a sweetener that’s good for people and for farmers.📄 Learn more (show notes):What do you think?Would you try a “healthy sugar” if it tasted just like the real thing — or do you trust the FDA label more than the science?#Nutrition #HealthTech #FDA #FoodPolicy #MoneyInTheBankWithFranck This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

A client texted me last week, confused.They’d just seen a headline about “AI agents taking over jobs” and asked:“Is ChatGPT about to replace me at work?”It’s a fair question. Tools like ChatGPT make headlines daily. But when I pressed my guest, Dmitry Shapiro — co-founder of MindStudio and former Google product leader — he cut through the noise:“ChatGPT is great for one-off tasks. But if you want consistency and control in business, you need a platform. That’s what MindStudio does — it lets anyone orchestrate AI workflows like Iron Man building his own superpowers.”The Productivity ShiftDmitry’s story starts in 1984, when a teenage “old nerd” walked out of the movie War Games and decided to hack. That spark turned into a lifelong obsession with software.He went on to:* Build startups — including Veoh, a YouTube competitor that raised $70M, and Akonix, a cybersecurity firm that raised $34M and served millions of enterprise users.* Run MySpace Music as CTO during its peak years.* Lead product teams at Google for more than four years, focused on social graph, content discovery, and abuse prevention.* Raise $36M to launch his current venture, MindStudio — a platform for building AI agents.That track record matters. Dmitry isn’t another “AI influencer.” He’s been in the trenches of every major tech wave since the 90s.The idea behind MindStudio is simple but profound:Most knowledge work is moving information from one system to another. Instead of humans playing translator, AI agents can now do it — reliably, at scale.As Dmitry put it:“Modern factories don’t have workers sweating on assembly lines anymore. They have supervisors optimizing machines. Knowledge work is the last frontier — and it’s about to look the same way.”Why MindStudio Isn’t ChatGPTNear the end of our conversation, I asked him directly: how does MindStudio differ from OpenAI’s agent feature?His answer was blunt:* ChatGPT agents pick their own steps. They’re non-deterministic — you get different outputs each time.* MindStudio agents let you define every step in a workflow. The result is control, consistency, and the ability to automate real business processes.In short: ChatGPT is a brilliant assistant. MindStudio is your operations team.From Fear to OpportunityWhat stood out most to me was how MindStudio empowers non-technical people.Franck: “I never liked trying to code. It scared me.”Dmitry: “You don’t need to. If you can articulate in plain English what you want, you can build an agent. Once you get the hang of it, it takes 15 minutes. And you walk away feeling like Tony Stark.”For business leaders, that means AI is no longer a black box. It’s a toolkit — a bridge between ideas and execution.Why This MattersClients want efficiency. Companies want scale. Workers want to stay relevant.This episode reminds us that:* The real disruption in AI isn’t chatbots — it’s workflow automation.* Control and consistency matter more than flashy demos.* The winners will be those who learn to supervise the machines, not compete with them.🎧 Listen to the full episode: From Coding Fear to AI Superpowers with Dmitry Shapiro (YouTube)Learn more:* MindStudio* Free Workshops & Bootcamps — train as an “AI Agent Developer”* MindStudio University — self-paced tutorials and templatesWhat do you think?Do you see AI as a threat — or as the chance to build your own Iron Man suit?#AI #Productivity #MindStudio #ChatGPT #Automation #MoneyInTheBankWithFranck This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

A client called me recently, frustrated.They’d just read another headline blaming BlackRock for buying up homes and making housing unaffordable. Their question: “Is this why my kids can’t buy a house?”It’s a fair concern. Stories about Wall Street gobbling up real estate make for great headlines. But when I pressed my guest, Ian Colville, on this during our latest episode of Money in the Bank with Franck, he didn’t mince words:“The real culprit isn’t BlackRock. It’s underbuilding. We need 1.5 million new homes a year just to stand still. We haven’t hit that number since 2008.”The Real Story Behind Housing PricesYes, institutional investors like BlackRock and Vanguard own homes. But their footprint is small — single digits of the market, often closer to 2%.What matters more is the math Ian walked us through:* 1.2 million new households form every year in the U.S.* ~300,000 homes are torn down annually* That means we need 1.5 million new units a year just to keep pace.We’re nowhere close. And until we fix that, no single buyer — corporate or otherwise — explains the shortage.Risk, Return, and Reality in Real EstateIan’s career started with $30,000 houses. Over time, he built that into a $40M portfolio and eventually launched Carpathian Capital Management, now overseeing more than $400M in residential assets.But what struck me wasn’t his success — it was his view on failure.“Our worst-performing deal is on track for a 10% IRR. Compare that to a tech startup, where you might get nothing back.”That contrast highlights why real estate and private credit — the areas Ian focuses on — occupy a different space than high-risk “alternative investments.” They’re tangible, less volatile, and still capable of delivering double-digit returns.Due Diligence Isn’t OptionalThe most valuable part of this conversation? Ian’s framework for due diligence across private deals:* Track record & reputation: Who’s running the show?* Skin in the game: Are they personally liable or invested?* Organizational depth: Can the team survive setbacks?* Aligned incentives: How do sponsors get paid?* Exit strategy: Is there a realistic timeline and pathway?And one more critical safeguard: third-party administrators.Because after Bernie Madoff, if your manager isn’t using independent controls, you don’t have transparency — or trust.Why This MattersClients want clarity. Advisors want confidence. Investors want results.This episode reminds us that:* Housing shortages are structural, not conspiratorial.* Real estate and private credit can be powerful tools — but only with discipline.* Due diligence is the difference between sleeping at night and chasing returns blindly.Listen to the full episode: The BlackRock Myth, Housing Shortages, and Due Diligence in Real Estate Investing (YouTube)Learn more:* Carpathian Capital Management* Development Fund III – tackling shortages in high-demand markets* Free Due Diligence Webinar – monthly with Ian (1.5 hrs CE credit for CFPs)What do you think?Have you heard clients or colleagues cite the “BlackRock housing crisis”? Do you believe Wall Street is the villain — or do you agree underbuilding is the real problem?Let’s talk in the comments.#BlackRock #HousingCrisis #DueDiligence #PrivateCredit #RealEstateInvesting #MoneyInTheBankWithFranck This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

Here is one of my favorite origin stories.Years ago, when I was just starting my own company, Chris Willis brought a production team to film an interview with me for a project. I was nervous. Then, in walks a rumpled, professorial-looking guy with a houndstooth jacket and elbow patches.Yep. The President of Fidelity Investments.He’d served on nearly every board in the country. And here I was, trying not to freeze up while being filmed across from someone I’d idolized in the business.Needless to say, that moment stuck with me. And it reminded me just how important clear, confident communication can be—especially when the stakes are high.When I first started my career at Fidelity Investments, they hadn’t run a single TV commercial. Their brand was built on trust and word of mouth. But even Fidelity eventually realized something: communication matters.They discovered it takes at least seven client touchpoints a year to retain someone’s business—and that’s assuming you’re communicating well.Now ask yourself: Are you actually being understood?In this episode of Money in the Bank with Franck, I sit down with Chris Willis, Chief Marketing Officer of Axios HQ, to unpack why most financial advisors (myself included) struggle to communicate with clarity—and how Smart Brevity can change that.“Just Tell Me If I Need to Worry”Chris doesn’t mince words. He’s not just a communications executive—he’s also one of my clients. And in this episode, he reads me for filth (in the best way) as we dissect one of my own client emails.“I opened with a warm intro. I added a market update. I threw in some portfolio strategy lingo. It was 426 words of solid information… right?”Wrong.Chris rewrote it live on air using the Smart Brevity method, cutting it down by more than half, leading with the point—“We plan to stay the course”—and eliminating the need for guesswork.Why? Because in today’s information-saturated world, clarity is kindness. And trust is built when you tell people exactly what they need to know—up front.Smart Brevity Isn’t Just a Style—It’s a SystemAxios HQ’s communications platform helps teams—from financial firms to Fortune 500 companies—write smarter updates, client emails, and team newsletters that actually get read.It’s not about dumbing things down. It’s about writing for humans.Whether you’re emailing clients during a market downturn or briefing 10,000 airline staff, the rules are the same:* Lead with the headline.* Cut 80% of the fluff.* Structure for clarity.* End with what's next.Even Jamie Dimon, CEO of JPMorgan Chase, became an early adopter. His investor letter now uses Smart Brevity—and it's one of the most readable and respected reports on Wall Street. That’s no accident.Why This Episode MattersYou don’t need to be a Fortune 100 CEO to benefit from smarter communication. If you:* Struggle to explain complex ideas to clients* Feel like your emails get ignored* Want to build trust without over-explaining* Need a system to make team updates less painful...this conversation is for you.Check out the book: Smart Brevity on AmazonLearn more at smartbrevity.comWhat Do You Think?Have you ever sent a client email and wondered if it even landed? Have you tried to "sound smart" only to lose your audience?Let’s talk about it in the comments#SmartBrevity #FinancialCommunication #AxiosHQ #ClientTrust #Marketing #Podcast #MoneyInTheBankWithFranck This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

If you’ve ever traded crypto or even just followed the industry, you know there’s one fundamental problem that keeps coming up: trust.From Mt. Gox to FTX, from multi-million dollar bridge hacks to custodial failures, crypto’s biggest challenge isn’t just price volatility—it’s security, transparency, and the ability to move assets across blockchains without risk.That’s exactly why I sat down with Dr. Chandra Duggirala for this week’s episode of Money in the Bank with Franck.Chandra has one of the most fascinating career paths I’ve come across:- Medical doctor turned fintech entrepreneur- Former AI-driven health startup founder- Now leading a crypto revolution with Portal to Bitcoin, a truly custody-less cross-chain exchangeOur conversation went deep into the problems crippling crypto adoption—and the solutions that could finally unlock mass adoption.The $8 Billion Crypto ProblemAccording to Chandra, one major issue has plagued the crypto space since the first blockchain forked from Bitcoin:Custody risks – Whether it’s centralized exchanges (like FTX) or “decentralized” bridges (like Wormhole), billions have been lost due to poor security models.Regulatory uncertainty – Governments are still trying to figure out how to handle decentralized finance, leaving investors vulnerable.User experience & accessibility – Crypto wallets and cross-chain transactions remain too complicated for the average user."Every time an exchange collapses, we see the same thing happen: retail investors get crushed. The system is broken because it was never truly decentralized in the first place." – Chandra That’s where Portal comes in.Chandra and his team have spent the last four and a half years building a non-custodial, fast, and fully decentralized cross-chain exchange using atomic swaps—a cryptographic breakthrough that allows seamless peer-to-peer trades without intermediaries.In simple terms: No middlemen. No custodians. No risk of losing your assets in a hack.Beyond Crypto: AI, Health, and FinanceWhat I love about Chandra’s story is that he didn’t start in crypto. He actually began in medicine, then moved into AI-driven health tech, before ultimately focusing on Web3 finance.We had a fascinating discussion on:- Why healthcare data should NOT be on the blockchain – “Not everything needs to be on-chain. Privacy and access control are different problems.”- AI’s role in investing – Chandra’s latest project, RAFA.AI, aims to be an “investing copilot” powered by machine learning.- How Bitcoin is already replacing traditional finance – “You can send $500M across the world in hours. No bank can do that.”Where Crypto Goes from HereAs regulation and institutional adoption continue to evolve, we discussed what’s next for crypto markets:- Bitcoin vs. Everything Else – Why Bitcoin remains the only truly decentralized, unstoppable financial network.- Web3’s biggest failures – “Most Web3 projects try to reinvent the wheel with bad ideas. The future is integrating real-world demand, not just selling hype.”- The biggest untapped market? Gaming. – Digital ownership of in-game items could be the next trillion-dollar opportunity in crypto."We’re playing the long game. The hype comes and goes, but real innovation sticks." This episode isn’t just about crypto. It’s about how technology is reshaping finance, healthcare, and even gaming.If you’re in crypto, fintech, investing, or just fascinated by the future of money, this is one episode you don’t want to miss.What’s your biggest concern about crypto?#Crypto #Bitcoin #Web3 #Fintech #FinancePodcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

If you’ve been watching the markets lately, you’ve probably noticed the turbulence. The sudden rise of DeepSeek, China’s latest AI breakthrough, has sent shockwaves through the global tech sector, leading to a sharp downturn in major stocks, particularly those tied to AI and semiconductors.But is this a short-term market overreaction or a fundamental shift in how AI dominance will play out?To break it all down, I sat down with Dr. Youwei Yang, Chief Economist at BIT Mining Limited, a financial expert with deep insights into macroeconomics, fintech, and AI’s role in reshaping global markets. Dr. Yang, who holds a Ph.D. from Cornell University, has spent years analyzing how technology shifts impact financial markets—and his take on the DeepSeek effect is something every investor needs to hear.DeepSeek’s Disruption: Why the Market is ReactingOver the past decade, the AI race has been largely U.S.-dominated, with OpenAI, Google DeepMind, and Nvidia leading the charge. But China’s latest AI model, DeepSeek, has changed the equation, showcasing major efficiency gains at a fraction of the cost of its Western competitors.Dr. Yang explained:"Chinese firms are leveraging open-source AI frameworks and refining them at a much lower cost. DeepSeek isn’t just a competitor—it’s a potential industry disruptor. And that’s making U.S. tech investors nervous."The market’s knee-jerk reaction? A sell-off in Nvidia, AMD, and other semiconductor giants as investors grapple with the potential implications.Is AI’s Market Growth Slowing—or Just Evolving?Despite the sell-off, Dr. Yang and I discussed why the demand for AI hardware, particularly GPUs, isn’t actually shrinking."Think of GPUs as the carbon atom of AI—it’s in everything. Just because some companies are optimizing AI models for efficiency doesn’t mean the need for hardware disappears," Dr. Yang agreed, emphasizing that while efficiency gains will shift who dominates the AI economy, the broader AI industry is still in its early stages."We’re at an iPhone 3 or 4 moment for AI computing," Dr. Yang explained. "New models and chips will keep emerging, but we’re far from mass saturation. Investors who panic now might be missing the bigger picture."The Mega 7’s AI Monopoly—and Its ConsequencesPerhaps the most striking moment in our conversation was when we discussed the broader economic implications of AI beyond just stock prices.According to Dr. Yang, AI is set to widen the wealth gap even further. The Mega 7 (Apple, Microsoft, Google, Amazon, Nvidia, Meta, and Tesla) have a stranglehold on AI innovation, thanks to unlimited capital and access to proprietary data."These companies can outspend and out-train any competitor," Dr. Yang said. "That means entry-level jobs will shrink, middle managers will thrive, and power will consolidate at the top."For workers and investors alike, this raises critical questions:* What industries will AI disrupt first?* Will the U.S. government intervene with regulations?* How should investors adjust their portfolios to ride the AI wave, rather than getting caught in its undertow?If there’s one takeaway from this conversation, it’s that panic-selling AI stocks could be premature. While DeepSeek has introduced a new player to the game, the AI race is far from over.AI isn’t just another market trend—it’s a technological revolution that will reshape entire industries. Whether you’re an investor, entrepreneur, or just someone trying to stay ahead of the curve, now is the time to pay attention.What do you think about the recent AI market drop? Let’s discuss in the comments!#AI #DeepSeek #MarketCrash #Investing #FinancePodcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

If you've ever felt lost in the labyrinth of the healthcare system, you’re not alone. As someone who’s worked in financial services and seen the staggering impact healthcare costs have on individuals and businesses alike, I’ve often wondered: why does it have to be this complicated? That’s exactly why I was thrilled to sit down with Kayla Shawn, founder and CEO of Healthcare Navigator, for this week’s episode of Money in the Bank with Franck.Kayla’s story is powerful. She started her career in hospice care, where she witnessed the raw reality of healthcare at the end of life. From there, she transitioned into corporate healthcare, where she learned the systems, the strategies, and, unfortunately, the ways patients are often reduced to numbers on a spreadsheet. Her aha moment came when her grandmother was personally impacted by the same inefficiencies and profit-driven strategies Kayla had once helped implement. That’s when she knew she had to make a change.The Hidden Traps of Healthcare BillingOne of the most shocking moments in our conversation was when Kayla explained how a single error in a billing code can cost patients thousands of dollars.“We had a user whose bill skyrocketed by $5,000 because she was mistakenly coded as an infant,” Kayla said. Think about that: one incorrect digit and you’re suddenly paying neonatal prices for an adult procedure. Who catches these errors? Not the average patient.This level of complexity isn’t just a bug in the system—it’s a feature. Kayla and I dug into the ways healthcare providers and insurers create opacity to maximize profits. From out-of-network traps to inflated procedure costs, the system feels rigged against the very people it’s supposed to serve.A Solution for Patients and EmployersThat’s where Healthcare Navigator comes in. Kayla’s app is designed to make the system as transparent and user-friendly as possible. It does everything from showing comparative prices for procedures to providing performance metrics for doctors and hospitals. Imagine needing an MRI and being able to see, at a glance, which facility offers the best combination of price and quality—all without the hours of research and frustration.For employers, Healthcare Navigator is a game-changer. As Kayla explained, healthcare costs are often the second-largest expense for businesses, right after wages. By steering employees toward cost-effective, high-quality care, her company helps reduce claims by up to 30%. That’s real money back in the pockets of businesses and employees.The Bigger PictureOne of the most poignant moments in our discussion was when Kayla said, “Healthcare isn’t just a business anymore; it’s a survival tool. If you don’t have someone in your corner, navigating the system can feel impossible.”She’s right. Healthcare is as inelastic as it gets. When you’re sick or caring for a loved one, you’re not thinking about cost—you’re thinking about survival. And yet, the system is set up to capitalize on those moments of vulnerability.This reality hit home for me when Kayla shared the story of a young woman who received a $40,000 ER bill—for a procedure that should have cost a fraction of that. Even after negotiating it down by $10,000, the remaining $30,000 was a devastating financial burden.What Can We Do?If there’s one takeaway from this conversation, it’s that knowledge is power. Kayla’s app is an incredible tool for leveling the playing field, but we also need systemic change. Transparency in billing, universal access to performance metrics, and legislative efforts like removing medical debt from credit reports are all steps in the right direction.For employers, the message is clear: investing in tools like Healthcare Navigator isn’t just good for employees; it’s good for the bottom line. For individuals, the takeaway is even more urgent: don’t go it alone. Whether it’s an app, an advocate, or simply arming yourself with better information, navigating the system with a guide can save you money, time, and stress.Closing ThoughtsThis episode was a reminder of why conversations like these are so important. The healthcare system isn’t going to change overnight, but with innovators like Kayla Shawn leading the charge, there’s hope. Her work is proof that when we bring transparency and empathy into the equation, we can start to make healthcare work for everyone—not just the shareholders.If you haven’t already, I highly recommend giving this episode a listen. Kayla’s insights are invaluable, and her passion for making a difference is contagious. You can learn more about Healthcare Navigator at www.thehealthcarenav.com.Let me know what you think—drop a comment or reach out directly. And as always, thanks for tuning in to Money in the Bank with Franck. Until next time, stay informed and take care. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

If you’re a small business owner—or work with them—you’ve probably been hearing a lot of chatter about the Corporate Transparency Act (CTA). It’s one of those regulations that’s easy to overlook but carries big consequences for non-compliance. Think $591 per day, per entity in penalties, plus potential jail time. Yeah, it’s no joke.When I first learned about the CTA, my immediate thought was, “How are small business owners supposed to navigate this?” Starting and running a business is already hard enough without adding another layer of bureaucracy. That’s why I invited Frank Tumminello, co-founder and CEO of Fileforms to speak with me. Frank is one of the leading voices on BOI (beneficial ownership information) compliance, and his team has created an amazing tool to make this process as painless as possible.During our conversation, Frank explained what the CTA is all about:* Why the U.S. government now requires businesses to disclose their beneficial owners.* The staggering penalties for failing to comply or filing late.* How Fileforms provides a streamlined solution to keep businesses compliant with just a few clicks.For small business owners, it’s not just about paperwork—it’s about protecting your livelihood.What I appreciated most about our discussion was how actionable Frank’s advice was. Whether you’re already navigating this regulation or just learning about it for the first time, this episode will give you the clarity and tools you need.I’d love to hear your thoughts after you tune in. Have you started addressing the CTA requirements? Do you feel prepared, or is this all news to you? Drop a comment below or share your experiences—I’m here to help keep the conversation going.#SmallBusiness #Compliance #CorporateTransparencyAct #Podcast #MoneyInTheBankWithFranck This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

Empowering Small Businesses with the Sick Leave and Family Leave CreditThis week on Money in the Bank with Franck highlights a critical financial opportunity for self-employed individuals, featuring insights from Ryan Haider and Matt Craig of Lendesca. The often-overlooked Sick Leave and Family Leave Credit (SLFL) is a tax credit born from the CARES Act. With billions of dollars still unclaimed, this program offers a lifeline for self-employed individuals impacted by COVID-19 in 2021.COVID Money is Still on the TableThe COVID-19 pandemic amplified the financial challenges faced by small businesses and independent workers. For many, understanding eligibility for relief programs became a roadblock. This credit is particularly targeted at gig workers, contractors, and other self-employed professionals who faced significant income disruptions due to illness, caregiving responsibilities, or other pandemic-related constraints.Lendesca has simplified the process with a tech-driven platform. Their approach minimizes the traditionally complex IRS processes, allowing applicants to navigate eligibility quickly and securely. By leveraging IRS data directly through encrypted systems, Lendesca eliminates the guesswork, reducing risks of errors or fraud.Click this link to quickly check your eligibility! : https://setc.lendesca.com/application?refid=IC371How the Credit WorksThe Sick Leave and Family Leave Credit allows eligible individuals to amend their 2021 tax returns for a refundable credit. Depending on lost earnings and the number of affected days, qualified applicants could receive substantial refunds, up to $32,000. This is not a small deduction—it’s a direct cash refund that can be used for payroll, business expenses, or personal needs.Time is of the essence, as the window for amending 2021 tax returns closes in April 2024. Lendesca’s platform expedites this process, offering options for applicants to either receive their refund upfront through an advance or wait for the IRS to process their amended returns.Why don’t I know about this yet?Many CPAs are either unaware of this program or deem it too complex to manage for their clients. Lendesca steps in to bridge this gap, ensuring the self-employed community doesn’t miss out on funds that can significantly impact their livelihoods.Self-employed individuals—including Uber drivers, realtors, and freelancers—should act quickly to determine their eligibility. With approximately $44 billion still unallocated, the SLFL represents a tremendous opportunity for economic recovery at the grassroots level.How to ApplyThe application process begins by answering a few eligibility questions at Lendesca’s dedicated platform: https://setc.lendesca.com/application?refid=IC3718. From there, Lendesca handles the heavy lifting, retrieving IRS data and calculating the credit on behalf of applicants.This initiative underscores the importance of supporting the small business ecosystem and ensuring that available resources reach the people they were designed to help. If you are self-employed or know someone who could benefit from this program, don’t wait. Visit https://setc.lendesca.com/application?refid=IC3718 to take the first step.With the deadline fast approaching, now is the time to claim what’s rightfully yours. Share this information widely, and let’s ensure no small business owner or freelancer is left behind. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

In this episode, Alex Mathé-Cathala shares his journey from financial advisor to AI innovator, shedding light on how artificial intelligence is transforming the way advisors manage client relationships and data. Alex explains how he developed a prototype AI assistant to tackle the repetitive aspects of his own role as a chief investment officer, which ultimately evolved into a powerful tool for financial advisors everywhere.Alex details the importance of centralized knowledge systems and how integrating client data, advisor writing styles, firm-specific resources, and real-time data sources like Bloomberg or the IRS database enhances productivity and personalization. He explains the two-part system his tool employs: data collection and aggregation, followed by data retrieval for actionable insights. Advisors can draft emails, take meeting notes, prepare for meetings, and update CRMs—all while maintaining compliance and improving client engagement.The conversation revolves around how independent advisors can leverage such tools to compete with larger firms, offering insights into the unique challenges and opportunities within this segment of the financial services industry. Alex also touches on how his AI solution supports compliance by streamlining data collection and organizing audit-ready records, something increasingly vital as regulations evolve.Alex and I also discuss the scalability of these AI tools and their potential to disrupt legacy practices. He tells me about the growing role of technology in supporting high-quality client interactions while reducing administrative burdens. Alex shares his vision for the future of financial advisory technology, emphasizing the need for solutions that adapt to advisors’ established processes rather than forcing them to reinvent the wheel.This episode is a must-listen for financial professionals seeking to enhance their practice through technology. To connect with Alex or learn more, visitt https://vegaminds.com. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

The world of pharmacy benefits management (PBM) is on the verge of a massive shift, one that could redefine how employers, patients, and pharmacies interact. As pharmacy costs rise and transparency becomes a priority, companies like Capital Rx are pioneering a new path. I sat down with Bridget Mulvenna, a seasoned pharmacy industry expert and VP of Business Development at Capital Rx, to uncover the complexities of PBM 2.0, the nuances of GLP-1 drugs, and the urgent need for transparency in drug pricing.The Importance of Transparency in PBMOne of the biggest challenges facing the pharmacy industry is the lack of clarity around drug pricing and rebates. Traditional PBMs often operate in a “black box” model, where costs and savings are not fully disclosed to plan sponsors. Bridget explains how Capital Rx’s approach is different. Using a single ledger model, they prioritize transparency, giving plan sponsors direct insight into how and where their money is spent. This model eliminates hidden fees and puts power back into the hands of plan sponsors, ensuring they get a fair deal.How GLP-1 Drugs Are Shaping Healthcare CostsGLP-1 drugs like Ozempic and Wegovy are transforming diabetes and weight loss treatment, but they come at a high cost. With the surge in popularity among celebrities and everyday users alike, these drugs have put a financial strain on both insurers and patients. Bridget provides insights into the risks of using these drugs, especially when patients purchase them from less-regulated compounding pharmacies. These pharmacies often offer lower prices but lack the stringent oversight that ensures the drug’s quality and efficacy.Embracing PBM 2.0 for a Sustainable FuturePharmacy costs are no longer just a healthcare issue—they’re a national financial concern, accounting for nearly 30% of healthcare spending. Bridget emphasizes that PBM 2.0 isn’t just about managing claims; it’s about a comprehensive approach to cost management and oversight. By focusing on the “rebate yield” instead of total rebate dollars, Capital Rx aims to give plan sponsors a clearer understanding of where savings can truly be made, allowing them to reinvest those savings into employee benefits, wage increases, or other business initiatives.Why Employers Should Pay AttentionWith the Consolidated Appropriations Act and other legislative actions on the horizon, employers are facing new responsibilities as plan fiduciaries. Bridget encourages them to be proactive in understanding their PBM contracts and the true costs associated with drug coverage. She advises employers to look beyond surface-level rebates and prioritize models that bring clarity and fairness to drug pricing.As healthcare continues to evolve, so too must the systems that support it. Bridget’s insights reveal a vision of pharmacy benefits management that is transparent, cost-effective, and focused on patient outcomes. For employers and plan sponsors, the rise of PBM 2.0 is an opportunity to rethink how they approach healthcare benefits—one that could transform the future of employee well-being and organizational health.To get in touch with Bridget and learn more from her and Capital Rx on managing pharmacy costs and GLP-1 spend:* Bridget Mulvenna on LinkedIn* The Astonishing Healthcare Podcast* AH002 - A Former Pharmacy Program Director's View on Controlling Pharmacy Costs* AH021 - Managing Pharmacy Costs in a GLP-1 World, with Bridget Mulvenna* Replay - Innovative partnerships for GLP-1 management, with Vida HealthAdditional Note: Find Jerry Schlichter at: https://uselaws.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

I had the pleasure of speaking with Aaron Moon, someone who has a fascinating perspective on Web3 gaming. From his early days working on PC setups to his current role at Immutable, Aaron has seen the full spectrum of gaming's evolution. We talked about how technology has changed over the years, how gaming has evolved, and how the rise of blockchain is transforming digital ownership.One of the key things we explored was the struggle that many Web3 games face: making the experience as fun and engaging as traditional games. A few years ago, a lot of Web3 games were focused on the financial aspects, which left the gameplay feeling secondary. But Aaron shares how new titles are flipping that script, prioritizing play and creating a whole new wave of decentralized gaming that's focused on more than just tokens and financial mechanics.Aaron shared some examples of his favorite Web3 games, like RavenQuest, which brings back the charm of pixel art and dungeon-crawling MMOs, and Hunters On Chain, where you hardly even realize you’re creating a wallet because it’s so seamless. He emphasized that what makes Web3 games different is the focus on true player ownership. For the first time, gamers can have their in-game assets be truly theirs, and that ownership adds value and longevity to the virtual worlds they spend their time in.A major part of our conversation was how Immutable is creating a Web3 ecosystem centered exclusively on gaming. Aaron explained how the company avoids DeFi distractions to focus on a user experience that feels like what gamers already know and love. He walked through how Passport, their wallet and identity solution, is making it much easier to log in to Web3 games. Passport's single sign-on feature doesn't look or feel like a crypto wallet, but it packs all the benefits of digital ownership right into a player's experience, so there’s no headache over setting up accounts and handling crypto details.We also talked about the growing potential of eSports and how Web3 gaming can enhance the value of games for years, or even generations, to come. Aaron sees digital ownership as something that not only creates deeper engagement but also keeps games fresh and interesting for a long time.For those looking to get started, Aaron shared a few links worth exploring:* Hunters On Chain: A great example of a Web3 game with a smooth login experience.* Passport: The go-to wallet and identity solution for Immutable games: https://passport.immutable.com* Passport Games: Check out Web3 games on Immutable's zkEVM: https://passport.immutable.com/games* Passport Gems: Earn rewards while playing and completing quests: https://passport.immutable.com/gems* Marketplaces Integrated with Immutable zkEVM: Browse through a range of partnered marketplaces like Sphere, Tokentrove, OKX, Atomichub, NFT Trade, Rarible, Mintable, and Kinguin.We also touched on the upcoming games launching on Immutable's zkEVM, like Guild of Guardians, Mystery Society, and Space Nation—titles that are set to make a big impact in the Web3 space.If you're interested in the future of gaming, how player-centric worlds are developing, or what Web3 has in store for gamers, this conversation is one you won’t want to miss. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

I sit down with Brian Mahoney, CEO of Thesis and Acre, to explore the cutting-edge developments in the Bitcoin space. Brian shares his insights on the evolution of Bitcoin from a simple store of value to a versatile, programmable asset class, discussing how Layer 2 solutions like Mezzo are opening up new use cases for Bitcoin, including decentralized finance, Bitcoin-backed mortgages, and yield generation.Brian explains how Mezzo, a Bitcoin Layer 2 network, leverages TBTC to bring Bitcoin into the world of programmable finance. We discuss the challenges of building on Bitcoin's highly secure but slower infrastructure, and how Layer 2 solutions like Mezzo are designed to overcome these obstacles. Brian also touches on the role of decentralized custody systems and the importance of maintaining Bitcoin's core values of decentralization and openness.Bitcoin is evolving beyond just a "HODL" asset and the potential it holds for transforming the financial landscape. Brian also shares his journey from traditional finance to becoming a key player in the crypto space, offering valuable insights for anyone interested in the future of digital assets.Stay connected with Brian Mahoney on X at x.com/blockchain_bri, and learn more about Mezzo and Thesis at thesis.co. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

I finally met Burnt Banksy, the CEO of XION, and a leader at the forefront of digital assets and crypto innovation. Burnt recounts the bold decision to burn a real Banksy artwork and transform it into an NFT, a move that sparked discussions across the art and tech worlds.Burnt shares insights on how NFTs are revolutionizing the concept of ownership and the broader implications for the crypto landscape. We cover the challenges of driving mass adoption in crypto, the role of stablecoins in simplifying global transactions, and why community-driven projects are crucial for the future of Web3.We also explore the challenges of fundraising during a crypto winter and how a strong vision and community support can overcome even the toughest market conditions.Burnt's story is one of innovation, resilience, and a deep understanding of where digital assets are headed.Connect with Burnt Banksy on X at x.com/burntbanksy, and join the XION community via the link in his bio. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

I have an engaging conversation with Chris Yin, founder and CEO of Plume, as we explore the intersection of crypto and the real world. Chris shares how Plume is pioneering the tokenization of physical assets, making them liquid, movable, and composable on the blockchain. We discuss how Plume’s innovative approach aims to bring the properties of crypto to real-world assets, making it easy for anyone to access and trade things like collectibles, art, high-end watches, whiskey, and even solar farms.Chris provides insights into the infrastructure and tools Plume is building to tokenize these assets and ensure their provenance, offering users a secure and transparent way to invest, trade, and participate in these markets. We discuss the platform’s partnerships with grading companies, custodians, and other service providers to validate and secure these assets, emphasizing the importance of building trust in this emerging space.We also explore the broader implications of technology, particularly AI and blockchain, on various industries and the global economy. Chris emphasizes the need to embrace change and leverage new tools to create innovative solutions. The conversation highlights the democratization of access to information and capital, and how Plume is working to create new opportunities for individuals and businesses alike. Whether you're interested in art, finance, or the future of technology, this episode offers a unique perspective on how blockchain is set to transform the way we invest.For more about Chris Yin and his work at Plume:Chris: https://x.com/chriseyinPlume: https://www.plumenetwork.xyz/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

Franck and Nika Koreli, a CTO with a PhD in computational economics, dives deep into the challenges and opportunities within the world of decentralized finance (DeFi). Nika shares insights on the importance of privacy in traditional finance and why it's even more critical in the crypto space. We discuss how privacy protocols like Hinkal are paving the way for greater institutional adoption of DeFi by ensuring that large transactions and trades can be conducted discreetly, protecting sensitive information from competitors and external parties. Nika elaborates on how Hinkal’s unique approach integrates with other DeFi platforms to provide secure and private transactions while remaining compliant with Know Your Customer (KYC) regulations. He also touches on the technical intricacies of ensuring transaction privacy, such as the use of zero-knowledge proofs and smart contract security. We wrap up with a discussion on the future of privacy in blockchain technology, including the concept of shared privacy across multiple chains. For those looking to explore the intersection of privacy and DeFi, this conversation offers valuable perspectives and practical advice. Connect with Nika and explore Hinkal further at Hinkal.org. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

In this episode, Franck interviews Dr. Youwei Yang, a data center expert, about the recent market volatility and the impact on crypto assets. They discuss the Japan-US carry trade, the non-farm payroll report, and the factors driving the volatility in the market. Dr. Yang explains the concept of the carry trade and how it affects crypto assets. They also discuss the potential for crypto to serve as a hedge against inflation and the challenges of manufacturing crypto mining equipment in different countries. Dr. Yang shares his thoughts on different cryptocurrencies and the importance of compliance in the industry. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com

Find Eric and Injective: Twitter/X:              Eric – @ericinjective              Injective – @injectiveLinkedIn:              Eric – https://www.linkedin.com/in/ericinjective/              Injective – https://www.linkedin.com/company/injective-labs/I am excited to sit down with Eric Chen, the CEO and co-founder of Injective Labs. Eric shares his journey from a cryptography researcher and trader at Innovating Capital to becoming a leading voice in blockchain technology with Injective. With a strong foundation in cryptography, Eric has always been fascinated by the potential of blockchain to revolutionize finance. He presents exciting opportunities this technology presents, not only in tackling inefficiencies within traditional financial systems but also in addressing significant issues like front-running.Eric discusses how traditional finance has struggled with front-running, explaining it through the analogy of a financial advisor taking advantage of insider knowledge. In contrast, he highlights how Injective's blockchain technology utilizes cryptographic timestamps and frequent batch auctions to prevent such occurrences. This innovative approach not only ensures fairness in order execution but also democratizes access to financial markets by eliminating the asymmetrical information flow that has historically favored institutional players.Moving beyond front-running, Eric explores how Injective's platform addresses various other challenges in finance by offering a transparent and scalable ecosystem. He explains how Injective's modules enable seamless order matching, allowing for the creation of diverse decentralized applications (DApps) that share liquidity and foster an open financial ecosystem. Eric's vision is to create a system where finance is accessible to everyone, free from the gatekeepers and silos that have defined the industry for decades.Eric also touches upon the transformative power of blockchain in streamlining financial transactions. He compares the current state of traditional finance to layers of inefficiencies and costs, which Injective seeks to eliminate by collapsing layers of abstraction into a transparent fee structure. He shares insights into how this shift towards a more open and transparent system can lead to increased competition, reduced costs, and the introduction of new behaviors and opportunities in the financial landscape.In our conversation, Eric emphasizes the importance of institutional adoption in driving blockchain technology forward. He shares his excitement about the rapid growth of institutional interest and adoption in the crypto space, highlighting recent developments like the creation of exchange-traded products (ETPs) that integrate staking management.Eric and I also discuss the regulatory landscape for crypto and how clearer legal frameworks could benefit the industry. Eric advocates for well-defined legal guidelines, arguing that clarity in regulation, even if initially unfavorable, is preferable to ambiguity and uncertainty. He believes that a clear legal framework would allow companies to align their operations with legislative goals, fostering innovation while ensuring compliance.Throughout the episode, Eric's passion for blockchain's potential to disrupt traditional financial systems is evident. He envisions a future where decentralized finance (DeFi) not only integrates with traditional finance but eventually becomes a significant component of the global financial infrastructure.For more information on Injective and to explore opportunities within their ecosystem, visit their official website at injective.com. Join us as we explore the exciting possibilities that blockchain technology offers in reshaping the future of finance. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit franckcushner.substack.com